Using Perceptual Maps in Marketing – Simulation Summary
Complete the simulation
Using Perceptual Maps in Marketing (see attached)and prepare a 1,400-1,750-word paper reporting your findings, and supporting those findings with outside research.
For each of the three areas of the simulation, describe:-The situation in each of the three areas (what was happening, what choices you made, what was the outcome of those choices)-Your recommended solution(s), in each of the three areas, including why you chose each solution-Your results, and your commentary about those results in each of the three areas
Summarize the key marketing concepts (product differentiation, positioning, lifecycle)addressed in this simulation:-What is the difference between product differentiation and positioning? What in the simulation described product differentiation vs. product positioning?
In your repositioning efforts, were the results as you expected? Why/why not?-What is the impact of the product life cycle on marketing products from the company Thorr?-What impact did product life-cycle issues have on your product decisions in the simulation?