After those different evaluation criteria which are used by the individual before selecting a car is made, and from all the possible factors, some important ones like price affordability, branding, functionality, safety, comfort are considered to be important. A decision matrix is prepared and the findings of the matrix are discussed after that. The last part of the report explains how the factors like demographics and personality affect the decision making process when buying a car.
Interesting findings are shown throughout the report evidencing how different individuals are different from each other when it comes to making sections about themselves. The report ends with a conclusion of the main findings in the report where in personality is given an important position as that is what affects how decisions are made about selection of buying a car. 2. Segment Analysis (emerging consumer trends) Lifestyle A way of living of individuals, families (households), and societies, which they manifest in coping with their physical, psychological, social, and economic environments on a day-to-day basis.
The analysis of consumer life styles (called chirography's) is an important factor in determining how consumers make their arches decisions. It also reflects their self-image or self-concept; the way they see themselves and believe they are seen by the others. Lifestyle is a composite of motivations, needs, and wants and is influenced by factors such as culture, family, reference groups, and social class. ; Demographic The current market are demographically made up of a) Baby Boomers, b) Generation X c) Generation Y and d)) Generation Z. Baby Boomers are generally regarded as the most matured consumers with a higher buying power.
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They prefer simplicity in terms buying a car. Descended from the era where cars were meant for transportation, not all consumers from this generation will be intrigue with the internal functions or effects that car may possessed. The ease of usage and carriage would usually be a primary priority instead. They are constantly very conscious in Justifying their needs in the products to the price they are paying for. The new generations they want in to be nice, class they no longer Just want to satisfy their basic need for transportation anymore.
Generation X, born after the Baby Boomers, is the first generation to grow up with computer technology. In terms of purchasing a product and it's specifications, they generally possess a more adventurism behavior and are open to Consumer Behavior on Automobiles By infallible a wider sense tot satisfaction trot the exploration tot the product instead tot staying within the safe zone of easy usage. Generation Y, also known as the Millennial Generation', are generally confident, ambitious and achievement-oriented.
Technology had also increase the height of their expectation and challenges in many aspect of their life. They are not afraid to question authority and they have a strong sense of inquisitiveness. Hence marketers need to take into consideration that it is essential to provide enough specifications or answers on their products and services for this generation of consumers. An individual may enjoy traveling because he drives a luxurious car, or a fun car (sports or SUB categories). Or, an innate love of travel may prompt a person to buy a car that supports that feeling.
On the other hand, those who dislike travel may be more likely to use a larger car (large, luxury, and SUB categories) because they seek to be more comfortable and to minimize travel fatigue even for short-distance trips. Those who have the freedom to travel anywhere they want and relatively low travel stress may be more likely to use a more powerful car or a leisure car (sports and SUB categories). Those who strongly support providentially policies are more likely to prioritize reducing mobile source emissions and therefore to drive a smaller car (small and compact categories).
Those who like living in high-density areas may choose a smaller car (small and compact categories) because they have accessible public transit and restrictions on parking, making them less likely to commute by car. Those who recognize benefits of commuting may be more likely to use a more comfortable or versatile car (luxury category) that allows them to do other activities such as playing CDC while driving. Value Value proposition of the car is a of value yet economical car with a low maintenance and of car of reliability in the market compare to other competitors.
The Japan cars Honda , Toyota are the two main players in the vehicles industry . They are car which you are able to sell off fast and easy with minimum losses. The value that the consumer willing to part with their money in exchange for the vehicle. ; Attitude Significant criteria in buyer decision-making 1. Brand & Type Branding is a very important thing in buying a car. The trusted brand that people would look for, in terms of reliability and the image the brand portrait to the consumer in the market. The word of mouth from friend past experience of friend driving the vehicle.
Branding is one of the major information that assists in convincing consumers' decision in the ratio of price versus quality. Besides the trustworthiness of a brand, consumers also look at the expertise of it and the genre of the product the brand is best known in producing. Branding is an identity and a 'promise' that is delivered to the consumer's mind, perception. When they are looking for a good and economical car. Hence such consumers would have Toyota as a prioritize brand when they are in search of such professional imaging and yet at the same time, they nave lie 2. Pence title knoll edge on the actual specifications.
Price affordability is one of the most important criteria in a consumer's mind. These criteria can sometimes hinder or stopped the further external search for information if the price of the product exceeds the consumer's monetary affordability. This product category is targeting at people of mid income people who want a reliable Japanese car . Targeting a relatively young group of target audience. Product that constantly takes this criteria into the consideration during their process of their product pricing and are known to cater to such specific needs, will generally sustain themselves within the targeted consumer's mind-set.
Marketer also needs to research and determine the targeted consumers' average spending on such product before further proceed to other marketing strategies to them. Toyota had tragically ranged their prices according to different targeted Generation. For instance, they cater price consideration to a younger portion of Generation Y and Generation Z with the average income of SAG$50th SAG$2500 with cars that ranges suitable for them.
They also have a range of more sophisticated models of Car that ranged from the priced of higher class for working professionals with a higher middle income such as those from the older Generation Y and the whole of Generation X. They offer different range for different segment of customer, Toyota cater different needs to meet their value customers different wants. Pricing is one of the most important elements of the marketing, as it is the easiest to change but also the hardest to correct it back if it's wrong , which generates a turnover for the organization.
Sometimes, marketers also need to enhance the product's perceive value instead of dropping prices in order to outshine it's competitors. 3. Functionality The essential need of the car, the basic transportation need, the need of comfort , the need of luxury the need of fuel consumption are the consideration into committed to a vehicle as it's a big time investment for the consumer. It's a product of high value with deprecating value. Functionality being one of the criteria ,its helps to form an image in the consumer's perceptual mind mapping.
In the context for cars, the complexity of the functions can appear both as a downside turn away for some consumers as well as an attraction to others. It varies in terms of the targeted demographics group of customer. For older customer ,they Just want a simple car for transportations uses only . Promotions Promotion consists tot tour distinct elements. ; Advertising, Public Relations, Personal Selling and Sales Promotion. For Advertising, Toyota has launches its products through many different ways and media such as advertising its products through favorable television programs.
Toyota also has its own very strong customer based , CRM from there it 's encourage consumers to respond by providing feedback to the advertiser through direct mail or catalogues. For Public Relations, Toyota has provided contacts for those customers who will be in need of any information from the company through it's official website. In this way Toyota can create a mutual relationship with its customers and ensure that it serves the wishes and demands of TTS customers and at the same time to be aware of negative feedbacks and resolve them at the soonest possible time.
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