Using Perceptual Maps in Marketing Simulation Summary

The Situation In this case, the situation is about developing a batter marketing strategy, using perceptual maps for a product that targets a particular group of people. Perceptual maps do represent the visual aspects of the product for easy conceptualization since it provides more details about the brand (Surhone, Timpledon Marseken, 2010). It aims at conceptualizing, capturing and maintaining a sizeable market share for the product. Therefore, it significantly helps in selling the product, identifying and finding solution to marketing simulation.Advertising We will write a custom report sample on Using Perceptual Maps in Marketing Simulation Summary specifically for you for only $16.05 $11/page Learn More Recommended Solution In using perceptual maps, the marketers have to reflect on a number of recommendations, which are vital for the success of the selling strategy (Surhone, Timpledon Marseken, 2010). In order to solve the marketing problems, the m arketer must develop a perceptual map that illustrates the product’s feature and a different one showing the attributes of the ones offered by the competitor. From the perceptual map, the marketer should explain the research ratings about his/her product’s features, in comparison with the attributes of the competitor’s brand (Surhone, Timpledon Marseken, 2010). This is to convince the potential customers about the advantages they stand to derive from the product as opposed to the one offered by the competitors. In particular, when the perceptual map is observed objectively, the marketer chooses the best parameters to explain the product (Surhone, Timpledon Marseken, 2010). This is critical because the customers would see the features, thereby make informed and choices. Therefore, the marketer must remain objective while addressing the marketing dynamics since the practice would definitely shape the information presented on the perceptual map. Results Under thi s simulation, the varied responses indicate that the brand had high and low features, of different levels depending on the customer ratings. In this case, whatever one customer thinks is a high attribute could actually be demeaned by the other client. The other result is that, using the perceptual map gives room for comparison of different or competing brands. To illustrate this perception, consider the tabulated findings bellow: Table 1 Company Thorr Motorcycles Inc. Haruhiro – Daisetsu Motorcycles Brand CruiserThorr Anzai Engine Features Superior Engine Durable Engine Lifestyle Image High – Upper Market Fun – Younger Market Price $25,000 $14,300 Service Limited Service Support to Dealers Source: (Documentary)Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Summary of the Various Marketing Components In terms of the marketing components, the marketers have to focus on various perception needs so that the product could outshine the competitors. For example, in marketing simulation, the product’s performance, price, lifestyle image, service offering, and quality engineering are the fundamental parameters of product that the perceptual map should illustrate (Surhone, Timpledon Marseken, 2010). The Connection between Positioning and Differentiation of Products or Services The relationship between the two marketing aspects is that they help in making decisions regarding the applicable marketing strategy of products and services (Surhone, Timpledon Marseken, 2010). For instance, positioning the product helps in easing its accessibility to the consumers. Here, the perceptual map gives more information about the product’s market positions, thus helping the marketers to maintain, boost or alter the status. Alternatively, differentiation classifies the goods according to their features. This also makes it easy for the poten tial client to decide on the product or service whose characteristics are desirable (Surhone, Timpledon Marseken, 2010). Therefore, the two concepts are interrelated and play a vital role in marketing of the manufactured goods and services. Repositioning of the Product in the Simulation Considering the situation in this simulation, the marketer can reposition the product through launching a new one with features, which the clients require. Indeed, this would force the marketers to develop a different marketing plan and if possible, another product differentiation approach that would suit the consumers and the market situation (Surhone, Timpledon Marseken, 2010). For example, when repositioning the product in the simulation, the marketer should study the perceptual map to determine its existing position. Furthermore, the consumer profiles could also assist in establishing the potential audience to be targeted for the repositioning. After this, the marketer carries out strategic ana lysis of the product’s 4Ps and SWOT so that the new product would be competitive in the market (Surhone, Timpledon Marseken, 2010). Importantly, during repositioning, the perceptual map should guide the marketer to postulate the product’s position in relation to each strategy that would be applied (Surhone, Timpledon Marseken, 2010). Therefore, the product’s position on the perceptual map would be the determining factor whether it should merely be repositioned or launched again. The practice would also aid in selecting the suitable positioning and differentiation strategies. The Effect of the Product’s Lifecycle on Marketing The product’s lifecycle is really significant in marketing because it shows customer behavior towards the goods over time. The entire lifecycle of the product starts with its introduction in the market, its growth, maturity and the possible decline as expressed below.Advertising We will write a custom report sample on Us ing Perceptual Maps in Marketing Simulation Summary specifically for you for only $16.05 $11/page Learn More Figure 1 In marketing, the trend in the lifecycle helps in determining the necessary changes, which should be made to enhance the product’s growth (Antti Anselmi, 2008). In this case, the perceptual map would give a clear visual expression of the postulated lifecycle regarding the product, thus assisting in modifications. Through examining the product’s lifecycle, the marketer would be able to predict the product behavior and understand the dynamic in the market. In addition, the growth trends determine the product’s suitability and competitiveness. The other aspect of the product lifecycle it could experience a level-off, not necessarily indicating it has reached maturity, but in response to the market forces (Antti Anselmi, 2008). Here, the level-off could be temporary and the trend might continue to full maturity. However, i n case of unprecedented decline, the product has to be repositioned through making adjustments to its features to suit the customers. Also, proper marketing, the product might achieve remarkable growth and development of the product, thus eliminate cases of decline at advanced stages, especially towards maturity (Antti Anselmi, 2008). Effect of the Lifecycle on the Product in the Simulation As reflected in the simulation, the product lifecycle has some affects on itself. For example, the cycle necessitated technological innovation to improve the product’s quality and make it relevant to the consumer’s lifestyle ideals (Antti Anselmi, 2008). As a result, the marketer selected the attributes and ideals, which the customers preferred and wrote them on the perceptual map (Antti Anselmi, 2008). Moreover, the information on the perceptual map becomes useful in making decision regarding the marketing strategy to adopt. Basically, the customer’s needs and requirement s could alter the features on the perceptual map. Besides, the alterations in the targeted customers would equally change the content of the perceptual map. For instance, if the targeted group changes based on sex, age, taste, social status and income level, manufacturers are compelled to shift the marketing mix (Antti Anselmi, 2008). Similarly, the product features on the perceptual map should correspond to the change.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Antti, S. Anselmi, I. (2008). Product Lifecycle Management. New York, NY: Springer. Surhone, L., Timpledon, M. Marseken, S. (2010). Marketing, Product, Brand, Perceptual Mapping, Multidimensional Scaling, Factor Analysis, Conjoint Analysis, Logic Analysis in Marketing, Brand Management. New York, NY: Betascript Publishing. This report on Using Perceptual Maps in Marketing Simulation Summary was written and submitted by user Bowen Espinoza to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here. Using Perceptual Maps in Marketing Simulation Summary