How to conduct perceptual mapping
Branding is gaining huge importance in the recent market; with increasing competition different brands are trying to gain customer loyalty and attention. Ensuring positive brand image in the customer’s eye is also very crucial. Perceptual mapping is a tool that helps the organization in understanding their position in the market. It is a diagrammatic representation that helps in understanding customer perception about the brand; it also helps in understanding the position of the product in the market vis-à-vis its competitor’s position.
Main objective of this article is to help the students in understanding the concept of perceptual mapping, its importance in branding and its application. This article will of great use for marketing and branding students. It will help them in understanding the methodology of using perceptual mapping to know the position of a brand in the market. Perceptual map is a great tool of branding it can help the company in forming strategies related to cost and quality of the product. It will also help in providing direct input in the strategy making process of the company. To gain competitive advantage organization must correctly position itself, its products against the competitive offerings in the market.
Perceptual mapping tool is being used in the industry from last two decades. This is also known as preference mapping or structural mapping tool, there are many other names also given to this tool. The major reasons for using different names are the attributes that are being used while evaluating the brand. While conducting perceptual mapping analysis, evaluator can take any two attributes but they should be completely opposite to each other. It will help in understanding the position of the product, this tool will also help in doing segmentation and targeting for the product.
Perceptual mapping is done on two axis, X axis and Y axis; two dimensions are selected and there opposite dimensions are mentioned in the opposite sides. There are two methods of conducting perceptual mapping which are given below;
- Attribute based method (Factor Analysis).
- Similarity-Based method (Multi-Dimensional Scaling)
First method is simple and can be conducted manually, second method requires proper software’s to conduct the analysis. It will help in getting clear picture on how the product is being perceived in the market by the customers. However, while doing perceptual analysis marketer needs to consider the attributes carefully and also understand the functional attributes.
The perceptual mapping should be done clearly and nicely, it should not be made look complicated, otherwise it will make the interpretation difficult. Academic Assignment is a well known assignment consultancy service provider in the global market in very low prices. We also provide high quality reference papers to help the students in understanding various types of assignments such as report, dissertation, critical analysis, thesis, editing and proofreading service, case study analysis etc. For any help in preparing perceptual mapping or marketing reports please contact us through email us or call us.