Perceptual Mapping and Strategic Positioning Marine bait fish, such as bullminnows, are a promising new aquaculture venture for fish farmers in west Alabama. However, there are a number of other competitors in the market for farm-raised bullminnows, including wild-caught shrimp from the Gulf, and the Black Salty B, a strain of goldfish from Arkansas. Suppose that Tiger Aquaculture, the grower of Tiger bullminnows, has conducted a survey of its prospective customers. Results of the survey indicate that the three major dimensions that influence a bait dealer's decision to buy a live bait product are "Fish-Catching Ability (which accounts for 36% of their decision to buy). "Size" (which accounts for 32%), and "Hardiness (which accounts for 32%). For the three types of bait the dealers surveyed gave scores within the ranges shown in the table below (note: high scores are better than low scores): Dimension- (the percentage of decision to buy" is in parentheses) Fish-Catching Ability ( 36% ) Size ( 32% ) Hardiness ( 32% ) range range range 4 to 6 4 to 6 4 to 6 Tiger bullminnows (symbol= T) Wild-caught shrimp (symbol= W) Black Salty goldfish (symbol= 6 to 8 4 to 6 4 to 6 4 to 6 6 to 8 4 to 6 B) (a) Draw 2 perceptual maps as follows (use the grids below): 1) Label the x-axis (i.e. the horizontal axis) with the name of the most important dimension influencing the buying decision (e.g. Fish-Catching Ability, Size or Hardiness). i) Label each y-axis (i.e. the vertical axis) with the names of the other two dimensions (eg. Fish-Catching Ability, Size or Hardiness). Note: You must draw two maps, one for each possibility, before you can decide which one is the best choice for your new positioning strategy. (b) Show the relative positions of the three products on your perceptual maps. Indicate their locations using boxes based on their range of scores, and label them with the following symbols: Show the relative positions of the three products on your perceptual maps. Indicate their locations using boxes based on their range of scores, and label them with the following symbols: "T" for Tiger bullminnows "W" for wild-caught shrimp B for Black Salty goldfish (c) Address this strategic question: If you were to invest money in re-positioning Tiger bullminnows, what would be your best move? (assume that a one-unit move that changes the scores for the T box costs the same regardless of whether you move horizontally or vertically, but is twice as costly if you move diagonally) (1) Illustrate the move with an arrow on your map, indicating the direction of your recommended move. () Write a short explanation of your reasoning for why your repositioning strategy is to go in that direction. () Create a one-sentence advertising slogan that communicates your Unique Selling Proposition to your prospects. in 9 6 5 5 al 2 2 2 11 1 1 2 2 + 5 G 7 # 10 1 2 5 6 7 9 10 Perceptual Mapping and Strategic Positioning Marine bait fish, such as bullminnows, are a promising new aquaculture venture for fish farmers in west Alabama. However, there are a number of other competitors in the market for farm-raised bullminnows, including wild-caught shrimp from the Gulf, and the Black Salty B, a strain of goldfish from Arkansas. Suppose that Tiger Aquaculture, the grower of Tiger bullminnows, has conducted a survey of its prospective customers. Results of the survey indicate that the three major dimensions that influence a bait dealer's decision to buy a live bait product are "Fish-Catching Ability (which accounts for 36% of their decision to buy). "Size" (which accounts for 32%), and "Hardiness (which accounts for 32%). For the three types of bait the dealers surveyed gave scores within the ranges shown in the table below (note: high scores are better than low scores): Dimension- (the percentage of decision to buy" is in parentheses) Fish-Catching Ability ( 36% ) Size ( 32% ) Hardiness ( 32% ) range range range 4 to 6 4 to 6 4 to 6 Tiger bullminnows (symbol= T) Wild-caught shrimp (symbol= W) Black Salty goldfish (symbol= 6 to 8 4 to 6 4 to 6 4 to 6 6 to 8 4 to 6 B) (a) Draw 2 perceptual maps as follows (use the grids below): 1) Label the x-axis (i.e. the horizontal axis) with the name of the most important dimension influencing the buying decision (e.g. Fish-Catching Ability, Size or Hardiness). i) Label each y-axis (i.e. the vertical axis) with the names of the other two dimensions (eg. Fish-Catching Ability, Size or Hardiness). Note: You must draw two maps, one for each possibility, before you can decide which one is the best choice for your new positioning strategy. (b) Show the relative positions of the three products on your perceptual maps. Indicate their locations using boxes based on their range of scores, and label them with the following symbols: Show the relative positions of the three products on your perceptual maps. Indicate their locations using boxes based on their range of scores, and label them with the following symbols: "T" for Tiger bullminnows "W" for wild-caught shrimp B for Black Salty goldfish (c) Address this strategic question: If you were to invest money in re-positioning Tiger bullminnows, what would be your best move? (assume that a one-unit move that changes the scores for the T box costs the same regardless of whether you move horizontally or vertically, but is twice as costly if you move diagonally) (1) Illustrate the move with an arrow on your map, indicating the direction of your recommended move. () Write a short explanation of your reasoning for why your repositioning strategy is to go in that direction. () Create a one-sentence advertising slogan that communicates your Unique Selling Proposition to your prospects. in 9 6 5 5 al 2 2 2 11 1 1 2 2 + 5 G 7 # 10 1 2 5 6 7 9 10