Situation Analysis of Consumer Behavior Toyota
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Added on 2020-04-13
Situation Analysis of Consumer Behavior Toyota
Added on 2020-04-13
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Running head: CONSUMER BEHAVIOUR Consumer BehaviourName of the Student:Name of the University:Author Note:
1CONSUMER BEHAVIOUR Table of ContentsIntroduction:...........................................................................................................................41. Situation analysis of Toyota:..............................................................................................4Background:...........................................................................................................................4Vision and Mission:...............................................................................................................4Current market situation analysis:..........................................................................................5PEST of Toyota:.....................................................................................................................5Political factors:.................................................................................................................5Economic factors:...............................................................................................................6Social factors:.....................................................................................................................6Technological factors:........................................................................................................7SWOT analysis of Toyota:.....................................................................................................72. Target market description:.....................................................................................................8Demographic:.........................................................................................................................8Psychographic:.......................................................................................................................9Behavioural:...........................................................................................................................9Geographic:............................................................................................................................93. Target market decision-making process:.............................................................................103.1. Problem recognition:.....................................................................................................103.1a. Market induced:...........................................................................................................103.1b.New stage in life:.........................................................................................................10
2CONSUMER BEHAVIOUR 3.2. Information search:.......................................................................................................113.2a. Level of risk:...............................................................................................................113.2b. Level of product knowledge:......................................................................................113.3. Evaluation:....................................................................................................................113.3a.List of evoked set and reason:......................................................................................123.3b. Compensatory and non-compensatory rules:..............................................................123.3c: Evaluation criteria and reason:....................................................................................123.4. Purchase:.......................................................................................................................123.4a. Availability of products:..............................................................................................133.4b. Retail factors:..............................................................................................................133.5. Post purchase evaluation:..............................................................................................133.5a. Post purchase feelings:................................................................................................133.5b.Post purchase cognitive dissonance:............................................................................144. Social influences on buying behaviour:...............................................................................144.1. Family:..........................................................................................................................144.2 Social class:....................................................................................................................155. Psychological influences on buying behaviour:...................................................................155.2. Perception:.........................................................................................................................155.3. Learning:.......................................................................................................................156. Personal factors influences on buying behaviour:...............................................................166.1. Personality:....................................................................................................................16
3CONSUMER BEHAVIOUR 6.2. Age:...............................................................................................................................167. Marketing strategy recommendations:.................................................................................16Product:................................................................................................................................16Place:....................................................................................................................................17Price:....................................................................................................................................17Promotion:............................................................................................................................17Conclusion:..............................................................................................................................18References:...............................................................................................................................19
4CONSUMER BEHAVIOUR Introduction:The aim of the report is to study issues in the consumer behaviour in case of mediumto high involvement product or brand. The study takes into the Corolla Altis Sedan by ToyotaMotor Corporation as its centre set against the backdrop automobile market of Singapore.The segment of customers, which the study considers, consists of upper and upper middleclass customers residing in the Singapore. The paper opens with a situation analysis ofToyota followed by the target market segmentation. The third section delves into the targetmarket decision-making process and the fourth section deals with the influences of thesociety on the buying behaviour. The fifth section deals with the psychological influences onbuying behaviour followed by the sixth section on personal influences on the buyingbehaviours of customers. The study ends with a recommendations section which forms itsseventh and the last part.1. Situation analysis of Toyota:Background:Toyota Motor Corporations is a multinational automobile manufacturer and marketer,which has its headquarters in Japan. The company started manufacturing vehicles in 1933.The vehicle products of Toyota include cars, vans, SUV, commercial vehicles, hybrid car,electrical cars and fuel cells. Toyota is a public limited company listed on several big stockexchanges around the world like the New York Stock Exchange (nyse.com, 2017). Thesefactors have made the Toyota one of the most powerful automobile companies in the world(toyota-global.com, 2017).Vision and Mission:The global vision of Toyota is to lead the global automobile industry bymanufacturing superior vehicles and ensuring safety of the users. The company’s vision also
5CONSUMER BEHAVIOUR includes sustainability, innovation and environment friendly operations. The mission of thecompany is to assure high quality automobile products all over the world. Toyota seeks tobring about continuous improvement in its operations and respect the stakeholders’ interest.Current market situation analysis:The current situation analysis of Toyota shows that the automobile manufacturerleads the automobile industry. The automobile industry is an international industry worthbillions of dollars. The worldwide sales of vehicles reached 88 million cars, which is leadingto high capital maximisation for the automakers (strategyand.pwc.com, 2017). The industry isexperiencing a lot of innovation and entry of new varieties of cars like electric and hybridcars. The tough competitors of Toyota are General Motors, Volkswagen and Nissan.The market share of the Japanese automobile manufacturer is 11 percent followed byGeneral Motors enjoying 10.8 percent market share (businessinsider.in, 2017).PEST of Toyota:Political factors:1. Toyota is a Japanese car manufacturer with a global presence. Hence, it comes under theeffect of political stability in its important markets like the Singapore. Singapore is a politicalstable country and its government encourages entry of foreign companies. 2. Free trade agreements and bilateral political agreements between Japan and other countrieslike the Singapore play important role in foreign operations of Toyota (mofa.go.jp, 2017).The governments of Japan and Singapore have strong trade relationships which wouldencourage the companies of one country to enter the other.
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