Ask a question from expert

Ask now

Concept of Brand Loyalty PDF

33 Pages10271 Words246 Views
   

Added on  2020-12-09

Concept of Brand Loyalty PDF

   Added on 2020-12-09

BookmarkShareRelated Documents
An investigation about brandloyalty in the car industry- Acase study of Toyota
Concept of Brand Loyalty PDF_1
Table of ContentsTITLE: “An investigation about brand loyalty in the car industry- A case of Toyota” .................3INTRODUCTION...........................................................................................................................3TIME SCALE..................................................................................................................................5LITERATURE REVIEW................................................................................................................6Concept of brand loyalty........................................................................................................6Factors affecting brand loyalty........................................................................................................7Strategies to enhance brand loyalty........................................................................................8Ways to intensify brand loyalty............................................................................................12RESEARCH METHODOLOGY...................................................................................................13Type of investigation............................................................................................................13Research choice....................................................................................................................14Time frame...........................................................................................................................14Data analysis.........................................................................................................................15Data collection......................................................................................................................15Ethics consideration..............................................................................................................15RESULTS / FINDINGS ...............................................................................................................16REFERENCES..............................................................................................................................30
Concept of Brand Loyalty PDF_2
TITLE: “An investigation about brand loyalty in the car industry- A case ofToyota” INTRODUCTIONBrand loyalty is the consumer behaviour pattern where customers being committedtowards specific brand and make repeat purchase in given time period. An organization can useinnovative marketing strategies, such as loyalty or rewards programs, incentives and brandrepresentative (Sasmita and Mohd Suki, 2015). In highly competitive market overwhelmed withnew and established brands, an enterprise employ various strategies in order to develop brandloyalty. Brand loyal consumers are the foundation of an organisation. This will assist in buildingconfident of brand loyalty for their goods which are capable to save amount of money from theirmarketing budget. This money is used in various schemes is to collect and gather furthercustomers for their goods effectively. It is crucial for Toyota organisation is to accomplish theirbuyers needs and demand in order to gain high income and profits. Along with this, brand loyaltyis defined as positive feelings towards a brand and dedication in order to buy similar type ofgoods and services repeatedly in future and current time period. The main advantages of brandloyalty within an organisation which can introduce premium priced goods as they are secure inthe knowledge which the buyer will not ditch them. The report is based on Toyota which isinternational automobile manufacture company and it is world's second largest automotive firm.The main purpose of this assignment is to understand research aims and objectives on specifictopic. Along with this, literature review help in analysing different authors and scholars viewpoints regarding research theme. Background of studyToyota Motor corporation is the Japanese multinational automotive manufacture firm andit is situated in Toyota City, Aichi, Japan. It is one of the second largest automobile manufactureindustry. They are design and develop innovative cars which gain attention of large number ofcustomers (Fatema, Azad and Masum, 2015). Toyota is the world's market leader in sales ofhybrid electric transport and it is one of the largest companies to motivate the mass marketadoption of hybrid vehicles in all across the boundary. Significance of study
Concept of Brand Loyalty PDF_3
The main importance of this research is to analyse the factors which influence brandloyalty in the car manufacturing industry. This will assist company in order to gain high amountof income and profitability effectively. Along with this, Toyota can easily analyse customerschoice and preferences which help them in fulfil all demand in better manner. It is used forexamining and analysing clients requirements in order to acquire high income and profitability. Aim:“To investigate the factors that influence brand loyalty in the car industry from theperspective of Toyota”. Research Objectives:To investigate the factors affecting brand loyalty in the car industry. To analyse the effectiveness of the strategies of Toyota for enhancing its brand loyalty. To recommend effective ways for Toyota to create deeper quantum of loyalty in itscustomers. Research Questions: What role does brand loyalty play in the car industry ?Which of Toyota cars' attributes/features/benefits play major roles in invoking brandloyalty in its customers ?What could Toyota do in order to intensify brand loyalty in its customers ? TIME SCALE
Concept of Brand Loyalty PDF_4
LITERATURE REVIEWA literature review is describe about published data and information in particular topicarea and sometime such facts and figures are related to specific area in given time period. Aliterature review is the simple summary of different sources and methods but it is mainly usespecific organisation framework which combined with both summary and brief concepts ortheories. This is the type of review article (Aaker and Joachimsthaler, 2012). It is scholarly paperthat includes present and existing knowledge including substantive findings and theoreticalcontribution to particular theme. This is termed as secondary sources and it does not record newand real enquiry work. It can be seen as basis of investigation in every academic sector. Along
Concept of Brand Loyalty PDF_5
with this, it can be used for recognising different authors and writers views and opinionsregarding specific research topic. Concept of brand loyaltyAs per the view of Shawn Grimsley, (2019)Brand loyalty is the tendency of buyerswhich continuous purchase one's brand goods over another. Consumer behaviour patternsdemonstrate which buyers will continue to purchase goods from an organization which has fastertrusting relationship. It is important for Toyota company is to fulfil their buyers needs anddemand in order to gain high income and profitability. Along with this, brand loyalty is definedas positive feelings towards a brand and dedication in order to buy similar type of goods andservices repeatedly in future and current time period. This can help in analysing customersbehaviour and attitude towards company products and services in proper manner. Perceived value :- When it talks about brand loyalty, the company should create aperceived value in the eye of customers. As customers are the king of the market , so tocreate a value in the eye of consumers is much more beneficial. The value increases thedemand and also creates a brand image in the market.Marketing :- Marketing starts from the advertisement and work with the market till itscomplete the after sales services. Toyota has after sales service which serves as freeservicing for a given period of time. It regulates the whole process from the support ofincreasing sales to provide the service after sales.Performance quality :- When the word performance enters, then it directly link to thequality of product and service (Aaker, 2012). Toyota has many unique products such hasRAV4, Toyota Prius+ etc. It always focuses on its new inventions in the market andupdate in its technology to offer the best product in the market. Loyalty and Customer satisfaction :- Customers are the king of the market, satisfyingthem and creating goodwill in the eye of customers is much more beneficial. Toyota hasits unique perspective while talking about customer satisfaction, it works according to thecustomer's demand and improve its services as on the feedback given by them. Factors affecting brand loyaltyAccording to the view of Raul Galera, 2019brand loyalty is important because this willassist in gaining attention of large number of customers towards company goods and services.There are various factors which directly affect brand loyalty such as advertisement, price,
Concept of Brand Loyalty PDF_6
quality, past experience and service quality. Such are play an important role in business asorganisational requirements in adhere all factors in order to make happy buyers and loyaltowards them. Toyota use branding procedure which help them in creating new and unique typeof image for a product in the mid of customers. This is mainly used for advertising campaignswhich is designed by an organization in order to promote its effective goods and services.Branding play an important role in enhancing brand equity and brand loyalty. The brand loyaltyis directly affect on increasing business sales and its profitability level by serving variousproducts and services to their customers (Akdeniz Ar and Kara, 2014). Toyota is multinationalcar manufacturing company which create good brand position in order to enhance business salesand income level. It is require for respective firm is to develop effective brand which attract largenumber of buyers towards company goods and services. Every company tries to form its strategies according to the updated trend and technologyin the market. Toyota which is the largest auto-mobile manufacturer founded in 1937 inJapan. The company has adopted many unique strategies to perform better in the marketand can create a brand loyalty in the eye of the consumers. These days Instagram is in trend and people are more focused towards its advertisementbecause at present the percentage of people using Instagram has a big market in its own.So, Toyota is working on Instagram Ad Videos which has the power to educate thecustomers in the market. Videos, services, technology and many more unique products ofToyota are portrayed in the market by Instagram (Al-Hawary, 2013).Toyota has a unique strategy which is called Pinterest, to civilized or to humane thedifferent crowd and attached a feeling with the products by organizing different eventssuch as “Road Trips” and “Outdoor Adventure” etc. These trips with the unknown crowdcreates different unique memories and maintain the brand value in the market. It alsoincreases the word of mouth advertisement. Strategies to enhance brand loyaltyAt present the platforms of purchasing a product has increased in a vast manner becauseof which customers are not loyal towards the particular brand in the market. Many companiesand brand have come up with a conclusion that this new wave of purchasing a product online haslower down the value of brand loyalty. There are various strategies which help in developing andformulating brand loyalty for retaining more customers towards organization goods and services
Concept of Brand Loyalty PDF_7
effectively (Anisimova, 2013). There are many unique strategies which Toyota follows tomaintain its loyalty in the market. As it is much more beneficial for the profit maximization. Thecompany never sacrifices on its important decisions related to the brand loyalty as it increases itsmarket across the world. These are described as follows:Quality Concept - Keeping quality high is the utmost factor of every company. Toyotawhich carries a world wide image always take initiative for updating its existing productwith high quality and maintain it for the future. It carries the dynamic image of aparticular brand in the eye of customers as to offer them high quality product is muchmore essential to maintain its image in the market. Two way communication - It define as the conversation between company and customersso to educate them about its different new innovations. Toyota use to come-up with somenew and exciting offers, adaptation of unique technology, and the future plans regardingits company (Apenes Solem, 2016). These all new information scattered orcommunicated to the customers of the company. This creates a link, and customers feelsattached to the company as their loyal customers. Feedback concept - The most vital concept from which the company notices itsweakness and work on it. Toyota take initiative as to find out its weakness regarding theproduct of the company or the services which has offered after purchasing it. Thisfeedback solve the customer's problem and help them in creating a good bond regardingits product (Ažman and Gomišček, 2015). This is that concept which assist them in takingfeedback and they are offer potential goods and services effectively. Along with this, anorganisation take initiatives for further steps which help them in achieving potentialcustomers in better manner. Appreciation concept - The company goal is to connect their customers from everyaspect of selling or making a bond, as word of mouth marketing also plays a vital role inhandling the loyalty of its customers. Toyota deals with every thankful letter and stocktheir customer's special day to wish them a Happy Birthday. Wishing on festivals, Newyear, and on every occasion Toyota gets connections with their customers, which help inbuilding its loyalty with its existing market (Cho And et. al., 2017). This is the conceptwhich help them in giving appreciations to their employees which enhance its growth andincome level. It will assist in reaching with desired customers that can be helpful in
Concept of Brand Loyalty PDF_8

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Toyota Motor Corporation
|24
|993
|72

The Competitive Strategy of Toyota Motor Corporation
|18
|4722
|147

Market Analysis and Different Market Structures of Toyota
|11
|2979
|465

Marketing for Managers: Analysis and Recommendations for Toyota Motor Corporation in Singapore
|21
|4115
|88

Business Assignment Operation Management
|12
|3580
|62

Organisational Strategy | Assignment
|10
|2682
|31