Today’s class gave us a broad understanding about Perceptual Mapping.
Perceptual mapping is a graphics technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. It can be used to plot the interrelationships of variables among different clusters. A perceptual map is generally used for market segmentation and involves two steps of data collection and data analysis
Perceptual mapping mainly gave us an insight on the gaps in the market, one’s strength and weaknesses, one’s market position relative to the competitors and on the strategies that will help one to improve their competitive position so that it’s beneficial in respect o the market as well as its differentiation from the competitors.
It allows the management to take a broad view of the strength and weakness of their products or service offerings relative to their competition. It’s also called the Multi Dimensional scaling i.e. MDS.
The session also gave us an understanding about the interrelated use of SPSS and PERMAP and the analysis of various parameters up by a customer satisfaction survey regarding a few stores.
Our Group measured the customer satisfaction between the four stores depending on the distance of the stores and six attributes were taken into account namely price satisfaction, variety satisfaction, organization satisfaction, service satisfaction, item quality satisfaction, overall satisfaction. Then the frequency was calculated for the price satisfaction and overall satisfaction attribute followed for the other various parameters such as method of payment, variety satisfaction, item quality satisfaction , shopping frequency calculation, price satisfaction .
From set of data that we analysed, we learnt that the closer the store, higher was the price satisfaction. Through this, one can conclude that a customer wouldn’t mind paying a little extra, for the convenience of proximity that a store nearby gives him. Another finding showed that, for the shopping frequency, a large amount of females visited the store in comparison to the males and the population was mostly in the age group of 35-49 & 50-64.
Group : Marketing 5
Author : Mihir Sikka