Stages Of The Purchase Decision Model Based On The Toyota Company

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Stages of the purchase decision model based on the Toyota company

Summary

As part of the task we will be analyzing the different stages of the purchasing decision model. We will also understand the relationship between value, customer satisfaction, profitability and how these terms are related to customer loyalty. We will analyze how the marketing manager establishes strategies for the customer to opt for their product. We will develop these concepts by applying them to the Toyota company. The Japanese company, Toyota is considered one of the largest car manufacturers worldwide. Through this argumentative work we can understand how Toyota has been effective in its sales and because it is considered one of the most prestigious and best automotive companies in the world.

Theoretical framework

In terms of concept, the idea behind marketing is simply providing an article that has a value and that is of customer satisfaction, studies are developed many times through surveys and opinion questions in order to understand the demands of the consumer; This helps create strategies to be able to bring the client closer to the company. This is tied to the way the company is promoted and as reflected in a positive way (Monferrer, 2013). A relationship between value, satisfaction, profitability and loyalty of customers is established when the company develops or launches a product that is of value or benefit for the consumer. If the consumer is satisfied with the product, he will continue to incline to that other product and can even serve as help to promote their products, in this way the loyalty of a consumer to the product is created. In fact, it is the task of the company to keep advertising by exalting the product in order to reinforce the consumer inclination to the brand (Santesmases, Valderrey and Sánchez, 2014).

According to Santemases, Valderrey and Sánchez (2014), the five stages of the purchase decision model are: recognize the problem, initiate information search, evaluate alternatives, purchase decision and post purchase behavior. For purposes of this work and framing it in the Toyota company, recognizing the problem is nothing other than the need for the consumer to obtain a product that will offer some benefit, in this case it would be the purchase of a motor vehicle. Starting information search is the task that the consumer does when orienting about the different products in the market and the benefits of each one, it is during this stage that the company has to be agile so that the consumer when looking for information chooses the company as an alternative. At this point the consumer will look for car models in the market, verify performance, quality, price, guarantees and services. Many times if the consumer has had good experience, he could focus on a particular brand. I know many people who only buy Toyota because they understand that there is nothing better that is achieved in the market for their price. An example of this is when Toyota launched Sion to attract young buyers. This extended brand of Toyota offers technological benefits in the car that makes it striking for the young population, thus exceeding other brands in the market. In addition, the company used online advertising thus capturing the attention of more customers (“Toyota’s New Mantra: Being Consumer-Centric”, 2011). When evaluating the alternatives, the consumer will compare the information collected from each product and depending on the cost, uses and trend, will make a decision. It is during this stage of purchase decision that certain variables influence that they can range from the environmental aspect to the family aspect even the brand’s fame and previous experience. Every day more, you can see the influence of the media campaigns used by companies such as Toyota to expose their products many times focusing them on bells that advocate the community and customer loyalty (PR Newswire, 2016). Finally, post purchase behavior is based on consumer satisfaction, product use, but even more important the monitoring and offer of the company once the product is acquired. Toyota through its marketing managers has been very effective in rooting in customers either through the offerings of guarantees, high performance and durability cars, customer service and promotions. In general, the work of the marketing manager will be to understand the needs of the consumer and design attractive offers based on that analysis (Monferrer, 2013).

Analysis and argument

Having reviewed all articles related to the Toyota company and having understood the theoretical concepts, it can be said that Toyota has masterfully acted to penetrate the car market and to endure for many years as one of the first automobile companies worldwide. Toyota has focused its efforts on continuous improvements, in creating models that adapt to the need of the consumer either by consumer age, economic situation and geographic location of its possible buyers. Toyota has managed to reinvent itself and when it has been seen in situations where there is no more growth or fail to attract more customers they develop strategies to attract attention thus capture the interest of the consumer, as was the case of hybrids in Norway. In Norway, Toyota recruited many people for his advertising campaign and to help guide tests of the hybrid vehicle, the campaign was done through social networks and radio (Anonymous, 2015). Even more, Toyota ensures that his staff is trained through an extensive training process to ensure an expert workforce in the field. In order to get to this Toyota has used promotions and consumer evaluation through its marketing managers and research and development personnel as is the example presented by Taylor III and Duting (2007) that explains that, in California, Toyota has employees monitoring the industry to predict consumer trends and thus be able to create a line of vehicles that adapt to the consumer’s trend.

conclusion

In conclusion, it is easy to understand why Toyota is one of the preferred companies of the automobile client. Toyota has managed to reinvent himself, temper himself at the time and different business cultures. Toyota has managed to maximize its advertising strategies to reach consumers. Even more, the strategic techniques that Toyota uses to guarantee the loyalty of its customers has been key to keeping them in the current customer preference positions. Anyway, Toyota has managed to be a teacher in all business aspects offering quality, high -performance products, at an accessible cost and therefore he has managed to root consumer preference. My recommendation for the company would be to expand the selection of hybrid vehicles, study the physical tastes of the vehicle and preferred accessories. It would also maximize advertising to publicize the benefits and guarantees of the brand for its hybrid models and develop models that are a little cheaper to be accessible to customers of different social status. After all, the environmental aspect is increasingly rooting in the population and this company could take advantage of that. 

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