Case Study Analysis of Toyota: Marketing and Management
Verified
Added on  2023/06/11
|6
|1251
|367
AI Summary
This case study analysis of Toyota focuses on the macro environment forces depicting the strengths and weakness of RAV4, product lifecycle and marketing mix of RAV4 in Australia, effectiveness of older loyal customers towards new positioning campaign for RAV4, and recommendations for improving the decision-making process of RAV4.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Running head: MARKETING AND MANAGEMENT Case study analysis of Toyota Name of the student: Name of the university: Author note:
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
1 MARKETING AND MANAGEMENT Table of contents Macro environment forces depicting the strengths and weakness of RAV4.............................2 Product lifecycle and marketing mix of RAV4 in Australia......................................................2 Effectiveness of older loyal customers towards new positioning campaign for RAV4.............3 Recommendations for improving the decision-making process of RAV4................................4 References..................................................................................................................................6
2 MARKETING AND MANAGEMENT Macro environment forces depicting the strengths and weakness of RAV4 In spite of being a leading brand, RAV4 suffered an identity crisis. The major drive behind this is losing challenger spirits. The contemporary brands exposed a neglecting attitude towards competition, providing a middle ground for RAV4. Lack of planning by the brand did not bring any change in the minds of the customers. As a matter of specification, the customers did not get scope to exercise their buying powers. Consistency in failure to attract the customers declined the market share. Along with this, the brand faced severe competitive threat from the contemporary brands like Mazda CX3 and Mitsubishi ASX. Predominance of these brands increased the annual growth rate of SUV category by 27% and market share by 9%. This growth enlisted SUV in the fifth position in the Australian segment. Style, agility and freedom adversely affected the business of RAV4 and the compactness of the SUV. The business of RAV4 was in a freefall stage. Enhanced quality of the services by the contemporary brands exploited the resources in the middle stage. This compelled the brand to think of something creative for restoring the mainstream position in the market. All these aspects reflect the absence of strategic planning within the operations of RAV4. This is a weakness, which stalls the productivity, adding vulnerability into the market position. Under such a situation, assistance with a brand like Toyota is a wise step in terms of restoring normalcy. Plans regarding the development of a communication platform are one of the other strengths, indicating the likeliness of winning back the attention of the clients and the customers.
3 MARKETING AND MANAGEMENT Product lifecycle and marketing mix of RAV4 in Australia The sequential stages, through which a product passes is known as the product life cycle. Current strategic position of RAV4 reveals that it is in the decline stage. The major drives behind these changes are the changes in the marketing conditions. Launching a campaign with style can be considered as appropriate tool for marketing mix. For this, the brand can introduce vehicles with sporty look. This would attract the teenagers and the office goers. In-built technological features would enable the brand to achieve large-scale customer satisfaction. For this, expert engineers can be hired for enhancing the appearance of the cars. Adopting social media would act as an innovative channel for enhancing the trafficking of the audience towards the brand image. Social media marketing would act as an efficient promotional tool. Uploading survey and feedback forms on the websites and social media would help the personnel to gain an insight into the customer approaches. Along with this, selling pamphlets along with the newspapers would act as a direct marketing for the brand. Advertising on radio, televisions and social networking sites would be an example of indirect marketing. However, he would add to the stock of customer base. Using premium-pricing methods would help the brand personnel to gain an insight into the customer approaches. Experimenting with the prices needs financial flexibility, for which partnership with the trade unions is necessary. Evaluation is vital in terms of assessing the appropriateness of the undertaken steps. This is in terms of aligning the undertaken plans with that of identified aim of restoring customer loyalty. Effectiveness of older loyal customers towards new positioning campaign for RAV4 Market dynamics is vast, which makes the buyers and sellers confused of the transactions. In order to achieve an understanding over the transactions, segmentation is
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
4 MARKETING AND MANAGEMENT needed. Identifying target audience is necessary for improving the focus of the business activities. Teenagers and adventure loving people can be the target audience for RAV4 campaign. The sporty look of the cars with in-built technology would grab the attention of these customers. However, according to the psychographic segmentation, the mentality of these people would change if the contemporary brands come up with some cars with better mileage and fuel efficiency. Therefore, their needs, demands and requirements are ever changing. On the other hand, if the brand focuses on the customers belonging to the old age, they would be able to gain their loyalty. This is because they are experienced and are very well acquainted with the tactics adopted by the marketers for gaining the attention of the customers like them. Apart from this, they know the ways and means for attaching value towards the efforts put in by the personnel towards designing a product. Designing a product for the customers belonging to the old age would be an innovative concept for the brand Toyota RAV4. They would be benefitted if they get the opportunity to possess a quality and branded car with all the latest features. Along with this, cars of latest design would provide them a better companionship. Their suggestions would be crucial for the brand in terms of bringing noticeable changes in the products. Recommendations for improving the decision-making process of RAV4 The marketing operations revolve around the customers, who are the main agents for achieving success. The decisions of the customers need to be valued for earning huge profits. The decision-making process for the customers consist of five stages-need recognition, information search, evaluation of the alternatives, purchase and post-purchase behaviour. These are the factors, which influences the purchases made by the customers. If the customers are aware of their needs, they would be able to make proper purchases. If the brand
5 MARKETING AND MANAGEMENT personnel are aware of the needs, demands and requirements of the customers, they would be able to achieve trust, loyalty and dependence. Uploading the survey and feedback forms on the websites and the social networking sites would help the personnel to gain information about the specific tastes and preference of the clients and the customers. On the other hand, conducting search engine optimization would enhance the awareness of the customers about the latest trends adopted by the brand. This search would also enrich the knowledge of the brand personnel and the customers about the alternatives, which would secure the market position. The sequential step is the purchase, which actually makes the brand personnel aware of the effectiveness, appropriateness and feasibility of the manufactured products. Evaluation of the customer approaches at this stage would be crucial for both the brand personnel and the customers. This is because of identifying the changes required for upgrading the standards and quality of the vehicles.