Impact of Research and Development and Promotion on Sales Volumes of Toyota

The research is aimed at identifying the impact of research and development and promotion on the sales volumes of Toyota. The study had separately analyzed the impact of both the independent variables on the dependent variable. Secondary data had been collected to conduct the study and the result had shown that research and development had more significant impact than advertisement on sales volumes. The research has concluded essential elements of both the independent variable that are crucial in improving sales volumes.

Running head: PROFESSIONAL PROJECT
Professional Project
Name of the student
Name of the university
Author note

1PROFESSIONAL PROJECT
Executive Summary
The research is aimed at identifying the impact of research and development and promotion on
the sales volumes of Toyota. The study had separately analyzed the impact of both the
independent variables on the dependent variable. Secondary data had been collected to conduct
the study and the result had shown that research and development had more significant impact
than advertisement on sales volumes. The research has concluded essential elements of both the
independent variable that are crucial in improving sales volumes.

2PROFESSIONAL PROJECT
Table of Contents
1.0 Introduction................................................................................................................................4
1.1 Background of the study........................................................................................................4
1.2 Rationale of the study............................................................................................................5
1.3 Research aim..........................................................................................................................5
1.4 Research Hypothesis..............................................................................................................5
1.4 Research objectives...............................................................................................................5
1.5 Research Questions................................................................................................................6
2.0 Literature Review......................................................................................................................7
2.1 Involvement of cost in essential aspects for product research and development (R&D)......7
2.1.1 Theory for product R&D................................................................................................7
2.1.2 Product innovation..........................................................................................................8
2.2 Cost involvement in important aspects of advertisement....................................................10
2.2.1 Digital marketing..........................................................................................................10
2.2.2 Traditional marketing...................................................................................................10
2.3 Impact of product research and development on sales of an organization..........................10
2.3.1 Transparent information...............................................................................................10
2.3.2 Higher customer satisfaction........................................................................................11
2.3.3 Impact of research and development on generation of revenue.......................................11
2.3.3 Development of more patent products..........................................................................12

3PROFESSIONAL PROJECT
2.4 Impact of advertisement on sales of a company..................................................................12
2.4.1 More knowledge on diverse effort................................................................................12
2.4.2 Ease in sharing feedbacks.............................................................................................12
2.4.3 Developing a distinctive brand.....................................................................................13
2.4.4 Impact of advertisements on generation of revenue.....................................................13
3.0 Research Methodology............................................................................................................14
3.1 Research Philosophy............................................................................................................14
3.2 Research Approach..............................................................................................................14
3.3 Research Purpose.................................................................................................................15
3.4 Data Collection Method.......................................................................................................15
3.5 Data Analysis Technique.....................................................................................................15
3.6 Sampling Technique............................................................................................................15
3.7 Research Ethics....................................................................................................................16
3.8 Research Limitation.............................................................................................................16
4.0 Findings and Analysis..............................................................................................................17
4.1 Quantitative analysis............................................................................................................17
5.0 Conclusion...............................................................................................................................23
5.1 Objective 1- To identify the factors researched by R&D department that can promote sales
of Toyota automobiles................................................................................................................23

4PROFESSIONAL PROJECT
5.2 Objective 2- To investigate the advertisement aspects that can attract customers to
purchase Toyota automobiles....................................................................................................24
5.3 Recommendations................................................................................................................24
References and Bibliography.........................................................................................................25

5PROFESSIONAL PROJECT
1.0 Introduction
1.1 Background of the study
This study will portray the impact of research and development in improving the sales
volumes of the organization named Toyota. As stated by Camisón & Villar-López, (2014),
innovation and creativity are essential for gaining competitive advantage and maintaining
sustainability of the industry. Toyota is the market leader in their segment due to their
operational efficiency, which has enabled them to increase their operational margin. It is also the
market leader in terms of sales volumes in the organization. As stated by Lee et al., (2015), most
of the global companies have changed their orientation form being product oriented to marketing
oriented. Globalization has made availability of information to different parts of the world so
effective use of promotional strategy is essential for gaining competitive advantage in the
market. Digital marketing plays an important for promotional success in today’s market and the
study will evaluate the influence of promotional strategies and innovation for improving the sales
volumes in Toyota.
1.2 Rationale of the study
The primary goal of any organization either is profit maximization, which is achieved by
either increasing the sales volumes, or decreasing the cost structure by increasing operational
efficiency. This study will focus on identifying the strategies required to improve the sales
volumes, which are effective use of innovation and promotion. Innovation is necessary for
catering to the present needs of the consumers and promotion is required for increasing brand
awareness and market penetration. This study will emphasize the impact of research and
development cost and promotional cost on the sales volumes of Toyota.

6PROFESSIONAL PROJECT
1.3 Research aim
The research is aimed at identifying the impact of research and development and
promotion on the sales volumes of Toyota. The study will separately analyze the impact of both
the independent variables on the dependent variable.
1.4 Research Hypothesis
H10- There is no impact of cost invested in R&D on the sales of Toyota cars
H11- There is a positive impact of cost invested in R&D on the sales of Toyota cars
H20: There is no impact of cost invested in advertisement on the sales of Toyota cars
H21- There is a positive impact of cost invested in advertisement on the sales of Toyota cars
1.4 Research objectives
 To identify the relationship between product R&D and sales of Toyota automobiles
 To examine the impact of advertisement on sales of Toyota automobiles
1.5 Research Questions
 Does product R&D affect the sales of Toyota automobiles?
 Is there any significant relationship between and sales of Toyota automobiles?

7PROFESSIONAL PROJECT
2.0 Literature Review
2.1 Involvement of cost in essential aspects for product research and development (R&D)
2.1.1 Theory for product R&D
Bouncken et al. (2016) stated that automotive industry utilizes the “sense– respond–
learn” approach for products innovation for motivating customers to buy their products.
Image 1: Sense– Respond–Learn Model for Product Innovation
(Source: Bouncken et al., 2016)
Casadesus‐Masanell and Zhu (2013) depicted that the organization gathers data from
marketing surveys and customer clinics and then utilize the information for developing ideas for
new technology. The analysis is related to the guide vehicle and feature of the automobile and
this study is helpful in assessing the opportunity in emerging markets (Pagell & Shevchenko,
2014). The response collected is divided into two parts- develop and execute. Christopher
(2016) stated that if the response is found to be effective, it is executed for developing products,

8PROFESSIONAL PROJECT
process and business portfolios; otherwise, the ideas are considered for future technology
options.
2.1.2 Product innovation
Slater et al. (2014) stated that an organization should continuously invest cost in
improving the product in order keep their customer motivated to remain associated with the
company. The term product innovation refers to introduction of new service or goods for
indented use of the products and characteristics (Im et al., 2013). Some companies invest cost in
developing new products; while, some invest cost in re-inventing the product.
2.1.2.1 New product development
Bohnsack et al. (2014) stated that in new product development, the process of changing
the form of the products is focused along with the changes in components, materials and
packaging of a product. The change can also be related with the transformation of technical ideas
(Gunther et al., 2015). Taken for instance, in conventional time, driverless cars especially for
SUVs like Lexus have been innovated by some companies like Google (Dethe et al., 2016). The
car has the facility of video camera for detecting traffic lights or any moving objects, lidar, a
rotating sensor to create a three dimensional (3D) map of the environment, distance sensor to
measure the distance of various obstacle and position estimator to evaluate car’s position in the
map.

9PROFESSIONAL PROJECT
Image 2: Google’s Driverless Car- Waymo
(Source: Dethe et al., 2016)
2.1.2.2 Re-invention of existing product
Kastalli and Van Looy (2013) stated that the process of converting ideas and strategies
into information in order to create a new product is refers as designing of the products. Zailani et
al. (2015) highlighted that designing or re-inventing product is the core of innovation in order to
develop a new object. Taken for instance, Yoo (2013) stated that in automobile companies, fuel
was used in traditional days and now electric cars have been invented in order to diminish the
carbon emission rate. Moreover, in order to avoid car crashes, automobile companies have also
developed vehicle-to-vehicle (V2V) communication technology that uses 'ad hoc network'
(Pinkse et al., 2014).

10PROFESSIONAL PROJECT
2.2 Cost involvement in important aspects of advertisement
2.2.1 Digital marketing
Kannan (2017) depict that digital marketing focuses on all the target market with the help
of internet. Samson et al. (2014) also stated that digital marketing provides the opportunity to
SME to make people aware of their business. This platform also offers established organizations
to share the initiative taken for attracting their existing customers towards their products.
(Armstrong et al., 2014) on the other hand argues that advertisement is used to generate or
increase the rand awareness and it cannot be used for motivating people to buy products. Charan
and Dahiya (2015) thus present a counter statement that in case of digital advertisement, there is
less space issue and some organization represents comparison of their products with competitive
organization to make people aware of the enhanced features and quality of the products.
2.2.2 Traditional marketing
In automotive industry, the main audience targets are business people and person with
high income (Boone & Kurtz, 2013). These people can also be reached through traditional
marketing like newspaper advertisement and promotion through business magazines. Thus, the
cost involved in traditional marketing also helps in promoting the brand and attract
businesspeople to know about their products.
2.3 Impact of product research and development on sales of an organization
2.3.1 Transparent information
The result of research and development is represented in the performance of the products.
The quality of the product is improved due to the research made in the function of the products.
However, Casadesus‐Masanell and Zhu (2013) stated that the adverting of the R&D initiatives
promote the sales as customer intends to buy new products or have the desire to get a new

11PROFESSIONAL PROJECT
experience. People can see the performance of the newly developed products through their
research. This is also helpful when an organization intends to expand their market in other nation
or territory (Pinkse et al., 2014). The research and development department research on the target
market, preference of the products and the quality they prefer.
2.3.2 Higher customer satisfaction
The more the people are satisfied by the product invention by the R&D department, the
more will be the sale of that particular company. This department is liable to develop products or
characterizes of the products that closely matches the customer demand. Thus, the impact of
research and development department can be seen on the customer satisfaction (Yoo, 2013).
Berends et al. (2014) on the other hand stated that higher customer satisfaction boosts the sales
of the organization.
2.3.3 Impact of research and development on generation of revenue
In the current business scenario, creativity and innovation is the key to success for the
business organizations. This is due to the reason that, offering innovative products in the market
will help them to stay ahead in the competition. This is the reason behind the initiation of the
research and investment by the business organizations. More investments in the research and
development will help them in rapidly the developing the existing products and introduce new
products. According to Hall, Lotti and Mairesse (2013), initiation of the research and
development is having positive impact on the generation of the sales revenue.
This is due to the reason that, the products will be more updated and caters to the change
in the market with the help of the effective research and development. Thus, customers will be
more attracted with the help of the updated products, which will ultimately enhance the

12PROFESSIONAL PROJECT
generation of the sales revenue. For instance, Hyundai motors have invested huge capital on their
research and development. This helped them to modify and update their current product portfolio
significantly and offering newer products ahead of their competitors. According to kale (2017),
the strategy of effective research and development of Hyundai motors helped them in becoming
the second largest carmaker in the Indian market in terms of sales.
2.3.3 Development of more patent products
Organization also formulates a research and development department in order to develop
products that are completely new. In this way, these organizations are able to patenting new
items that can attracts more customer and make them aware of their effort that they take to
improve their business and customer experience.
2.4 Impact of advertisement on sales of a company
2.4.1 More knowledge on diverse effort
A company not only invests on the research and development department butt also
allocate financial resources for supply chain, advertisement and formulating new business
networks (Kannan, 2017). Armstrong et al. (2014) stated that advertisement allow people to
know about the initiative an organization takes in every aspects to get ware of the operations
functionalities.
2.4.2 Ease in sharing feedbacks
Pagell and Shevchenko (2014) highlight that especially in case of digital advertising,
people can share their feedback both positive and negative in the posts that an organization is
sharing through different media like Facebook fanpage, YouTube channel, Twitter and
Instagram. More people can get knowledge of the products quality and the advantage that those

13PROFESSIONAL PROJECT
customers have experienced. Thus, investing cost in making the digital channel more interactive
can promote the brand through the feedback shared by users (Samson et al., 2014). The positive
feedback can boost the sales as it provides other people the reliability regarding the products.
2.4.3 Developing a distinctive brand
In recent time, every other organization promotes their brand through same platform and
it is thus difficult for a user to identify the correct brand with correct motive and quality (Berends
et al., 2014). Kannan (2017) thus stated that the content of the advertisement should be done in
such a way that it matches to the psychological thoughts and requirement of the users. This
approach is used by organization, who intends to attract customers through their content that
boosts their intention to read more about their products and know about the quality if the
products. Pagell and Shevchenko (2014) argued that though this is a indirect way to promote
their products but the genuine details about the products and the positive respond of the previous
customer can help in motivating their intention to buy that products. In this way, advertisement
can boost the sale of an organization.
2.4.4 Impact of advertisements on generation of revenue
Apart from the research and development, advertisements also play an effective role in
enhancing the revenue regeneration. According to Gopinath, Thomas and Krishnamurthi (2014),
there is direct relationship between the advertisements and revenue generation. According to the
authors, having effective and extensive advertisements will help to communicate the offerings to
the maximum number of customers. Thus, the more will be the communication of the product
offerings, the more will be the exposure in the market. This will in turn increase the sales
revenue in the market.

14PROFESSIONAL PROJECT
For instance, Baccarella, Scheiner, Trefzger and Voigt (2016) states that, Audi is one of
the prominent automotive organizations who are leveraging more on the advertisements and
increasing their sales volume. The authors also stated that, the brand exposure of Audi especially
in the developing countries is enhanced with the help of the extensive advertisements undertaken
by them. Moreover, the unique approach of the advertisements of them is helping to create the
distinctive image among the customers.
3.0 Research Methodology
Research methodology will systematically collect raw data and transform it into
meaningful data. A research can be fundamental and applied based on the nature of the research
(Taylor, Bogdan & DeVault, 2015). However, this is a conclusive study as the outcome has been
set in the objective.
3.1 Research Philosophy
There are four philosophies of research and they are positivism, intepretivism, realism
and pragmatism (Flick, 2015). Research philosophy will determine the methods used to conduct
the research. In this study, positivism has been selected as the research philosophy for the study
as consist of gathering of secondary data and deriving the defined conclusion from the given
data.
3.2 Research Approach
There are generally three types of approaches and they are abductive, inductive and
deductive (Silverman, 2016). In this study, deductive approach will be used to validate the
theories discussed. Deductive approach will enable to prove the given hypotheses. However, the
data used in the study is secondary data.

15PROFESSIONAL PROJECT
3.3 Research Purpose
The two types of research design are conclusive and exploratory research (Meyers,
Gamst & Guarino, 2016). In this study, the objective and conclusion has been predefined so
conclusive approach will be the appropriate approach of research. The premises in the study
have been defined so exploration is not required.
3.4 Data Collection Method
Primary and secondary are the two types of data collection method used in academic
research (Bryman, 2015). In this study, secondary data will used for analyzing the given theory.
Generally, secondary analysis is based on thematic analysis and case study analysis. However,
the current study will consist of collecting financial data from the annual report of Toyota so that
the relationship between cost of R&D and promotion and sales volumes can be identified.
3.5 Data Analysis Technique
Quantitative and qualitative analysis are the methods used for analyzing data (Palinkas
et al., 2015). However, in this study, the data set consist of secondary data collected from the
annual report. Quantitative analysis will be the basis of analyzing the collected data. Statistical
tools such as Ms excel will be used for identifying the degree of nature of relationship between
the independent and dependent variable. Regression analysis will be conducted to analyze the
data that has been collected.
3.6 Sampling Technique
Sampling is the process of selecting sample population from the overall population.
Probabilistic sampling and non-probabilistic sampling are the two techniques of sampling

16PROFESSIONAL PROJECT
(Sekaran & Bougie, 2016). However, in this study, non-probabilistic sampling will be used as the
sample size and the population size will be identified from the annual reports of Toyota.
3.7 Research Ethics
The data used in the study are authentic data and consist of data from the annual reports.
The data has not been manipulated to obtain a desired result (Battiste, 2016). The regression
analysis is authentic and portrays the exact relationship between both the variables.
3.8 Research Limitation
The research is based on secondary data analysis and data has been collected from
selected sources. Therefore, the data cannot be compared with the primary data and other sources
to provide a different dimension. The study consist of single design in research and restrictive to
a particular organization. The findings may not hold true for other organizations. There is a time
constraint in the study, availability of relevant article is less, and opinions of authors are
contradictory in nature.

17PROFESSIONAL PROJECT
4.0 Findings and Analysis
4.1 Quantitative analysis
Regression between Sales volumes and Spending in research and development
SUMMARY
OUTPUT
Regression Statistics
Multiple R
0.9323
70085
R Square
0.8693
13976
Adjusted R
Square
0.8547
93307
Standard
Error
13.234
96401
Observations 11
ANOVA
df SS MS F Signific

18PROFESSIONAL PROJECT
ance F
Regression 1
10486.6
2062
10486.
62062
59.867
34895
2.88699
E-05
Residual 9
1576.47
8451
175.16
42724
Total 10
12063.0
9907
Coeffici
ents
Standar
d Error t Stat
P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept
-
29.446
32772
31.8695
8268
-
0.9239
63392
0.3796
11232
-
101.540
3323
42.647
67688
-
101.54
03323
42.647
67688
X Variable 1
29.947
20438
3.87044
832
7.7373
99366
2.8869
9E-05
21.1916
4201
38.702
76676
21.191
64201
38.702
76676

19PROFESSIONAL PROJECT
160 180 200 220 240 260 280
0
2
4
6
8
10
12
f(x) = 0.0290282179658133 x + 1.92238475283473
R² = 0.869313976260098
Research and development
Sales volumes
Analysis
Regression analysis is conducted to identify the degree and nature of relationship
between the independent and the dependent variable. In this first regression analysis, research
and development spending is the dependent variable and sales volume is the independent
variable. Multiple R defines the correlation between the independent and the dependent variable.
In this analysis, the value of multiple R is 0.932370085, which is almost close to 1. This means
that strong positive correlation between the dependent and the independent variable. Therefore,
with the increase in spending in research and development, the sales volume is expected to rise.
The coefficient of determination is represented by R2 , which will identify the explaining
capability of the independent variable on the dependent variable. The value of R² is 0.8693,
which is greater than 0.8 that means that goodness of fit of the regression line is high. Moreover,
the R² value shows that 86.93 % of the dependent variable can be explained by the independent

20PROFESSIONAL PROJECT
variable. There is a random variability of 13.07%, which is quite common in practical research
data.
The F-value in the study is 2.88699E-05, which can be considered as .000. The F-value
is less than 0.05 so the null hypothesis has be rejected and the alternative hypothesis has been
accepted. Therefore, it can be deduced that increase in cost of research and development will
increase the sales volume of Toyota. The regression line equation for the first regression analysis
is y = 0.029x + 1.9224, where if the value of x is put as 1 unit, then the value of y is 2.0214.
Thus, with 1 unit increase in the value of x there is 2.0214 increase of y which signifies that
increase spending in research and development will double the sales volumes of Toyota.
Regression between Sales volumes and Spending in advertisement
SUMMARY
OUTPUT
Regression Statistics
Multiple R
0.4872
37823
R Square
0.2374
00696
Adjusted R
Square
0.1526
6744

21PROFESSIONAL PROJECT
Standard
Error
31.971
01284
Observations 11
ANOVA
df SS MS F
Signific
ance F
Regression 1
2863.78
8113
2863.7
88113
2.8017
41689
0.12848
763
Residual 9
9199.31
0957
1022.1
45662
Total 10
12063.0
9907
Coeffic
ients
Standar
d Error t Stat
P-
value
Lower
95%
Upper
95%
Lower
95.0%
Upper
95.0%
Intercept
153.42
55069
38.1443
7999
4.0222
3098
0.0030
0794
67.1369
2467
239.71
40891
67.136
92467
239.71
40891
X Variable 1 12.017
00743
7.17930
3011
1.6738
40401
0.1284
8763
-
4.22370
28.257
71913
-
4.2237
28.257
71913

22PROFESSIONAL PROJECT
4265 04265
160 180 200 220 240 260 280
0
1
2
3
4
5
6
7
8
f(x) = 0.0197553922748877 x + 0.889271572753454
R² = 0.237400695809151
Advertisement cost
Sales volume
Analysis
In this second regression analysis, advertisement spending is the dependent variable and
sales volume is the independent variable. Multiple R defines the correlation between the
independent and the dependent variable. In this analysis, the value of multiple R is 0.487237823,
which is less than 1. This means that there is less positive correlation between the dependent and
the independent variable. Therefore, with the increase in spending in advertisement, the sales
volume is not expected to rise by much.
The value of R² is 0.2374, which is less than 0.8 that means that goodness of fit of the
regression line is low. Moreover, the R² value shows that 23.74 % of the dependent variable can

23PROFESSIONAL PROJECT
be explained by the independent variable. There is a random variability of 76.26%, which means
there is less significant relationship between both the variables.
The F-value in the study is 0.12848763, which is greater than 0.05 so the null hypothesis
has not been rejected. Therefore, it can be said there is no significant impact of advertisement
spending on sales volumes. The regression line shows that there is minimum correlation
between advertisement cost and sales volume as most of the plotted points fall outside the
regression line.
5.0 Conclusion
The objectives formulated in the introduction will be linked with the findings and
analysis to develop relevant findings.
5.1 Objective 1- To identify the factors researched by R&D department that can promote sales
of Toyota automobiles
The findings of the study show that there is positive correlation between cost in research
and development and sales volumes. The F-value in the study is 2.88699E-05, which can be
considered as .000 so the alternative hypothesis has been accepted. The regression analysis also
highlights that increase in spending in research and developments will double the sales volumes.
Therefore, effective research and development strategies will have to be implemented for
improving the sales volumes. Product innovation, supply chain innovation and business model
innovation are the three factors in improving the overall sales volumes of Toyota. Product
innovation will continuously develop new products according to the developing needs of the
target consumers. Innovation in supply chain is important for manufacturing companies so that
they can reduce their cost of production. The decrease in cost structure will increase the profit

24PROFESSIONAL PROJECT
margin of the organization. The use of innovation in business model is also crucial as it consists
of all the processes of the organization. Vertical integration will ensure that there is continuous
improvement in all the organizational processes so that operational efficiency can be increased.
5.2 Objective 2- To investigate the advertisement aspects that can attract customers to
purchase Toyota automobiles
The findings of the second regression show that there is no significant impact of
advertisement cost on sales volumes. The F value is greater than which means that the null
hypothesis has been accepted. However, the digital marketing and traditional form of marketing
are two crucial components of promotion. Online advertisements and tradition form of
advertisements such as television is an effective medium for penetrating into the target market.
However, advertisements only increase the awareness of the consumers about the products and
the organization but there is no guaranteed positive influence of advertisement cost on sales
volumes of Toyota.
5.3 Recommendations
Therefore, it is recommended that Toyota should focus more on research and
development. There is strong positive relationship between product research and sales revenues
so Toyota should increase their expenditure on research and development. Similarly, in case of
advertisement, Toyota should use digital marketing to improve their market penetration but there
is no significant impact on sales volumes. However, promotional strategies will increase the
brand awareness among the consumers.

25PROFESSIONAL PROJECT
References and Bibliography
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. Pearson
Australia.
Baccarella, C. V., Scheiner, C. W., Trefzger, T. F., & Voigt, K. I. (2016). Communicating high-
tech products-a comparison between print advertisements of automotive premium and
standard brands. International Journal of Technology Marketing, 11(1), 24-38.
Battiste, M. (2016). Research Ethics for Chapter Protecting Indigenous Knowledge and
Heritage. Ethical futures in qualitative research: Decolonizing the politics of
knowledge, 111.
Berends, H., Jelinek, M., Reymen, I., & Stultiëns, R. (2014). Product innovation processes in
small firms: Combining entrepreneurial effectuation and managerial causation. Journal of
Product Innovation Management, 31(3), 616-635.
Bohnsack, R., Pinkse, J., & Kolk, A. (2014). Business models for sustainable technologies:
Exploring business model evolution in the case of electric vehicles. Research
Policy, 43(2), 284-300.
Boone, L. E., & Kurtz, D. L. (2013). Contemporary marketing. Cengage learning.
Bouncken, R. B., Plüschke, B. D., Pesch, R., & Kraus, S. (2016). Entrepreneurial orientation in
vertical alliances: joint product innovation and learning from allies. Review of
Managerial Science, 10(2), 381-409.
Bryman, A. (2015). Social research methods. Oxford university press.

26PROFESSIONAL PROJECT
Camisón, C., & Villar-López, A. (2014). Organizational innovation as an enabler of
technological innovation capabilities and firm performance. Journal of business
research, 67(1), 2891-2902.
Casadesus‐Masanell, R., & Zhu, F. (2013). Business model innovation and competitive
imitation: The case of sponsor‐based business models. Strategic management
journal, 34(4), 464-482.
Charan, A., & Dahiya, R. (2015). Digital marketing and consumer behaviour: An empirical study
in Indian car market with special reference to Delhi and NCR. Anveshak, 4(2), 60-83.
Christopher, M. (2016). Logistics & supply chain management. Pearson UK.
Dethe, S. N., Shevatkar, V. S., & Bijwe, R. P. (2016). Google Driverless Car.
Flick, U. (2015). Introducing research methodology: A beginner's guide to doing a research
project. Sage.
Gopinath, S., Thomas, J. S., & Krishnamurthi, L. (2014). Investigating the relationship between
the content of online word of mouth, advertising, and brand performance. Marketing
Science, 33(2), 241-258.
Günther, H. O., Kannegiesser, M., & Autenrieb, N. (2015). The role of electric vehicles for
supply chain sustainability in the automotive industry. Journal of Cleaner
Production, 90, 220-233.
Hall, B. H., Lotti, F., & Mairesse, J. (2013). Evidence on the impact of R&D and ICT
investments on innovation and productivity in Italian firms. Economics of Innovation and
New Technology, 22(3), 300-328.

27PROFESSIONAL PROJECT
Im, S., Montoya, M. M., & Workman, J. P. (2013). Antecedents and consequences of creativity
in product innovation teams. Journal of Product Innovation Management, 30(1), 170-
185.
Kale, D. (2017). Sources of innovation and technology capability development in the Indian
automobile industry. Institutions and Economies, 121-150.
Kannan, P. K. (2017). Digital marketing: A framework, review and research
agenda. International Journal of Research in Marketing, 34(1), 22-45.
Kastalli, I. V., & Van Looy, B. (2013). Servitization: Disentangling the impact of service
business model innovation on manufacturing firm performance. Journal of Operations
Management, 31(4), 169-180.
Lee, Y. K., Kim, S. H., Seo, M. K., & Hight, S. K. (2015). Market orientation and business
performance: Evidence from franchising industry. International Journal of Hospitality
Management, 44, 28-37.
Meyers, L. S., Gamst, G., & Guarino, A. J. (2016). Applied multivariate research: Design and
interpretation. Sage publications.
Pagell, M., & Shevchenko, A. (2014). Why research in sustainable supply chain management
should have no future. Journal of supply chain management, 50(1), 44-55.
Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N., & Hoagwood, K. (2015).
Purposeful sampling for qualitative data collection and analysis in mixed method
implementation research. Administration and Policy in Mental Health and Mental Health
Services Research, 42(5), 533-544.

28PROFESSIONAL PROJECT
Pinkse, J., Bohnsack, R., & Kolk, A. (2014). The Role of Public and Private Protection in
Disruptive Innovation: The Automotive Industry and the Emergence of Low‐Emission
Vehicles. Journal of Product Innovation Management, 31(1), 43-60.
Samson, R., Mehta, M., & Chandani, A. (2014). Impact of online digital communication on
customer buying decision. Procedia Economics and Finance, 11, 872-880.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach.
John Wiley & Sons.
Silverman, D. (Ed.). (2016). Qualitative research. Sage.
Slater, S. F., Mohr, J. J., & Sengupta, S. (2014). Radical product innovation capability: Literature
review, synthesis, and illustrative research propositions. Journal of Product Innovation
Management, 31(3), 552-566.
Statista. (2018). Total net revenue - Toyota 2017 | Statistic. Statista. Retrieved 7 February 2018,
from https://www.statista.com/statistics/262752/total-net-revenues-of-toyota/
Taylor, S. J., Bogdan, R., & DeVault, M. (2015). Introduction to qualitative research methods: A
guidebook and resource. John Wiley & Sons.
Yoo, Y. (2013). The tables have turned: How can the information systems field contribute to
technology and innovation management research?. Journal of the Association for
Information Systems, 14(5), 227.
Zailani, S., Govindan, K., Iranmanesh, M., Shaharudin, M. R., & Chong, Y. S. (2015). Green
innovation adoption in automotive supply chain: the Malaysian case. Journal of Cleaner
Production, 108, 1115-1122.