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Perceptual Maps in Marketing
As a recently hired marketing manager for CruiserThorr and with the assistance of the executive team, we will construct a perceptual map to formulate the company's positioning strategy. Perceptual maps give a snapshot of what their customers think about certain attributes of a company's products such as; price, design, quality, etc. It is important for companies to choose the right attributes on the map to find out the relevant information. The organization must also work to differentiate themselves from other similar organizations. Key components in my opinion are the product uniqueness, safety, quality engineering and price.
Situation
The Current situation is the need of a marketing plan to help increase sales that attract young and older customers. There are fundamental assets that focus on 35-50 year olds and 21-35 year olds who are buying motorcycles. The older customers seem not interested in the modern lifestyles that CruiserThorr symbolizes. However, the younger customers do not have disposable funds to buy the motorcycles. They prefer a lower c...
Everyone loves old people. The elderly as a whole are viewed as a wise, tough, and compassionate group. Dodge takes advantage of this fact in their most recent commercial featuring elderly people who are all around 100 years old, to associate their brand as a well established, trustworthy, and reliable company. The ad is effective in leveraging the wisdom and knowledge of the elderly while associating Dodge as a brand that utilizes ethos, pathos, and logos in their commercials. Dodge takes advantage of societies general admiration and trust in general for the elderly and use these feelings to try and persuade people to purchase their vehicle, in particular the Dodge Challenger.
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
According to a recent study by Polk, a global automotive market intelligence firm, the average age of all light vehicles on US roads is at an all-time high of 11.4 years. That compares to an average age of 8.4 and 9.6 years, respectively, in 1995 and 2002. In addition, Polk expects the trend to continue through 2016, while prices of vehicles in operation (VIO) decline providing greater incentive for customers to purchase used rather than new. The shift gives way to significant opportunities for certain automotive aftermarket se...
...ormance trend over time relative to the units sold net profit cost of goods sold gross profit, account balance, market share and advertising spending. The positioning map provided us information on the competitive positioning on price and product attributes. Those metrics were useful in the way that they allowed us to figure out how to position our product according to the image we needed to portray in the market.
Harley-Davidson owns a twenty percent market share followed closely by Honda, Yamaha, and Kawasaki. One thing they have had to overcome in the marketplace is the stereotypical image associated with motorcycle owners. It seems the publ...
Retailers rely on product positioning to bolster the value of their products. Determining product positioning requires the analysis of target customers, the market competition, the definition of competitive advantages, and the communications needed to deliver the chosen position to the consumer. Kohl’s is an example of a department store that has successfully deployed a pricing a retail strategy, which evaluates and incorporates price, place, product, and promotion.
This case study is about “Specialized Bicycle Components Inc.” known as Ride the Red “S”. Specialized was founded in 1974 by Mike Sinyard. According to Chris Murphy, director of marketing for Red “S”, specialized is for serious riders. He says, “The customer is buying the ride from us, not just the bike.” The company began to produce its own bike parts by 1976, and introduced the first major production mountain bike in the world in 1980. Specialized now has an extensive global distribution network of 5000 retailers in 35 countries in Asia, North America, South America, and Australia. They maintained a reputation as the technological leader in the bike and bike accessories. The formal mission is still the same since they established the company “To give everyone the best ride of their life.”
Moving up the pyramid, the next level includes brand meaning – what are you? This incorporates performance and imagery. The product itself is at the heart of brand equity, and designing and delivering a product that satisfies the consumers’ needs and wants is crucial for successful marketing. In order to reach resonance at the top of the pyramid, the product must (at least) meet, if not surpass, customer expectations and functional needs. The goal here is to identify and communicate brand meaning. Performance dimensions consists of five categories: primary characteristics and supplementary features; product reliability, durability and serviceability; service effectiveness, efficiency and empathy; style and design; and
During the 1970's, HD was facing a decline in market share due to increased competition with Japanese companies. By phasing out weak models, becoming more selective, and limiting sales and promotions, HD was able to carve out a niche in the marketplace which it enjoys today. Now again faced with a period of decline, HD is relying on its newly adopted marketing objectives. First, HD needs to expand its potential customer base to include enthusiasts and non-enthusiasts young males, and females into buying HD motorcycles over any other competitor. This thought is accomplished through the introduction of the VRSC’S, and the lower and narrow Sportsters, Dyna’s, Softail’s and positioning them in the market to a younger demographic. Secondly, HD needs to position the VRSC’S, Sporster, Dyna and Softail to also appeal to first time buyers of motorcycles. HD's strong brand identity can help pull in new clients.
"We fulfill dreams through the experience of motorcycling, by providing to motorcyclists and to the general public an expanding line of motorcycles and branded products and services in selected market segments."
The activities consisted in the process of identifying a problem that has to be addressed in marketing or an opportunity to increase the brand image of a business or to increase sales volume by having an increased reach in advertising and formulating a strategy based on extensive market research, segmentation and supporting data is known as positioning in terms of marketing. Positioning is formulating a strategy using tactical development phases to carry out a goal to attain an organizational objective.
Where there is rapid growth comes increased competition; similarities in products across manufacturers have reduced brand differentiation across the board. The problem now is the severe rise of copycat companies and manufacturers that copy designs and specifications of cars, and proceed to undercut the original manufacturer’s profit margins. So to improve their brand standing, every manufacturer’s individually have resort...
Women are seen as still being relatively new in the Harley Davidson world and they are working hard to cultivate these relationship. A common theme is that women are not taken seriously when it comes to the topic of motorcycles. Leslie Prevish, who previously worked for Harley Davidson, is a big promoter of women ridders and created the “garage party” to market to women (Zube, 2013). Harley Davidson understands the needs of women and is therefore marketing deeper to reach these needs and build loyalty with
A key part of an organizational strategy is to identify market opportunities by finding a niche or a gap in the marketplace that they can pursue to take their company ahead of all their competitors. An organiz...
When analyzing an organization’s target market, the first step is to understand the business and what they hope to achieve through their marketing strategies. Targeting and positioning strategies consist of analyzing and identifying segments within a given product-market, choosing which segment or segments to target, and developing and implementing a positioning strategy for each targeted segment (Cravens & Piercy, 2009). The company’s target market determines what customer group or groups the company wants to serve (Cravens & Piercy, 2009). Analyzing IKEA’s target market allows the company to determine if their marketing strategies have successfully targeted their intended customer group or groups. Discussing the company’s positioning strategy helps determine if the strategy is effective or if the company must make improvements strengthen their positioning strategy. The company must determine if their targeting and positioning strategies may be lacking. If the company’s targeting and positioning strategies are lacking, the company must determine what they must do to strengthen their targeting and positioning strategies.