it doesnt have to be to detailed just enought to answer the questions Your assig
ID: 389293 • Letter: I
Question
it doesnt have to be to detailed just enought to answer the questions
Your assignment is to assume the role of a market researcher for Toyota. Your company wants to learn more about what type of experience consumers will want to have in future years while traveling in an autonomous vehicle. (e.g. Will they simply want to get into a car and go from one point to another? Will they want some form of interaction?) The first part of your assignment is to create and execute a market research study that includes your peers, relatives and others in your social circle. Your study should follow the five (5) steps of the marketing research process (Figure 4.1). 1. What was your hypothesis? 2. What was the design of your research project? 3. How did you collect data? 4. What were your findings? 5. What will you include in your report to management?
The second part of your assignment is associated with Chapter 5 – Target Markets: Segmentation & Evaluation. 1. What variables should Toyota use to segment the market for autonomous vehicles? Please explain. 2. Should the company use an undifferentiated, concentrated, or differentiated targeting strategy? Why?
Explanation / Answer
Answer:
Assuming the role of a market researcher for Toyota.
Toyota Company wants to learn more about what type of experience consumers will want to have in future years while traveling in an autonomous vehicle. e.g. Will they simply want to get into a car and go from one point to another or Will they want some form of interaction
The market study for the above subject research is as below
1. Our hypothesis is as below
Null Hypothesis:
H0 : People in the autonomous vehicle needs some form of interaction.
Alternate Hypothesis:
H1: People in the autonomous vehicle simply wants to go from one point to another, without any needs of some form of interaction.
2. The design of our research project will be such that we will select the target region and will have interaction with the target consumers in the market to capture the customer voice on the given subject. We will have the intraction session with the target customers in the target market or will circulate the survey questions to get the inputs form the target customers for the need of some form of interaction while travelling in the automobile vehicle.
3. Data collection will be with the help of market research and data collection process. The data collection will be captured as per the responses from the customers either in the questionnaire form or in the emails from customers or in the monkey survey websites or could be in one to one interaction with the customers and capturing the customer voices. Thus data collection will be having multiple options.
4. Our findings: The findings will be based on the data collection process and the analysis of the sample data collected over the market research. The data analysis will suggests that people in the market prefer to have some form interaction while they are travelling from one point to another point. This will help them for better time management and they will feel engaged during their travel. They want to utilize the time effectively. Based on sample analysis, Null Hypothesis is accepted and Alternate Hypothesis is rejected.
5. Report to management: In our report to management, we will report that in the current busy scenario for people, customers want to utilize their time to the best extent possible; hence they will prefer to have some form interaction while they are travelling so that customers can complete some of their tasks while travelling. Based on sample analysis, Null Hypothesis is accepted and Alternate Hypothesis is rejected.
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