Marketing Simulation Marketing Simulation Essay As I get further and further along in this simulation, I have noticed that I am beginning to understand what it takes as a marketing manager in order to be successful. Careful considerations must be made to be sure that the right decisions benefit both Minnesota Micromotors, Inc. In finding ways to incorporate the important factors that matter most to our customers is what will bring in new customers and keep our existing ones around for the long hall.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Get Access Using Perceptual Maps in Marketing Simulation Summary Essay Sample THORR Motorcycles is a 5 billion dollar company that manufactures different kinds of motorcycles, in addition to their motorcycle products they use other product to promote their business such as motorcycle shoes, t-shirts, toys, leather clothing etc.
They sell roughly aroundunits per year and they are growing more and more every day because of their high brand image in the market. THORR Motorcycles provide services such as rider training, motorcycle rentals, dealer training and dealer software packages.
The simulation of THORR Motorcycles focuses on three main objectives choose the proper parameters and construct a perceptual map, create a marketing plan with a budget and determine the parameter values for the future of the company.
The situation The situations in the simulation was there is a decrease in the sales of one of their once very popular motorcycle the CruiserTHORR. A decision needs to be made whether to maintain the current position strategy and enhance it or change it all together. Another option is to create a new vehicle to target younger customers.
With this idea features and pricing needs to be decided. Recommended Solutions The solutions that are recommended are reformulating areas of safety, product uniqueness, price, and quality engineering.
Quality Engineering was chosen because it involves the characteristic of the product. It includes aspects such as the design of the product, style of the product, the capacity and design of the engine, the unique qualities and a good manufacturing process. Quality Engineering can speak volumes as to how important quality is for an organization.
If the organization has and maintains high quality in their products, it gives the organization a higher level of credibility. Safety so a consumer would know the company is about their safety.
Price so anyone would be able to purchase the product. The positioning strategy would be to provide financing options and increase service. This option can help attract new customers there is no significant increase in expenditures.
Giveaway merchandise can help promote the product and get the word out for the updated options. The place would be in dealerships and on the manufacture website. It can give the customer the option to come in and view the product or go online and have a bit more option.
The services with the car would be a customization option and financial services just to reel the customer in. Results Even thought there was a recommended solution only two of them were correctly chosen which was price and quality engineering.
The other two fundamentals that should have been chosen were lifestyle image and Service. Lifestyle image provides has the most attributes to the products image. Service would make loyal customers and make dealers and distributors happy.
Even though everything was consider there are some decisions that could have been made differently. What is the relationship between differentiation and positioning of products or services? To compete successfully, your company must identify what makes your brand different or better, and communicate this value to potential customers.
Companies position their differentiated products in the marketplace effectively to attract the attention of likely customers.
Marketing positions, can establish effective advertising, premium, valuable, practical, affordable and inexpensive. Is the repositioning of the product in the simulation as you had expected it to be?
Explain why or why not. Repositioning of the product in the simulation was very hard but a very good experience for anyone interested in being in a big business.1. Marketing Simulation Paper Due Monday, Day 7. Using Perceptual Maps in Marketing Simulation Summary Complete the simulation Using Perceptual Maps in Marketing located on the page for this course and prepare a 1,,word summary in which you address the following: a.
The simulation showed me how a declining product can be rejuvenated by making changes to the marketing mix. It also showed how important these considerations are when launching a new product.
By analyzing the desires of the target demographic, the company was able to . Marketing Simulation The simulation is available at leslutinsduphoenix.com Log in and click My Coursepacks, and then click?MT Marketing Management.? Simulation Instructions You should play the simulation in three steps which are explained on the Prepare > How to Play screen: Step 1: Review the dashboard and detailed reports under the Analyze tab.
Get these free sample essays from Essay Writer – for UK students and academics – free sample essays covering a wide range of subject areas and topics.
Digital Impact LLC produces large format, high-resolution, semi-permanent corrugated/mixed material POP & POS displays, product packaging and specialized permanent displays for companies of all.
The online MBA UMD’s School of Business offers a transformative learning experience dedicated to developing professional skills. Visit us to learn more.