Marketing Strategy - Toyota Assignment

Added on - 28 Dec 2019

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MARKETING PRINCIPLES
Table of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................31.1 Various elements of marketing process................................................................................31.2 Benefits and costs of marketing orientation..........................................................................4Task 2...............................................................................................................................................52.1 Macro and Micro environmental factors that influence marketing decisions.......................52.2 Segmentation criteria............................................................................................................62.3 targeting strategy...................................................................................................................72.4 Buying behaviour affect marketing activities.......................................................................72.5 New positioning...................................................................................................................8TASK 3............................................................................................................................................83.1Product Development.............................................................................................................83.2Price strategy..........................................................................................................................93.3Promotional strategy..............................................................................................................93.4Distribution strategy.............................................................................................................103.5Extend marketing mix..........................................................................................................10TASK 4..........................................................................................................................................11ATTACHED IN PPT................................................................................................................11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................13
IntroductionMarketing is one of the most important tool of modern business world. It is the waythrough which companies are increasing their sales volume. Organizations are usingadvertisement, promotional camps in order to attract consumers towards the brand. Car sellersare using sophisticated marketing tools and techniques in order to make them loyal towards thebrands(Pike, 2015). Present report is based on Toyota which is the leading brand of automotiveindustry. Assignment will discuss the various elements of marketing process. It will evaluate thebenefits and cost of marketing orientation with reference to Toyota. Macro and microenvironmental factors will be illustrated in this study. Furthermore, report will demonstratebuying behaviour and its impact on marketing strategies. Report will explain the marketing mixof large bank. In addition, it will describe difference between international marketing anddomestic marketing with reference to Vodafone(Stephen Neville, 2014).Task 11.1 Various elements of marketing processMarketing process is the systematic tool that assist in identifying marketing opportunities,helps in selecting appropriate target market, development of marketing mix in order toachieve the goal of entity. With the help of proper mar keting process firms can mnage theirmarketing efforts significantly.Marketing is one of the essential function of business units,without market the products companies can not accomplish their objectives. As per themodern marketing concept, firms have to offer products and services as per consumers needsand requirement. If entity is not able to meet with demand then it would not be able tosustain in the market for longer duration(Andrée and Hansson, 2013). Toyota isconcentrating on customers and offers them attractive cars. Cited firm is using marketingelements that are described as below:Market and environment analyses: It is the first phase in which organizations have toresearch the situation. Toyota first do market research and collect relevantinformation about internal and external situation. For analysing the environmentalcondition cited firm uses PESTLE, SWOT, Porter’s five etc. models.Target market identification: Toyota is working in the automotive industry, there ishigh completion(Baines, Fill and Page, 2013). For achieving goal of the entity it isnecessary to identify correct target market. Being a car manufacturer and seller cited
firm target all age group people and income level persons. It offers sports cars toyoung customers and for old people it has vintage cars. London population is thebiggest target market of Toyota (Alizadeh and Serdaroglu, 2016).Setting of marketing objective: For running business in effective manner it isnecessary to set objectives so that directions of activities can be decided. By settinggoals cited firm will be able to make strategy that will support In gaining high profitand organization will be able to sustain in the market for longer duration.Marketing mix:Toyota focuses on its consumers and offers them products as pertheir needs. Its products satisfy needs of customers. It sets prices as per their budgetand competitors pricing. Promotional plan of the company is much more dependedupon demand of the products(Hollensen, 2015).Marketing mix involves 7'Psmarketing, these are such as product, price, promotion, place, people, physicalevidence, process. By looking upon these factors company can design its marketingmix and can gain success in the market.Reflection, control and feedback: It is another element of marketing process in whichmanagement of cited firm make effective control over its staff members andsupervises their work closely. They take time to time feedback from the employeesso that necessary modifications can be made on time. That can help in improvingefficiency level. Apart from this it supports in satisfying the employees and they willserve better to clients as well(Parente and Strausbaugh-Hutchinson, 2014).Formulation of strategies: Feedbacks of workers assist in formulating strategies sothat Toyota can accomplish its objective soon.1.2 Benefits and costs of marketing orientationMarketing concept is the business philosophy that helps in identifying needs of customersand guide the management in such manner so that they can make sound business decisionand can satisfy people well. There are several types of concepts related to marketing such asproduction, product, selling, marketing and societal marketing concept.Production concept define that consumers prefer to buy the product which is availableand affordable by them. In this, companies focus on enhancing efficiency of production andimproving distribution so that goods and services can be available for all. Product conceptexplains that people like to buy quality products with innovative features. So firms have to
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