Overview
For this semester project, you will choose a branded product in the Spo
Overview
For this semester project, you will choose a branded product in the Sport Utility Vehicle industry. The first step in this process is to develop two important tools: a perceptual map and a value proposition canvas. First, you will use a perceptual map to identify 10 competitors in this space and then select one to focus on for your project.
Step One: Perceptual Map
To create the perceptual map, the first step is to identify two attributes for this group of products. They could be any attribute you want, such as price, durability, built, quality, etc. The key is to choose two attributes that you think would be most important to consumers as it relates to this class of product.
Once you have your two attributes, interview three people and ask them to rate each of your 10 branded products in terms of the two attributes from a scale of 1-9, with one being very poor in an attribute, and nine being exceptional in an attribute.
Next, ask them to rate each attribute on a scale of 1-9, with one being not at all important, and 9 being very important. Once you have these data, you can use the perceptual map tool Download perceptual map toolto develop the perceptual map and place it in the document you will submit.
Step Two: Perceptual Map Narrative
Once you have produced your perceptual map, you will then provide a brief narrative discussing important aspects of this map, such as:
Do you notice any clusters within the perceptual map? These are groups of competitors that are similar and a particular way. Consider them to be a submarket within the larger industry.
What is the best place to be on this in your opinion? Which of these competitors are closest to the best place on the map? Why do you think these particular companies seem to be positioned best?
Do you see any places in the map that would represent a good opportunity for a company? Where specifically would you like to see companies move to?
Step 3: Value Proposition Canvas
Create a value proposition canvas for one of these branded products. Use the value proposition canvas tool to create a value proposition canvas that looks similar to the one provided in the lesson. You’ll find some insight into each of the sections of the VPC and the lesson content as well.
Step 4: Value Proposition Canvas Narrative
In a brief narrative, comment on what you think the source of value is for this branded product to the proposed target market. Consider things like:
the elimination of consumer pain points
the ability of the product to add value to consumers lives in some way
the superiority of this branded product to competitors and substitutes