Consumer Behavior Assignment | Business Report Assignment
Added on 2020-05-28
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Running heading: CONSUMER BEHAVIORConsumer BehaviorName of the StudentName of the UniversityAuthor Note
1CONSUMER BEHAVIORExecutive Summary The business report highlights the perception of consumer behavior theory that illustrated whatfactor influences them to buy a particular product. The product that is taken into consideration isToyota’s Prius 2018 model, which is an electric hybrid car. This car is developed in order toreduce the carbon emission from the environment. Thus, the main target demographic regionshould be those areas where people are more concerned and educated regarding the adverseimpact of the global warming. Thus, the target market for the concerned model is also describedin this report. Moreover, the consumer buying model along with the AIDA model is alsodescribed in this report that highlights the reason why a person should buy Toyota Prius 2018model.
2CONSUMER BEHAVIORTable of Contents1.0 Introduction................................................................................................................................32.0 Discussion..................................................................................................................................52.1 Identification of target market...............................................................................................52.1.1 Target market for Toyota Prius.......................................................................................52.1.2 Potential core segments..................................................................................................52.1.3 Implications of these factors on present marketing mix strategy...................................62.2 Consumer decision making processes...................................................................................82.2.1 Approaches to establish consumers’ perception.............................................................82.2.2 Consumers’ comprehension of the organization’s message and of the brand................92.2.3 Consumers’ motivation, attitude, anticipated returns from consumption.......................92.2.4 Decision process...........................................................................................................102.2.5 Role advertising play in AIDA.....................................................................................113.0 Recommendations....................................................................................................................124.0 Conclusion...............................................................................................................................135.0 Reference List..........................................................................................................................146.0 Appendix..................................................................................................................................17
3CONSUMER BEHAVIOR1.0 Introduction Toyota is an automobile company, and is a division of Toyoda Automatic Loom Works.The company established in the year 1937 and the founder of the organization was KiichiroToyoda (Toyota.com 2018). Toyota's net revenue from worldwide was 28,403.1 Billion JapaneseYen in the year 2016 and 27597.2 Billon Japanese Yen for the year 2017 (Statista 2018). 2007200820092010201120122013201420152016201705000100001500020000250003000023948.0926289.2420529.5718950.9718993.6918583.6522064.125691.927234.528403.127597.2Image 1: Toyota's net revenue from worldwide from 2007 to 2017(Source: Statista 2018)Toyota’s principal products are vehicles operated from electric technology, SUV cars,pickup trucks, luxury vehicle, buses, and pleasure boats (Toyota-global.com 2018). Toyota alsoperforms non-automotive activities in the areas of aerospace, robotics, sewing machinetechnology and agricultural technology. The benefits that can be get from the Toyota automobileis durability and best resale value. Among all the Toyota’s automobile, Kelley Blue Book hadthe best resale value (Heller and Darling 2012). Moreover, the automobile of Toyota has the topsafety pick and had more IIHS top safety picks in the year 2013 (Toyota-global.com 2018).Chowdhury (2014) furthermore stated that target to research on the current needs of the people
4CONSUMER BEHAVIORand fulfill the recent technological trends is the main reason of being the innovativeness amongall other organization. The extension of their automobile can be seen from the technology thatthey have developed like- environmental technology, automated driving technology, intelligenttransport technology, personal mobility and partner robots (Toyota-global.com 2018).The product that is taken into consideration is Toyota Prius, which is a automated hybridelectric cars and is developed to overcome problems like carbon emission and rising price of thefuel. According to the products life cycle, the Toyota Prius is in the growth stage and the sales ofToyota Prius is the exponentially high. Rahman (2013) stated that in the year 2016, there was16% annual revenue growth in hybrid-vehicle sales from delivering 10 million units of the modelby January 2016 and at the end of April 2016, another 9 million units has been sold(Newsroom.toyota.co.jp 2018). The marketing strategies for Toyota Prius shifts that illustrate aclassical growth stage through products improvements, product line additions and reduce in priceso that more people can use their product. In this business report the primary target market for Toyota Prius, potential core orsecondary market segments and the implication of these segments in the marketing mix will bediscussed. Moreover, this report will also illustrate the process of establishment of theconsumers’ perception, consumers’ motivation, attitude, anticipated returns from consumption ofToyota Prius, group influence and social stratification along with the discussion whether or nottheir advertisements shows respect for consumers. At last, some recommendations will besuggested for enhancing their target market, products decisions, proving decisions, decisions fordistribution and promotion.
5CONSUMER BEHAVIOR2.0 Discussion 2.1 Identification of target market2.1.1 Target market for Toyota Prius Demographics- The income of the consumers are the most crucial factor as the electriccars with innovative technology will be costly. Thus, customers from premium incomegroup will be the target market for the concerned product. Psychographics- Grünig and Morschett (2012) stated that psychographic aspect rely onattitudes, lifestyle, hobbies and personality of the consumers. Thus, people with moreawareness regarding the environment will use Toyota Prius. Geographic- There is some region where diesel and fuel car will be ban after some years.Thus, Toyota Prius’s should target these countries like Britain, France, Korea, Spain,Portugal Germany, Norway, Ireland, Japan and the Netherlands. 2.1.2 Potential core segments Toyota can target those countries where pollution is more. According to Pollution Indexfor Country 2018, the highest rate of pollution is in Myanmar, Mongolia, Vietam, China, Nigeriaand others (Girshick et al. 2014). Toyota can target these countries so that the pollution rate inthese nations can be reduced. Demographics- Long et al. (2015) stated that the demographics aspect of segmentationcomprises of age, gender, income, education, household and profession. In the selected regionfor the sale of Toyota Prius, the people with premium income group need to be selected and theeducation level of these people should have to be high. Otherwise, they cannot understand theimpact of buying a hybrid electric car for domestic usage. These people thus have the minimum
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