Perceptual Mapping
A few applications
PERCEPTUAL MAPPING- yet another tool to complement the omnipotent STP theory that our marketing friends talk about. They say it helps the marketer know how products are perceived by customers which in-turn aids them in “positioning” a new product. Brands of chocolates, for examples, when mapped against 2-dimensional attributes can be used to identify gaps in the market- consumer needs that are not being met (something like in the picture below).
However, contrary to the usual belief, the application of this visual tool does not end at marketing and branding. When applied judiciously, it can be used in behavioral finance to examine investing patterns of investors. Infact, a study by Skyline Business School attempted to understand the financial behavior of high net worth investors in mutual funds. Apart from rates of return and risk, other factors, that influence financial decisions, like savings capacities, income levels, ability to evaluate product choices and performance, confidence in products, service providers and regulators, tax incentives, as well as ease of market access were also taken into consideration.
And after marketing and finance, guess what, even HRs manage to get their hands dirty in this, as if already a million mind-boggling personality theories were not enough. They say perceptual mapping can be used to identify, understand and address issues such as organization culture and workplace diversity, employee profiling and candidate selection, employee retention and exit surveys.
Considering its diverse applications, as a random thought, what about using perception mapping to examine interviewee qualities as viewed by interviewers and then verifying their selections accordingly? PLACECOM, where art thou??
Author- Sahil Singhal
Finance Group 3
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