Perceptual Maps
Perceptual Maps Having a strategic marketing plan needs direct input to insure the success that a product or service will have growth in the market. Perceptual mapping is one of the best ways to map out the product’s life cycle and the impact that it will have in the market. Perceptual maps are illustrations of data that have been compiled from the markets rating scales, and to develop a correct perceptual map these scales have to be fundamentally sound for the product and the consumers. When the planning for a perceptual map is done, the planners can see the customer and the competitor on the same scale, which will help to create a marketing path that is successful to that product. Thunder RollsThorr Motorcycles is a company that has a net worth of $5 billion dollars, which produces high-end motorcycles and accessories. They are in need of a new marketing strategy and will be introducing a perceptual mapping graph to help do so. RollsThorr is currently producing more than 200,000 luxury motorcycles a year. The highest selling motorcycle is their 651cc bike called the CrusierThorr. This bike owns 40 percent of the market share for motorcycles in its class. Due to a huge demographic change RollsThorr has concerns on the decline of sales for the bike. The demographic swing has shifted to a younger population, who are not interested in the same lifestyle that the CrusierThorr has been symbolizing for years. Having a younger generation interested in the market, the cost of the CrusierThorr has provided a problem in capturing the young market. This market now wants a less expensive motorcycle that will suit a young hip lifestyle. Therefore the marketing team for RollsThorr has developed a perceptual map to explain the markets wants and needs, and determine where the company should venture to increase the declining sales. In the first phase of developing the perceptual map, four parameters for the CrusierThorr motorcycle needs to be chosen. The four that were