Marketing and Management

This article discusses the macro environment of Toyota Company, product lifecycle of RAV4, market segmentation, and customer decision-making process. It also suggests strategies for Toyota to maintain its position in the Australian market. No course code, course name, or college/university mentioned.

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Marketing and Management
Answer 1.
In the present scenario, examining the macro environment is necessary for a company.
The whole operation of a company gets influenced depending on its macro environment. After
examining the macro environment of the Toyota Company, it can be stated that after the
introduction of globalization the technological environment of the organization has been
developed. There is a growing rate of technological development in the industry of car
manufacturing and due to this increase in rate several hardware and software have been produced
in the market. The popularity of RAV4 has been raised in the market due to the usage of the
modern technology. Thus, it has been analysed that there is a significant increase in competition
and there are many competitors in the internal market due to the technology development in the
industry of car manufacturing. This resulted in the increase of market threats. In addition, it has
been mentioned in the case study that the demand for effective workers has been raised in a
company due to the introduction of modern technology. One of the main strength of RAV4 is
that the customer who likes adventure gets attracted to it very easily. On the contrary, one of the
main weaknesses of RAV4 is that many of the customers are unable to experience the product
due to its high cost. In Australia, the social status of people is moderate and thus it can be figured
as the main weakness of RAV4 there. By analysing the political scenario in Australia, it can be
stated that the situation is favourable for RAV4.
Answer 2.
In the business industry, product lifestyle has been considered as one of the important
ideas. It is related with the description of various stages of production in which it goes from the
initial stage where the product gets assumed initially till the final stage where it is detached from
the market nationally as well on an international level. It has been analysed that it is not
necessary that every product reaches the final stage. The products not reaching the final stage
remain in the market for a long duration of time by growing and increasing their popularity in the
market.
Thus, it can be considered that the growth, maturity, and declination of a product
determine its life cycle. It has been considered in the study that in the Australian market, Toyota
Company has launched RAV4 and the company is ruling the market for the past 20 years. Thus,
the company has produced several numbers of vehicles and as a result, RAV4 is facing identity
crises issue.
Because of this issue, they lost their challenger spirit as well as a large amount of market
share. Challenging spirit is necessary to survive in this competitive market.
Thus, RAV4 can be assumed in its final stage of product life cycle in the market of
Australia. Recreation of the product position in the market is necessary to deal with this scenario
and change in its pricing policy can be done. Focus on pricing policy and recreation of product
position can be done to solve this issue and survive in the market.
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Marketing and Management
Answer 3.
The process in which an organization gets the chance of grouping their potential
customers by dividing them is considered as Market segment. Examination of market segment
can be done depending upon several characteristics and interests of customers. Depending upon
the market segment, market strategies can be developed in the course of market segmentation
analysis. Thus, the statement can be made that the market segment can be developed depending
on the needs, lifestyle, personality and interests. To develop the efficient marketing
communication strategies, identification of the target market is necessary. This is the course in
which people share their requirements and characteristics that are served by the company. Target
market is figured depending on the characteristics and utility of the product. It can be seen that
the campaign which is named as Toyota has introduced RAV4 by involving more creative
technology and the overall style. So, it can be seen that the organization has targeted the
individuals who are related to the technology. There are many young people, who focus on the
adventurous trips and are targeted by taking into consideration this campaign. It has been seen
that different advertising and historic campaigns can help to attain the interest of the customers.
On the other hand, by focusing on maintaining the overall old operations the organization has
decided to bring the recreating practices so that retail customers can be retained. Toyota has also
considered creating effective emotional communication with their consumer by satisfying the
requirement of the customers.
Answer 4.
The process of decision of the customers can be elaborated into five steps. First is
information search then need recognition, alternatives evaluation, post-purchase behaviour and
purchase. These all are the five steps which are considered in the customer decision-making
process. By considering these steps the company has the opportunity to understand and
communicate with the consumers in an effective manner. According to the study, it can be seen
that the organization has considered advertising and campaign strategy so that good relations can
be created with the consumers. Just because of the high price and competition level in the market
it has been seen that RAV4 has started losing the position in the Australian market.
So, in this scenario, it is important for the company to focus on creating effective
relationships with the customers. In SUV segment, it is essential to understand that the car and
style of the car is value for the money or not. Therefore, it can be stated that the organization
should emphasize on bringing the variations in the practices. In the introduction and evaluation
stage, it is important to emphasize on research and development process for evaluating that
which car is preferred in the SUV market. Recognition is the next essential stage in which the
company can add more value to its products for attracting the customers. The change can be
brought to the sales revenue by introducing advertisements and that helps to connect with the
emotions of the customers.
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