Consumer Behaviour

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  • Topic: Toyota, Toyota Camry, Toyota Australia
  • Pages : 14 (3365 words )
  • Download(s) : 160
  • Published : December 25, 2012
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CONTENTS

S/NO.TOPICSPAGE NO.

1.0.INTRODUCTION01

1.1. History of Singapore01

1.2. Consumer Decision Process Model02

2.0.HOW TOYOTA ANALYZE AND PREDICT CONSUMER BEHAVIOUR02
USING THE SEGMENT ANALYSIS (EMERGING CONSUMER TRENDS)

2.1.Demographic and Lifestyle02 - 04

2.2.Values04 - 05

2.3.Attitudes05 - 06

3.0.KEY CRITERIA ON HOW TOYOTA FORMULATES THE EVOKED SET06
OF CONSUMERS

3.1.Branding06

3.2.Price (Affordability)07

3.3.Functionality, Performance and Handling (Product features)07 -08

3.4.Quality, Durability and Reliability08

3.5.Interior Comfort09

4.0.PERSONAL AND GROUP INFLUENCE ON CONSUMPTION10

4.1.Group Influence on Consumption10

4.1.1.Primary Group and Secondary Group10 - 12

4.1.2.Formal Group and Informal Group13 - 14

4.1.3.Aspirational and Dissociative14 - 15

5.0.MARKETING TACTICS OF COMPETITORS - A COMPARISON OF16
TOYOTA WITH MITSUBISHI & HONDA

5.1.Product16 - 17

5.2.Price18

5.3.Promotion (By Advertising, Personal Selling)18 - 19

5.4.Place19

6.0.CONCLUSION20

7.0.REFERENCES LIST21

- APPENDIX A - G

1. Introduction
Toyota Motor Corporation (TMC) is a top ten Fortune Global 500 enterprise (July 2003 edition of Fortune magazine), and ranks among the world’s leading global corporations. They are one of the world's largest automobile manufacturers, selling 7.5 million models of Toyota including Hino and Daihatsu brands. It is impressive that Toyota is promoted to top five Fortune Global 500 enterprises. (Toyota Singapore Website; Fortune Global Website)

1.1.History of Toyota
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They begin in the late 19th century, when Sakichi Toyoda invented Japan’s first power loom, which was to revolutionize the country’s textile industry. In January 1918, Sakichi founded the Toyoda Spinning and Weaving Company with the help of his son, Kiichiro Toyoda, to fulfill his lifelong dream of building an automatic loom in 1924. The establishment of Toyoda Automatic Loom Works followed in 1926.

Like his father, Kiichiro was an innovator and during his visits to Europe and U.S. in the 1920s, he became deeply interested in the nascent automotive industry. Making the most of the £100,000 that Sakichi Toyoda received for selling the patent rights of his automatic loom, Kiichiro laid the foundations of Toyota Motor Corporation was established in 1937. From looms to cars, Toyota experience has been a constant story of extending the frontiers of manufacturing. (Toyota Singapore Website)

2. Consumer Decision Process Model
In this model, consumers need to go through these major stages of the decision-making process: Need Recognition, Search for Information, Pre-purchase Evaluation of Alternatives, Purchase, Consumption, Post-consumption Evaluation and Divestment. We have chosen need recognition for Toyota as this is the essential stage to recognise customers need. (Blackwell, R., D’Souza, C., Taghian, M., Miniard, P. and Engel, J, 2007, p. 68 - 76)

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1. How Toyota Analyze and Predict Consumer Behaviour using the Segment Analysis (Emerging Consumer Trends)

2.1.Demographic and Lifestyle
Demographics are the statistical characteristics of human populations such as gender, race, age life cycle and income that are used by businesses to identify markets for their goods and services. It helps to identify who your target audience. By identifying through demographics, one can recognised changing needs in the market and make adjustment. Consumers that are attracted by the product can mean the difference between success and failure.

Toyota has various car models ranging from small, mid-sized and luxury saloon cars, all these come with a different function of needs, assortment and price tag. It introduces its goods and...
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