Final answer:
To create a perceptual map contemplating price and quality for smartphones, for example, plot the price on the horizontal axis and quality on the vertical axis, then place different brands according to their market position, taking into account physical aspects, location, intangible aspects, and perceptions of the product.
Step-by-step explanation:
In the context of product positioning, using price and quality dimensions to create a perceptual map can be very insightful. Suppose we are examining smartphones. First, we plot the price on the horizontal axis, with lower-priced phones on the left and higher-priced phones on the right. Then, we plot quality on the vertical axis, with higher quality at the top and lower quality at the bottom.
Different brands would then be placed on this map based on their market position. For example, a brand known for high-end products might be placed in the top right quadrant, indicating a high price and high quality. Another brand that offers budget-friendly options could sit in the bottom left quadrant, representing lower price and quality.
Factors like brand reputation, service quality, and customer satisfaction guarantees, which are intangible aspects, can also influence the perception of quality on this map. An effective perceptual map assists businesses in understanding differentiated products and how consumers may make decisions based on a mixture of price information and perceived quality.
The complete question is: Developing A Perceptual Map. In product positioning, an important point is to use various dimensions of a product that are most important to consumers. A positioning map with price and quality is obviously a critical aspect. Create a perceptual map for a specific product of your choice, considering both price and quality as the dimensions is: