Marketing Analysis : Product And Brand Strategy

Toyota Motor Corporation’s marketing mix (4Ps) reflects the firm’s strategies for interacting with its target market. As one of the leading firms in the global automotive industry, Toyota’s target market is diverse in terms of consumer preferences and regional and local market conditions. As such, the company’s marketing mix is tailored to address these variations. Founded in 1937, Toyota has grown from a local business to a leading global player in the automotive industry. The firm now has operations in all regional markets, except Mongolia and some parts of the Middle East and Africa. Toyota’s continuing global success highlights the firm’s effectiveness in developing and implementing its marketing mix.

INTRODUCTION Toyota is one of the world’s best-known and most successful businesses, building cars and trucks in 27 countries for sale in more than 170 markets around the globe. Worldwide production was 9.5 million (8.5 million for Toyota and Lexus brand vehicles) in 2007, placing Toyota Motor Corporation (TMC) firmly among the world’s leading vehicle manufacturers. This result keeps it on course to achieve its ambition of becoming the world number one by the end of the decade, with a 15 per cent market share.

For more than 50 years, Toyota Motor Corporation has been one of the world’s leading manufacturers of motor vehicles in the United States. It was born a Japanese company in 1935 and came to America in 1957. Now headquartered in Toyota City, Japan, it employs more than 300 thousand employees globally (Toyota Motor Corporation Company Profile, 2012). In addition Toyota is a global marketing organization. It strategically operates primarily through Japan, Asia, Europe, and North America; but its vehicles are sold in more than 170 countries and regions across the globe (Toyota Motor Corporation Company Profile, 2012). The Toyota brand is traditionally defined by brand attributes such as global leadership, innovation,

Toyota Motor Corporation pursues design that resonates with customer sensitivities worldwide. It has therefore incorporated designers globally with diverse cultural backgrounds from bases in Japan, North America and Europe. This gives Toyota a truly global competitive edge over its American Auto rivals such as

If the answers are “yes” and the offering satisfies a felt need, then go to the business analysis stage.

Toyota Motor Corporation is a company that started in its early years with humble beginnings. However, over the past 20 years or so Toyota implemented a business strategy that has marched it to the top tier of automakers around the world (Raman). Year after year, research firms have regularly posted Toyota in the upper echelon for reliability, durability, and quality (Raman). Toyota is renowned for its attention to detail, safety, and innovation for the future of automobiles. Their business model reflects this along with their obvious success over the years. Toyota Motor Corporation has become a company that other organizations should look to model themselves after in order to achieve success (Raman). Although currently a booming corporation, Toyota started out with modest beginnings.

There are several ways in which Toyota company arrange distribution to provide customer convenience. The methods used may vary slightly based on what sort of business is being operated.

Toyota is a key player in global automotive market. Its structure constitutes if various production plants in different locations and a very strong branding which helps it capture a major market share. Like other enterprises, Toyota has several strengths and weakness which makes it what it is now. Toyota heavily invests in Research and development which helps it come up reputable product line which is spread out throughout the world because of its strengthening global distribution network however its recent product recalling, loose grip in key geographic areas and wrong allocation of resources shows that even a strong brand like Toyota has its weaknesses.

The Toyota Motor Company continues to strive to be the global market leader in the automobile manufacturing industry. Over the years, Toyota has managed to remain the leader of this industry through its management structure, fuel efficient vehicle design and competitive pricing based on global market knowledge. Toyota has realized that environmentally conscious products were needed to ensure continued company (and sales) growth in the future.

The Market Segment revealed it would be in the best interest for Toyota to select the “Differentiated Targeting Strategy” versus the “Undifferentiated and the Concentrated Targeting Strategy” (Ahuja, 2017).

According to the American Marketing Association, the meaning of the word “brand” is a name or design that distinguishes a company’s goods or products from another. Although slogans and logos can be an important part of a business’s brand identity, a brand goes much deeper than just a picture or phrase. http://www.palgrave-journals.com/pb/journal/v9/n2/full/pb201311a.html According to Dawn Leijon, a marketing professor at Georgetown University and previous Kraft brand manager, “Branding isn’t about logos, slogans or advertising—those are just tools. Branding is about making people remember your organization, service or product and what’s unique about it.” A brand representing the feelings, impression, and perception associated with a company, and communicates to consumers why a businesses products or services can be relied on and are a better choice than competitors. Establishing a strong brand is one of the most important marketing strategies for any business, allowing a company to attract the right customers that will connect with their products and services. (inc)

The discussion of product and brand strategies must first begin by defining their meanings. A product is any good, service, or idea that can be offered to a market to satisfy a want or need (Boundless, 2015). Products can be viewed as follows: [1] Tangible, which are items that it can be perceived by touch such as a car or shoes, or intangible, which is a product or service that can only be perceived indirectly, like AmazonPrime. [2] Extended products that are tangible products that have additional products or services attached such as a warranty. [3] Lastly, generic products that offer consumers the essential benefits that they expect to receive [e.g. Pantene shampoo]. Products are then classified under organization goods or consumer

When the customer knows the brand value and familiar with the unique associations of the brand then that customer holds the position of resonance with the brand in terms of brand loyalty (keller, 2016).

Toyota Motor Corporation’s mission is to entice and gain clientele with esteemed merchandise and assistance and the most delightful proprietorship experience in America. (2)

LV has a longstanding tradition of quality, innovation and heritage of over 150 years by following three rules which were: to master the savoir faire, to provide excellent service to customers and to innovate continuously. The corporation has also produced an online market used as a channel to provide access to a larger customer base. To boost sales the online marketplace should be opened to China and other Asian markets since these markets possess large populations. LV has also advanced the efficiency of its production system through the introduction of manufacturing methods motivated by the lean production techniques utilized by Toyota Motors. At its peak, efficiency was enhanced by 5 per cent per year, through a more sustainable rate was assumed to be 3 per cent per year. To optimize this strength the company must grow and increase production, in order to reduce its costs and become more profitable. The corporation has also lessened the level of specialization of an employee and trained employees in various activities. This is can be improved by hiring fewer workers since the company can shift groups to manufacture different products in response to changes in demand. Marketing and advertising can have a tremendous influence on the value perceived by consumers and hence the willingness to pay more for the company’s offerings. The LV lifestyle is sought after by consumers. LV products send the image of wealth and convey exclusivity. It has brand loyalty,