Today, i.e. on
Also known as PERCEPTUAL MAPPING, it is a popular method to analyse & understand consumer perceptions of products, brands, etc. It produces a graphic representation of consumer’s mind, which is visually appealing & readily discernible. Often it is more valuable than heaps of data or complex tables, full of numbers. Hence, it is no surprise it is commonly used across various fields, ranging from business to academics & henceforth.
In marketing, it is commonly used for product or brand positioning. For eg- in a two dimensional X-Y plane, where X axis measures price & Y axis measures quality, we can map consumer perceptions of say, cars. Thus, Mercedes will fall in the quadrant of high-price & high quality, whereas a brand like Maruti maybe perceptually low price & medium quality. Hence, it helps to identify gaps in positioning & helps businesses & managers to design suitable strategies for the existing product or brand or completely reposition it.
It can be based on two methods-
→ Attribute based
→ Overall similarity/ dissimilarity
The tools required for perceptual mapping, which we also used in the class are-
We also did attribute based scaling amongst cellphone users studying relationship between users of sms, alarm, camera, etc. Our group also did an analysis on retail store satisfaction & age groups. The key learning here was, closer the variable group is to the arrow-head, the stronger the relationship. Thus, in our case, the students (18-24) were the farthest from 4 out the 6 variables & hence, using perceptual mapping & first level analysis, we were able to identify the gaps & problems & suggest solutions.
Overall, it was a rich learning experience in the class today & it was good to learn such a useful business technique, (through different data sets & examples) which has diverse applications & is being used by companies on a wide scale.