Toyota Marketing Strategy – Marketing Strategy of Toyota: The company was founded in 1937 by Kiichiro Toyoda in 1937, Toyota Motor Corporation is now a market leader in the field of innovation and focuses on issues of quality in automotive manufacturing. In the financial year that ended on 31 March, March 2016, Toyota produces 8,575,899 which is less than the 2015 figures due to a decrease in market demand within market conditions. market and the volatility of oil prices.
A few of the most well-known models include Toyota Corolla, Etios, Land Cruiser, Toyota Innova, Toyota Prius, Toyota Fortuner, and Toyota Camry among others.
Toyota At A Glance – Marketing Strategy of Toyota
Company : Toyota
CEO: Akio Toyoda
Founder: Kiichiro Toyoda
Year founded: August 28, 1937, Japan
Headquarters: Toyota, Aichi, Japan
Annual Revenue: ¥27,214,594 million
Profit | Net income: ¥2,282,378 million
Number of employees : 366,283
Products & Services: Toyota Industries Corporation engages in a wide variety of businesses including automobile (vehicles, engines, car air-conditioning compressors, and car electronics), materials handling equipment, and textile machinery.
Toyota Fun Facts: The founder of Toyota Motor Corporation actually spells his name T-O-Y-O-D-A. Kiichiro Toyoda, to be exact. The spelling of the company name was changed to Toyota because when it is written in Katakana (a Japanese script) it only takes 8 strokes to write, and 8 is a lucky number in East Asian culture.
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Toyota’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Toyota? Let us discuss.
Toyota Marketing Strategy – Segmentation, Targeting, Positioning
A mixture of Demographic, Geographic, and Psychographic segmentation strategies is utilized by Toyota to help customers profile their customers and understand the different groups of customers.
Toyota employs a differentiated targeted method to manufacture and sell its offerings according to customer segments and increases the level of satisfaction with its customers.
Value-based and benefit-to-user positioning strategies are employed by the business to emphasize the advantages of functional services offered by the business.
Toyota Mission Statement
“To meet challenging goals by engaging the talent and passion of people”
Toyota Vision Statement
“It will lead the way to the future of mobility, enriching lives of the communities around the world with the safest and most responsible ways of moving people”
“Let’s go places”
Toyota Marketing Strategy – Competitive Advantage
Toyota sells and operates in more than 190 countries globally with an array of strong product portfolios. It manufactures automobiles and their related spare parts through 50+ overseas manufacturing companies in more than 28 countries worldwide.
One of the biggest benefits that Toyota can boast is its capacity to supply top-quality products at low costs. The company’s internationally recognized production method that focuses on Just in Time and Jidoka (which is an immediate stoppage of work when there is a problem) has assisted the company in reducing its expenses and achieving greater efficiency.
Toyota Marketing Strategy – BCG Matrix
Toyota is involved in Financial and automotive business segments.
While the automotive industry is its principal business, financial service is its supporting role. Both of their businesses are considered to be stars in the BCG matrix.
Toyota Marketing Strategy – Distribution Strategy
The company is vast using its dealer networks, authorized showrooms, service centers, E-commerce sites, and direct selling agents to provide its products to its customers.
Toyota car is sold through a channel that includes greater than 175 distribution centers across over 190 regions and countries around the globe.
In its home country of Japan, it operates an extensive network of around 280 dealers of which 15 are part of Toyota.
Toyota Marketing Strategy – Brand equity
Brand equity is a key component of the strategic plan of Toyota Toyota Motor Corporation Toyota motor company is the 6th most valuable brand. It is ranked 10th among the companies in the global 2000 according to Forbes Magazine. Toyota’s brand is valued at $177 billion based on the market cap (May 2016 figures).
It has been a part of numerous internationally-held occasions like Formula one, GR Toyota Gazoo racing, North America International Auto show 2017, and many more.
Toyota Marketing Strategy – Competitive Analysis
The automotive market is extremely crowded with numerous automotive firms battling for their respective percentage of the market.
The factors that affect competition in the market are the product’s attributes, the safety of price as well as fuel economy and the quality of customer services standards, downward demand, a price drop, and increased competition in financing for automobiles led to a shrinking profit as a result of which there was not much increase in the business during the year of the year 2016.
It competes with companies similar to Suzuki, Honda, Nissan, Ford, General Motors, and many more in the auto industry, in some or all of the categories.
Toyota Marketing Strategy – Market Analysis
Variability in the price of oil as well as the currency exchange rate increasing bargaining strength of consumers and suppliers, increasing labor cost, rising costs for infrastructure, and regulations from the government are just some of the variables that affect the performance of the auto industry.
Toyota Marketing Strategy – Customer Analysis
Customers of Toyota come from a range of ages between 30 and 50 years. Toyota is a company that targets middle-income customers and creates high-quality, value-for-money automobiles.
The B2B segment serves businesses in the travel and tourism and the hospitality industry.
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