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Essay / Analysis of Toyota's Successful Brand Plan and Marketing Strategy
Table of ContentsIntroductionThe Toyota BrandBrand PerceptionToyota UK Marketing StrategiesMarketing MixProductPricePlacePromotionIntroductionToyota is a leading brand in the automobile industry. The company is a major player in the supply of vehicles to different categories of individuals. Toyota has been a player in the manufacturing of heavy trucks, family cars and luxury automobiles for decades. When it comes to product branding in the market, it is essential to note that it is the most crucial element in the success of a manufacturing business. Using effective branding plans ensures that customers purchase products based on their specifications and preferences. Customers in the automotive industry are specific when it comes to consistency (Ashton and Stacey, 2009). Most of these customers are fond of vehicle features. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay If a company promises to provide certain features to its customers, the most important part is to deliver on that promise. This therefore means that these companies must be consistent in their production. Branding is a strategy for emotional fulfillment. Customers largely value their emotional attractiveness towards products (Bogdan and Biklen, 1982). This means that such emotional attachment is linked to the consideration of brand image as well as product image. Toyota is a leading automobile manufacturer headquartered in Japan. The company is popular with users of different generations. It is true that this car is probably the most famous in the world. One cannot fail to spot a Toyota automobile on various highways around the world. In 2014, the company had more than 300,000 employees in its various branches around the world. The company is the eleventh leader in terms of market capitalization in the automotive industry (Gabrielsson, Gabrielsson, & Seppäl, 2012). The company is estimated to have the potential to manufacture more than 10 million vehicles per year. The history of the automobile manufacturer begins in 1924 and its production has continued since then. Branding has been of great importance to the company in marketing its products internationally (Amasaka and Sakai, 2010). Toyota Brand ImageToyota remains one of the biggest brands in the global market. In the United Kingdom, the automobile industry markets its products to different categories of customers. With a team of researchers to finalize designs, it is true that companies meet the needs of individuals from baby boomers to millennials (Taneja, Pryor, & Sewell, 2012). The brand globally is worth $29.6 billion. This is the brand data for the year 2014. A research study was conducted on different automobile brands for 9 years. Research data reveals that during this study period, the Toyota brand took the top spot for seven out of nine years. Most of the brand's consumers reveal that the brand is of the best quality and value. In the United States of America, the brand is considered local due to its manufacturing strategy within the country's borders. However, the company also had its share of failures. In the years 2009 and 2010, the company suffered huge losses due to recall of its products (Upadhyay and De, 2011). Toyota focuses its brand image on safety. According to consumer perception in the UK and US,Toyota remains one of the safe cars on the market. Toyota has a long history of making safe vehicles. The safety of its automobiles focuses on providing high-quality braking systems (Cusumano, 2011). Other important systems include focusing on creating safety kits in case of accidents. Quality is another important aspect for Toyota as a manufacturer. Depending on the organization, quality takes first place (Baumeister, Scherer and Wangenheim,2015). The research results of the year 2012 show that Toyota ranks first in quality. Value is another pillar of the organization. Although value is relative, consumers in the automotive industry perceive Toyota as a value-oriented manufacturer. Car brand performance is another important aspect of the Toyota brand. Thanks to its research and design teams, the company produces high-performance vehicles intended for the general public market (Chatterjee et al 2004). The automaker is a major player in bringing eco-friendly vehicles to the market. The company focused on providing vehicles that meet European emission standards. Vehicle design is another aspect to take into account in the manufacturing of Toyota brand vehicles. The company produces cars through its research and design teams to meet consumer design preferences. To produce high-quality vehicles, the company uses the latest technologies. The automaker's goal has been to create high-value entertainment systems. He focused on developing high quality audio systems. It is a manufacturer passionate about providing integration systems for smartphones. The other aspect is the formulation of navigation systems to meet consumer needs (Luxton, Reid, & Mavondo, 2015). Toyota's brand strategies in the UK market focus on continuous improvement. This company approach ensures continuous improvement in the quality of its products. It is about the supply of competitive products, quality production with the help of labor. The other strategy of the organization focuses on producing high quality products. It is based on the use of innovative technologies. This approach guarantees the satisfaction of future research needs and the creativity of its production teams. This company is also a global research and development promotion company (Ashton and Stacey, 2009). Such activity provides tremendous answers to the future needs of the automotive industry. Toyota's other strategy is to be a global player in the production of less polluting vehicles. The manufacturer, through its team, produces environmentally friendly vehicles. The company is dedicating its efforts to producing hybrid vehicles for the British market. The use of innovative technologies is part of the company's brand strategies. Through the use of innovative technologies, the company is able to formulate plans for the future. Safety is another strategy for Toyota. Safety priority areas for the brand include advanced steering systems. Other safety aspects for the company are traction control, braking system and suspension. Other areas of safety include innovations in passive safety. Provision of airbag systems in vehicles is another important aspect of safety for the organization. The company's production is supported by teams of experts who manufacture and test products for the market. Thanks to hisefficient production techniques, the company ensures almost zero defect product production. Its use of research and design system ensures the production of quality products. Its other branding strategy is to formulate procedures to enter international markets (Amasaka and Sakai, 2010). Brand Perception Toyota has a better brand perception in the US and UK than its competitors. The companies have captured the minds of many consumers in the market. In today's market environment, consumer perception is narrowing between current market leaders and their competitors. A survey by the Consumer Reports National Research Center provides details on auto industry leaders, including Honda, Chevrolet and Toyota. The research results cover automobile safety, performance, environmental friendliness and quality. Another basis for finding data is the use and design of technology. Regarding this research, it is obvious that the automobile brand Toyota takes the first position (Srivastavaa and Thomas, 2010). Consumer perception in the industry has a multiplicity of factors that affect its values. Consumers are concerned about global fuel prices and vehicle safety. In 2009, Toyota faced poor perception caused by its brand recall. Additionally, the company faced challenges in recovering from the earthquake that shook the country in 2010. Toyota UK Marketing Strategies Branding strategies have been an important aspect for Toyota to respond to the needs of the international automobile market. The car manufacturer has special branding strategies that provide UK markets with user-friendly vehicles. In order to enter an international market, organizations must develop brand strategies that respond to various factors and stakeholders. Branding strategies should take into account aspects such as people's economic situation, culture, social implications and other aspects. Understanding the standards and aspects of international nations helps in providing better products (Heath, Brandt, and Nairn, 2006). Therefore, Toyota needs to consider various aspects in promoting brand strategies in international markets. Toyota's marketing strategies focus on market segmentation. Its marketing strategy follows the company's philosophy. According to its philosophy, the company focuses on providing the best car for the right occasion. The company uses psychographic and demographic segmentation to capture international markets. The automaker has segmented its operations into countries such as the United States, United Kingdom, and Canada. However, regarding this aspect we can attest that the United States represents perhaps the largest consumer (Todor, 2014). The country represents more than 30% of its consumers. The company's market segmentation focuses on providing vehicles aimed at lower class as well as middle class customers. Toyota offers specific cars for the middle class and luxury vehicles for the highest class of consumers. The company's other strategies relate to market targeting as well as market positioning in the UK. To market its products, Toyota uses a centralized marketing system (Lipman, 2010). In the case of the United Kingdom, the country uses market resellers to meet the needs of its consumers. The company understands that the UK has customers indiverse cultural, lifestyle, and lifestyle perspectives (Goranova and Vasileva, 2015). Therefore, a different approach to marketing should be considered. In light of these aspects, the company strives to tap automobile dealerships to market its products. The company would use a master dealer to market its products across the country. The dealership is responsible for enforcing head office advertisements and meeting new consumers (Saporito et al 2010). When it comes to Toyota's market segmentation, it can be said that it focuses on psychographic and demographic aspects. In terms of company demographics, Toyota focuses on providing vehicles aimed at the lower, middle and upper classes. The company offers different classes of automobiles for these different classes. Regarding high-end consumers, it can be said that the company produces cars such as Toyota Prado and Land Cruiser (Rahman and Areni, 2014). For the middle class of consumers, the manufacturer produces vehicles such as the Toyota Prius and Caldina. In the psychographic segment, the company produces vehicles aimed at individuals who love the sporty lifestyle. In the UK, there is a growing trend towards owning sporty and premium vehicles. To satisfy this demand, the company produces vehicles such as Toyota Fortuner and Atlis (Goranova and Vasileva, 2015). Marketing MixThe marketing mix is the best-known modern marketing tool. The tool relies on its aspect of controlling and using tactical maneuvers in response to the needs of the target market. Marketing mix is an important aspect in improving product demand in the market. In relation to this aspect, the most important aspects include the four Ps, which are product, price, price and promotion (Dawar and Bagga, 2015).ProductAs far as Toyota is concerned, the brand has launched various products for the UK market. Products for the UK market include Rav, Toyota Corrola and Avensis. Land cruiser and Toyota Prius are other important products of the company. European car manufacturing regulations are strict when it comes to emission levels. The cost of fuel is also a major concern for consumers. By understanding these conditions, Toyota has been a leader in providing environmentally friendly and fuel-efficient automobiles. The company has also been a leader in the manufacturing of hybrid vehicles. One of the notable brands of Toyota vehicles in the hybrid category is the Toyota Prius. The company has sold over 20,000 hybrid vehicles in the UK since 2000 (Kotler and Keller, 2007). PriceThe price is an aspect to take into account in relation to the composition of its market. The British market benefits from a solid economic situation. This means that the purchasing capacity of its citizens is very high. By marketing its products, Toyota wants to offer consumers a lower price. In relation to this aspect, the company establishes various price scales to meet the needs of different consumers in the market. The price of Toyota automobiles on the British market; range from £6,500 to £50,000 across all segments. Considering this aspect, it can be stated that the company sets its prices in relation to two segments (Goranova and Vasileva, 2015). The segments considered are the provision of vehicles to low-income people. The other group of consumers is those who want to stand out from the rest of the public. Since pricing is a difficult aspect of product marketing and branding, businesses need to develop various pricing techniques.