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.
We will write a custom Report on Using Perceptual Maps in Marketing Simulation Summary specifically for you
301 certified writers online
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 marketer 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.
Under this 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:
|Company||Thorr Motorcycles Inc.||Haruhiro – Daisetsu Motorcycles|
|Engine Features||Superior Engine||Durable Engine|
|Lifestyle Image||High – Upper Market||Fun – Younger Market|
|Service||Limited Service||Support to Dealers|
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 potential 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 analysis 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.
Get your first paper with 15% OFF
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, in 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 requirements 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.
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.