Thorr Motorcycles
Thorr Motorcyles is in the mist of losing profits due to it falling profits. The Thorr Cruiser has had a decline in customer satisfaction and is no longer appealling to a younger age group.
Thorr Motorcycles existing product Cruise Thorr is losing sales. The cruiser is priced at 25,800 and the customer age range is 35-50. Older customers are no longer interested in the lifestyle that the cruiser symbolizes. The company now must decide if a new product would benefit the company or invest into the cruiser by changing some of its specifications. Younger customers 21- 35 prefer the cheaper motorcycles. They also do not identify to the lifestyle image. Competitors are eating up the market share and Thorr needs to reverse the trend.
The perceptual map is a visual representation of what the customer thinks of a brand. Choosing different attributes show a different perception of changes that need to be made to a particular product. The lifestyle image, quality engineering, price, and service offerings are the main changes that need to be made.
Marketing Plan
The decision made is for the development of a new motorcycle. The RRoth is more fuel efficient, and priced between 13-15,000 dollars. The bike will be promoted during Hollywood films that have identified the target age group that the company wants to sell to. Internet manufacturer web site will reach the wider range of individuals interested in purchasing the bike. The web site is also interactive that gives the customer the opportunity to customize their particular bike. Financial services would have customized options that would attract the customer who wants to spend more money for different images.