Running head: MARKET RESEARCH DESIGN

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Research Objectives

1. To determine significant consumer goodwill aspects or desires concerning the features of

electric vehicles, including range, charging times, design, and technology.

2. To measure consumers' attitudes towards the Toyota brand in electric vehicles and their

camera expectations in a Toyota EV.

3. To decide on profit-maximizing tariffs through appropriate systematic measurement of the

customer elasticity of demand and readiness to secure higher quality goods and services.

4. To compare Toyota's automobile company with other competitors in the automobile

industry, such as Tesla, Nissan, and Hyundai, in product differentiation, pricing, and

positioning.

Research Methodology

Since Toyota is set to undertake a competitive analysis market research study to kick-

start the promotion of the new electric vehicle, it is prudent to use a well-framed research

technique in collecting information. Purposely, primary data collection will be used to identify

accurate and timely data to guide Toyota's marketing mix strategies, price determination, and

product positioning in the EV market. As well, secondary data collection will enable Toyota to

understand the customer's and competitors' perceptions. This research will, as such, be a

combination of both qualitative and quantitative research in order to come up with a complete

picture of the market. Collectively, these methods will assist Toyota in gaining insights into the
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consumers' behaviors, opinions, and preferences, as well as assess the value and consequences of

product and price features. This not only allows Toyota to gather the specific data that is required

for certain strategic decisions but also provides it with the context in which this data is generated.

Data Collection

Primary Data Collection: Questionnaire Survey

Among the primary data collection techniques, the most effective will be a questionnaire

survey to obtain information from actual users of Toyota automobiles and potential EV

customers. Survey questions will be directed towards certain sections thought to be most

important in the analysis of consumers in the EV market.

Objectives of the Survey

a. To learn more about what options consumers may find most important in an electric

vehicle, including battery range and time required for electric driving features.

b. To measure consumers’ perception of Toyota as a brand in the e-vehicle market.

c. The primary reason is to establish the price elasticity of demand as well as the

willingness of consumers for extra service features.

d. In order to uncover the most significant concerns being raised by consumers and existing

EV owners, the survey includes questions on charging options and battery longevity.

Structure of the Questionnaire

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a. Demographic Questions: Demographic data including, but not limited to; age, sex,

income and geographical region.

b. Attitudinal Questions: Inquiry set up with purpose of getting customer’s perception on

usage of EVs, their views towards environmental issues, and their association with

Toyota certainly.

c. Feature Preferences: Comparing or evaluating different EV features including; the range,

technology, design and wholesale price.

d. Conjoint/Trade-off Analysis: The surveys are designed to pose questions to respondents

between different features to serve to know the options in an EV that respondents value

most.

e. Price Sensitivity: Such questions could include how low is too low and how high is too

high a price range consumer is willing to pay for an EV and for the premium features

they would consider adding to the vehicle.

The survey would be conducted online, sharing the link on the Toyota webpage and social

accounts, and use email to reach as many possible customers.

Secondary Data Collection

Besides, secondary data from different reliable sources will be needed to augment the

findings obtained from the questionnaire survey. These secondary sources will also comprise

industry reports and market trends analysis by Bloomberg, NEF, McKinsey, and JD Power.

These reports will enable Toyota to know the current and future market demand rate,

competition, and developments in the electric vehicle market. Data on key competitors such as
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Tesla, Nissan, Hyundai, and other emerging EV players will also be analyzed with the objective

of conducting a competitor analysis. This benchmarking will help Toyota compare the current

value of the EVs it has, in relation to price and features, to what others have to offer in the same

market segment to help Toyota distinguish its value.

Furthermore, policies and regulations based on academic and government research will

be considered concerning electric vehicle policies, regulations, and incentives. It will enable

Toyota to discern the impact that various government policies that involve the electric vehicle

business and environmental standards will have on EV demand. Information from multiple

databases open for public usage, including Statista, IBIS World, and Euromonitor, will be used

to acquire further information on consumers, their buying behavior, and the new markets that are

emerging for electric vehicles. This research will fill the gap through the integration of both

primary and secondary data to give Toyota an insight into the EV market as well as identify

Market segments to target, product and price strategies to adopt and improve Toyota’s chances

of a successful EV market entry given the highly competitive nature of the market.

Data analysis

When analyzing the data the study will employ both qualitative and quantitative techniques

in order to gain understanding from the data gathered from different sources. The key steps in the

data analysis shall be:

1. Qualitative Analysis: Focus interviews and focus group discussions will help to

determine consumer beliefs and behaviors regarding electric vehicles and Toyota. The

method of analyzing this qualitative data will be thematic analysis with coding of major
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and emergent themes for this study, including consumers’ perception of EV technology

and the extent to which they trust a brand. In so doing, these insights will help Toyota

fine-tune the features of EVs to suit customers’ tastes.

2. Quantitative Analysis: The survey data will be analyzed using statistical methods across

all types of surveys identified in the study. The two analyses classifying the descriptive

research will provide a condensation of the consumers’ inclinations, such as the preferred

EV characteristics. This is because a conjoint or trade-off analysis is suitable for helping

Toyota recognize how consumers decide on different attributes, such as range, price, and

technology. Further, regression analysis may be used to analyze the influence of price

sensitivity on consumers’ willingness to pay for Toyota’s EV’s additional features.

3. Competitive Benchmarking: The secondary collected data about the competitors, like

pricing policies, product characteristics, and positioning, will be compared during the

comparative analysis. This will help Toyota see what it lacks in the market and where it

can provide a unique solution. For example, comparing the high-performance-oriented

approach of Tesla or the low-price approach of Hyundai will give Toyota a basis for

targeting the optimal range between luxury and efficient production.

Reporting

Based on the research findings, the basis of Toyota's recommendation for the market entry of

the EV will be captured in a report. The report will include:

1. Executive Summary: A summary of the study outcomes gives an overview of the

critical consumer trends, prices, and competitors.

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2. Methodology Overview: A brief about the methods employed for the research study:

Survey method, Interview Methodology, and secondary data sources.

3. Key Findings

 Consumer Preferences: A study on which EV features consumers consider most

important to them, such as the vehicle's battery range and level of autonomy.

 Brand Perception: Understanding consumers' perception of Toyota in the EV

market and what they would expect in a Toyota's electric car.

 Pricing Strategy: Possible advice on which kind of prices, arising from the

results of the price sensitivity analysis, are most suitable.

 Competitive Landscape: A brief of how competitors occupy the market space

concerning how Toyota can occupy a niche.

4. Actionable Recommendations: This involves actionable recommendations that Toyota

can implement to enhance its EV product lineup, pricing, and marketing. The following

recommendations will thus be extended from the data analysis to conform with

consumers and the market standards.

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Appendix

TOYOTA ELECTRIC VEHICLE (EV) MARKET RESEARCH QUESTIONNAIRE

The primary focus of this questionnaire is to capture valuable data from customers who

might consider purchasing an electric vehicle and customers who are currently Toyota customers

and those likely to consider purchasing Toyota electric vehicle regarding preferences, their

perception towards Toyota as an electric vehicle Manufacturer and their views on price and the

range of features they will desire to have.

Disclaimer: All data collected in this questionnaire shall be treated with confidentiality. Do not

include personal details in your responses. Please respond by ticking in the appropriate boxes

under every question.

Section 1: Demographic Information

1. What is your age?

⎕ Under 25

⎕ 25-34

⎕ 35-44

⎕ 45-54

⎕ 55-64

⎕ 65 or older
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2. What is your gender?

⎕ Male

⎕ Female

⎕ non-binary

⎕ Prefer not to say

3. What is your household income?

⎕ Less than $30,000

⎕ $30,000 - $50,000

⎕ $50,000 - $75,000

⎕ $75,000 - $100,000

⎕ $100,000 - $150,000

⎕ Over $150,000

4. Where do you live? (Write your country and region/state if applicable.)

Country: ___________________ State: ________________________

5. What is your highest level of education?

⎕ High school diploma

⎕ Some college
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⎕ Bachelor’s degree

⎕ Master’s degree

⎕ Doctorate

Other (please specify)

______________________________________________________________________

Section 2: Vehicle Ownership and Usage

6. Do you currently own a vehicle?

⎕ Yes

⎕ No

7. If yes, what brand is your current vehicle?

⎕ Toyota

⎕ Tesla

⎕ Nissan

⎕ Hyundai

⎕ Ford

⎕ General Motors (Chevrolet, GMC)

Other (please specify)

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8. How many vehicles do you own?

⎕1

⎕2

⎕ 3 or more

9. How often do you drive?

⎕ Daily

⎕ A few times a week

⎕ A few times a month

⎕ Rarely

10. Do you plan to purchase a new vehicle within the next 2 years?

⎕ Yes

⎕ No

⎕ Not sure

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