Recommend focused marketing strategies for a product or service. TEACHER ALREADY APPOINTED!!
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.