Assignment on Marketing Management - Toyota

Added on - 22 Nov 2020

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MARKETING MANAGEMENT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Background Statement....................................................................................................................1Market positioning.................................................................................................................2Present Unique selling proposition (USP)..............................................................................3Marketing audit...............................................................................................................................3External environment of Automotive industry......................................................................4Pestle Analysis........................................................................................................................5Porter's five forces.................................................................................................................7Internal Environment............................................................................................................10SWOT Analysis....................................................................................................................11Marketing Mix actions for Toyota................................................................................................13CONCLUSION.............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONMarketing is an essential tool used for promotion of the products and services producedby a company or organisation. It can be defined as advertising or promoting goods within atarget market to increase sales and profit. This report is in context to automotive industry; theworld's largest production business in terms of capital, volume, annual turnover and employees.The study will be based upon Toyota Motor Corporation, the third largest car manufacturer in theworld. The report will include a detailed background statement to outline the industry, marketposition and unique selling proposition. Furthermore, it will also consist a marketing audit alongwith a new marketing mix actions to full gap between present selling strategy and externalenvironment.BACKGROUND STATEMENTToyota is a customer oriented, well organized and very innovative organization, eventhough it is the third biggest manufacturer all over the world its market share does not seem to bemuch profitable in the United Kingdom. It is due to the customer's loyalty with respect to globaland local manufacturers. These situations develop a need of reviewing marketing strategies andobjectives in Toyota. There are many companies who have entered into the automotive industry,which increased the level of competition in the market. According to the annual sales, the mainleaders of this industry are Ford and General Motors.The cited organization sells its vehicles in more than 170 nations and producing around 6 millionvehicles every year which is equal to one vehicle in every six seconds. The main objective ofToyota's marketing strategy is to increase sales through market expansion (Marinchak, Forrestand Hoanca, 2018). It is also essential for maintaining and implementing marketing objectives sothat it can be effective in increasing profit of the firm. Toyota recently moved towards productbranding from its tradition corporate branding through Lexuswhich is a luxury car division forpeople with high level of income. The company lack in building customers’ loyalty due toincreased number of competitors in the marketplace.In global market, marketing has undergone a substantial change in last few years. Sellingnew products is not enough nowadays, it is very essential for retaining customers and it is themain part of presently used marketing strategies within most of the industries.1
Toyota introduced relationship marketing to develop brand loyalty for its products alongwith financial and technical support to its customers. Toyota already set up more than 300dealerships in United Kingdom with respect to its marketing strategy. Companies were earlierfocused only on market share and profitability, it is due to the reason that any company's mainresponsibility is to maximum value of the shareholders.Toyota used these approaches to make sure that the investors are happy along with a highimportance to their products (Promotion of Toyota,2016). Behavior of consumers has alsochanged in recent years, as a result, Toyota changed its perception from reliable and cheapproducts to quality car at competitive prices.It is essential for Toyota to develop strong relations with customers and obtain theirloyality. It can be done through various functions performed such as marketing, innovativeproducts and pricing strategies.Marketing can be referred as one of the most effective activities to develop customerloyalty or brand image for any type of organization. It includes various promotional tools andmethods which helps a company to demonstrate its products that assists in building brandawareness. Advertisement attracts customers towards a product or service in a great manner(Chernev, 2018). Toyota needs to focus more on targeting new market by using different typesof promotional activities.Market positioningDefinition– It refers to the perception of consumer towards a product or brand in relation tocompeting products or brands at the marketplace. It can also be defined as developing theidentity and image of a brand or product so that customers see in a positive wayImportance of Market positioning –It is referred as a significant component of a marketingstrategy; product positioning is the procedure used by marketers to determine most effectivemethod to communicate attributes of their products to their target customers based on their needs(Products of Toyota,2017).Market positioning of ToyotaToyota utilizes both low cost and differentiation general strategies to gain a competitiveadvantage over their competitors within this automobile industry. The market strategy thatToyota uses is very effective and broad as it focuses on motivating each and every kind ofcustomer to purchase their vehicles. The company has developed a good position in the market2
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