Diversifying the cars serves all social classes. [online] Auto-Types.com. © 2020 Forbes Media LLC. The company should also expand its presence in countries such as India and emerging African economies such as South Africa. In terms of units sold, luxury vehicles only contribute about 10% to the overall car market, but they bring in 20% of the revenues and nearly half the profits. These higher vehicle sales and revenues from North America were primarily driven by strong demand for SUVs. Toyota Global. Reference this. Trade show marketing involves companies exhibiting their new product(s) or service(s). Further, the customers are spread all over the world. According to the future reporting the auto business is changing cars are going electric and, challenges are increasing due to advanced technology. Understanding this is paramount to devising a marketing plan that can cater for the needs of all customers (Gillespie & Hennessey 2016, p 505). The company has recalled thousands of vehicles in the past years due to different reasons such as oil leakages and abnormal noise. Mid & Small Cap | European Large & Mid Cap. As of May 2017, the company had total revenues of $ 249.9 Billion with 348, 877 employees globally (Toyota 2016, p 37). Our website uses cookies to provide you with top-notch services. Contemporary Marketing. The organization adopting a concentrated strategy should deal with the risks associated like product failure, changing preferences of the target segment and introduction of an improved model by competitors. • Niche marketing refers to competing within a narrowly defined market segment with a specialized offering. For instance, increasing pressure from competitors is one of the threats which Toyota is facing. Toyota was established in Japan by setting up parts plant in the origin country and around the world. Boone and Kurtz (2014) inform that guerrilla marketing involves companies using unconventional techniques to attract consumer attention. Boone, L. and Kurtz, D. (2014). Although the world is swiftly tending to focus on autonomous vehicles, Toyota has not invested in them, a fact which may limit its international growth. Hoboken, N.J.: Wiley. Available at: https://www.strategicmanagementinsight.com/swot-analyses/toyota-swot-analysis.html [Accessed 10/23/2017]. To establish new, factories in new markets and opening up new franchises will help the company in getting an, ease of penetrating new market is one of the most important aspects in this plan. Additionally West, Ford and Ibrahim (2015) present an extra commodity where they state corporations such as Toyota can employ specialist firms to analyse competitors on their behalf. Leaving the industry is quite costly hence forcing most companies to stay put in the industry. 505-535. Customers of Toyota are diverse as they range from the high income to low-income earners. Foundations in strategic management. It is also referred to as niche marketing. This enables such companies to invest their limited resources in a particular area and attain a strong market position without adopting mass distribution or advertising. A report by (Interbrand 2016, p. 1) ranked Toyota as the best automobile brand with a brand value of $ 53.6 billion. Ferrell, O. and Hartline, M. (2010). Additionally, it costs less or nothing for buyers to switch from one brand to another (Jurevicius 2016, p. 1). Toyota's growth in the international space is influenced by the international and external environments and by the way how the company manages these two settings dramatically affecting its success in global growth. 20th Aug 2018 Zarrella (2009) notifies that social media marketing involves the usage of web technologies. ArkansasBoyles, D. (2008). Interestingly, most of the increase was driven by the close to 33% uptick in sales of trucks from the luxury car brand. Company Registration No: 4964706. Wood (2007) highlights that Toyota’s usage of the penetration pricing marketing strategy for their Yaris car production enabled the corporation to compete with other well-known automotive companies such as Ford, Volkswagen, Renault and Vauxhall. Fifield (2012) claims there are countless meanings for the term ‘Marketing Strategy’. In Europe, the company’s vehicle sales totaled 0.84 million units or about 15% of its global consolidated vehicle sales. Web-age information management. It has obtained a large market share in a small segment of hybrid vehicles by being one among the first to enter that segment. With this perspective, Toyota can capture the rising international markets. *You can also browse our support articles here >, http://wordpress.bs-exhibitions.de/?lang=en, http://www.toyota-global.com/company/profile/overview/, http://www.auto-types.com/autonews/beijing-auto-trade-show-toyota-unveil-its-new-concept-8598.html, https://www.youtube.com/user/TOYOTAglobal, http://www.creativeguerrillamarketing.com/guerrilla-marketing/toyota-protect-whats-behind-you/, http://media.toyota.co.uk/2012/02/hot-looks-and-cool-connections-with-new-toyota-aygo-fire-and-ice/.