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report. around 1000 words – 1500. criteria attached along with support documents
BSBMKG402B
Analyse consumer behaviour for specific markets.
Assessment Task 1:
Gather information about market segments and consumers
Student: Ibrohim Soliev
Student number: 8103176813
Teacher: Yvonne Fregon
1.Select a product or service you want to market.
Toyota Camry H – Altise
Toyota has been contributing to our society greatly through the years by producing their range of cars for different people with different needs and wants. One of their all-time fans favourite must be the famous Camry. Toyota Camry is mainly targeted and suitable for small to large families due to it offering fuel economy, space, safety, reliability and being a simple car to drive. The all new Toyota Camry Altise was awarded the best family car of the year 2012.
2. Provide a brief description of the product and or the service being marketed.
The Toyota camry 2012 has a 2.5 L powerful engine with 6 speed transmission offering excellent
fuel economy, while its Australian-tuned suspension delivers great road feel and great responsive handling making it easy for any kind of drivers. It gets even better with the exterior, the Camry has an aerodynamic design. The lower grille, sleek headlights and bumpers at front and rear are reshaped to help create a strong, crouching stance for the vehicle. When comes to the safety features, the Camry has 5 star ANCAP safety rating in doing so Toyota have used a range of technologies to make them have the safety attributes. The car has seven Airbags, including driver’s knee airbag & seat belt warning indicator for all occupants offering great safety for everyone in the car making it the most ideal car for families. The interior is more comfortable than ever with the features including the seats made of high quality upholstery materials, easy seat adjustments, premium audio controls, built in Bluetooth.
3. Provide a description of the Target market for your product or service, including the key demographics of current and potential consumers.
Since every business and every product must have their target market, the all new Toyota Camry 2012 has its own. This beauty is mainly targeted at both male and females aged around 31 – 50 mainly who have small to larger families due to many reasons such as the fuel economy, the reliable powerful engine, the 5 star safety, the aerodynamic design and the comfortable interior with all the technologies such as the Bluetooth, back camera etc. on your fingertips.
Toyota Camry in the recent years had been proven as a perfect family car and hence had people with families as their main target market. Most young people would not prefer the Camry as they think it’s a family car. It’s evident by the TV commercials advertising the Camry always with a family involved e.g. going camping etc. Hence, the 2012 Toyota Camry has received the award for the best family car of 2012.
The Toyota Camry is class inside out but one of the main reasons for its success is also dependent on the value Toyota puts on the cars. They wouldn’t make it overpriced nor make it a bargain. They would see the average household income in Australia and price the Camry accordingly. Currently the average household income in Australia is in the 56000 region. Hence, the price is set to a price which can be afforded by an average household. The new Toyota Camry is valued at $29,990.
4. Develop a preliminary or untested profile of your customers which includes:
a. A description of the area your typical consumer lives in.
The Camry is famous worldwide in particular America and Australia. In Australia the Toyota Camry have received the award for the best family car. This gives an indication and a proof that the Australian household love this car. However since the Camry’s target market household income is between the $56000 per year mark, they most likely be living in the suburban areas where people live a fairly average and educated lives and where there are many people around as they have children. Hence Toyota have analysed this and have built their Camry stores mostly in the suburban areas.
b. A profile of the typical household income of your customer
According to the latest research Australia wide, the average household income is in the $56000 annual range. Toyota Camry’s primary targets are men and women who usually have a family. The people who are usually educated and live an average life and earn average salaries. Toyota ranged the prices of the cars accordingly making it affordable for them. However this doesn’t restrict the secondary target “rich” customers from buying a Toyota Camry.
c. A brief description of the social class of your typical customer and you defined this class status.
The primary or the typical customers of the Toyota Camry belong to the middle class. This is due to them living affordable and educated lives while earning sufficient, average household salaries.
d. A summary of your customer’s typical family status (e.g. single, married, divorced) and/or reference group influence.
The typical Toyota Camry customers are men and women who are married and have children. The main influence in making these men and women to purchase the Camry is the fact that they have a family. The wife, she could influence in a way that the Camry offers high safety as women are more interested in the safety. She could influence because of the sleek look of it or maybe the space that the Camry offers etc. The children will influence because the parents will want to get the Camry as it’s the perfect family car as they would want to ensure they get the best one to also make their children happy while ensuring they are in total safety.
e. A summary of any lifestyle or psychographic details that apply to your typical customer.
The psychological factors that affect the decision of the Camry customers to buy the car are or can vary in couple of ways. Even though the main target is families, everyone can think differently and have their own views. Some Camry customers buy it because it is not harmful for the environment because there is no mercury and cadmium in the car but many buy it because of the green technology way which is the highly rate safety the Camry offers. The lifestyle of the Camry customers is modern and hence they would prefer the modern style of the car and the hands on electronics built in within the car.
5. Provide a description of the current market, and in particular, its current size in dollars and/or volume units.
Toyota is currently the dominant force in the Australian car market. The market share is 18 percent in Australia. Toyota is currently of the biggest contributors to the Australian economy because of their direct and indirect employment and huge investments. Toyota’s total revenue for 2012 was $7.25 billion. Most of Toyota’s success also lies upon the successful sales of the Toyota Camry. With all the features in the all new Toyota Camry and only being valued at $29,990 drive away, why would anyone think twice about getting one?
6. Develop a statement explaining the alignment between your selected product or service and your consumer profile.
Camry’s success is a success due to it being able to meet the target market’s wants and needs. It is due to Toyota clearly identifying their target market for the Camry and being able to find the missing bit in the puzzle to the link between the car and the target market. Toyota investigated what the modern day families want in today’s world and implemented their finding in the all new Toyota Camry. The men and women with families who are the target market for the Camry are interested in very high safety since statistics show the number of car accidents only grow year after year. Toyota has responded to this by making the Camry the safest with 6 airbags and the maximum ANCAP safety rating. Since the target customers are busy working parents, they want reliability. Hence the Camry 2012 was built with a 2.5 L powerful engine with 6 speed transmission making it exceptionally reliable while offering excellent fuel economy. Moreover, its Australian-tuned suspension delivers great road feel and great responsive handling making it easy for any kind of drivers. Other factors include the inner and exterior features that the modern families of today desire such as the electronics being at their fingertips including Bluetooth, built in Navigator and the modern sleek look of the car.
References
The official Toyota website, Camry homepage, http://www.toyota.com.au/camry (Visited on 26th July 2013)
Obfuscate Communications Eric Floresca, Meghan Latta, Jenny Li, Deena Markus, Salomeh Nikzadeh, Ali Owainati, Katherine Woo, Toyota Camry Hybrid, Slide share, (April 23, 2009), http://www.slideshare.net/telemachos/final-draft-camry-final-presentation (visited on 27th July 2013)
UK Essays teachers, Toyota Camry Consumer Behaviour, UK Essays,
http://www.ukessays.com/essays/business/consumer-behavior.php
(visited on 27th July 2013)
Matt Cowgill, We are all dead, Average Australian household income 2013, World Press, (13th May 2013),
http://mattcowgill.wordpress.com/2013/05/13/what-is-the-typical-australians-income-in-2013/
(visited on 1st August 2013)
The official Toyota Website, The Company, Operations,
http://www.toyota.com.au/toyota/company/operations
(visited on 1st August 2013)
The official Toyota Website, news, 2011-12 Financial Results,
http://www.toyota.com.au/news/toyota-australia-announces-2011-12-financial-result
(visited on 3rd August 2013)
EXAMPLE OF A TYPICAL TOYOTA CAMRY CUSTOMER
The diagram above shows an example of a typical Toyota Camry customer.
Traditional Family Life
The Toyota Camry customers come under this segment. Traditional Family Life, along with its younger counterpart, Conventional Family Life, represents the core of ‘middle Australia’, with values centred around the significant events in their personal and family lives. The traditional Family Life and Conventional Family Life Segments are motivated by similar values in terms of security, reliability and providing better opportunities for their family. However the Traditional Family Life are now, within Australia, generally empty-nesters or extended families. With their children grown their focus is on re-building their relationship with one another and finding time to do things they never could while their children were growing up. But with such a strong focus on the family, they spend a great deal of time and energy getting the family to visit them, babysitting, weekend BBQs and buying lollies for the grandkids, which their parents won’t let them have.
Running head: TOYOTA CAMRY 1
TOYOTACAMRY 2
Toyota Camry
Name: Ibrohim Soliev
Task: Assess and Validate the reasons for existing levels of consumer interest
Student number: 8103176813
Institution: MSIT
Toyota Camry
Q1: Identify possible buying trends in your market sector and identify the potential impacts for your product or service.
Toyota car industry has moved to develop and ensure quality compact, economic and fuel efficient vehicles at a cost that is globally affordable. This company utilized the known philosophies of American statistician, Dr. William Edwards Deming to improve product quality, design, sales and testing. With this kind of strong history in better quality as well as production efficiency, Toyota will be able to establish and build strong holds in the worlds markets.
Toyota Camry, one of the most famous Toyota brands in the world have greatly been welcomed in the world vehicle markets as compared to other Toyota brands. Toyota Company took advantage of the increase in petrol prices and responded by designing Toyota Camry which is a fuel-efficient car. The company has a strong believe that its main market will remain loyal to the low consuming and fuel-efficient cars they manufactured. Research shows that the production figures of other large domestic vehicles have and are still falling while the imports and the sales of fuel-efficient and small cars have significantly increased. Green products Green marketing, and a green image are marketing trends that Toyota retailers continue to use in order to convince the clients to use Toyota Camry. These same buying trends are ensuring that the consumers continue to buy Toyota Camry in ever-increasing numbers. As Camry green car sales continue, the consumer interest in using the green automobiles is not growing at an impressive rate, though it is definitely growing. According to reports from The Green Car Congress Toyota Camry reported an 82.3% increase the first quarter of the year 2013.
Toyota Camry reflects both tailpipe emissions and fuel economy. Marketing conditions have high hopes of improving during year 2012-2013, with revenue predicted to increase by 3.8% that is to $124.7 billion. Toyota Company has proven to be one of the chief competitive companies involved in design and to creation, some of the most fuel-efficient cars. Toyota Camry is largely being imported to Australia as a very fuel-efficient car since the current Holden companies and Ford in this continent are still manufacturing cars designed for high fuel consumption bearing in mind the fuel prices are still raising. His makes the Aussies to continue importing the Toyota Camry as fuel-efficient cars. This is the main reasons for the successful markets and sales of Toyota Camry (Van, 2010).
The Impact of Toyota Camry Cars on the Automotive Industry
Automotive market has been expected to increase within a shorter period. Going by this trend, is clear that in the near future almost Camry cars will have dominated the markets since they are considered cost-effective, eco-friendly easy to maintain and to handle. Since the fuel-thrifty autos are particularly the small car segment, people will prefer them as they will be lowest-priced and are assumed to offer better safety.
Impact on other market players
The Market player which will be most affected by increase in sales of the small car segment (Toyota Camry) is maruti Suzuki. Toyota Camry will definitely cause emerging other small car segment that will hamper the monopoly practiced by Suzuki largely. This will further cause an increase in competition existing between various market players they will be forced to design new products.
Impact on used car market
The other causality and victim of Toyota Camry will be the used car market. With this car being cost effective and fuel efficient, there will definitely be a fall in the used car sales and other compact cars. Subsequently, this will lead to a surplus of old and used cars as well as a fall in valuations of these used cars.
2. Expand on the consumer profile you developed in the previous assessment activity by identifying and explaining influences and/or reasons that may impact on buying decision-making behaviour. To include:
Maslow’s hierarchy of needs
Maslow’s hierarchy of needs is a Theory of Human Motivation. In relation to impact on buying decision, making Maslow includes observations of humans’ natural curiosity. Maslow described the patters of motivation as Safety, Physiological, Love, Belongingness, Esteem, Self-Actualization and Self-Transcendence.
Buying of Toyota Camry has been enhanced by the Maslow’s’ theory such as when one moves from basic needs towards self-actualization. As one advances in this level the social groups also changes triggering more comfortable expenses thereby increasing the demand of cars such as Toyota Camry.
Consumer perception
Consumer perception utilizes the concept of sensory discernment to advertising and marketing Toyota Camry. Like how sensory insight relates to how humans distinguish and process sensory stimuli using their five senses, Toyota Camry client perception pertains the advantages the car offers over any other model of a car. Toyota used the consumer perception theory in order to develop advertising and marketing strategies intended to increcrease the sales and market for the Camry.
Personality factors
Positive personality factors will aid in influencing the clients to buy Toyota Camry. There are those features that a person lives and wishes to have in a car at a personal level such as to have an environmental friendly car. This exclusive feature will influence more buyers and will increase the market share of this Toyota Brand. The psychological factors that affect the decision of the Camry customers to buy the car are or can vary in couple of ways. Even though the main target is families, everyone can think differently and have their own views. Some Camry customers buy it because it is not harmful for the environment because there is no mercury and cadmium in the car but many buy it because of the green technology way which is the highly rate safety the Camry offers. The lifestyle of the Camry customers is modern and hence they would prefer the modern style of the car and the hands on electronics built in within the car. The main personality and mentality of Toyota camry customers are all the same which is to buy a reliable family car which is fuel efficient.
Lifestyle/or family cycle/ group influences
One of the major influences that can cause an increase in the Camry sales in the group influence. Workers in an organization will like to have a taste of an extra designed car offering the best kind of ride and consuming little of their fuel. The kind of lifestyle that an individual is living will largely influences the desire to have an exclusive car such as Camry. This in turn will make a client go for the car that fits his or her lifestyle. In such a way, Toyota Camry will see its sales increase significantly.
Social influences, such as social class, culture, socioeconomic factors etc
Social influences and factors have a profound pressure to a consumer buying behavior for fuel-efficient cars. The factors like consumer wants, ambitions, motives and learning are greatly influenced by opinion leaders, person’s family, culture social class, and reference groups. For the car customers around the world, the decision made by most clients are found to be highly dependent the mode in which a company attracts and advertises thereby wooing more clients. A culture is another factor which has a contribution on consumer behavior (W.G. Nichols, 1998). One might be in a culture believing in environmental conservation, this will definitely cause him or her purchase one of Toyota Camry’s cars
Roy Morgan – Traditional family life
Some Toyota Camry customers come under this segment. Traditional Family Life, along with its younger counterpart, Conventional Family Life, represents the core of ‘middle Australia’, with values centre around the significant events in their personal and family lives. The traditional Family Life and Conventional Family Life Segments are motivated by similar values in terms of security, reliability and providing better
opportunities for their family. However the Traditional Family Life can now be found now in Australia, generally empty-nesters or extended families. They have grown children and their focus has shifted to re-building their relationship with one another, and finding time to do things they never did while their children grew up. They have a strong focus on the family, and spend a great deal of their time and energy getting the family to visit them, babysitting, weekend BBQs and buying lollies for the grandkids, which their parents won’t let them have.
A description of the area the typical consumer lives in
The Camry is famous worldwide in particular America and Australia. In Australia the Toyota Camry has received the award for the best family car. This is an indicator and proof that the Australian household loves this car. However since the Camry’s target market household income is about $56000 per year mark, they are most likely living in the suburban areas where the standard of living is average and most are well educated. Most of them also live in areas with many people since they have children. Hence Toyota analysed this and built their Camry stores mainly in the suburban areas. This is to improve the chances of visits by potential buyers and make it easier for their customers to buy the car that they are seeking.
A profile of the typical household income of the customers
According to the latest research Australia wide, the average household income is about $56,000 per annum. Toyota Camry’s primary targets are men and women with families. The potential buyers are people who are educated and live an average standard of life with average salaries. Toyota priced the car well which has made i it affordable for them. However this has not restricted the secondary target “rich” customers from buying a Toyota Camry.
Q3: Evaluate the influence of previous marketing activities and assess their impact on current buying trends and consumer behavior. (See company or competitor websites for ideas or interview potential customers.)
Environmental care program (marketing activity)
Toyota had to the Toyota Environmental Management System in both their production and non-production sites thereby showing a lot of concern to conserve the environment. This led them to design an environmental friendly Toyota Camry. With this new design, more clients were eager too own this car as it meant a lot. The company’s product was such eco-friendly thereby complying with environmental standards leading to less environmental impact.
The above strategy helped the company to capture more clients as they had trust in this company as the products were of no harm. This helped to maintain the high number of customers as well as bringing new ones on board. Caring for the environment can be seem as just one way of preserving it but in the real since it is a marketing activity that has seen Toyota market its Camry in all parts of the world.
Toyota design of its most technologically advanced Camry is an icebreaker. This 2012 Camry debuts a sophisticated innovative design that has a more spacious and refined interior with improved class leading fuel economy and driving dynamics. The design has a high level of safety features incomparable with other prototypes. This model has made more people especially in Australia to buy the car thereby increasing its sales as well as the market share.
Advertising techniques also contribute much to the growth of the market share. Toyota Camry marketing strategies are largely from advertisement. They adopted an “It’s Ready. Are you?” campaign, to move mountains and capture more clients. The campaign stressed on the efficiency, safety and fuel efficiency that the car provides. This has increasingly contributed to today’s sales and Camry’s worldwide markets (JPNZ Firm, 2007).
(
The above graph shows the advertisement of Toyota Camry and the types of methods they have used. This is part of the marketing activities they do attract their customers. As can be seen in the graph, most of the advertisement is from the TV.
)
SWOT Analysis
Strengths
Toyota as a company that manufactures Camry has many operational strengths that includes Research and Development (R &D) centers around the Globe and it’s well known low-effective cost process. TMC is known for its Camry product that is reliable and have good quality. Through their research and development centers. Camry is known to be designed to have high performance at an affordable cost for the client. It is also characterized with low fuel consumption and being environmental friendly unlike other cars. Toyota future will need to keep its technological advancements high to continue being the world’s leading automobile manufacturer.
Other strengths
· Fuel efficient
· Best family car of 2012
· 5 star safety
· Part of respected brand global Toyota
· Sufficient spares and service from dealers all over Australia
Weaknesses
Toyota Motor Corporation that makes the Camry product is an international company dealing with clients on a global scale. Due to its large market and distribution, there are possibilities to be problems that will occur. One of probable TMC’s downfalls is recalls and financial loss. There is evidence of Toyota recalling its products due to defects.
Toyota’s Camry pyramidal management structure and leadership, the company lacks the aptitude to maintain balance as a global structure. This develops a room for criticism since it sends out the point that the Japanese leaders have no trust the decisions and incentives of its senior as well as junior office managers.
Opportunities
As the world looks for ulterior means for obtaining energy and power to run on, Toyota has made considerable investments and donations in the biotechnology. This makes it favorable and affordable target for consumers as it shows interest and development of hybrid vehicles Toyota Camry higher quality, fuel-efficiency attracts future consumers
Also, the fact that Toyota’s headquarters are located in Japan, it opens a lot more opportunities in the Asian market including Australia rather than in the U.S. markets. This opportunity provides the expansion of Toyota’s automobiles to be sold in the European market as well.
Other opportunities
· attract customers quickly as its fuel efficiency
· Its resale value is high
Threats
Some potential threats that TMC might encounter due to the position they hold in the global market includes financial losses, faulty products and increased competition. TMC has been critic sized due the emerging problems with the acceleration pads brands such as Camry. Faulty Camry cars can incur great loss in Toyota company assets. The company is at threat of losing competitive edge if competitors grow so need to keep improving as well, as if the fuel prices lower.
Toyota Camry offer the world’s most desired features making it capture a larger market in the world. Environmental friendliness attracts more clients as well as fuel effectiveness.
Other threats
· may lose competitive edge if competitors grow so needs to keep improving
· market may fall for the Camry if petrol prices dip
Findings in SWOT analysis
The Camry can leverage on its strengths to increase its market share. These strengths are very strong for instance fuel efficiency and five star safety rating could be used to appeal to higher end consumers. The weaknesses are not threatening. The best opportunity for the vehicle is the high value it retains that can be harnessed by the owners when reselling it. The Camry’s major threat is the competition that never looks it is going to end but if Toyota keeps improving the camry then surely it will still sit top of the rank.
References
JPNZ (Firm). (2007). Toyota Camry 2001-2006. Auckland, N.Z.: JPNZ.
Van, B. C., Automotive Career Development Center. & Automotive Video, Inc. (2010). Understanding hybrid vehicle service and technology [videorecording]. Worcester, MA: Automotive Video, Inc
W.G. Nichols. (1998). Chilton’s Toyota Camry 1983-96 repair manual. West Chester, PA: W.G. Nichols.
Recommend focused marketing strategies for the chosen product
1. Review and comment on the following points from assessment 1 and 2 prior to making marketing strategy recommendations, so you can identify their contribution to, or impact/potential impact on, your overall marketing activities.:
· Buying trends in your market sector
· Your consumer profile
· Your product or service profile
· The outcome from your organizational analysis
2. Identify and discuss the legal and ethical considerations that may impact on your organization
3. Identify and discuss the legal and ethical considerations that may impact on the marketing activities (4ps = product, place, price, promotion)
4. Develop recommendations for marketing strategies that align with the market segment , taking into account the product and consumer profiles and legal and ethical standards:
· Product
· Price
· Place
·
Promotion (discuss and apply the theory of learning and memory as part of your communication strategies)
