Toyota Etios Consumers behavior
CONSUMER BEHAVIOUR ASSIGNMENT
Choose any one new product/ service launched in the last six month and analyze:
a) STP choice by the company
SEGMENTATION- Toyota is focusing on all the major variables that are used in segmenting the consumer markets.
1. Geographic segmentation/behavioural: The Etios range is sold across various markets like South Africa, Srilanka, Mauritius, Zimbabwe, Seychelles, Nepal, Bhutan, Brazil and Argentina.
2. Demographic segmentation: (i)Income: strivers (500000-1000000)
3. Psychographic segmentation: (i) Lifestyle: The major focus is on strivers. (ii) Social class: Etios Xclusive is a car for upper middle class, lower upper middle class and upper upper middle class.
4. Behavioral segmentation: Etios Xclusive provides various benefits. The product is of high quality and the services provided by this car make it a good product.
TARGETING-
Internationally, Toyota is applying the differentiated marketing strategy as it is targeting the right hand drive market like South Africa, Srilanka, Mauritius, Zimbabwe, Seychelles, Nepal, Bhutan, Brazil and Argentina.
In India, Toyota is applying undifferentiated marketing strategy as they are targeting the whole market with the product having same offer.
POSITIONING
More for less positioning strategy has been used. Toyota is offering more benefits at a less price. It is the most trustworthy brand name. The very limited numbers in which it will be sold, which means that if a person have one of these then he/she will be only one of 900 people in a country of over a billion to own it.
b) Is the new product evolved because of changing consumer behavior?
Toyota has been known for its commitment towards the changing customer requirements so the new Etios Xclusive has been introduced to bring in freshness and exclusivity to the existing product. Toyota has also launched its car in both petrol and diesel. Consumers who are looking for aspects such as reliability and fuel
Choose any one new product/ service launched in the last six month and analyze:
a) STP choice by the company
SEGMENTATION- Toyota is focusing on all the major variables that are used in segmenting the consumer markets.
1. Geographic segmentation/behavioural: The Etios range is sold across various markets like South Africa, Srilanka, Mauritius, Zimbabwe, Seychelles, Nepal, Bhutan, Brazil and Argentina.
2. Demographic segmentation: (i)Income: strivers (500000-1000000)
3. Psychographic segmentation: (i) Lifestyle: The major focus is on strivers. (ii) Social class: Etios Xclusive is a car for upper middle class, lower upper middle class and upper upper middle class.
4. Behavioral segmentation: Etios Xclusive provides various benefits. The product is of high quality and the services provided by this car make it a good product.
TARGETING-
Internationally, Toyota is applying the differentiated marketing strategy as it is targeting the right hand drive market like South Africa, Srilanka, Mauritius, Zimbabwe, Seychelles, Nepal, Bhutan, Brazil and Argentina.
In India, Toyota is applying undifferentiated marketing strategy as they are targeting the whole market with the product having same offer.
POSITIONING
More for less positioning strategy has been used. Toyota is offering more benefits at a less price. It is the most trustworthy brand name. The very limited numbers in which it will be sold, which means that if a person have one of these then he/she will be only one of 900 people in a country of over a billion to own it.
b) Is the new product evolved because of changing consumer behavior?
Toyota has been known for its commitment towards the changing customer requirements so the new Etios Xclusive has been introduced to bring in freshness and exclusivity to the existing product. Toyota has also launched its car in both petrol and diesel. Consumers who are looking for aspects such as reliability and fuel