EXECUTIVE SUMMARY SUMMARY In the current world of marketing, consumer behavior has become an imperative part for both the consumers and the companies selling different types of products. A perspective of marketing is about making a consumer realize that they want your product, even though initially they might not. Consumer behavior is such a thing which depicts consumer's attitude towards a product. It shows consumer's likeness or this likeness towards the product. Consumer behavior plays a very important role in the success or failure of a product. If a consumer is satisfied from the product then his behavior would be positive towards the product and if he is not satisfied from the product then his behavior would be negative towards the product. A company's success largely depends upon the consumer's positive behavior. Today's consumer is very well aware about the products available in the market. He knows what a good product is and what a bad product is. He is well educated and decides to purchase goods on merit. He will never go for such products which do not meet the quality standards. He will buy only those things which will truly satisfy his needs and expectations. Today's global companies truly believe on this idea that a consumer must be fully satisfied. For this purpose they have the special departments like Research and Development. These global companies keep on doing research on the products and their customers. From research and surveys companies get the true picture of its standing in the market. According to the consumers' feedback they further develop and improve their products. For consumer it is an advantage that the companies‟ gives respect to his views and attitude and bring changes in the
products accordingly. Understanding how to utilize the information gleaned from consumer behavior is the key. Armed with this information marketers can focus on producing products and/or services targeted markets are actually interested in, and they can also figure out how to develop effective campaigns. Consumers today have become much more knowledgeable and conscious in their consumption behavior than they were one or two decades ago. Now a day, in consuming products and services consumers go through an extensive thought process which determines one‟s certain action in their consumption behavior. Also, people get
influenced by their parents, peers, relatives and in most cases by their previous experiences which help them to create a certain perception or image about any brand or product. This perception drives them into showing different attitudes towards different products and eventually buying or rejecting these products in the reflection of satisfaction or dissatisfaction. In this report, we have also tried to find out these similar aspects. We have
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conducted a brief survey among certain group of people‟s within a specified sample size to get the idea about people‟s perception and attitude towards their purchase behavior in
purchasing Toyota Cars (Allion/ Premio‟s). We have asked question which would help us to find out which demographic group is showing what type of purchase behavior. Also, we have tried to measure the features that are valuable to the consumers while purchasing Toyota Cars (Allion/ Premio), through specific sets of question. Analysis of the answers of these questions would give us a clear indication whether the consumers are satisfied or not and from these findings companies can undertake necessary customer satisfaction and customer retention programs. Whole of this analysis of customer perception, preference and purchase behavior would help the company to draw proper marketing strategies which will eventually help them to increase their market share. We have described the methodologies we have used in order to survey the sample population. In places we have even identified some of the limitations by some of those methodologies where necessary. We presented a detailed analysis of our findings in the later parts of the report and lastly we have recommended any possible solutions for the improvement of the current situation based on the findings.
INTRODUCTION INTRODUCTION Toyota has grown to a large multinational corporation from where it started and expanded to different worldwide markets and countries. It displaced GM and became the world's largest automobile maker for the year 2008. It held the title of the most profitable automobile maker (US$11 billion in 2006) along with increasing sales in, among other countries, the United States. Toyota Motor Corporation abbreviated TMC, is i s a multinational automobile maker headquartered in Toyota, Aichi, Japan. In 2010, Toyota employed 317,734 people worldwide and was the world's largest automobile manufacturer by production. The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still a department of Toyota of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its first passenger car, the Toyota AA. Toyota Motor Corporation group companies are Toyota (including the Scion brand), Lexus, Daihatsuand, Daihatsuand, Hino Motors along with several "nonautomotive" companies. Toyota has been a leader in environmentally friendly vehicle technologies, most notably the RAV4 EV (produced from 1997 to 2003) and the Toyota Prius 2
(1997 to present). Toyota is now working on their next generation Prius and second generation RAV4 EV both due out in 2012. Toyota implemented its Fourth Environmental Action Plan in 2005. The plan contains four major themes involving the environment and the corporation's development, design, production, and sales. The five-year plan is directed at the, "arrival of a revitalized recycling-based society. TMC is part of the Toyota Group, one of the largest conglomerates in the world. The Toyota Company is involved with the exporting of cars to Bangladesh for over decades. The mid ranged Toyota re-conditioned cars (Probox/Corolla/Fielder/Alion/Premio) have captured a large consumer base of Bangladeshi market. There is plenty of car show rooms in Bangladesh through which Toyota markets its re-conditioned cars to Bangladeshi market. Toyota also has an exclusive distributorship agreement with Navana Limited, the flagship company of Navana Group which markets only the brand new cars of Toyota. We will be looking for the key reasons behind the popularity of Toyota (Alion/Premio) cars in our country, Bangladesh. We will analyze relevant consumer behavior issues towards this product and the effects that these issues. Lastly we will come up with any sort of recommendation possible to make the product‟s appeal more effective in line with the
consumer behavior. Through our research we tried to figure out the factors that affect the buying behavior of the consumer in selecting the Toyota brands Allion and Premio. Our research is based on a small survey which consists of a sample size of 20 consisting of consuners from different class. In the survey they have been asked to complete a questionnaire which consist of 17 questions which best reflects the buying behavior of consumer while choosing their Toyota brands Allion and Premio. Through our research we found that there is a huge vehicle market of Bangladesh for Toyota, reasonable price compared to others, availability of the vehicle and parts, low maintenance cost, brand image and better re-sale value.
OUR OBJECTIVE The area of research analysis was to identify how individuals behave towards consumption of Toyota cars (Allion and Premio) in Bangladesh. We have certain objectives of the survey and research here. Specifically, the study addresses the following research questions:
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Finding out the relationship between peoples‟ income and sensitivity to current price rate of Toyota cars comparatively to the other brands.
Analyzing consumers‟ preference toward Toyota cars (Allion/ Premio) on the basis of
longevity.
Word- of-mouth and effect of surroundings effecting purchasing of the consumers.
Scrutinizing the factors related to the purchasing cars (Allion/ Premio‟s).
Indicating and locating the factors and specially reasons why people always go mostly after Toyota cars.
The main reason of popularity of Toyota Cars (Allion/ Premio‟s).
Among many other factors, demand for energy efficient and greener cars, demand for low operating cost, and demand for high level of safety and comfort are the most significant factors that are influencing the trends and conditions of automobile market place. Toyota has set seven fundamental objectives. Among them, to dedicate in providing clean and safe products and enhance the quality of life everywhere through better production and services is the main objective of Toyota. Similarly, its other objectives are: to honor the law, language and culture of every nation with fair corporate activities; contribute to economic and social development of communities around the world through corporate activities; create and develop advanced technologies and provide outstanding products and services to customers; foster individual‟s creativity and teamwork value; pursue growth through innovative
management; and work with business partners for mutual benefits. Based on then objectives of Toyota in the perspective of our country we have found that Toyota cars are the most popular car, especially mid ranged cars like Allion and Premio‟s. The main objective would
find out and analyze the main reasons of the popularity of Toyota Cars of Bangladesh.
VEHICLE (CAR) MARKET IN BANGLADESH: The car market of our country is huge. There are both brand new and reconditioned cars. Here in Bangladesh, most of the reconditioned cars come from Japan. Other brand new cars come from certain countries and some come from country of origins. For brand new cars, there are dealers and show rooms and for reconditioned cars, there are both small and large importers providing show room facilities. There are cars from many price variations, both more or less. But in perspective of Bangladesh, mid ranged cars are the most popular cars. Depending on the income, price of the cars, parts availability and longevity, people buys car 4
and especially goes after mid ranged cars. Our objective and focus would be on the reasons of the popularity of mid ranged cars of Bangladesh. Car dealers see a solid long-term future beyond the current blip in sales. Local purchasing power is “increasing like crazy”. Most of the Toyotas on Bangladesh's clogged roads, however, are second hand, reconditioned imports shipped from Japan. Toyota's dominance is likely to continue. The ubiquity of the brand means re-sale is easy, while “every roadside mechanic in the country knows how to fix a Toyota”. It helps that Toyota tunes extra-rugged vehicles on a special assembly line for the
market in south Asia, where highway quality remains patchy. Bangladesh's preference for reconditioned cars is making life harder for brands trying to shake the Toyota stranglehold. Add-ons frequently offered by the reconditioned market - drivers often order cars customised with DVD players - makes new, alternative brands less appealing. Meanwhile, duty on auto imports remains heavy in the country. Sales of the Hover CUV and Wingle pick-up have not been very significant, since the 2007 launch, but are rising. Meanwhile, leading Dhaka retailer Rangs Motors Ltd has ditched China brand Geely in favour of India's Mahindra.
CURRENT VEHICLE (CAR) MARKET SIZE: Around the world, there were about 806 million cars and light trucks on the road in 2007, consuming over 260 billion US gallons (980,000,000 m3) of gasoline and diesel fuel yearly. The automobile is a primary mode of transportation for many developed economies. The Detroit branch of Boston of Boston Consulting Group predicts that, by 2014, one-third of world demand will be in the four BRIC markets (Brazil, Russia, India and China). Other potentially powerful automotive markets are Iran and Indonesia. Emerging auto markets already buy more cars than established markets. According to a J.D. Power study, emerging markets accounted for 51 percent of the global light-vehicle sales in 2010. The study expects this trend to accelerate. As mentioned earlier, the car market is huge. There are cars of different companies and respective brands both brand new and reconditioned. There are Toyota, Honda, Hyundai, Nissan, Mitsubishi, Kia, Mercedes, BMW, Audi etc cars in Bangladesh. Most of the cars of brand new and reconditioned cars come from Japan.
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Toyota‟s market share is growing each year. From about 5 percent market share in 1986, it
has acquired more than 15 percent market share in the US in 2006. Its competitors‟ market share is declining each year, which is the biggest opportunity for Toyota. Toyota and its competitors have similar segmentation and targeting but in creating positioning. Toyota has come off much ahead than its competitors because of its products‟ attributes.
METHODOLOGY: METHODOLOGY: We have used mostly the primary data for our research purpose. We have done primary research which includes our survey questionnaire and information we collected in general
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from our friends and family. And, as our secondary research we have used writings on consumers‟ behavior towards the consumption of Toyota cars found online.
THE METHOD OF DATA COLLECTION: For the primary data collection we have selected the questioner survey method, means we have asked questions to a sample of twenty people. There are about seventeen questions. We did the survey on what factors do consumers consider while choosing an Allion or a Premio brand of Toyota. For the secondary data collection we searched through websites specializing in the concerned data.
THE DATA COLLECTION INSTRUMENT: The primary data collection instrument for our research is the multiple choice questionnaire, which we already got it approved from you. Our questionnaire is very easy to understand and complete, interesting, specific to our purpose, objective, and meaningful. We also used the web, literature review, newspaper articles for secondary data collection related to our project, which we will discuss in the later part of the project.
RESEARCH AND ANALYSIS: We have conducted a survey based on the perception of people regarding mid-ranged Toyota cars. We took people from different age groups (mainly 18 and above) as our sample population and we have restricted our sample size to 20 people. We have tried to ask them about their perception and buying behaviors towards Toyota cars. Survey Question 1: What would you think of before buying a car for you or for your family?
Result: Persons
Percentage
Price
8
40%
Comfort, ability & luxury
5
25%
Social status
5
25%
7
Resale value
2
10%
10%
40% 25%
Price Comfort, ability & luxury Social status Resale value
25%
Explanation: We asked 20 respondents on the most important factor an individual considers while buying a car for himself /herself and/or for family use. As our research is based on mid range Toyota cars which are highly used by middle class, so 40%, which was the highest percentage, supported price as the most influential factor. As there is the factor of upper middle class as well, a significant portion equally supported the comfort, ability & luxury and the social class factor, which were 25% each respectively. The rest of the 10% supported the resale value factor.
Survey Question 2: Since most of the cars of our country are from Toyota, what do you think
is the reason behind it? Results: Persons
Percentage
Parts availability
16
80%
Flexible budget of buying a
2
10%
8
car Durability of the Toyota cars
1
05%
Attractive design
1
05%
5%
5%
10% Parts availability Flexible budget of buying a car Durability of the Toyota cars Attractive design
80%
Explanation: The second question we asked the 20 respondents was about the main reason behind the huge presence of Toyota cars in our country. Out of 20 respondents, 80% were of the opinion that the parts for Toyota are widely available everywhere which gives an effective and efficient after sales service. 10% were of the opinion that the budget is flexible mainly because they were the upper middle class and of the perception that the mid range Toyota cars are cheaper than most of its expensive counterparts‟. 5% of the respondents supported the fact that
Toyota cars had attractive design and they are durable. Survey Question 3: Why do you think most people usually buy Toyota cars out of all the
available brands in the market? Result: Persons
Percentage
Other brands are expensive
4
20%
The maintenance cost of other brands is high
8
40%
9
Parts are not widely available for other brands
8
40%
There is no resale value
0
0%
0%
20% Other brands are expensive 40%
The maintenance cost of other brands is high Parts are not widely available for other brands There is no resale value 40%
Explanation: Our next point of focus was why most people usually buy Toyota cars out of all the available brands in the market. 40% supported the facts about high maintenance cost and parts unavailability of other brands. For 20% of the respondents other brands are expensive.
Survey Question 4: Like the Toyota has its dealer Navana, other brands has also its own
dealers. Then why do people buy Toyota cars the most? Result: Persons
Percentage
Other brands are overpriced
4
20%
Other brands‟ parts are most expensive expensiv e than
5
25%
The maintenance cost of other brands is high
5
25%
It‟s the owner‟s personal/typical mentality or
6
30%
Toyota‟s
10
preference towards Toyota
Other brands are overpriced
20% 30%
Other brands' parts are most expensive than Toyota's The maintenance cost of other brands is high 25% It's the owner's personal/typical mentality or the preference towards Toyota
25%
Explanation: We also wanted to know why people buy Toyota cars the most, even after other brands have also got dealers in Bangladesh like Toyota has Navana as dealers. 30% were of the opinion that people in Bangladesh has an attachment with Toyota cars. It‟s the owner‟s
personal/typical mentality or preference towards Toyota cars as this was one of the few brands that were available in Bangladesh in the early stages. 25% supported the fact that other brands‟ parts are most expensive than Toyota‟s and also the maintenance cost of other
brands is high. 20% went as far as thinking that other brands are overpriced and so the customers are being price discriminated for that.
Survey Question 5: Do you think all the parts of the car brands (Including Toyota and other
available brands) are widely available in the current parts market of Bangladesh? Result:
Yes
Persons
Percentage
18
90%
11
No
2
10%
10%
Yes No
90%
Explanation: We also wanted to know whether people support the fact that all the car brands‟ parts are
available in Bangladesh currently. From the 20 respondents, 90% supported the fact of which, a large portion were Toyota users. While 10% went against this fact who were mainly users of other brands. Survey Question 6: Do you think all the parts of Toyota (in comparison to other available
brands) are widely available in the current parts market of Bangladesh? Result: Persons
Percentage
Yes
20
100%
No
0
0%
12
0%
Yes No
100%
Explanation: Next we made the question a bit more specific and asked people whether they support the fact that Toyota parts are widely available in Bangladesh and the answer was an overwhelming 100%. Survey Question 7: “Toyota cars are less stylish, traditional looking” – Do you really think
so? Result: Persons
Percentage
Yes
14
70%
No
6
30%
13
30%
Yes No
70%
Explanation: According to our survey, most of the people around 16 persons out of the 20 persons surveyed said that they suppose that Toyota cars are less stylish, traditional looking. Whereas, the rest 30% believes that Toyota cars are stylish competing with other brands. This means that there are consumers of both types in the market. Although, most of the surveyed people said that Toyota cars are not that fashionable but the number of Toyota cars‟ consumers are in
majority in the market.
Survey Question 8: “Other dealers do provide many promotional and discount offers, where
the dealer of Toyota, Navana does not offer anything special” – Do you agree?
Result: Persons
Percentage
Yes
15
75%
No
5
25%
14
25%
Yes No
75%
Explanation: Most of the respondents believed that the dealer of Toyota, Navana, does not provide as many promotional and discount offers like the other dealer. A total of 15 persons among the 20 respondents answered „Yes‟ to this question. The reason behind this can be Toyota cars
have huge demand in the market and are comparatively low prices than the other car brands. Therefore, discount offers are really not used by the dealers of this brand to attract customers. Whereas, the dealers of other car brands try to provide different offers because the prices and popularity are relatively lower than the Toyota cars.
Survey Question 9: What do you think of the import tax placed on the values of the cars being
imported by Bangladesh? Result: Persons
Percentage
Very high
10
50%
High or low, the amount
2
10%
Not high
2
10%
Tax is a mandatory. So
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30%
is logical
being high or low 15
doesn‟t really matter
Very High 30% High or low, the amount is logical 50%
10%
Not High
Tax is a mandatory. So being high or low doesn't really matter
10%
Explanation: This question allowed the customers of Toyota cars to portray their view on the Tax rates imposed on the cars of Bangladesh. The majority (50%) a total of 15 persons said that tax rates were too high. Six persons said that tax was mandatory, and the tax rate being high or low did not matter in any way. And, very few people said that tax rates were not high or were logical. This shows that the majority population of this country who are the customers and consumers of Toyota cars felt that the tax rates were excessively far above the ground. Bangladesh being a poor developing country expected to come with such results. The mass population of this country falls in the middle-class group. Thus, they prefer Toyota cars which have a somewhat lesser tax rates than the other brands. Survey Question 10: Do you think Toyota cars have become expensive due to tax, compared
to other brands? Result:
Yes
16
Persons
Percentage
2
10%
No
18
90%
10%
Yes No
90%
Explanation: This question revealed a basic reason behind why the Toyota consumers are loyal to its product and service. Ninety percent of the respondents said that in the past few years due to the tax rates the price of Toyota cars have gone up but in comparison to other products the price was still very low and affordable for many. Survey Question 11: Does Toyota keep an eye on its consumer demands regularly?
Result: Persons
Percentage
Not often
6
30%
Yes
10
50%
No
4
20%
17
20% 30% Not often Yes No
50%
Explanation: Most of the respondents came up with a positive view about Toyota cars. Ten persons said that Toyota keeps an eye on its consumer demands regularly. And if Toyota was not actually keeping its consumers on mind it would not make a successful business all around the world. Whereas, a very few percentage of respondents, 20% and 30%, came up with the answer „No‟ and „Not often‟ consecutively.. Survey Question 12: What do you think about the customer service provided by Toyota,
compared to its competitors‟?
Result: Persons
Percentage
Satisfactory
16
80%
Unsatisfactory
0
0%
Satisfactory but needs
4
20%
improvement
18
20% Satisfactory
0%
Unsatisfactory Satisfactory but needs improvement 80%
Explanation: To this question, most of the respondents came up with „Satisfactory‟ as their answer. Sixteen
persons which are 80% of the respondents said that they were satisfied with the service of Toyota cars. This confirms that the consumers of Toyota cars are totally pleased with the service it provides widening its market share. Survey Question 13: Do you think Toyota needs to advertise more in comparison to its
competitors, in order to attract a large customer base? Result: Persons
Percentage
Yes
9
45%
No
11
55%
19
45%
Yes No
55%
Explanation: In the global context, Toyota has a huge customer base, mostly in USA, UK, UAE and some Asian countries. This represents that Toyota ensured a good number of customer assuring good quality and vast advertisements all over. The question was from Bangladesh perspective and most people thinks there is no need of further progress of its advertising issues. And other people thinks that they need to enrich its advertising sector more. In Bangladesh, Toyota has distributor named Navana Bangladesh Ltd. They are good with advertisements and they sponsor a good number of events. So, we got to know from this survey that if Toyota in Bangladesh does not increase advertising more, there is not much problem since they already have a good and strong customer base here. Survey Question 14: Rank the following brands from 1 to 4:
Result: Persons
Percentage
Toyota
7
35%
Mitsubishi
5
25%
Nissan
4
20%
Honda
4
20%
20
20% 35% Toyota Mitsubishi Nissan 20%
Honda
25%
Explanation: It is clearly visible here that in the mid ranged car market, Toyota is the market leader having the highest percentage. Then come Mitsubishi and Nissan and lastly comes Honda respectively. It is very common and noticeable that most of the people buys Toyota car in Bangladesh because of the parts availability and resale value. The other brands lost their votes in lack of availability and resale value. Apart from those facts, people of Bangladesh have already set their mind about Toyota and that‟s why other brands can‟t be market leader; it‟s just a typical belief. Survey Question 15: What is your desired budget while buying a car?
Result: Persons
Percentage
(10-15) lacs
9
45%
(16-20) lacs
7
35%
Above 21 lacs
4
20%
21
20%
45%
(10-15) lacs (16-20) lacs Above 21 lacs
35%
Explanation: Most of the people of Bangladesh lives under the poverty line and basically a good number of people are belong to middle class family. Most of the people think twice in order to buy a car. But nowadays, a car has become a necessity here. In the consequences, if people want to buy a car but the budget of buying a car remains less mostly. So, the percentage of the people of buying car budget are less or standard in Bangladesh context. And the numbers of buyers, who have a better and higher budget for buying a car, are comparatively less. This is one of those reasons, which made Toyota mid ranged cars the bestselling car and helped them to be the market leader in Bangladesh. Survey Question 16: Does Toyota fit in the range you specified above?
Result:
Toyota fit in the range
Persons
Percentage
14
70%
6
30%
specified above Toyota does not fit in the range specified above
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30% Toyota fit in the range specified above Toyota does not fit in the range specified above 70%
Explanation: Nowadays, the current TAX structure in Bangladesh made the car price way high than any other time. If the gasoline purpose has been added, the percentage of buying a car would be really less. In the specified range, there are very few cars of Toyota but then again there is at least. If people starts looking for other brands (Most of them comes brand new, not reconditioned), there are not much option left for them to buy one. This is the prime reason people thinks that there are still Toyota cars in the specified range mentioned above and very less opportunity left for other brands. Survey Question 17: What will be your choice if you are asked to buy another brand other
than Toyota? Result:
Persons
Percentage
Mitsubishi
9
45%
Nissan
6
30%
Honda
3
15%
Other brands over Toyota
2
10%
23
10%
15%
Mitsubishi 45%
Nissan Honda Other brands over Toyota
30%
Explanation: First of all, less number of people does prefer other brands over Toyota in Bangladesh. Mitsubishi is the name which comes at the first choice of the customers. Then respectively come Nissan, Honda and others. Mitsubishi is famous for its unique design and features and therefore attracts customers which are clearly shown in the survey. A less number of people prefer Nissan and Honda because of its price and resale value. And lastly apart from all the brands over Toyota, only few people prefer other brands which are not mentioned here. So, it can be said that Mitsubishi is the second largest competitor of Toyota in perspective of Bangladesh car market.
LIMITATIONS: LIMITATIONS: We faced some obstracles as well as some shortcomings regarding our research. Because of having few limitations, our research had to cope up with various limited resources and biasness. Our limitations limitation s made our research resear ch a little bit narrow, n arrow, but inspite of having hav ing these few limitations we had come up with our desired findings. Here is the few limitations which we had faced while conducting the survey and preparation for the research:
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We were limited to one brand only which makes our research very narrow.
The sample was limited to North South University students only.
We had a time limitation. So a few more weeks would have lead to better results.
Biasness towards the Toyota brand.
The above limitations were the basic obstracles in proceeding our reseach to a swift analysis. But inspite of having these limitations, we became able to do our survey in pretty much satisfying way and finally we have become able to reach our primary and secondary answers about the consumers point of view toward Toyota through the overall process which we have followed to draw our reseach perspectives and results.
RECOMMENDATIONS: RECOMMENDATIONS: Our search has come across a very strong consumer responses and it has a very strongly possitive acceptance level and consumers behavior was tremendously satisfectory. The most concluding fact is that in Bangladesh there are other lots of branded cars, but a vast proportion of consumers possess pos sess a first recomendation reco mendation or o r desire for consuming consu ming Toyata rather than the other brands. It is mainly because of Toyaota’s high brand image, performance, word of mouth and up-to-date appearence. After analysing our findings we have pick up some effective ways and steps for Toyota to enrich its existing condition in a more profound and deliberating manner. To compete with today’s market world every brand needs to draw up a specified line and exceptionality in the market and before the consumers. So that the consumers can easily justify their prefference and can pick up their desired brand. A good and successfull brand always let their consumers free and offer the product in a very visible and maximized quality so that the consumers do not regret their choice after purchasing that brand’s product. In case of Toyota, basically consumers do not doubt of buying it, but to deliver the consumers of Toyota a more satisfectory outlook towards their choice, Toyota can do some external and internal tasks and make a more visible image of its brand so that the consumers of Toyota do have more strong belive and reliability to the brand. The finding
from the research shows that the consumers of Bangladesh have a positive behavior towards the consumption of Toyota (Allion and Premio) cars knowing that there are other brands competing in the market. Therefore our suggestions would be:
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The import taxes should be reduced of not only Toyota cars but of all the brands; this would let the prices to go down.
The availability of the car parts should be high.
The resale value should be made higher.
Better branding and advertisement should be done.
The market should convince the consumers to buy other brands rather than Toyota cars only.
The above recomendations will be very useful for a higher and better consumption of Toyota and as well as these will make a more larger market for Toyota. Basically Toyota is already a leading brand, but to make the leading possition more sure and consistant Toyota must formulate further advertisements and introduce the above partial benefits in today’s market. Though Toyota has an established image, it shoud construct the existing image more replanished and upgraded time to time so that it does not skip away from its leading position in today’s competitive market world. Because the market world changes in a very frequent way, though it takes time for any successful brand to fall down, regarding this Toyota should keep pace with the other car brands acceptance level and mostly in accordance with the other brand’s advertisements.
CONCLUSION: According to our research we can come to a point that the car consumers of Bangladesh have a very positive behavior in consuming Toyota(Allion and Premio) rather than the other car brands. Our research res earch results result s show us that in Bangladesh Ban gladesh the most car consumers co nsumers consume car according to their income, product longevity and very few according to the highly fashionability. The large proportion of car consumers are influenced by word of mouth and preferable advertisements. As per our research we conducted and finally obtained that
Bangladesh consumers are more interested to buy Toyota (Allion and Premio) cars. The reasonably ranged, attractively designed, and better quality cars are enjoyed by the consumers and Toyota comprises of all these qualities in itself. Therefore the availability of the features of other brands must be visible to the consumers which will let them get pleasure from the different kinds of car brands available in the world market. Moreover, Toyota is already a highly accepted car brand now-a-days in today’s market and in consumers’ preference. As it 26
has drawn up a sharp image of itself, it needs to implement necessary further precautions and qualitative steps to make itself more competitive. At last but not least Toyota definitely should imply more visible quality and advancements to make the leading position more strong to compete for other brands. Competetive advancements would be a very srtong weapon for Toyota to keep going on today’s competetive and unstable market place and to be stable in maintaining its existing consumers as well as grab more new consumers through its upcoming higher competitiveness and more conductive relationship by satisfying the consumers in a maximum level.
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