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The effect of Price Elasticity of Toyota on consumer sonsumption and Toyotas pricing decisions in Saudi Arabia - Essay Example
Author : araynor
Pages 20 (5020 words)
DOCTOR OF BUSINESS ADMINISTRATION Definition and Mapping of Research Questions Document 1 The effect of Price Elasticity of Toyota on consumer consumption and Toyotas pricing decisions in Saudi Arabia Introduction Overview Understanding demand price elasticity is critical in making quite a number of critical corporate decisions, especially with regard to product pricing and promotion (Bordley, 1993: 455)…
Several efforts have been dedicated to measure the reaction of consumers when price movements occur in a certain product (Bordely, 1993; Hoch, Kim, Montgomery, and Rossi, 1995; Bernstein Research, 2007; Yoon and Tran, 2011; Copeland and Hall, 2011). The focus ranges from sudden to gradual changes in prices. This study attempts to highlight consumer response to price adjustments in Toyota vehicles in Saudi Arabia. During the course of this research, the following takeaways are expected to be obtained: (1) understanding of consumer behavior in relation to incremental price changes in selected models of Toyota; (2) determining the extent of impact that price movement has on car owners and potential car buyers; (3) improving future price strategies; and (4) shaping further the competition in the automotive industry in Saudi Arabia. In Document 1, I will try to provide a detailed outlined of the research and provide an appreciation on the flow of the discussion. Issues raised will be discussed in brief and concepts will be introduced for better understanding. This section of the study also details the rationale behind the research including the objectives and main research questions to be addressed. ...