What's inside the MKT 421 Week 4 Study Guide?
- Week 4 Essay on Perceptual Maps in Marketing Simulation
- All References Cited
- Perfect APA Formatting in .docx file
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Complete the simulation, Using Perceptual Maps in Marketing, located on the student website.
Write a 1,050- to 1,450-word summary in which you address the following for each of the three major phases in the simulation.
- Your recommended solutions, including why
- Your results.
Summarize the different marketing components addressed in this simulation by answering the following questions:
What is the relationship between differentiation and positioning of products or services? Is the repositioning of the product in the simulation as you had expected it to be?
Preview of MKT 421 Week 4 Essay
Perceptual mapping can be summarized as the discipline of comparing products based on the perception of potential customers in the marketplace. The goal of this practice is to allow product marketers to build a stronger understanding of customer viewpoints and opinions on brands, advertising campaigns, and new market offerings. By developing a visual map of customer reactions and perceptions, a company can fine-tune their overall marketing strategy and position their image relative to competitors. The week four simulations provided a detailed example of how a Thorr motorcycle company can use perceptual mapping to execute decisions related to their brand and their product line.