Marketing Strategy of Toyota Prius
Added on 2020-01-23
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PRINCIPLES AND PRACTICES OF MARKETING
Table of ContentsIntroduction................................................................................................................................1Company background................................................................................................................1Mission Statement and Corporate Objectives of the Company.................................................1Macro and Task Environment for Toyota..................................................................................2SWOT analysis of Toyota..........................................................................................................5Marketing Assumptions for Toyota...........................................................................................8Conclusion..................................................................................................................................8REFERENCES.........................................................................................................................10
Introduction The below is the marketing plan of introducing Toyota Prius Hybrid car in the UK. Anappropriate marketing mix of company is being developed here by analysing its corporatemission and objectives. Moreover, for the successful launch of new product and designmarketing strategies, it is very important to evaluate macro and micro environment factorsthat would affect the respective product in the selected region. In this regards, the contenthere is including PESTLE, Porters Five Force and SWOT analysis of the organization. Basedon this, at the end marketing assumptions are given for the successful launch of Prius in UK. Company background The Toyota is a leader in manufacturing, assembling and distribution of car. A veryeffective style of management that is used by company has been the main reason behind itsexcellent performance in the market. There are several other salient features that supportedthe organization in attaining market dominance (Allen, 2002). It is because of fact thatToyota has also leadership in exportation of car. In fact, the differentiation tactic of firm hasallowed it to enjoy monopolistic presence specifically in the nation’s development. On theother side, the current market structure for the company is oligopoly, due to some other mainplayers, like GM who are strong rivals. Toyota makes all necessary attempts to analyseactivities of their competitors and ensure that it reacts in a manner that will definitelyguarantee the market leadership of company (Buss, 2014). Mission Statement and Corporate Objectives of the CompanyToyota attempts to develop a more prosperous society by automotive business. Hence,the organization is intended to attained long term growth and stability in future, which issynchronize with range of factors like local communities served, significant environment,stakeholders internal environment and global economy. The core mission of company is todeliver excellent automotive services and products to consumers and enrich the community,environment and partner (Cornelissen, 2014). The particular statement of company reflect itsstrategic objectives and relates to its strategic activities in technology, such as:Provide infrastructure and energy optimization to local societies;Provide world-class safety to safeguard customers lives;Put more priority on safety as well as promote development of its product through theultimate objective of “totally eliminating causalities of traffic”;Supply cars that inspire and even stimulate plus earn customers smiles;1
With the real mutual trust with partners, add to the new technology development andimproved expertise;Add to the local community’s economic development with the operations of R&Deffectively functioning in all region (Ellsworth, 2002). The mission statement of Toyota concentrates on commodities. It always considers thecustomers’ expectations and preferences on the basis of market trends or research. Within thestrategic activities comprised in its mission, the organization puts emphasis on productsquality with reference to criteria like customer satisfaction and safety. The followingcorporate objectives of company are directed towards its mission statement:To increase satisfaction of customers by offering money value and high quality service;To maintain company’s market share in the industry;To design an aggressive program of customer satisfaction from showroom to parts and toworkshop for fostering relationships of consumer;To serve the nation and make society’s upliftment;To make ethical approach towards fostering customers’ needs. Additionally, the business strategy of company is to produce quality cars, remaincompetitive plus increase technologies for green-energy cars. Also, the organization stressesto improve individuals lives around the globe and promotes the corporate citizenship idea.However, the main goal of company is to enhance fuel efficiency plus its vehicles designs.Moreover, the organization make more appealing cars while cutting 30 percent cost by theutilization of shared parts. It is all an effort of remaining ahead of strong competition fromorganizations that are capturing market share in terms of fuel consumption and quality cars.The business strategy of Toyota ties into its core mission that is to introduce same quality inall of its cars throughout the globe (Glukhova, 2009). Macro and Task Environment for Toyota The environment for a company includes aspects that create impact on its technique.One main section of external environment is macro environment that can effect on economicgrowth where company does not have options related to tax policy. The information of whathave influenced manufacturing in past and what will influence in future shows clearly in themacro environment analysis (GREENSPAN, 2015). The changes in the business macro2
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