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Consumer behavior - Assignment Example

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A) The subject interviewed was my friend regarding the purchase of a new replacement transportation vehicle since her car was totaled after a major car accident. There were certain attributes that were most important for her in choosing a new replacement car that best fit her specific needs and wants as a working mom…
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Download file to see previous pages Her decision to buy a specific vehicle was influenced by several important qualities she demanded in a new vehicle. The car had to be safe, extremely fuel efficient, comfortable, with a stellar reputation for safety, reliability and low repair costs among current owners and professionals alike. As a working mother she needs a reliable, fuel efficient and inexpensive to insure vehicle to commute and be able to depend on her vehicle for everyday errands and for fun. After interviewing her and finding what her true wants and needs are we came to the conclusion that her need for a good looking, roomy, reliable vehicle with low operating costs outweighed all other attributes like performance, status or size of the vehicle. In her case the 10 year/100,000 mile power train warranty offered by Hyundai for all their vehicles was the best in the industry and provided the peace of mind and reliability she was after. Today’s customers often seek reliability on the products they buy, but like all other major purchases the product has to speak to the customer. Her main concern and true high-level need was “peace of mind”, having an efficient, comfortable and brand new reliable vehicle he can depend on for work and fun for years to come coupled with the exceptional warranty achieved her goal. The desire and higher-level motivation to being “in control” and not have to rely on friends or family for transportation weighted heavily on her decision to purchase the Elantra. The always popular and reliable 2012 Toyota Corolla was a close second vehicle which she could afford based on her budget, but the corolla was more expensive similarly equipped and did not provide the same warranty as Hyundai. Another higher-level need which was fulfilled with the purchase of the Hyundai was need for safety and freedom a dependable vehicle provides to the owner. B) Their brands and specific model attributes chosen from Hyundai and Toyota played a major role in deciding which older Japanese economy vehicle provided the best historical reliability rating, lowest overall investment costs and resale price. C) The marketing department for both Hyundai and Toyota can learn from this example in order to benefit their brands as a whole. Marketing professionals can utilize the gamma of available information from credible professional reviews, long-term consumer and expert tests and long- term reliability ratings and reviews from thousands of owners to better create a true picture of the company and their products and how consumers perceive their brands. Both companies can use consumer data to compile databases which can help provide objective data for comparative and statistical analysis about their products and the competition. Hyundai has made strides forward becoming one of America's favorite car brands and even the automotive giant Toyota can learn a few lessons from an up and coming brand like Hyundai. Marketing managers can also gain insights about the public perception of their products, the subjective factors that drive consumer decision making, as well as their overall brand image. In conclusion the brand's historical ratings, reputation, innovation, exceptional value and warranty of their products are the main factors that came into play when deciding to buy a replacement vehicle for this consumer. Whether you are evaluating a brand new 2013 Hyundai Elentra or 2013 Toyota Corolla the same factors come into play when making the ...Download file to see next pagesRead More
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