Essay on Thorr Motorcycles Case Analysis - 989 Words

Background of Situation Thorr Motorcycles is a company that manufactures 200,000 motorcycles a year. It also licenses T-shirts, shoes, leather goods, toys, and other consumer items. The company currently has a high-brand image manufacturing high-end motorcycles and owns approximately forty percent of market share. The challenge for Thorr is that the industry is growing, but sales of its high-end product are decreasing. The reason for this loss of market share is that the target customers of its high end product is growing older, and younger people do not identify with the brand image of Thorr. In addition, Thorr is a high product and younger people do not have the large disposable income necessary to support the brand.†¦show more content†¦Second, the simulation contradicts itself when it states that a large polygon means more market share. A larger polygon can be created by focusing on other factors than the recommended ones in the simulation. The second step in the simulation is to elect either launching a new product line or repositioning the Thorr brand. I chose to launch an entirely new product line. With the new product line, the pricing I chose will be $13,000 to $15,000 to target the younger crowd. Promotion will take place through Hollywood Films to target the younger generation. Place will be both the internet and the dealer showrooms. The services lineup will include dealer training, customization options, and financial services. I chose this market plan through analyzing the SWOTT analysis, and my choices were dead on with the simulations optimal choices. The third step in the simulation asked to interpret the data from the surveys in a perceptual plot. The interpretation of the data is a subjective measurement, and I did my best to analyze the data. My assumption is that if the company wanted to create a more accurate data plot that they would have customers actually give a one to ten rating on each of the factors outlined. For example, the company would have people number pricing on a scale of one to ten, which would be the same scale of the perceptual map. It isShow MoreRelatedPerceptual Maps in Marketing1180 Words   |  5 PagesPerceptual Maps in Marketing Simulation Summary Thorr Motorcycles, Incorporated manufactures various models of motorcycles, and is a $5 billion company. The CruiserThorr power cruiser model provides the company a high brand image in the market, but sales are decreasing. The company contributes the decline to the aging target customers who purchase the cruiser as a lifestyle symbol, and the high cost of the motorcycle. Thorr must reverse the falling sales by developing a marketing plan with theRead MorePositioning Maps in Marketing: Cruiser Thorr Motorcycles Case Study1057 Words   |  4 PagesCRUISER THORR 6 Positioning maps in marketing: Simulation Phase I: Current market position Situation Cruiser Thorr Motorcycles have long had an esteemed reputation in the heavyweight motorcycle market. But the companys most loyal patrons, who grew up viewing Cruiser Thorr as synonymous with quality, are gradually aging out of these types of motorcycles. Younger consumers are more interested in lighter-weight motorcycles which are cheaper and more in keeping with their budgets and current trendsRead MoreUsing Perceptual Maps in Marketing Simulation Summary1124 Words   |  5 PagesMaps in Marketing Simulation Summary The situation that is being explained in the simulation states of the declining sales of Thorr Motorcycles’s product, the CruiserThorr, because of its previous customers that are aging and no longer interested in what the product stands for. Another factor for the decline includes their younger customers wanting the motorcycle at a lower price for the fact that they would not otherwise have high salaries as in the older age group. These same young customersRead MoreMKT 421 Week 4 Ind Essay1821 Words   |  8 Pagesin Marketing Thorr Motorcycles Thorr Motorcycles, Inc. is manufacturing over 200,000 units annually and has current worth in excess of a billion dollars. Thorr is a leading name and holds around 40% of the total market. It not only sells motorcycles but also offers dealer training, dealer software support and mechanical training. For customers, it offers motorcycle rentals and biker training. Projected image of CruiserThorr is of â€Å"masculinity, mobility, and freedom†. Currently Thorr is experiencing

The Saga Of An Entrepreneur Who Changed The Face Of The...

The saga of an entrepreneur who changed the face of the World - BILL GATES Abstract This article deals with the life and career outline of the American Business Magnate and the cofounder and CEO of Microsoft, Bill Gates. The article primarily emphasizes on the inception and proliferation of Microsoft along with some of Gates’ major business strategies which assisted him to become the father of Personal Computers and paved way for his company to deliver high standards of products to the customers. Introduction Very few people might not have heard the name of Bill Gates, a self made multi-billionaire who rose from a humble background to become an American business magnate, investor and philanthropist and is often considered to be the richest man in the world. Gates is one of the best known entrepreneurs of the PC evolution and is best known for his role as the co-founder and the CEO of Microsoft, the multinational American Technology company. Gates has often been criticized for his anti-competitive business modules and his entrepreneurial strategies, reason why his leadership policies have been a constant source of much discussions and dissertations. Gates has authored two books and co-authored several books, which debate the consequences of the personal computer revolution and how he achieved success by integrating business and technology. He has been the highest individual shareholder of Microsoft until May 2014. Gates pursues numerous philanthropic endeavours through hisShow MoreRelatedA n Assessment of the Impact of Corporate Social Responsibility on Nigerian Society: the Examples of Banking and Communication Industries18990 Words   |  76 Pagessocietal Progressiveness, Banking, Communication, Environment. INTRODUCTION At an earlier point in history, societal expectations from business organizations did not go beyond efficient resource allocation and its maximization. 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Entrepreneurship and Management Samples for Students †MyAssignmenthel

Question: Discuss about the Entrepreneurship and Management. Answer: Entrepreneurship is something that is the dream of many. Given the proper time, money and opportunities anyone would like to start a business of their own. But it is also a known fact to all that business is never a cake walk and it brings along with it several opportunities and challenges Kuratko ( Hornsby Hayton 2015). While starting a business, it is highly essential to keep a thorough check on ones capital, resources, and also the threats that might come up in future. Among the different lines of business, one handsome line is that of food and beverage start ups. Undertaking a business in this line is not only interesting but quite innovative as well. In order to gain a good range of customers, it is essential to have a proper market strategy and one of the basic and most important things that are to be included in that strategy is that of selecting the right audience at the right time (Sozen ONeill 2018). The business undertaken was that of a food and beverage industry (Renton et al., 2015). A caf was set up called the Coffee Delights, Australia. As per the initial business plan, it was set up in this way that this will be a restaurant serving coffee, tea and also beverages of several other sorts along with several other fast food cuisines. It will initially begin as a medium scale industry with around 50 employees and will obviously try to increase the employee strength as per the total sales and the overall performance of the restaurant as well. It will be initially starting as a fast food beverage shop and will initially operate only in the New South Wales district. The main purpose behind setting up this start up is to provi de a wide range of delicacy in and around the local regions of New South Wales. The main motto is to provide the localities with a wide variety of mouth watering flavors of several beverages and also other fast food items. The main areas of concern will be to maintain the quality of food and customer satisfaction. The modern era is a time of change and all the customers are in search of both quality and quantity as well. Staying healthy and fresh is the major concern of all the people of todays scenario; hence it is also the prime duty of the organization to see to it (Hong Lu 2016). The top most priority of this restaurant will be to cater to the increasing demands of the customers. In addition to providing good quality food to the customers, the company will also have to make sure that they are using all the natural and fresh products so that there is no compromise with the health or the well being of the customers. The vision and mission of the startup were also formulated after a thorough analysis of the future goals and objectives and most importantly the purpose of the business. The vision of the company will be to provide the best quality food to the customers along with the necessary health benefits, the mission statement of the company was thus set up as eat healthy, live healthy. This, in order to stay to the purpose, this restaurant will make sure that all the inputs that are used for the production of the food and beverages of this company will be fresh and healthy, There will be a hundred percent assurance to the fact that no added chemicals, or excess amount of food colors or any artificial flavors will be totally absent from the products. The motif of this organization will not be only profit maximization but also customer satisfaction (Galindo Mndez 2014). It was made sure that all the organic components that are to be used in the production of the fruits, vegetables, egg, fish, meat etc will all be bought from the local markets and the local farmers so that the freshness and quality of the products can be restored. The above structure talks about the organizational framework of the restaurant. Coffee Delights, Australia will have the chief chef at its top most post and he will be preceded by the junior chef who will accompany him and will also have the specialty chef and the Sous chef under them, they will be helped by the utility assistants who will also be responsible for the proper maintenance of the interiors of the restaurant. There was also a thorough review done about the different forces acting in the internal and the external environment of the organization. SWOT S-Strength- The strength of this company is the fresh products that it will use in their production process which in turn will help to provide all the customers with not only tasty but also fresh and healthy products and will thus help them to get their demand fulfilled (Kim, 2014). This will also enable the company to stay true to its vision and mission of keeping their customers fit and healthy. Weakness-As this will be a newly made start up business, in the initial level, it can face some financial challenges or challenges related to the additional customer benefits. The company might face some issues related to its resources base as it is a time-consuming affair (Blair Marcum 2015). o-opportunities- As this company will mainly aim towards providing their customers with fresh and natural products so that they can initiate the proper well being of their customers, they will have several opportunities to increase their customer base by providing them the products that have proper nutritional benefits (Gonzlez-Benito, Muoz-Gallego Garca-Zamora 2015). As this company will bring all the input materials, the organic inputs in particular from the local farmers, they can make sure that the freshness of the products are retained till production and if the customers find that their demand of eating and staying healthy is being fulfilled then they will obviously increase their purchases from this restaurant which will, in turn, increase the profit of the organization. t-threats- It is a known fact that there are a large number of alternatives available in this particular line of business (Chriqui, Pickel Story 2014). Moreover, it is an issue that needs much more import ace because this is a newly set up business and the customers will surely have a large number of options to switch over to several other alternatives if they are dissatisfied with the quality of products and services that are being offered by this company (De Mel, McKenzie Woodruff 2014). There will always be the threat of existing firms in the market who can give a very tough competition. Apart from this, there is also the threat of new firms entering the market because food and beverage companies are now a major line of business that is being undertaken by many young and aspiring entrepreneurs. Pestle Political factors- As it is a new start up business, it will obviously have to abide by all the rules and regulations of the Government, including the tax, labor charges, charges incurred on the purchasing of any imported items etc (Blair Marcum 2015). Economic factors- Economic factors will surely have a major influence like the interest rates, inflation, and an increase in the taxation rates of export or import items etc (Kim, 2014). This might also prevent the company from further investment for at least a certain time period. Social factors- There are many social factors that will influence a food and beverage industry. One of the major social factors is that of health consciousness (Chriqui, Pickel Story 2014). As the customers are very much concerned about the health in the present days, so the restaurant will have to work hard to keep up the standard of their products and they will also have to innovate their products keeping in minds the health benefits of their customers. Population growth, career attitude etc will directly affect the way this business will be carried out. Technological factors- In this modern day scenario, the company will have to very carefully deal with the adaptation of the modern scientific and technological factors (Blair Marcum 2015). Usage of the modern scientific methods like IT tools will definitely help in increasing the efficiency of the business. Environmental factors: This is one of the most important factors that can affect this business since it is largely based on fruits, vegetables, animal products, any climatic changes or the seasonal weather changes will affect the business a great deal (Blair Marcum 2015). Hence, it will be prudent for the company to keep sufficient amount of alternatives or preventive measures to deal with such emergencies. Legal factors: Being a food and beverage industry it will always be confined by the legal obligations like drug law, service tax etc. Risks that are likely to confront this business are tough competition is given by the existing restaurants in the market the threat posed by the entrance of new firms climatic changes that might hamper the production Government intervention and policies Some of the important business practices that might be undertaken by the business can be given some additional benefits to the customers like home delivery, discounts of the products etc. In order to improve the important functions of the business, there has to be an improvement in the marketing and sales procedure and also a constant improvement has to be brought in the quality of products. One contextual factor that might be adopted for this business is innovation and entrepreneurship because this is n era of change and innovations. The customers are in constant search for something new and innovative. Finding out good and successful entrepreneurs is also very important as the entrepreneurs will bear the risk bearing attitude and will have sufficient means to deal with any unforeseen risks that might turn up in near future. They will also help in bringing new innovations which will help to constantly modify their products and this increase the customer base and in turn the business expansion and growth. References Blair, E. S., Marcum, T. M. (2015). Heed Our Advice: Exploring How Professionals Guide Small Business Owners in Start?Up Entity Choice.Journal of Small Business Management,53(1), 249-265. Chriqui, J. F., Pickel, M., Story, M. (2014). Influence of school competitive food and beverage policies on obesity, consumption, and availability: a systematic review.JAMA Pediatrics,168(3), 279-286. De Mel, S., McKenzie, D., Woodruff, C. (2014). Business training and female enterprise start-up, growth, and dynamics: Experimental evidence from Sri Lanka.Journal of Development Economics,106, 199-210. Galindo, M. ., Mndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?.Journal of Business Research,67(5), 825-829. Gonzlez-Benito, ., Muoz-Gallego, P. A., Garca-Zamora, E. (2015). Entrepreneurship and market orientation as determinants of innovation: the role of business size.International Journal of Innovation Management,19(04), 1550035. Grohn, K., Moody, K., Wortel, D., LeClair, N., Traina, A., Zluhan, E., Feuer, G. (2015). Lean start-up: A case study in the establishment of affordable laboratory infrastructure and emerging biotechnology business models.Journal of Commercial Biotechnology,21(2). Hong, J., Lu, J. (2016). Assessing the effectiveness of business incubators in fostering SMEs: evidence from China.International Journal of Entrepreneurship and Innovation Management,20(1-2), 45-60. Kim, S. M. (2014). The impacts of gender differences in social capital on microenterprise business start-up.Affilia,29(4), 404-417. Kuratko, D. F., Hornsby, J. S., Hayton, J. (2015). Corporate entrepreneurship: the innovative challenge for a new global economic reality.Small Business Economics,45(2), 245-253. Nambisan, S., Baron, R. A. (2013). Entrepreneurship in innovation ecosystems: entrepreneurs' self?regulatory processes and their implications for new venture success.Entrepreneurship Theory and Practice,37(5), 1071-1097. Renton, M., Daellenbach, U., Davenport, S., Richard, J. (2015). Small but sophisticated: entrepreneurial marketing and SME approaches to brand management.Journal of Research in Marketing and Entrepreneurship,17(2), 149-164. Sozen, E., ONeill, M. (2018). An Exploration of the Motivations Driving New Business Start-up in the United States Craft Brewing Industry. InCraft Beverages and Tourism, Volume 2(pp. 195-212). Palgrave Macmillan, Cham.