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Concept of Marketing Concept in Current and Future Trends

   

Added on  2020-04-21

22 Pages6604 Words443 Views
Running head: Marketing essentials Marketing essentials

Marketing essentials Table of Contents1. Introduction.............................................................................................................................................31.1 Business profile..................................................................................................................................31.2 Concept of marketing........................................................................................................................31.3 Key components of marketing concept in three major sectors.........................................................41.4 Development of the marketing concept............................................................................................51.5 Factors of societal marketing concept in current and future trends.................................................62. Marketing process...................................................................................................................................71.6 SWOT analysis of Toyota..................................................................................................................71.7 Developing marketing strategy..........................................................................................................81.8 Deciding marketing mix.....................................................................................................................81.9 Action and control.............................................................................................................................83. Key elements of marketing functions......................................................................................................93.1 Key roles and responsibilities of the marketing function in practices................................................93.2 Significance of marketing’s interaction with other functional units................................................103.3 Value and importance of marketing role in the context..................................................................104 Toyota vs. Benz.......................................................................................................................................114.1 Marketing mix comparison between two organizations..................................................................114.2 Marketing growth strategy and objectives of Toyota......................................................................135. Marketing plan for Toyota.....................................................................................................................14Executive summary................................................................................................................................14Statement of marketing goals and objectives.......................................................................................14Situation analysis...................................................................................................................................14Competitors of the company.................................................................................................................15Marketing objectives of the plan...........................................................................................................15Target market segments........................................................................................................................16Effective and dynamic strategies of Toyota...........................................................................................17Action plan.............................................................................................................................................17Monitoring and control.........................................................................................................................18Budget...................................................................................................................................................182

Marketing essentials Conclusion.................................................................................................................................................18References.................................................................................................................................................201. Introduction The report focuses on the marketing plan which is made by Toyota to maximize the profitand revenue. It explains the significance and key roles of marketing to attract the customers inthe global market. It tells that how the company is using SWOT analysis and marketing mixstrategies to beat the competitors in the international market. SWOT analysis and marketing mixis an effective tool to analyze and evaluate the strengths and weaknesses of the competitors in theworld. Along with this, a marketing plan is developed and implemented by the company tomaximize the profit and revenue. 1.1 Business profile Toyota is a Japan automobile manufacturer corporation which was established on 28thAugust 1937. The company is dealing with various automobile products such as luxury vehicles,commercial vehicles, and engines. The products of the firm are famous for their quality,engineering, reliability, and value. The organization has obtained a large market share in bothEurope as well as America. Toyota is one of the biggest companies in Japan and second place inthe world. In today’s era, the firm is increasing and enhancing its revenue and profit by providingautomobile vehicles to the customers in the global world. In addition, the company hasestablished production system to improve the performance and efficiency of the organization aswell as employees. The firm produces more than 10 million vehicles per year. Toyota producesand launches its vehicles under five brands such as Hino, Toyota brand, Daihatsu, Ranz andLexus (Toyota global, 2017). 1.2 Concept of marketing The marketing concept is the philosophy that the company must analyze and evaluate theneeds and requirements of their customers in order to beat the competitors in the world (Saren etal, 2012). There are five concepts of marketing which have been discussed below. 3

Marketing essentials Production concept: It is an important concept which provides various benefits to thecustomers. This concept is used by the company in order to reduce the cost of production and italso helps to maintain effective and dynamic distribution system. Product concept: This concept is used by Toyota to differentiate its products from competitor’sproducts. It also helps to maintain a good quality of products in the global market. Toyotaprovides innovative products in various features. It also provides short-term advantages as wellas long-term advantages to the company.Marketing concept: The marketing concept focuses on the needs, wants and desires of thetarget markets in order to deliver the good quality of products in the international market. In thisway, it is an important concept to increase the revenue and sale of the company. Societal marketing concept: This concept helps to beat the competitors in the market. Thesocietal marketing concept provides satisfaction to the customers and it also protects the rights ofthe customers in the global market. (Source: Bhasin, 2017)1.3 Key components of marketing concept in three major sectors The main aim of the marketing concept is to create a product and service to satisfy theneeds, wants and requirements of the target market (Malhotra, Birks and Wills, 2013). Themarketing concept monitors on the goals and objectives of the firm and it also helps to stand out4

Marketing essentials against the competitors in the global market. The three components of marketing concept havebeen discussed below. Company goals: The company goal is one of the significant and primary components of themarketing concept. The goals and objectives help to provide right direction to Toyota. It alsohelps to increases the sales and profit of the firm. If the company makes a marketing plan then itneeds to focus on the goals and objectives of Toyota. The goals and objectives should beeffective, attainable and realistic. Each and every company decides its long-term as well as short-term goals and objectives in order to meet the mission and vision of the firm. Customer needs and wants: Without customers, Toyota cannot expand and flourish its tradingactivities and operations globally. It is the essential component of marketing concept which helpsto evaluate and measure the needs and wants of the customers in the international market. Toyotafinds out the expectations, needs, and requirements of the customers by conducting marketingresearch and survey. Deliver product and service: It is the third important concept which is used by the each andevery organization to increase and enhance the level of satisfaction of the customers in the world.Toyota must deliver right and attractive vehicles to the customers in order to increase thedemand for the automobile products. 1.4 Development of the marketing concept The marketing concepts monitor on finding the right products for the customers globallyinstead of finding right customers for the products. It is based on the four pillars such asincorporated market, target market, profitability and customer requirements etc. It is the well-defined concept which monitors the requirements and wants of the consumers (Baker and Saren,2016). The marketing concept focuses on the objectives and goals of the firm. Toyota usesvarious strategies to develop and build effective marketing concept in the market. The strategiesand concepts have been discussed below. Production concept: According to this concept, consumers prefer to purchase those productswhich are inexpensive and widely available. The executive of the production department alsofocuses on the cost, production efficiency, and mass distribution channels to develop and buildthis concept effectively (Getz, 2012). 5

Marketing essentials Product concept: Under this concept, consumers prefer those products which provide betterquality, and innovative features. In this concept, people are aware of the quality and feature ofthe products and services in the global market. Selling concept: Under this concept, Toyota focuses on the promotional and advertisementstrategies to develop and build a good image in the market. The promotional tools also help todevelop and enhance the selling concept globally.Customer concept: This concept focuses on the individual customers in order to providesatisfaction to them. Under this concept, Toyota renders various products and services to thecustomers and the firm also establishes direct channels to communicate with customers in aneffective way. 1.5 Factors of societal marketing concept in current and future trends The social marketing concept plays an integral role in order to attract more customers in theinternational market. The factors of societal marketing concept have been discussed below. Creating and delivering customers value: The main aim of the social marketingconcept is to offer high quality of products and services to the customers. The customersjudge and evaluate the value and features of the products while purchasing the productsand services in the market. Toyota focuses on the values and standards of the customersto expand its business globally. Along with this, the firm monitors on the brand imageand goodwill in the international market. Globalization: It is the important factor of the societal marketing concept. Globalizationis the process of increasing interaction of people through growth and success of theinternational flow of money, culture, and ideas. It is the economic and integration processwhich has cultural and social aspects. This factor affects the growth and success ofToyota. Therefore, the company needs to reduce the negative impact of the globalizationin the global market.Digital channels: Under the societal concept, Toyota uses various social media channelssuch as websites, facebook, and twitter to attract and retain more customers globally. It isthe effective and significant factor of the societal marketing concept. 6

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