Marketing Strategy of Toyota

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MARKETING STRATEGY
Name:
Department:
School:
Date:

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Executive summary
The report chose one of the automobile industries. The report originates with a brief account
about the corporation, its latest innovation, and the marketplace in which it is operating. The
report narrows down on the company orientation towards the market. The drive of the study is
also to search the marketing strategic of Toyota especially in the UK market. The secondary facts
are used to acquire on the intuitions about the market share, growth rate, and profitability index.
The paper also emphasise on the segmentation, targeting and positioning of its products in a very
competitive UK automobile market. The investigation concludes with a comprehending and
commendation of how Toyota’s market mix can attract a considerable market share and product
image for its inventive technology in the UK. The report recommends the company to use
different segmentation strategies so as to capture young generation in UK who love fancy car
model and women who prefer the product with arrays of the colour.
Keywords: customer, marketing mix, strategy, innovation

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Table of contents
Executive summary.........................................................................................................................2
Introduction......................................................................................................................................5
Situational analysis..........................................................................................................................7
SWOT analysis............................................................................................................................7
Strengths...................................................................................................................................7
Weaknesses..............................................................................................................................8
Opportunities..........................................................................................................................10
Threats:...................................................................................................................................11
Pestle analysis............................................................................................................................12
Political...................................................................................................................................12
Economic................................................................................................................................12
Social-cultural........................................................................................................................12
Technology.............................................................................................................................13
Environmental........................................................................................................................13
Legal.......................................................................................................................................13
Competitive advantage..................................................................................................................13
Evaluation of the current marketing strategy.................................................................................15
Market share, growth and profitability......................................................................................16
Segmentation, targeting and positioning of UK market................................................................17

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Recommended objectives and goals..............................................................................................20
Recommended marketing strategies..............................................................................................20
Conclusion.....................................................................................................................................21
Bibliography..................................................................................................................................23
Appendix........................................................................................................................................27

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Introduction
No policymaking need convincing that Toyota Company has become one of the largest
firms because of the TPS. The unconventional trade system assists the Japanese automobile to
makes the planet the best automobile at the low rate and to grow novel merchandise fast. Not
only have the closet opponents such as Ford, Chrysler, Daimler, General Motors and Honda
advanced TPS-like System, but also postal and hospital services have embraced its underlying
tools, rules and conventions to become more efficient1.
The Toyota corporation company was established in 1937 through the creativity of
Kiichiro Toyoda2. Toyoda established the firm after attaining experience from his father’s firm.
Its headquarters are located in Japan and its processes are extensive across the globe. The
company specialises in the planning and building different merchandises. The company
assembles cars with one of the following elements; hybrid engines and combustions.
Additionally, the corporation produces spare parts. The typical mode of Toyota is Camry,
Corolla and Land cruiser. Apart from the above brand, the company creates luxury Lexus and
the Tundra automobile. By 2009, the company had 71,116 outlets in various sections across the
globe3. According to the statista (2016), the company’s stake in the UK from 2014 to 2016 has
1 Conway, A. Beijing Auto Trade Show - Toyota Unveil its new Concept. [online] Auto-
Types.com. Available at: http://www.auto-types.com/autonews/beijing-auto-trade-show-toyota-
unveil-its-new-concept-8598.html, (2015).
2 Toyota annual report. Reward with a smile by exceeding your expectations. [Accessed on 22
May 2018]. [Online]. Available at: www.toyota-global.com/investors/ir_library, (2011).

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been rotating around 2.73% and 4.17%4. Therefore, it shows that it has steadily controlled a
considerable unit of the United Kingdom vehicles marketplace. In the 2015, the corporation was
among the best selling cars5. UK automotive industry can be deliberated as a backbone of the UK
economy and generally produced around the 50 billion euro yearly income, generating about 10
billion Euro in net value-added to the economy. The UK automotive sectors hires nearly
730,000 workers in manufacturing, retail and aftermarket sectors with approximately 154,000
personnel directed enrolled in manufacturing.
3 Seymour, R., Haddon, E. and Brownlee, S. Hot looks and Cool Connections with New Toyota
Aygo Fire and Ice - UK Media Site. [online] Media.toyota.co.uk. Available
at: http://media.toyota.co.uk/2012/02/hot-looks-and-cool-connections-with-new-toyota-aygo-
fire-and-ice/, (2012).
4Statista(2016). Toyota UK market share 2014-2016 | Statistic. Available at:
https://www.statista.com/statistics/300465/toyota-car-market-share-in-the-united-kingdom/,
(2016).
5 Autocar. The UK car market winners and losers of 2015 | Autocar. Accessed on 25 May 2018,
Available at: https://www.autocar.co.uk/car-news/industry/uk-car-market-winners-and-losers-
2015 (2016).

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Situational analysis
SWOT analysis
Strengths
Robust market point and brand awareness: Toyota has a resilient marketplace rank in
various topographies across the globe. The firm’s market share in Japan was 45.5% in FY 2012.
Additionally, firm has market share of 13.4% in Asia, 12.2% in North America and 4.3% in
Europe6. Similarly, the corporation holds a 7% part of the Chinese market and a considerable
market stake in Central and South America, Middle East, Africa and Oceania areas. Such a
robust and resilient market situation permits the firm to gain competitive gain and also expands
into the global markets. Additionally, Toyota embraces a collection of strong trademarks in the
automotive business. Therefore, the firm’s sturdy marketplace position gives it substantial
competitive benefit and assists it to record higher sales progress in international and domestics
marketplaces.
Robust emphasis on the R&D: Toyota has a strong attention on R&D to enlarge its
assortment and expand the functionality, class, environmental and safety of its merchandise. The
firms R&D exertions are steered at emerging novel merchandises, processes and refining the
abilities of present produces7. The corporation conducts its R&D processes at the facility
6 Forbes. Toyota Motors. [Online]. [Accessed on 22 April 2018], Available at:
<https://www.forbes.com/companies/toyota-motor/>, 2014.
7 Sharif Ullah, A. M. M., & Tamaki, J. I. Analysis of Kanoâ€modelâ€based customer needs for
product development. Systems Engineering, 14(2), (2011). pp. 154-172.

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globally8. Strong emphasis on R&D has assisted the firm in integrating newer structures to its
current variety of products and also in conveying out newest technologies in the diverse zones.
The firm’s strong emphasis on R&D permits it to sustain the technological governance in most
of its products parts. It also facilitates Toyota to improve inventive merchandise leading to
robust transactions.
Widespread production and delivery web: the company has a broad distribution and
production web. The firm and its associates produces vehicles and linked fragments through
more than 50 manufacturing firm in 227 nations and areas besides. During the FY 2012, the firm
produced 7,435,781 automobiles across all the manufacturing places9. Additionally, Toyota has a
widespread distribution net. Geographically, the business has a well spread manufacture base
diversification business perils, and its extensive supply networks offer a broader reach, thus
backing the returns.
Weaknesses
Production recall could influence the brand image: the company has steered a number of
merchandise recalls in the past which would impact the brand appearance and general sales of
the business. For example, in 2012, Toyota recalled 111,000 simulations of Lexus and Toyota
brand due to the defect to components of the substrate and possible halt of the hybrid structure10.
8 Kotabe, M. and Helsen, K. Global marketing management, 2014, pp.31-39.
9 Global, T. Toyota Global. [online] YouTube. [Accessed on 22 May 2018], Available
at: https://www.youtube.com/user/TOYOTAglobal, (2015).
10 Andrews, A. P., Simon, J., Tian, F., & Zhao, J. (2011). The Toyota crisis: an economic,
operational and strategic analysis of the massive recall.Management Research Review, 34(10),

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In addition, the company evoked 181, 00 cars in Japan in connection to anomalous noises and oil
leak that may have stemmed from the loose of bolts in the sub transmission and the rear wheel
gap11. In additional, the firm was involved in regime investigation connected to products
recalls12.
Deteriorating sales in key topographical locations: the company experienced a drop in its
sales in key geographical parts. In FY2012, the firm saw a reduction in trades across Europe,
Asia and North America13
Poor distribution of resources as equated to the opponents: the business return on assets
and low return on equity equaled to rival firms. The firm’s players such as Nissan motors and
Honda have more ROE when matched to the Toyota. Honda motors were 4.4%, while Nissan
motors was 8% in FY 2012. Contrary, Toyota ROE was 2.7% in FY2012. Therefore, ROA and
ROE linked to its peers signposts that the firm is not using the stakeholders cash effectively and
that it is not building the high return for its stakeholders.
1064-1077.
11 Toyota Global. Com., Toyota production system. [Accessed on 22 May 2018], [Online].
Available at:
<https://www.toyota-global.com/company/vision_philosophy/toyota_production_system/> 2014.
12 Ibid, 1068.
13 Thompson, A. Toyota External Analysis: Opportunities & Threats - Panmore Institute.
Panmore Institute. Available from: https://panmore.com/toyota-external-analysis-opportunities-
threats, (2015).

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Opportunities
Rising international automotive sector: the global automotive sector was extremely
influenced by the economic slump, with a weakening in returns noted in 2008 and 2009. In
2001, the company saw a resilient recover which has persisted up to 201214. The salvage of the
international automotive business offers Toyota an opportunity to advance more users and
upsurge revenues.
Toyota poised to gain from the developing collaboration with BMW. Toyota and BMW
assigned a memorandum of understanding meant at long-term planned partnership on
technological arena15. Thus, the two businesses will partners for the dual growth of the
architecture, improvement of a fuel cell system, constituents for sport cars, research and
development on lightweight tools and collaboration on power-train electrification. The joint
effort will result in substantial cost saving, interactions and also boost the operative margins.
Robust viewpoint for the international novel car market: the international novel vehicles
have encountered comparative growth. But, estimates advocate this will increase to a solid
double digit growth, thus the resilient viewpoint for the international new vehicles joined with
the firm’s novel produces launches offers an advancement chance.
Threats:
Extreme rivalry: the international automotive marketplace is greatly competitive in
nature. The Toyota faces a robust competition from automotive producers in its diverse market.
The aspects impacting the rivalry comprise products feature and quality, the amount of time
14 ibid
15 Toyota Cars. 2010 Toyota Corolla Consumer Reviews. Cars.com. Available at:
https://www.cars.com/toyota/corolla/2010/consumer-reviews/, (2016).

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needed for the innovative and advancement, reliability, fuel economy, pricing, financial terms
and customer services. Improved rivalry may also lead to lower vehicles unit sales and huge
portfolio which leads in downwards rating force, thus, influencing the financial status and the
results of operation of the firm.
Appreciation of Japanese Yen a main challenge: the strengthening of the Japanese’s Yen
against the US dollar and fluctuation in foreign exchange rates would have a material impact on
the company’s operations results, which impact the company’s valuation.
Natural disasters could influence the production configuration: the business is subject to
the distraction of production due to natural calamities such as floods and earth quakes. In 2011,
the company witnessed shocking volcanic activity in the past years which adversely upset the
economy. In the same year, floods happened in Thailand in Thailand which stopped its processes
and manufacture of about 150,000 Toyota cars16.
Pestle analysis
Political
The political firmness of main markets is a prospect for Toyota to advance with
insignificant political stress. The free trade agreement encompassing Japan and other nations
present chances for the imported market penetration. Additionally, the government support from
the ecofriendly merchandise is an opportunity for the business to advances its product to satiate
the ecological expectation.
16 The Guardian Inc. Toyota holds the top spot as world's number one carmaker. The Guardian.
Co.uk, Monday 24 January 2011. [Accessed on22 April 2018]. [Online]. Available at:
http://www.guardian.co.uk/business/2011/jan/24/toyota-world-number-one-caremaker, (2011).

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Economic
Toyota has the prospect to advance from Japan grounded on the weakness of the Japanese
Yen. Additionally, it has a chance to raise its trade in the US which is the company second
largest market after Japan17. Similarly, the rapid development of economies presents the prospect
for the company to progress revenues centered on this market.
Social-cultural
The company has the opportunity to offer more produces that fulfill the user ever
escalating attention in electric and hybrid cars. But, the corporation ought to contemplate the
widening wealth gap, which appears to be a threat because of decreasing middle class. Therefore,
in this aspect of Toyota pestle analysis, the social external element of the broadening wealth gap
is a major challenge.
Technology
Toyota Corporation has a prospect to advance its e-commerce abilities or to exploit third
party e-commerce services provider for the transactions of some of its merchandise such as spare
part. Also, the company has a chance to improve its mobile app to upsurge user engagement and
devotion. But, the firm must communicate the risk of the cybercrime, counting the corporate
cyber-espionage.
17 Toyota. TOYOTA IN THE WORLD 2010. Available at:
https://www.toyota-global.com/pages/contents/company/profile/in_the_world/pdf/
databook_en_2010.pdf, (2016).

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Environmental
Toyota has a chance to offer ecological friendly merchandises such has electric car with
higher field competence. The firm as a prospect to improve its sustainability routine through
advancement in the business processes proficiency.
Legal
The company has opportunities to develop with minimised trepidations for the breach of
its intellectual property right because the regime is functioning towards advancing intellectual
right guard. The company also has a chance to offer higher quality merchandises that fulfill or
surpass the needs centred on the ecological rules and guidelines. Similarly, the firm can exploit
the opportunity of providing secure and more satisfactory goods to satisfy or surpass the
consumers’ laws.
Competitive advantage
Beside the long-term focused corporate philosophy, Toyota has become largest world
successful automobile firm due to the Toyota production system (TPS)18. The key objective of
TPS is to create goods synchronised to user needs, therefore designing out overload and
discrepancy, and eradicating waste triggered by the overproduction and waiting times. One of
the utmost importance of TPS is its robust emphasise on lean manufacture. The process is
intended at the eradication of waste in the section of creation including the product design, client
relation, merchant networks and plant management. Its objective is to incorporate less human
exertion, less inventory and time to developed production.
18 Toyota annual report. Reward with a smile by exceeding your expectations. [Accessed on 22
May 2018]. [Online]. Available at: www.toyota-global.com/investors/ir_library, (2011).

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Though, numerous Asia companies’ automobile factories have earned reputation to create
high excellence cars, they have been incapable to overcome Toyota benefits in human resource
management, suppliers systems and delivery systems in the greatly competitive markets. During
the Second World War, the company established a highly effective production system called the
lean invention to utilise human resource more proficiently19. Toyota beliefs of motivating its
employees are the fundamental of a human resources management scheme. It growth in
innovation and creative by inspiring worker involvement conveys high level of work allegiance.
In-house manufacture has been reducing for a number of years. GM continues to
produce a high portion of elements in house20. In Japan, the Toyota supply chain is centred on
web of collaboration and equity concentration. Asset focus and operation are stimulated, and
antitrust prohibitions are far less obstructive than in the Europe and US.
The company has initiated and executed numerous highly efficient approaches. For
instance, the firm invented just-in time, an inventory tactics that strives to advance a business
return on investment by minimising in-process inventory and connected carriage cost21.
19 Toyota Motors. Toyota Corporation. [Online]. [Accessed on 22 May 2018]. Available at:
<www.toyota.com> , 2014.
20 Chowdhury, S. D. Strategic roads that diverge or converge: GM and Toyota in the battle for the
top. Business Horizons, 57(1), (2014), 127-136.
21 Liker, J. K., & Ogden, T. Toyota under fire. Boston: McGraw-Hill Professional, (2011), pp.
52-54.

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In addition, JIT and exemplary supply chain managing, the high efficiency of the
manufacturing plants is due to the high level of standardisation. For the company, standardised
processes and task are the basis for continuous development and workers enablement,
Evaluation of the current marketing strategy
Core competency: the Toyota motor corporation core competencies is its capability to
prove automobile of great excellence at best values thus offering a worth for cash to the users.
This core proficiency of quality can be accredited to these inventive procedures. The quality
facet of Toyota’s process have revolutionised the vehicles in the past and nearly all other
automobile firms had to attempt and better the eminence of their merchandises.
Unique capability: the company’s distinctive ability is its production scheme known as
the Toyota production structure which is centred on the lean manufacturing framework. The
framework comprises innovative process like six sigma, Kiazen, and just in time. This distinct
ability has led to a competitive gain that has given Toyota a maintainable product name and a
market leader’s spot.
Market share, growth and profitability
According to analysis carried out by the statista, Toyota is one of the principal and largest
automobile industries in the realm occupying “9.2% market share, followed by the Volkswagen
with 7.2%, 6.5% ford, and then Honda having 5.5%. Specifically, the statistic illustrates the
monthly UK market share values between January 2014 and March 2018 is 2.61 and 4.87%”22.
22 Statista(2016). Toyota UK market share 2014-2016 | Statistic. Available at:
https://www.statista.com/statistics/300465/toyota-car-market-share-in-the-united-kingdom/,

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Consequently, managing it steadily controlled good part of the UK car market. It is worth noting
the company was among the top car brand in the UK from 2014 up to 2016. In early January
2018, the company’s market share rose up to 4.87% in the UK, which is highest value during the
described time. The statistics illustrate the number of employees from the fiscal year of 2012 to
2018. The company employed 369,124 individuals in the FY 2018. The company capital
investment and research and development expenses rose from 2013 to 2016, with 22,064 Yen
billion and 28,403 Yen billion respectively. However, in the year 2017, the value dropped up to
27,597 Yen billions. In the consolidated units production by region (8975 units), in FY 2017,
Japan occupied 45.85%, 23% north America, 7.1% Europe, 18.7% Asia and 5.5 % in other
regions. In the consolidated total vehicles sales by region (8971 units), Japan comprised 25.3%,
north America 31.6%, Europe 10.3%, Asia 17.7% and other regions 15% in the FY 2017.
Though the auto% truck producer industry saw revenue reduction just by -4.16%, Toyota motor
announced -8.02% year on the year sales decline in the fourth quarter 2017 and underperformed
in the consumer discretionary sector by -3.51%.
Segmentation, targeting and positioning of UK market
Marketing segmentation denotes to the partition of market into various unit. This
subdivision can be on the foundation of geographical, behavioral, or psychological features23.
Psychographic division entails separating the market on the basis of customer’s outlooks and
(2016).
23 Johnson, G. Exploring strategy: text and cases. Pearson Education, (2016). pp. 4-13.

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lifestyle. Geographical subdivision is isolating on the foundation of diverse locations.
Demographic segmentation means dividing based on age, population gender, structure and
population. Behavioral segmentation is dividing the market relying on the user’s consumption
and shopping traits24.
Toyota can optimise its trades by doing marketplace segmentation on the principle of the
demographic. For instance, it was noted that ancient type of Corolla’s buyer were women and for
customers who were at least 35 years old25. Therefore, beside the preferences and age, there is
also a technique in which the Toyota can fragment UK market. The company has launched three
diverse sorts that vary in price as well as structures. Thus, Toyota must originate with the
demand centered segmentation. Therefore, in this setting, the company can initiate the demands
of the distinctive uses. For example, if the gender based, the company necessity to design car in
line with women admiration without disregarding what adult admires in the vehicles.
Additionally, segmentation can be conducted based on numerous income classes. However, for
the Toyota to maximise the profitability in UK market, it should concentrate in the geographical
segmentation to address the constant deteriorating volumes of sales in the United Kingdom26.
24 Babin, B.J. and Zikmund, W.G. Exploring marketing research. Cengage Learning, 2015, pp.
45-51.
25 Ahmed, R. (2013). Business Perspective Brand Tracking of Toyota Corolla Case Study for
Pakistan. International Journal of Asian Social Science,3(4), 930-938.
26 Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. Marketing. New York: Pearson
Higher Education AU, (2015), pp. 18-23.

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Once the company has segmented its market alongside with comprehending the presence
chances, it can categorise the segments. The company can utilise multiple patterns such as one-
segment, product, discriminatory, and market segmentation27. Toyota can relate to the whole
market attention also. In the reference to the earlier corolla fashions joined with the demand-
grounded specialisation, it is apparent that the business can fit new brand in the suitable market
segment using market, product or discriminatory specialisation28. In this association, females and
old section of the populace have a distinct request for the novel cars. The company can use
discriminatory specialisation to target the marketplace. In selecting a specific target market, it is
probable for the company to locate its brand with the varying preference of its prior users.
Nonetheless, the target market for the Toyota is thin, thus, the managing need to communicate
this subject by pointing a various market segments. For instance manufacture of car simulations
than many UK young generation like.
To efficiently appeal users to acquire the Toyota car model such as corolla, it is crucial
for the firm to use a well-organised differentiation and positioning tactic. Thus, the corporation
still requires its earlier model but this period giving it on the market in diverse technique. The
variance can be in terms of improved number of the structures with a minor variance to those
being manufactured by its opponents in the market29. Most females like the collection of colors
27 Porter, M.E. and Heppelmann, J.E. How smart, connected products are transforming
competition. Harvard Business Review, 92(11), 2014, pp. 64-88.
28 Brown, S., Bessant, J. R., & Lamming, R. Strategic operations management. London:
Routledge, . (2013), pp. 33-38.
29 Best, R. Market-based management. New York: Pearson Higher Ed, (2012).pp. 12-16.

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while young males love the latest model. In response to the above, the company can position
itself by producing car with different colors. Therefore, the company can lure users in contrast to
its competitors.
In addition, positioning entails the facet of the company offering a merchandise design
and generating a brand image which assists the firm to serve definite consumer desires in the
marketplace. A good product positioning enables company to be user-oriented. In the Toyota
Corporation, the positioning rotates around the corolla product. Therefore, positioning can be
realised by first constructing that purposes to disseminate to specific market. Therefore, from
above discussed points, Toyota Company should address the positioning issue by producing the
latest model UK young fancy, variety of the top quality brand as well as fuel saving vehicles that
has distinct colors.
Recommended objectives and goals
The objectives of Toyota in the next 2 months are based on SMART objectives (Specific,
Measurable, achievable, realistic and time-related). According to the situational analysis of the
Toyota, there are three objectives needs to achieve.
Objective: increase retailer in UK market up to 21% within the next one year.
Objective2: increase brand awareness among 80% of potential customer in the next half a year.
Objective 3: improve the market share by the end of the year in UK

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The objectives of the company in regard to the UK market are clear, specific and
measurable. Similarly, these goals are realistic objectives because Toyota is a big company and
also the oldest in the automotive industry. They are eligible and possess resources to accomplish
these objectives. With the escalating economic situation in UK and with company’s resources,
these objectives can fully be realised within one year. But, the company needs the specific
forecast to monitor and make sure the plan implementation is in place. Therefore, an effective
strategy will assist the Toyota accomplish those goals.
Recommended marketing strategies
It is apparent that the paper has recognised that Toyota Company is making the best
companies in the global automobile sector. Internationally, company has oriented itself with the
regard to the customer’s requirements. In this report, it has been well-known that meeting the
precise demands of users is the keystone of the company’s victory. In this link, Toyota has
market alignment that builds the product that has a huge user30. Thus, to efficiently attain the
above plan, the report suggest the company should section its market, concentrate on operation
that target a specific market and generate target position through creating of a good product
image31. Rivalry is usual in each and every marketplace. Toyota faces rigid rivalry from its
30 Hollensen, S. Marketing management: A relationship approach. New York: Pearson Education,
(2015), pp. 8-15.
31 Lum, R. Toyota: Protect What's Behind You. [online] Creative Guerrilla Marketing. Available
at: http://www.creativeguerrillamarketing.com/guerrilla-marketing/toyota-protect-whats-behind-
you/,(2012).

21
opponents like Ford and Audi motors. Thus, to daze the competition, the firm should use more
violent marketing approaches in contrast its opponents32.
Conclusion
It is clear that Toyota organisation positioning and marketing mix is established from the
viewpoint of its organisation principles. The firm continuously put the customer and quality first.
Its marketing strategy, product growth, and aftersales services bear the signal of best user
services. Although the organisation cannot control the macro elements which can influence it at
any period, the introduction of the hybrid technology has haul out a lot of venture from the firm.
The balance between the price skimming and low pricing should be taken into consideration. The
growing market in UK is one of the main chances for Toyota and can have big augmentation in
their profitably if they can triumph in this market region.
32 Ko, C. H., Wang, W. C. & Kuo, J. D. Improving formwork engineering using the Toyota
Way. Journal of Engineering, Project, and Production Management, 1(1), (2011). 13

22
Bibliography
Ahmed, R. Business Perspective Brand Tracking of Toyota Corolla Case Study for
Pakistan. International Journal of Asian Social Science, (2013), 3(4), 930-938.
Andrews, A. P., Simon, J., Tian, F., & Zhao, J. The Toyota crisis: an economic, operational and
strategic analysis of the massive recall.Management Research Review, (2011), 34(10),
1064-1077.
Autocar. The UK car market winners and losers of 2015 | Autocar. Accessed on 25 May 2018,
Available at: https://www.autocar.co.uk/car-news/industry/uk-car-market-winners-and-
losers-2015 (2016).

23
Babin, B.J. and Zikmund, W.G. Exploring marketing research. Cengage Learning, 2015, pp. 45-
51.
Best, R. Market-based management. New York: Pearson Higher Ed, (2012).pp. 12-16.
Brown, S., Bessant, J. R., & Lamming, R. Strategic operations management. London: Routledge,
. (2013), pp. 33-38.
Chowdhury, S. D. Strategic roads that diverge or converge: GM and Toyota in the battle for the
top. Business Horizons, 57(1), (2014), 127-136.
Conway, A. Beijing Auto Trade Show - Toyota Unveil its new Concept. [online] Auto-
Types.com. Available at: http://www.auto-types.com/autonews/beijing-auto-trade-show-
toyota-unveil-its-new-concept-8598.html, (2015).
Forbes. Toyota Motors. [Online]. [Accessed on 22 May 2018], Available at:
<https://www.forbes.com/companies/toyota-motor/>, 2014.
Global, T. Toyota Global. [online] YouTube. [Accessed on 22 May 2018], Available
at: https://www.youtube.com/user/TOYOTAglobal, (2015).
Hollensen, S. Marketing management: A relationship approach. New York: Pearson Education,
(2015), pp. 8-15.
Johnson, G. Exploring strategy: text and cases. Pearson Education, (2016). pp. 4-13.
Ko, C. H., Wang, W. C. & Kuo, J. D. Improving formwork engineering using the Toyota
Way. Journal of Engineering, Project, and Production Management, 1(1), (2011). 13
Kotabe, M. and Helsen, K. Global marketing management, 2014, pp.31-39.

24
Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. Marketing. New York: Pearson
Higher Education AU, (2015), pp. 18-23.
Liker, J. K., & Ogden, T. Toyota under fire. Boston: McGraw-Hill Professional, (2011), pp. 52-
54.
Lum, R. Toyota: Protect What's Behind You. [online] Creative Guerrilla Marketing. Available
at: http://www.creativeguerrillamarketing.com/guerrilla-marketing/toyota-protect-whats-
behind-you/, (2012).
Porter, M.E. and Heppelmann, J.E. How smart, connected products are transforming
competition. Harvard Business Review, 92(11), (2014), pp. 64-88.
Seymour, R., Haddon, E. and Brownlee, S. Hot looks and Cool Connections with New Toyota
Aygo Fire and Ice - UK Media Site. [online] Media.toyota.co.uk. Available
at: http://media.toyota.co.uk/2012/02/hot-looks-and-cool-connections-with-new-toyota-
aygo-fire-and-ice/, (2012).
Sharif Ullah, A. M. M., & Tamaki, J. I. Analysis of Kanoâ€modelâ€based customer needs for
product development. Systems Engineering, 14(2), (2011). pp. 154-172.
Statista(2016). Toyota UK market share 2014-2016 | Statistic. Available at:
https://www.statista.com/statistics/300465/toyota-car-market-share-in-the-united-
kingdom/, (2016).
The Guardian Inc. Toyota holds the top spot as world's number one carmaker. The Guardian.
Co.uk, Monday 24 January 2011. [Accessed on22 April 2018]. [Online]. Available at:

25
http://www.guardian.co.uk/business/2011/jan/24/toyota-world-number-one-caremaker,
(2011).
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27
Appendix
Figure 1: Global market share

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Figure 2: Toyota car market share in the United Kingdom (UK) from January 2014 to
August 2018