Marketing Essentials: A Comprehensive Analysis of Toyota's Strategies

This report provides a comprehensive analysis of Toyota's marketing strategies. It begins with an introduction to Toyota's business profile and the concept of marketing, including key components and the development of marketing concepts like production, product, selling, and customer concepts. The report explores the marketing process, including a SWOT analysis of Toyota, and details the development of marketing strategies, including the marketing mix, action plans, and control measures. It also compares Toyota with Benz, examining their marketing mixes and growth strategies. The report culminates in a detailed marketing plan for Toyota, including an executive summary, marketing goals, situation analysis, competitor analysis, target market segments, and strategic action plans, along with budget considerations and a conclusion. The societal marketing concept is also discussed, considering factors like customer value, globalization, and digital channels. The report emphasizes the importance of marketing functions and their interaction with other functional units within the organization.

Running head: Marketing essentials
Marketing essentials

Marketing essentials
Table of Contents
1. Introduction.............................................................................................................................................3
1.1 Business profile..................................................................................................................................3
1.2 Concept of marketing........................................................................................................................3
1.3 Key components of marketing concept in three major sectors.........................................................4
1.4 Development of the marketing concept............................................................................................5
1.5 Factors of societal marketing concept in current and future trends.................................................6
2. Marketing process...................................................................................................................................7
1.6 SWOT analysis of Toyota..................................................................................................................7
1.7 Developing marketing strategy..........................................................................................................8
1.8 Deciding marketing mix.....................................................................................................................8
1.9 Action and control.............................................................................................................................8
3. Key elements of marketing functions......................................................................................................9
3.1 Key roles and responsibilities of the marketing function in practices................................................9
3.2 Significance of marketing’s interaction with other functional units................................................10
3.3 Value and importance of marketing role in the context..................................................................10
4 Toyota vs. Benz.......................................................................................................................................11
4.1 Marketing mix comparison between two organizations..................................................................11
4.2 Marketing growth strategy and objectives of Toyota......................................................................13
5. Marketing plan for Toyota.....................................................................................................................14
Executive summary................................................................................................................................14
Statement of marketing goals and objectives.......................................................................................14
Situation analysis...................................................................................................................................14
Competitors of the company.................................................................................................................15
Marketing objectives of the plan...........................................................................................................15
Target market segments........................................................................................................................16
Effective and dynamic strategies of Toyota...........................................................................................17
Action plan.............................................................................................................................................17
Monitoring and control.........................................................................................................................18
Budget...................................................................................................................................................18
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Conclusion.................................................................................................................................................18
References.................................................................................................................................................20
1. Introduction
The report focuses on the marketing plan which is made by Toyota to maximize the profit
and revenue. It explains the significance and key roles of marketing to attract the customers in
the global market. It tells that how the company is using SWOT analysis and marketing mix
strategies to beat the competitors in the international market. SWOT analysis and marketing mix
is an effective tool to analyze and evaluate the strengths and weaknesses of the competitors in the
world. Along with this, a marketing plan is developed and implemented by the company to
maximize the profit and revenue.
1.1 Business profile
Toyota is a Japan automobile manufacturer corporation which was established on 28th
August 1937. The company is dealing with various automobile products such as luxury vehicles,
commercial vehicles, and engines. The products of the firm are famous for their quality,
engineering, reliability, and value. The organization has obtained a large market share in both
Europe as well as America. Toyota is one of the biggest companies in Japan and second place in
the world. In today’s era, the firm is increasing and enhancing its revenue and profit by providing
automobile vehicles to the customers in the global world. In addition, the company has
established production system to improve the performance and efficiency of the organization as
well as employees. The firm produces more than 10 million vehicles per year. Toyota produces
and launches its vehicles under five brands such as Hino, Toyota brand, Daihatsu, Ranz and
Lexus (Toyota global, 2017).
1.2 Concept of marketing
The marketing concept is the philosophy that the company must analyze and evaluate the
needs and requirements of their customers in order to beat the competitors in the world (Saren et
al, 2012). There are five concepts of marketing which have been discussed below.
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Production concept: It is an important concept which provides various benefits to the
customers. This concept is used by the company in order to reduce the cost of production and it
also helps to maintain effective and dynamic distribution system.
Product concept: This concept is used by Toyota to differentiate its products from competitor’s
products. It also helps to maintain a good quality of products in the global market. Toyota
provides innovative products in various features. It also provides short-term advantages as well
as long-term advantages to the company.
Marketing concept: The marketing concept focuses on the needs, wants and desires of the
target markets in order to deliver the good quality of products in the international market. In this
way, it is an important concept to increase the revenue and sale of the company.
Societal marketing concept: This concept helps to beat the competitors in the market. The
societal marketing concept provides satisfaction to the customers and it also protects the rights of
the customers in the global market.
(Source: Bhasin, 2017)
1.3 Key components of marketing concept in three major sectors
The main aim of the marketing concept is to create a product and service to satisfy the
needs, wants and requirements of the target market (Malhotra, Birks and Wills, 2013). The
marketing concept monitors on the goals and objectives of the firm and it also helps to stand out
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against the competitors in the global market. The three components of marketing concept have
been discussed below.
Company goals: The company goal is one of the significant and primary components of the
marketing concept. The goals and objectives help to provide right direction to Toyota. It also
helps to increases the sales and profit of the firm. If the company makes a marketing plan then it
needs to focus on the goals and objectives of Toyota. The goals and objectives should be
effective, attainable and realistic. Each and every company decides its long-term as well as short-
term goals and objectives in order to meet the mission and vision of the firm.
Customer needs and wants: Without customers, Toyota cannot expand and flourish its trading
activities and operations globally. It is the essential component of marketing concept which helps
to evaluate and measure the needs and wants of the customers in the international market. Toyota
finds out the expectations, needs, and requirements of the customers by conducting marketing
research and survey.
Deliver product and service: It is the third important concept which is used by the each and
every organization to increase and enhance the level of satisfaction of the customers in the world.
Toyota must deliver right and attractive vehicles to the customers in order to increase the
demand for the automobile products.
1.4 Development of the marketing concept
The marketing concepts monitor on finding the right products for the customers globally
instead of finding right customers for the products. It is based on the four pillars such as
incorporated market, target market, profitability and customer requirements etc. It is the well-
defined concept which monitors the requirements and wants of the consumers (Baker and Saren,
2016). The marketing concept focuses on the objectives and goals of the firm. Toyota uses
various strategies to develop and build effective marketing concept in the market. The strategies
and concepts have been discussed below.
Production concept: According to this concept, consumers prefer to purchase those products
which are inexpensive and widely available. The executive of the production department also
focuses on the cost, production efficiency, and mass distribution channels to develop and build
this concept effectively (Getz, 2012).
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Product concept: Under this concept, consumers prefer those products which provide better
quality, and innovative features. In this concept, people are aware of the quality and feature of
the products and services in the global market.
Selling concept: Under this concept, Toyota focuses on the promotional and advertisement
strategies to develop and build a good image in the market. The promotional tools also help to
develop and enhance the selling concept globally.
Customer concept: This concept focuses on the individual customers in order to provide
satisfaction to them. Under this concept, Toyota renders various products and services to the
customers and the firm also establishes direct channels to communicate with customers in an
effective way.
1.5 Factors of societal marketing concept in current and future trends
The social marketing concept plays an integral role in order to attract more customers in the
international market. The factors of societal marketing concept have been discussed below.
 Creating and delivering customers value: The main aim of the social marketing
concept is to offer high quality of products and services to the customers. The customers
judge and evaluate the value and features of the products while purchasing the products
and services in the market. Toyota focuses on the values and standards of the customers
to expand its business globally. Along with this, the firm monitors on the brand image
and goodwill in the international market.
 Globalization: It is the important factor of the societal marketing concept. Globalization
is the process of increasing interaction of people through growth and success of the
international flow of money, culture, and ideas. It is the economic and integration process
which has cultural and social aspects. This factor affects the growth and success of
Toyota. Therefore, the company needs to reduce the negative impact of the globalization
in the global market.
 Digital channels: Under the societal concept, Toyota uses various social media channels
such as websites, facebook, and twitter to attract and retain more customers globally. It is
the effective and significant factor of the societal marketing concept.
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2. Marketing process
The marketing process is a process of analyzing and identifying the opportunities in the
global market It also includes the development of marketing mix, selection of the target market
and marketing management.
1.6 SWOT analysis of Toyota
SWOT analysis is done by Toyota to evaluate and analyze the strengths and weaknesses of the
competitors in the global market (Khalil, 2016). The SWOT analysis has been discussed below.
Strengths Weaknesses
 The company provides a high quality of
products to the customers.
 It is well known and reputed car
Manufacturer Company in the world.
 The firm maintains an R&D and
engineering team to explore and expand
its business globally.
 Excellent and unique strategies are used
by Toyota to attract more customers in
the global market.
 High brand switching costs due to
various options are available in the
market for customers.
 Immense competition exists in the
international market.
 Weak presence in China and poor brand
portfolio.
Opportunities Threats
 The firm is expanding automobile
market and it is launching new
automobile products in the world.
 Toyota monitors on the hybrid segment
to become a global player in the
market.
 The company is distributing its
products worldwide to maximize
 Competition is increasing in the
automotive industry.
 Natural disasters affect the success and
growth of Toyota negatively.
 Yen exchange rate is increasing in
Japan.
 New emissions standards are
introducing across the world without
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market penetration. any standardization. Therefore, it will
influence the trading activities and
operations of the firm.
1.7 Developing marketing strategy
Toyota uses effective marketing strategies to gain long-term goals and objectives of the
firm. Marketing mix and penetration strategies are used by the company to beat the competitors
in the global market (Liker and Franz, 2011). These strategies also help to attract more customers
in the global market. Apart from this, the firm uses business-level strategies, and corporate level
strategies to maximize the revenue and profit in the market. In addition, pestle analysis and
SWOT analysis are done by Toyota to evaluate and identify the plans, policies, and strategies of
the competitors in the world. Apart from this, segmentation, targeting and positioning strategies
are used by the organization to hit the competitors in the market (Armstrong, Adam, Denize and
Kotler, 2014). The company also uses future expansion strategies such as joint venture and
licensing strategies to increase the sale of the automobile products in the international market.
1.8 Deciding marketing mix
Toyota uses an integrated and effective marketing mix to attain long-term mission and
vision of the firm. The marketing mix includes product, price, place, promotion, people, process
and physical evidence which help to take effective and dynamic decisions in the marketplace.
The firm needs to focus on the target market while conducting marketing mix in the international
market. It needs to make goals and budget in order to increase the revenue and profit. The right
and appropriate marketing mix is mandatory for the success and growth of the firm. Ford,
Honda, and Hyundai are the main competitors of Toyota (Huang and Sarigöllü, 2014). The
company uses marketing mix strategies to differentiate its products from competitors and to
increase the number of customers in the global market. The firm also focuses on the risks and
challenges of the market while conducting marketing mix in the organization. It will also help to
make a strong position in the global market (Goi, 2009).
1.9 Action and control
After deciding marketing mix, Toyota needs to execute the strategies to meet the long-
term goals. The company focuses on the marketing to implement the marketing mix in the
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organisation. It also helps to fulfill the needs, requirements, and expectations of the customers in
the international market. The company monitors and controls the risks and challenges of the
global market to execute the marketing plan in the organization. It also helps to improve and
enhance the performance and efficiency of the organization as well as employees. Toyota
provides satisfaction to the customers by implementing marketing mix strategies within the
organization. Apart from this, the company controls and reduces the barriers and obstacles to
gain long-term profit and revenue in the international market. Now it is assumed that marketing
mix strategies play an integral role in order to increase the number of customers in the world.
3. Key elements of marketing functions
3.1 Key roles and responsibilities of the marketing function in practices
The marketing department plays an integral role in promoting and enhancing the business
activities and operations of the company. They coordinate with other department to run the
business successfully. The success and growth of the firm depend on the marketing department.
The key roles and responsibilities of the marketing functions have been discussed below.
 Marketers conduct several types of campaigns and programs to increase and enhance the
sale of Toyota.
 Marketing research is done by the marketers to evaluate and identify the needs,
requirements, and expectations of consumers in the global market. It also helps to gain
various opportunities in the world. They take feedback from customers by using
marketing research in the organization (Wirtz, Tuzovic and G. Kuppelwieser, 2014).
 They provide information about the competitor’s products and services. Further,
marketers know plans, policies, and strategies of competitors. In this way, Toyota can
take various benefits in the international market.
 Marketers maintain a strong and effective communication between organization and
customers. In addition, they introduce new products and services in the market.
Marketers are responsible to provide right information of the products and services to the
consumers in the international market. Along with this, the basic standards and policies in
the market to attract more customers in the world.
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 Advertisement and promotional strategies are used by the marketers to increase and
enhance the sale of automobile products in the international market. Now it is assumed
that marketers provide several benefits to the customers as well as the organization.
3.2 Significance of marketing’s interaction with other functional units
Marketing department plays a vital role to increase growth and success of the other
departments. The other departments depend on the marketing department. The marketing
department needs to work with other department to develop and build an effective marketing
plan and to maintain a good relationship with customers in the global market (Grönroos, 2009).
The other functional units have been discussed below.
Finance/management: Marketing department plays an integral role in finance and management
units to manage and operate the activities successfully. The marketers also provide financial
information of the existing as well as new products. In addition, marketing also provides
guidelines to management to take the investment decisions in the organization. The sales
forecasting is done by the marketing department (Hollensen, 2015).
Operational/ production department: The marketing can assist and direct these departments to
predict the number and type of products and services to be provided by Toyota. The marketing
strategies try to motivate and encourage the activities of the operational and production
department. In this way, it plays a significant role in the production as well as an operational
department (Murdy and Pike, 2012).
Research & development department: Marketing directs and assists R&D by implementing
various effective and dynamic strategies in the organization. The marketing researchers provide
inputs to understand and evaluate the products and services within the organization.
Human resource department: The marketing managers work with the HRM to improve and
enhance the skills and knowledge of the workers in the firm. It helps to ensure effective
productivity and efficiency of the organization as well as employees (Tooksoon, 2011).
3.3 Value and importance of marketing role in the context
Marketing plays a crucial role to explore and flourish the business globally. The
marketers evaluate and identify the tastes and preferences of the consumers in order to increase
the sale of Toyota. Marketing helps to provide good quality of products and services to the
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consumers in the international market. The marketers help to maintain brand loyalty within the
organization. The customers can understand the difference between Toyota vehicles and other
competitors with the help of marketing. Along with this, marketing is essential to maintain
effective and dynamic communication between Toyota and customers as well. By using
marketing strategies, the company is able to know the challenges and risks which are existed in
the global market (Dinh, 2014).
Various functions such as packaging, pricing, advertising are performed by the
marketing. Marketing is the effective tool to reach its target customers in the international
market. It also helps to increase the sales volume and growth of Toyota. In addition, marketing
builds and develops brand name and goodwill of Toyota. The marketing works as a facilitator
and administrator to increase and enhance the sales and revenue of Toyota. They keep
confidential information of the competitors in order to increase and enhance the profit of the
company. Along with this, marketing creates employment and it also helps to maintain the
standards and policies of the market (Sheth and Sisodia, 2015). They provide unique and
innovative ideas to distribute the products in the international market. Further, marketing
develops and build the economy of the country. Now it is assumed that marketing plays a
significant role in Toyota to increase the demand for automobile vehicles in the world.
4 Toyota vs. Benz
4.1 Marketing mix comparison between two organizations
The marketing mix consists product, price, place, promotion, process, people and
physical environment (Bhaisn, 2016). The marketing mix of Toyota and Benz has been discussed
below.
Product: Toyota is one of the biggest brands in Japan. The vehicles include land cruiser, Lexus,
RAV 4, Corolla and Avensis. The firm has become the largest competitor in the automobile
industry. The organization is satisfying the needs and requirements of the customers by
providing innovative products.
While Benz is associated with world-class brands of car coaches, trucks and buses. It is not a
company itself, Wilhelm May Bach and Gottlieb Daimler are called the parent company of
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Mercedes Benz. The product is the important marketing mix factor which helps to increase the
sales and revenue of the firm.
Price: Toyota set the prices of the products proportionate by focusing on the income level of the
consumers in the world. It sets the appropriate prices of the vehicles to gain the long-term
competitive advantages in the market (Dominici, 2009).
Mercedes Benz focuses on the quality of the cars to maximize the revenue in the international
market. The firm deals in a niche segment where Benz focuses on the needs and preferences of
the customers to beat the competitors globally.
Place: Toyota is able to find several market segments where the company can sell its products.
Asia, America, Europe, and Africa are penetration market where the firm sells its products in the
market (Shaw, 2012).
Benz distributes its products through a broad network of dealers in the world. Along with this,
the firm uses various technologies to sale the products in the market.
Promotion: Toyota has introduced various advertisements and promotional strategies to increase
and enhance the sale of the automobile products. Further, the firm uses social media channels,
television, radio, and newsprint to increase the revenue of the company.
While Mercedes Benz uses promotion and marketing strategy to focus and evaluate the luxury,
safety, and engineering of its cars in the market. The firm uses online advertising, social media,
print media and television advertising to increase the number of customers in the world (Bhasin,
2016).
People: Toyota focuses on the fast services to increase the sale of the products. The company
maintains a group of people to serve the people effectively and efficiently. Along with this, the
management of the company is effective and dynamic to understand the needs and requirements
of the customers (Srinivasan and Hanssens, 2009).
People play a vital role in Benz to increase the number of customers in the global market. Along
with this, the company focuses on the quality of vehicles to overcome the competitors globally.
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Process: Toyota uses effective process and production model to provide vehicles to the
customers. The proper management reduces the wastage and cost of the production. In this way,
the company is able to capture the huge market in the world.
While Benz uses dynamic and unique strategies to provide automobile products to the consumers
in the market.
Physical evidence: Toyota maintains a tangible presence with old clients as well as new clients.
It helps to develop and build confidence among the customers.
However, Benz Company provides effective and unique services by using physical evidence
marketing strategy. It is the important part of the marketing mix. The customers can evaluate the
products by using this strategy.
4.2 Marketing growth strategy and objectives of Toyota
Toyota uses effective and unique growth strategies to determine the company’s overall
position and approach in the global automotive industry. The firm uses generic strategy to
develop and enhance the business activities globally (Shaw, 2012). The organization can reach
its target market by using strategy. It also provides competitive benefits in the international
market. It helps to reduce the cost of the company. Under this strategy, the firm uses just in time
method for manufacturing the products. The strategy reduces the wastage and inventory cost
(Liker and Franz, 2011).
Apart from this, Toyota also uses intensive strategies to gain long-term profit and revenue in the
market. The intensive growth strategies include market penetration, product development, and
market development. The market penetration strategy helps to attract more customers in the
market. It reduces the sales volume and increases the profit of the firm (Alshehri, 2016). On the
other hand, product development strategy helps to differentiate its products from competitors.
The firm uses this strategy for rapid innovation. Further, Toyota also uses market development
strategy to sell the products globally. The company sells the products in every segment by using
this strategy. All these strategies are used by Toyota to overcome the competitors in the global
market.
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The main objective of Toyota is to ensure that right insurance vehicles are available for
customers at the right time, at the right prices and the right quality. Further, the objective of the
company is to improve the fuel efficiency of the vehicles. The aim of the Toyota is to fulfill the
needs, requirements, and expectations of the customers in the market. Along with this, the firm
wants to maintain a peaceful environment in the global market for providing innovative and
attractive products (Thompson, 2015).
5. Marketing plan for Toyota
Executive summary
The marketing plan outlines the strategy, history, and objectives for Toyota. It talks about
the marketing plan for Toyota. It is one of the largest automobile car corporations in the world.
The company provides unique and attractive products to the customers in the world. The
marketing plays a vital role in the success and growth of Toyota. The main target audience of the
company includes younger persons, businessmen, and high-class people. Further, situation
analysis is done by the company to implement marketing plan effectively and efficiently.
Statement of marketing goals and objectives
The main aim of the marketing plan is to provide satisfaction to the target audience by
providing unique and attractive vehicles in the world. The company takes each and every step
according to the long-term value, profit, growth, and success of the company (Monden, 2011).
Along with this, the company wants to make a healthy and reciprocal relationship with
customers in the global market. In addition, Toyota wants to increase and enhance the profit and
revenue within the organization. These are the effective and dynamic objectives of the marketing
plan.
Situation analysis
Situation analysis is done by the company to execute the marketing plan successfully and
effectively. The situation analysis includes SWOT analysis, porter five forces model, and pestle
analysis. The SWOT analysis is done by the company to evaluate and identify the strengths and
weakness of the competitors in the market. The SWOT analysis has been discussed below.
Strengths
 Strong and effective brand image.
 Global supply chain system.
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 Rapid innovation capabilities.
Weaknesses
 Effects of vehicles recall in the recent years.
 Weak and poor organizational structure.
 High competition exists in the market.
Opportunities
 The company is expanding its market in developing countries.
 The firm focuses on the hybrid segment to become a market leader in the world.
Threats
 Toyota offers the product at lower prices therefore, it reduces the market share of the
company.
 Being a global brand, its trading activities and operations are affected by the recession
and economic instability.
Competitors of the company
There are various competitors exist in the market which affects the success and growth of
the company. The competitors include Honda, Subaru, Nissa, Chevy, Hyundai, and Ford. The
competitors also influence business activities and operations of Toyota adversely.
Marketing objectives of the plan
The marketing objectives of the plan have been discussed below.
 To increase the sale and revenue of Toyota by maintaining loyalty and sustainability
among the consumers in the global market.
 To launch innovative and attractive vehicles in the market. It also helps to become a
global leader in the market.
 To beat the competitors by analyzing and evaluating the plans, policies, and strategies of
the competitors.
 To maximize the sales percentage the sales percentage by enhancing and increasing the
manufacturing rate of the brands.
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Target market segments
The target market segments include younger people, middle class and high-class people and
businessmen. The company has divided the market into different segments to analyze and
evaluate the preferences and choices of the people in the market (Hoque et al, 2013). The
marketing mix of Toyota has been discussed below.
Product: Toyota is one of the biggest brands in the world. In addition, the company is dealing
with various automobile products. In this way, the company is focusing on the automobile
vehicles to beat the competitors in the global market.
Price: Toyota sets the prices of the vehicles to gain the competitive advantages in the world. The
pricing strategy helps to attract middle class and lower class people in the international market
(Sheth, 2011).
Place: Distribution location is a vital element of the marketing mix. The company focuses on the
place and locations to increase the number of customers in the world. America, Europe, and
Asia are significant penetration market of the company to increase and enhance the sale of the
automobile vehicles.
Promotion: Toyota uses various social media channels to promote and enhance the products in
the market. Apart from this, promotional and advertisement strategies are used by the company
to maximize the profit of the company.
Process: The firm uses the effective and unique process to run the business activities
successfully and effectively. Along with this, the production model is used by Toyota to reduce
the wastage at the workplace.
People: Toyota maintains a team to resolve and reduce the queries and problems of the
customers. Further, they also maintain coordination and effective communication with customers
in the international market (Mangold and Faulds, 2009).
Physical evidence: The Company maintains effective and unique relations with old customers as
well as new customers to increase the demand for the products in the world. The physical
presence is important to enhance and increase the profit of the firm.
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Effective and dynamic strategies of Toyota
Various effective and unique strategies are used by Toyota to overcome the competitors. Toyota
strategies have been discussed below.
 Market penetration: Toyota uses this strategy to expand and flourish its business
globally. By using this strategy, the company is able to introduce new automobile
vehicles in the market. This strategy also helps to reduce the risks and challenges of the
market (Takami, 2014).
 Product development: The firm uses product development strategies to stand out against
the competitors in the international market. This strategy also helps to build and develop
new automobile luxury products.
 Diversification strategy: Toyota uses this strategy to diversify and explore its products
in various countries in the world. All these strategies help to gain long-term profit and
revenue in the organization (Whitney, Luo, and Heller, 2014).
Action plan
After implementing the strategies, the company needs to make an action plan to gain long term
goals and objectives. The action plan for Toyota marketing plan has been discussed below.
Action Beginning date End date Responsible
person
Related
department
Set new goals
and objectives
30/11/2017 - Board of
directors and top
Top management
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management
Discuss the goals
and objectives
and make
effective
marketing
strategies
25/12/2018 - Board of
directors and top
management
Administration
and top
management
Develop new
ideas to take
effective
decisions
1/2/2018 - Innovative and
capable
employees of the
organization
All department
Select best action
and implement
the ideas and
goals
1/4/2018 - Marketing
executives
Marketing
department
Implement the
strategies and
marketing plan
1/6/2018 - Marketing and
administrative
executives
Marketing and
promotion
department
Monitoring and control
After making the marketing plan, Toyota needs to monitor and control all the activities
and strategies in order to run the business successfully. The firm appoints a team to monitor and
control risks and challenges of the market. It also helps to increase the satisfaction level of
customers in the market.
Budget
It is the essential and important part of the company. A company cannot implement the
marketing plan without appropriate budget. Toyota makes appropriate budget according to nature
and size of the business. Budget is the important function of the company to increase and
enhance the revenue and profit in the global market.
Conclusion
On the above aforesaid information, it has been concluded that marketing plays a vital
role in order to expand and explore the business activities globally. The success and growth of
Toyota depend on the marketing activities. There are various components of marketing which
play an integral role in success and growth of Toyota. A marketing plan is made by the company
to gain profit and revenue in near future. Further, the company uses marketing mix strategies and
SWOT analysis to implement the marketing plan.
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