The 7Ps Of Marketing: Toyota Marketing Strategy Analysis
Are you a student in the United States, United Kingdom, Canada or Australia looking to hire marketing essay writing service for your Toyota marketing strategy plans, essays writing or dissertation help online? At Expert Writing Help, we hire highly talented and qualified marketing paper writers to assist you complete that assignment or marketing analysis paper giving you sleepless nights. Most students seeking our marketing essay writing service request for proof that we can deliver quality paper. It is for this reason that we regularly develop free marketing essays for students to judge our writing skills. In this blog post, we shall conduct market analysis on Toyota company to establish what makes the company successful. Since Toyota company is a highly successful automotive assembly company, it has attracted attention of academicians and pundits. Therefore, it is common to find academicians, analysts and strategists spending hours on end studying their marketing strategy. Our expert marketing essay writers deployed the 7Ps of marketing tool to analyze Toyota marketing strategy, which has seen the company grow into a giant automaker.
As of February 2018, Toyota was the largest carmaker in the world. And that is no accident. Continuous improvement, innovation, high-quality products, and fiercely executing a well-thought-out marketing strategy account for Toyota’s dominance. Toyota’s focused execution of the 7Ps of marketing provides useful insights into how a business can achieve greatness. They are product, price, place, promotion, physical evidence, process, and people.
Toyota marketing strategy: Product
Without a product or service, the other Ps of marketing do not mean a thing. Toyota makes beautifully designed, comfortable, fuel-efficient, durable, and safe products that satisfactorily meet users’ mobility needs. Perhaps that is the reason this automaker’s vehicles’ have become almost ubiquitous.
The company continually develops sophisticated ways to improve its products. It offers diverse products that allow their customers unlimited choice. The company’s product mix includes engines, accessories and spare parts, marine products, Toyota automobiles, Lexus automobiles, and Welcab series (modified for the elderly and disabled). If a customer wants a luxury vehicle, Lexus automobiles satisfy that demand. And if a senior needs a suitable car, Welcab series have them covered.
Toyota marketing strategy: Price
Toyota sells affordable, comfortable, and fuel-efficient vehicles as well as top-of-the-range products that offer comfort and luxury. One cannot immediately identify the specific market category the company serves. Perhaps it is accurate to say that Toyota sells to the world. Before the company enters a new market, it has already developed a crystal clear understanding of the market and its various needs. One finds a profusion of specific models offered at varying price points in a given market and only a few such units in a different one. In markets that demand comfort and luxury, the company provides products that satisfy that need at acceptable prices. The most popular models in a given market are usually a reflection of its people’s purchasing power.
Toyota marketing strategy: Place
Toyota cars seem to be everywhere you look. Dealerships and retailers are the two principal places Toyota uses to distribute its products. Customers can find with ease the find numerous dealerships and retailers all over the world. But the largest chunk of the sales is attributable to the dealerships’ efforts. The company supplies its accessories and parts through independently owned auto spare stores. And there are millions of such businesses dotting the world’s economic landscape. Toyota relies heavily on the revenue its dealerships generate. But the company would not be where it is without the billions of dollars rolling in from the private auto spare stores.
Additionally, the internet is increasingly becoming a place where Toyota’s customers all over the world can buy products. It is hard to find a dealership that lacks a strong online presence.
Toyota marketing strategy: Promotion
When it comes to promotion and getting one’s name out there, Toyota goes all out and wins. The company consistently devises and executes various strategies and specific activities that aim to saturate the auto market with “Toyota messages.” Toyota promotes itself and its products through public relations, personal selling, advertisements, direct selling, and sales promotion.
Toyota marketing strategy: toyota’s promotion function
Personal Selling: Salespeople do personal selling at the various dealerships around the world. Most people are familiar with the typical, ever-smiling car salespeople at such locations. They are excellent at explaining or demonstrating why a particular model would work for a customer. Toyota’s Personal selling strategy is hugely successful if the humongous cumulative dealerships’ sales are anything to go by.
Advertisements: Toyota really goes to town on newspaper, TV, and online ads
Public Relations: Toyota understands and appreciates the incredible power of “free press” that is public relations. The company runs various programs that demonstrate Toyota’s commitment to corporate social responsibility. Studies have shown that customers are increasingly choosing to support businesses that care about people and not just profits. Some of the programs are Togethergreen and Meal Per Hour. Togethergreen supports environmental initiatives while Meal Per Hour demonstrates Toyota’s concern for the hungry. “Acts of kindness” encourage consumers to form supportive mental associations with the businesses involved.
Recently, Toyota started testing the effectiveness of a solution that potentially offers its customers convenience and saves them time. It is a web-based system where prospective customers would log in and order a product from anywhere. The company would then deliver the product to the customer’s preferred location. One wonders whether the success of the proposed system could lead to job losses.
Toyota marketing strategy: People
People are a central factor to how Toyota runs its business. The company invests enormously into its workforce through training and talent development. While Toyota pays great salaries to its employees, the work environment is not what one would call comfortable. It is a challenging place that forces people to think and create solutions that solve the company’s problems. People are probably the automaker’s number-one factor that sets it apart from its competitors.
Toyota runs its business on the premise that efficiency combined with good people produces excellence. Every person working for them is a dedicated soul who works hard to attain Chie — Japanese for Wisdom or knowledge. At Toyota, everyone’s ideas matter. And suggestions can originate from any place, whether that is the corner office or the factory floor.
Toyota marketing strategy: Process
Toyota hates waste and favors the lean manufacturing approach. The company remains firmly opposed to people and ideas that waste time, material or other resources. After attaining dominance, many companies tend to stop to celebrate their success. But Toyota has a different “mindset.” To them, anything that works excellently today needs to be working even better tomorrow. At that point, Toyota begins to look like one of the successful companies of the future.
Toyota marketing strategy: Physical Evidence
Toyota is easily identifiable by a logo that features three overlapping ellipses. The ellipses symbolize the “oneness” that exists between the hearts of Toyota’s customers and the carmaker’s products. The logo also reminds the corporation of the critical role technology serves in the grand scheme of things. The emblem makes the company’s dealerships, products, and staff easily identifiable. And customers get documentation that would always call to mind the buying experience relating to the product purchased.
That is what makes Toyota strategy great. It is reasonable to assume that other types of businesses can achieve excellence by implementing in their situations the 7Ps of marketing.
About the author
Alen Owen is professional marketing essay writer with Expert Writing Help. He has authored numerous papers on marketing case studies, marketing plan assignments and financial analysis papers with great precision. We hope you learnt alot from his concise writing and indepth research on Toyota marketing strategy plan.