Principles of Communications Marketing: Toyota's New Product Launch

This report provides a market analysis and recommended marketing mix for Toyota's new luxury car launch, emphasizing safety features for young consumers. It covers key market trends, competitor positioning, customer attitudes, and opportunities within the luxury car market. The report suggests psychographic and demographic segmentation, targeting aristocratic and adventure-seeking young individuals. The marketing mix recommendations include a unique product design with enhanced safety, digital marketing strategies, initial launch in the UK market, and premium pricing with introductory offers. The individual reflection highlights the skills gained in group presentations, PowerPoint design, and understanding the factors involved in launching a new product, including market analysis and the marketing mix. The report concludes by referencing sources used in the analysis.

PRINCIPLES OF MARKETING &
COMMUNICATIONS IN A DIGITAL
WORLD
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Table of Contents
Market Analysis and Marketing Mix.........................................................................................3
1. Product/Service Description..................................................................................................3
2. Market Analysis.....................................................................................................................3
3. Segmentation, Targeting and Positioning..............................................................................4
4. Recommended Marketing Mix..............................................................................................4
Individual Reflection..................................................................................................................5
Reference list..............................................................................................................................6
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Market Analysis and Marketing Mix
1. Product/Service Description
Toyota would developed a new luxury car that would include some additional safety feature
chiefly aiming at the adventure thrust young people who also vie for a luxury ridding and
driving experience. It is observed that road safety has become a major concern. Therefore,
this product would satisfy the need of safe and secure driving along with the provision of
comfort and luxury. This new car would be equipped with highly developed technologies like
developed Electronic Stability Control, Active Braking Systems, Intelligent Speed Assist,
Airbags with Head Protection, Brake Assist System and others that ensures high safety.
Along with the safety equipments, it would also be designed in a lucrative and exceptional
manner.
2. Market Analysis
Key market trends
 The sale of luxury cars have an increasing growth graph
 However, the last financial year has witnessed a bit backlog in the growth of this
industry.
 New cars sells have lowered by 5.4 % in the UK market
However, last year has seen a little drop in the car sale in UK market, the global scenario for
luxury carmakers and fair. UK, with 4,600 units sold has taken the second position in car sale
in the last year (CAR Magazine, 2018).
Key competitors and how are they positioned
 The company is faced with a hard challenge from other luxury car makers.
 In the year 2016, Bentley griped the market with a high market share of 37 percent
 Ferrari grasped the second positing with a market share as high as 24 percent
 Other car giants that can be considered as potential competitors of Toyota are Rolls-
Royce and Aston Martin
Current customer attitudes
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The luxury car market is seeing a fast change in the consumer behaviour. The new age
consumers are becoming more and more concern regarding the appearance and sensational
experience while also considering the safety features of the cars. The plenty of opportunity
have also made the market hardly competitive as customers are frequently shifting from one
carmaker to another.
Main opportunities
The luxury car market provides several opportunities to the carmakers. It is one for the fastest
growing market. The increasing inclination towards luxury cars has made this market quite
lucrative and prolific in nature.
3. Segmentation, Targeting and Positioning
Segmentation:
In order to launch this new product, Toyota would initiate psychographic segmentation, and
demographic segmentation.
Targeting
Based on the psychographic segmentation, the company would target such people who
belong to the aristocratic social neck ground and follow a higher lifestyle. Based on the
demographic market segment, the company should target the young people who are
enthusiastic and adventure trusty.
4. Recommended Marketing Mix
In order to make the launch of this new car a successful decision, the company needs to
consider managing and amending the elements of its marketing mix in a proper manner. The
recommended marketing mix for the launch of this new car of Toyota is as follows.
Product- The product would be designed in a unique manner and would include some
additional features for making it a better option than its competitors make. The product would
chiefly highlight on including some additional safety features and the inner structure of the
car would be technologically improved.
Promotion- Promotional strategies are of extreme importance for achieving success from the
products. The digital marketing strategies are found to be the most effective strategies for this
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purpose. Social media platforms have to be used to its best extent to promote the news of the
launch of this new car. Along with that, the company should also initiate events, casting some
reputed celebrities.
Place- The Company first would launch this product in the market of UK.
Price- This car would be first of its kind. Therefore, effective strategies are needed for
penetrating properly into the targeted market. The company would use premium price as this
products is mainly aimed at the targeted segment of aristocrats. However, some introductory
offer would be introduced to lure the attention of the customers and to grasp the market in its
very beginning stage.
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Individual Reflection
The project has provided me the opportunity to increase my skills and knowledge in multiple
ways. I have learnt how a group presentation can be initiated. I also have gathered knowledge
regarding making a power point presentation and how it can be made attractive and better. I
have learnt that a presentation would have to be effective and graphically attractive enough so
that the monotony of a lengthy lecture or discussion can be shunned. The inclusion of
pictures and graphical representation of data is one of the major parts of making a power
point presentation more effective.
Along with the group representation, the subject matter has also provided me the opportunity
to enhance my knowledge. It is about the launch of a new product. From this product, I have
come to know the basic factors that have to be analysed before launching a product. I have
come to know about the basic pillars of marketing mix and gathered knowledge regarding
market segmentation, targeting, positioning and other factors that are associated with the
launch of a new product. Before launching a new product, the market scenario also has to be
assessed properly. A product cannot make profit if the market is facing a challenging scenario
(Armstrong et al., 2015).
The project has enhanced my knowledge as I have come to know a little more about the
products and services of the company Toyota. From the project, I also have come to know
about the market scenario of the car market and the preferences of the consumers.
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Reference list
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
CAR Magazine. (2018). 2017 new car registrations: Vauxhall, diesel and the climate the big
losers. [online] Available at: https://www.carmagazine.co.uk/car-news/industry-news/uk-
2017-car-sales-analysis-winners-and-losers/ [Accessed 6 Mar. 2018].
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