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Tybout and Calde, (2010) declare that iCrossing is a UK based company who specialise in digital marketing. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. Competitive rivalry in the industry is very intense. Even though Toyota has been one of the world’s leading automotive competitors for many years it is imperative to take such precautions into consideration for the reason that they could sooner or later find themselves in such a situation. Pricing with Confidence. The analysis is geared towards identifying potential opportunities for growth on a global scale. Its production system which utilises best production practices such as Kaizen and JIT are profoundly behind this fact. 49. To grow its market share in the European nations, Toyota should focus more on the Hybrid cars in these countries. Many companies in this day age are now taking advantage of the social media marketing strategy such as Toyota. Situational Analysis and Marketing Plan for International Growth, http://interbrand.com/best-brands/best-global-brands/2016/ranking/, https://www.strategicmanagementinsight.com/swot-analyses/toyota-swot-analysis.html, https://www.reuters.com/article/us-africa-summit-toyota/toyota-targets-growing-consumer-market-in-africa-idUSBRE93806Y2013040, http://www.toyota-global.com/pages/contents/investors/ir_library/sec/pdf/20-F_201603_final.pdf, Overwhelming research and development (R&D), Efficient production and extensive distribution network, Growing market especially in the developing countries, Rising demand for fuel-efficient automobiles, Firm innovativeness can efficiently address new markets needs. According to Chen et al. Toyota enjoys numerous strengths, which emanate from its lean management system and its brand. Lexus has always been popular with American consumers and sales of the luxury car brand peaked at just over 329,000 units in 2007. You can view samples of our professional work here. Although competitors differ in size, they tend to compete for different markets (Alon 2016 et al., p. 478). The tactic of starting off with low price then slowing increasing the price could help sustain the company’s competitive advantage years down the line. Get 15% discount off your first order with BOOM15 code! Stratten and Kramer (2012) continue by explaining that the use of hashtags enable the hosts of trade shows to see what people are saying about their conferences. Söilen (2013) describes trade show marketing as person to person, information exchange and selling. As mentioned earlier companies use the penetration strategy to attain widespread market share within the market they are competing in. As a result of these factors, the company has held the position of market leader by volume for six years in a row now. Declining sales in some of its critical geographical market segments such as North America and Asia is another massive setback for the company's strives to grow. Toyota sells its cars and related suppliers in most parts of the world, most significantly Asia, Europe, and Northern America. UnMarketing. The last strategy used by Toyota is trade show marketing strategy (See Appendix D). Our website uses cookies to provide you with top-notch services. Lexus Study for free with our range of university lectures! Toyota Motor Europe (TME) Leading marketing companies Manufacturing plants 2002 sales: 760,000 units Marketing organization restructuring starting April 2003 Marketing organization ... Gas Concentration Gas Concentration Conventional level 9. Analyzing The Micro Environment ForThe Launch Of First Generation Prius 4. Organizations have to invest significant resources in research and marketing endeavours to accomplish this. Toyota has been preferred by the consumers who prefer reliability over luxury. Japanese auto maker Toyota Motors is the leader of the auto industry, according to unit sales. Over the last few years, the automobile industry has faced severe challenges which have shaped the demand patterns for vehicles. Guerrilla Marketing for Social Media: 100+ Weapons to Grown Your Online Influence, Attract Customers and Drive Profits. The market-oriented plan sets prices depending relies on prevailing market conditions as well as the prices of competitors. Toyota is the largest Japanese automaker and commands a huge market share in its home market. The company produces four significant categories of vehicles which include the passenger vehicles, commercial, hybrid and SUVs, and 4WDs. Stratten and Kramer (2012) offer an example of this tactic by saying that users of the trade show marketing strategy could use a social media outlet such as Twitter for their trade shows by using the hashtag tool. Toyota is a classic example of concentrated marketing. To improve its markets, the products of Toyota are quite diversified. Having access to such information would provide Toyota with ammunition which they can then use to get a better understanding of the market they are competing in. Toyota also has a strong product portfolio in Asian countries like Indonesia, Malaysia, Philippines, Taiwan, and India. Thus, Chinese, Indian, and Korean automobile companies are producing low-cost vehicles which threaten Toyota's cars. However, some threats and weaknesses in the company should be addressed. Foundations in strategic management. Reduced costs are translated to reduced automobile prices hence increasing on affordability. Competition in luxury vehicle sales is growing intensely as an increasingly larger percentage of profits for the auto industry is coming from luxury vehicle sales. Oxford: Oxford University Press. But as it turns out, Lexus is attracting the same customers without having to reduce its prices. As a result, innovativeness, quality, affordability and customer responsiveness is what drives growth. With the ever increasing prices of fuel, people are seeking alternatives that can save then on gas. SITUATIONAL ANALYSIS AND MARKETING PLAN FOR INTERNATIONAL GROWTH. food or drink packaging. Toyota introduced a wide variety of hybrid vehicles thereby becoming the World leader in that segment. Berlin: Springer. Toyota should also focus on producing cars which are more environmentally friendly. With this perspective, Toyota can capture the rising international markets. Get step-by-step explanations, verified by experts. Based on the findings Toyota has already constructed a solid social media marketing strategy. quantitative aspects. However, Toyota busted this myth in the last several decades by gaining a huge market share worldwide, particularly in the US and Europe. A marketing strategy currently used by Toyota is a strategy called penetration pricing (See Appendix A). To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on the UKDiss.com website then please: Our academic writing and marking services can help you! Based on the findings, Toyota could improve their penetration pricing marketing strategy by initially selling their cars at a low price then slowly increasing their prices once they have established a strong clientele on any new production they release. Registered Data Controller No: Z1821391. However, most of the substitutes such as bicycles and motorcycles cannot offer parallel convenience. For instance, some regions that can be used for segmentation include Asia, the North America, Europe, and Africa. [online] Available at: http://www.toyota-global.com/company/profile/overview/. According to the future reporting the auto business is changing cars are going electric and, challenges are increasing due to advanced technology. Personal and direct selling should be used in the dealerships where products are directly promoted to potential customers (Schlegelmilch 2016, p. 232). Somerset: Wiley. Another weakness associated with Toyota is its reluctance to produce autonomous cars. Available at: https://www.strategicmanagementinsight.com/swot-analyses/toyota-swot-analysis.html [Accessed 10/23/2017]. Global Marketing. This might include you though you may have invested money in these companies, or may have been working with one of them for years as an employee, or have consulted with them as an expert for a long time. Global Marketing. The threat of new entrants in the industry is significantly low due to the fact that starting an automobile company requires enormous amounts of capital. Toyota: Protect What’s Behind You. Marketing Mix for Toyota The 4Ps of marketing (place, promotion, product, and pricing) are very significant in determining the success of a brand.

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