Toyota Product marketing mix
Toyota Corporation is one of the automobile companies of the world that has diverse product. Some of the Toyota’s product mix include Toyota automobiles, welcab series, engines, Lexus automobiles, marine products, spare parts, and accessories. Toyota automobiles remain the most popular brand in this mix. The Welcab series are the company’s automobiles developed for people with disabilities and elderly. Its engines, spare parts, and accessories cut across all the company’s automobiles. Finally, Lexus automobiles designed and developed by the company are luxurious in making thus attracting those who like luxury products.
Place marketing mix in Toyota
Bhasin (2016) acknowledges that Toyota Company uses dealership as its main place for distributing its products to its customers. These dealerships determine where the company’s customers will be able to access its products. Toyota Company applies two distribution strategies namely dealership and the use of retailers. Much of the company’s sales come from the dealership strategy. Additionally, the company uses auto supply stores which are run by the retailers which also contribute much to its sales. The retailers’ sales spare parts and accessories for the company. The other products are sold through the dealership.
Toyota’s Promotional mix
Toyota Company integrates various marketing communications strategies to develop a big market for its products. The company utilizes strategies such as personal selling, public relations, advertising, and public relations. The company uses personal selling strategy through its dealership’s salespeople who take the initiative to interact with its buyers. Advertising is another important strategy that the company uses to promote its products (Shoham 59).
Online advertising is one of the company’s medium that make use of modern technologies. The company uses the website and the social media to advertise its products. Other advertisement mediums used by the company include newspapers and TV. Moreover, Toyota also uses public relations initiatives to market its products. An outstanding example is the Toyota TogetherGreen Program whose focus is to promote environmental conservation for the company. Such a program assist in developing a good reputation for the company thus drawing many customers in its operations (Bhasin n.p).
Toyota Prices and Pricing Strategy
The company’s prices vary depending on the product type and line or model that the company designs and develops. It combines both market-oriented pricing and value-based pricing as its strategies. The company uses the market-oriented pricing strategy to help it in determining its prices as it regards to a competitor and market conditions. Besides, the company also applies the value based pricing strategy whose focus is setting products with regards to the value of the product. For instance, luxury products such as Lexus cars are the most expensive as per this strategy. The chart below shows the pricing of the company’s products from the lowly priced too highly priced.
Comparative Aspect
According to Thompson (n.p), Toyota Company has taken initiatives to foster competitiveness in the market. The company applies the generic and growth strategies to strengthen its appearance in the global market. Cost leadership and differentiation are the major generic strategies that the company pursues. Both strategies have helped the company to develop unique products that give it a competitive advantage. On the other hand, Toyota Company also utilizes growth strategies such as market penetration, market and product development as its comparative strategies. This has helped the company to stand the third in the market share as shown in the chart below as per 2016 market share analysis by Edmunds.com.
Economical aspect
Economic trends have greater impacts on Toyota marketing and other operations to a greater extent. The growth of the various world economies presents the company with market opportunities in various nations of the world. In fact, the company needs to focus much on growing its business operations in U.S. which happens to be the second largest market after Japan. Moreover, the many developing nations’ economy is growing at a faster rate thus helping the company to expand by exploiting this markets.
Cultural or Social aspect
Ferguson (2015) reveals that Toyota Company is conscious of the social or cultural factors when marketing its products. The company designs and develops products that are acceptable by people of different cultures. For instance, the company recognizes different social classes in the world community. As a result, the company has developed automobiles of high prices and low prices thus able to meet its market needs. However, Toyota can create more interest for its hybrid and electric cars to its target market.
Technical
The changes in the technological environment have given the company an opportunity to continue improving its products. The company continue to improve its processes hence coming up with products with unique features. Further changes in technology will see the company continue changing its products in the future as per the market demands (Ferguson n.p).
Regulatory Aspects
Toyota Company is committed to conserving the environment by taking initiatives that help it to comply with the regulatory framework. In fact, the company recently has focused on the development of hybrid engines which have low carbon emissions something that has assisted the company to reduce environmental pollution. Besides, the oil reserves are declining something that has compelled the company to come up with engines with low oil consumptions as well as the development of electric cars.
Suggestions
Toyota Company should take the initiative of enhancing its marketing through focus on technological innovation. The company can do this by investing more on research and development. This is a good move of ensuring that competitiveness of the company. Besides, Toyota should also invest much on sustainability as a way of promoting its efficiency. The company should focus more on developing more hybrid engines that have lower fuel consumption and less environmental impact. This is critical in influencing the company’s market for its goods. Finally, Toyota Company should focus on diversifying its products and services so as to expand its territories of operation.
Works Cited
Bhasin, Hitesh. "Marketing Mix Of Toyota - Toyota Marketing Mix And 4 P's". Marketing91.Com, 2016, http://www.marketing91.com/marketing-mix-toyota/.
Ferguson, Edward. "Toyota PESTEL/PESTLE Analysis & Recommendations - Panmore Institute". Panmore Institute, 2015, http://panmore.com/toyota-pestel-pestle-analysis- recommendations.
Shoham, Aviv. "Marketing-Mix Standardization:". Journal Of Global Marketing, vol 10, no. 2, 1996, pp. 53-73. Informa UK Limited.
Thompson, Andrew. "Toyota’S Generic Strategy & Intensive Growth Strategies - Panmore Institute". Panmore Institute, 2016, http://panmore.com/toyota-generic-strategy- intensive-growth-strategies.
