Toyota Product Life Cycle

Toyota uses a marketing strategy that works for the brand and the consumer. Contrary to American brands which are always searching for the next best thing, Toyota uses the motto, "if it's not broken, don't fix it". This ties in-hand with their pricing strategy effectively because the brand isn't spending as much time from starting from stratch, but rather can focus on improving what the brand already

For sales and market share to be increased further, it will be necessary to achieve this through innovation with completely new product development and introduction, or more likely, as developing new products has become increasingly difficult to develop new brand/product extensions such as mixes and delivery systems,, and performance could be enhanced and margins protected by achieving world class marketing, innovation and production standards. At the same time costs will continue to be squeezed. Resources should be focussed on creating value that the customer is willing to pay for.

·New marketing innovations can affect the buyer's interest, increase product differentiation, and even lower unit costs.

Launching campaigns of this magnitude (to be discussed under The Promotion) are typically employed during the introductory stage of a product, when the company’s marketing objectives, sales promotion and advertising are focused on generating brand awareness and inducing trial. According to Rogers, innovators are the potential costumers.

It is therefore vital in the process for the companies to be aware of theefficient methods to design and use innovative efforts considering thesecurrent market situations. Remember that each product you serve in themarket, it goes with it your name. How customers perceive the product orservices is significant. Most customers often choose the products or servicesthat are appealing to their eyes. It also includes factors like product package,how the product is designed, and even POS system design. What messagesor ideas the product conveys to the customers are also factors. Image of thebrand and market share are determined by these factors. Discerning yourinnovative

Toyota Motor Corporation is an international company that is the largest producer of automobiles in Japan. Currently, the firm is the world 's second biggest motor vehicle dealer in relation to total assets, income, and benefits. The enterprise was established in 1937 as Toyoda Automatic Loom Works Limited. Since its conception, it has grown and expanded its operations to all continents. Its success is based on the nature of its products and manufacturing processes. In 2010, Toyota sold 7.24 million units worldwide (Toyota, 2010). This paper analysis its structure and the strategic management that have seen it grow rapidly to become the world 's leading manufacturer of motor vehicles.

Toyota Motor Corporation (NYSE:TM) is a Japan-based company. The Company operates through three business segments, which are Automobile, Finance, and Other segments. Toyota’s Automobile segment includes design, manufacture and sale of car products including passenger cars, minivans and trucks, as well as the related parts and accessories. The Finance segment is involved in the provision of financial services related to the sale of the Company's products, as well as the leasing of vehicles and equipment. The Others segment is involved in the design, manufacture, and sale of housings, as well as information and communication business .

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.

Profits arise due to an increase in output and possibly better prices. At this stage, it is cheaper for businesses to invest in increasing their market share as well as enjoying the overall growth of the market. Accordingly, significant promotional resources are traditionally invested in products that are firmly in the Growth Stage (Anderson & Zeithaml, 1984). The growth phase offers the satisfaction of seeing the product take-off in the marketplace. This is the appropriate timing to focus on increasing the market share. If the product has been introduced first into the market then it is in a position to gain market share relatively easily. A new growing market alerts the competition’s attention. The company must show all the products offerings and try to differentiate them from the competitors. A frequent modification process of the product is an effective policy to discourage competitors from gaining market share by copying or offering similar products. Other barriers are licenses and copyrights, product complexity and low availability of product components (Product Life Cycle, 2011). Promotion and advertising continues, but not in the extent that was in the introductory phase and it is oriented to the task of market leadership and not in raising product awareness. This period is the time to develop efficiencies and improve product availability and service. Cost efficiency, time-to-market, pricing and discount policy are major

A product is defined as: "Anything that is capable of satisfying customer needs". Then the product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the only marketing function. However, it is also concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as:

There are some marketing practices and marketing mix for the purpose of increase the sales of the products but different businesses with different needs, establish varieties of marketing purpose as they face kind of competition in the market.

The interview was conducted with former employee of Toyota, who was working there as Sales Manager. During interview following questions were asked

There are several aspects to evaluate the product as innovation as it is perceived by the Saudi’s market.

vehicles are regarded as a status symbol. It is the guiding principles of Toyota which

“To be the most respected and successful enterprise, delighting customers with a wide range of products and solutions in the automobile industry with the best people and the best technology".