MKT10007: Toyota Land Cruiser Marketing Mix Recommendations

This presentation provides marketing mix recommendations for the Toyota Land Cruiser, focusing on effectively targeting high-income segments. It emphasizes market segmentation, particularly demographic and geographic, highlighting the value proposition of the Land Cruiser as a high-end product. The presentation suggests innovative strategies for the four Ps of marketing: product (limiting colors and models), price (adopting a premium pricing strategy), place (strategic showroom locations), and promotion (advertising in exclusive automobile magazines). The goal is to enhance the product's appeal to premium customers, reinforcing its exclusivity and desirability. The presentation concludes that these targeted strategies will enable Toyota to reach the right customers and maintain a strong market position.

MARKETING
MANAGEMENT
Toyota Land Cruiser

Market Segmentation
■ Market segmentation refers to the process of dividing the market into
various segments based upon the needs of customers (Armstrong et. al.,
2015).
■ Organizations define their target customers on the basis of customer needs
(Gordon, 2012)
■ Toyota land cruiser has divided its target market into demographic and
geographic segments.
■ The segment selected for this particular report is the high income group of
working professionals looking for top quality car.
■ This particular segment has been targeted because this high income group
has the required disposable income required to buy this car.

Value Proposition
■ Value proposition for any product highlights upon that distinguishing
attribute of the product that creates value for customers.
■ Toyota Land Cruiser is a high end product that which has been
positioned effectively to target high income segments of the society.
■ The product claims power worth 261 bhp@3400 rpm. Secondly the
car reaches the speed of 100kmph from 0 kmph in 9.2 seconds.
■ The flamboyant design of the car and the sturdy exteriors are
appealing to efficiently target this particular customer segment.

Marketing Mix Recommendations
■ The previous assignment highlighted upon the five forces of Michael
porter’s which helped in conducting an effective industry analysis.
■ Marketing mix for any brand highlights upon the 4 Ps. This includes
product, price, place and promotion (Baker, 2016).
■ The coming slides recommend innovative strategies for all these four
Ps in order to specifically target this customer segment.
■ These strategies are aimed at modifying the marketing mix in order to
communicate the value proposition to customers.

Product
■ The product offering includes an SUV (Sport utility vehicle) with sturdy
exteriors and a state of the art design.
■ In order to efficiently communicate the value proposition, the brand
must limit the colors and the models of the this product.
■ Reducing the total number of models would make sure that limited
people have the product therefore increasing its overall appeal.

Price
■ Toyota must adopt a premium pricing strategy.
■ This strategy refers to the process of pricing a product much higher
than the industry offerings in order to create a positive positioning in
the minds of customers.
■ Premium pricing will effectively target the high income segment group
of the society as they prefer products which are unaffordable to
majority of the people (Nagle & Muller, 2017).
■ The current price of Toyota Land Cruiser starts at AUD 120500.

Place
■ The product must be made available across the globe through
importing and selling through franchisees and manufacturing plants
■ The showrooms for Toyota Land Cruiser must be placed at
commercially viable locations.
■ These locations must be centralized in the city and easily accessible
to customers.

Promotion
■ Promotional strategies adopted by businesses help organizations in
reaching out to their target markets (Tuten & Ashley, 2011).
■ In order to reach the higher income groups as targeted, innovative
promotional strategies must be adopted besides the traditional
marketing tactics already done by Toyota.
■ When a customer buys such a high end product, they conduct
immense research about the product. Such customers often resort to
magazines that exclusively entail car information.
■ Therefore, Toyota must advertise about the cruiser in these leading
automobile magazines.

Conclusion
■ Target market segmentation of a product plays a significant role in
ensuring that the product introduced by an organization reaches the
right set of customers.
■ This segmentation process divides customers into different sets
depending upon consumer needs.
■ In order to effectively target high income groups and premium
customers, Toyota is recommended to reduce the number of colors
and models of the cruiser in order to make it a limited product.
■ The cruiser must adopt a premium pricing strategy, place their outlets
in posh localities and promote the cruiser through exclusive car
magazines.

References
■ Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an
introduction. Pearson Education. India.
■ Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42).
Routledge. United Kingdom.
■ Gordon, R., 2012. Re-thinking and re-tooling the social marketing
mix. Australasian Marketing Journal (AMJ), 20(2), pp.122-126.
■ Nagle, T.T. and Müller, G., 2017. The strategy and tactics of pricing: A guide
to growing more profitably. Routledge. United Kingdom.
■ Tuten, T.L. and Ashley, C., 2011. Promotional strategies for small businesses:
group buying deals. Small Business Institute Journal, 7(2), pp.15-29.