A Report on Toyota Marketing Research

Introduction

Our company produces both small and large vehicles and it has been performing very well over the past, outperforming dominant companies within the motor vehicle industry. However we have been struggling with the market in launching our motor vehicles in china. Our first approach was to market their motor vehicles in china in the same manner as they do in Japan but this did not work.

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Marketing Strategies

We have applied good marketing strategies like plotting an invasion sequence, using celebrities in advertisement , lowering prices and specializing in some services in addressing the united states market. Similarly perfect market strategies have been applied to address the Japanese market like use of media to advertise, by discovering new market segments, being customer oriented and by outsourcing abroad. The company has used the following marketing mix;

  • Product: Automotive is a very competitive industry that requires competence, regular improvements and innovations. Toyota has successfully sold its vehicles within Japan by discovering new market segments. Toyota has known the needs of various groups of people, and then it has produced the vehicles with the attributes and characteristics of those groups.
  • Price: in setting pricing they made efforts to gain interest for young people between 18 to 30 years old. Financing was made fairly easy since interest rates were set according to a buyer’s age. An eighteen year old would have an annual interest rate of only 1.8 percent while a 30 year old had an interest rate of only 3 percent.
  • Distribution: Marketing channels would be the same template as almost every vehicle available to the public, indirect with a retailer serving as an intermediary. A value based vehicle model would be one that would be counted on to be sold at a high volume; therefore it should be sold displayed at as many showrooms as possible. Based on external economic forces, the market for a vehicle that is value based, on certain criteria such as price, and fuel efficiency, should be quite large.
  • Promotion: Toyota Motors has employed different marketing strategies in Japan and in United States. Since Japan is the producer of Toyota vehicles it has to employee more intensive strategies when dealing with United States, since in America we have very strong automatic companies like General motors and ford. Toyota Motors advertises its vehicles in Japan by use of magazine and Television (Bunkley, 8).

Consumer behavior

Consumer behavior of Toyota cars is affected by various factors that determine the product and brand preference of consumers (Donald, 1995). A few such factors are cultural factors, social class, social factors like reference groups, family, personal factors like age and lifecycle stage, occupation etc.

Most consumers follow some set of belief when making a decision on the type of car or brand of car to buy. Most people believe that electronic fuel injection vehicles have more benefits than vehicles having carburetors. Even though other companies produce electronically controlled vehicles most people believe that those specifically produced by Toyota have more features like air bags, more power, and they are more durable.

Quality related pricing is especially important in circumstances where consumers rely on prices as an indicator of the quality of products. In this way consumers can be prepared in certain circumstances to rather buy a product at a higher price than at a lower price. Thus, where quality is an important consideration in the buying of goods, the retailer must be careful not to make the consumer suspicious with a price that is too low (Jobber, and Fahy,125)

Toyota Motors Corporation has developed a better product line within Japan. It has fulfilled the needs of its customers in Japan by investing heavily in designing better small cars perfect in performance, quality and styling features. The rich people and middle class within America have been able to afford the vehicles produced by Toyota Motors Corporation (Bunkley, 6)

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Service

When marketing for Toyota product and services the sales people not only market the product but they also market the after sale service that is offered by the company. This is monitored by the management of the company through ongoing performance appraisal of the sales force. There is always sales analysis which measures and evaluates actual sales in relation to sales goals. Variance that arises from these sales analyses is measured and it is cause is established. Once the sales report, customer behavior is evaluated to know reasons for the customer change of behavior (Bunkley, 6).

The service market share is also analyzed to determine the amount of services offered on the basis of after sales service and services for charge. This is expressed as an industry total to show the market that was served. The market that is served is that market which the company has served and is interested in the service of the company (Bunkley, 6). Local managers see how the various components of their services were rated in the current period compared to the last period, to the average of all the local units, and to the standard. This system improves the staffs’ motivation to provide good customer service in the knowledge that their ratings will go to higher management (Jobber, and Fahy, 136)

Recommendation

In order to improve the company operation, they must identify and implement improvements in productivity and quality of work. This is through Total Quality Management (TQM) initiatives, such as delegating to groups but should be under supervision of senior managers. Through training and sharing of information with group members, they will show more responsibility in the improvement process, just as much as managers, whose involvement and perceptions are important in the design and execution of organizational improvements.

There are many number of business tactics which can be employed to bring about operational changes to manage organization most effectively, most noticeable among them are:

  • Identifying role models and establishing mentoring programs
  • Eliminating all bias-based company policies and procedures
  • Providing equal opportunities, training and development for all
  • Conducting workshops for employees to impress upon them the importance of diversity and inclusiveness to increase performance and production.

Katzenbach (15-17) says that energizing people for performance elevates production significantly; to the point that many employees go well beyond their leaders’ expectations, individual accountability, financial results and short-term market objectives. This can be brought about through proper training and motivation. The most noticeable difference between a high-performance workforce and an average workforce is their level of energy and emotional commitment. These qualities are inhibited in all individuals; it’s the way managers bring out these qualities in their employees that matter. Unless the management gives due respect to their employees and see them as their most precious commodity, the business will most likely fail. All the above points to one thing; employee empowerment. Unless an organization treats their employees as part of a family and allow them to partake in policy matters and other operational functionalities, the organization will most likely fail.

This will help in maintaining and improving their technology as well as satisfy thousands customers in services of company. It is clear that if a manager cannot bring people on board with the company’s vision then they will be required to take the necessary actions to ensure the company stays on track in the business transformation by involving the employees. Therefore, we need to change our culture and structure to improve and remain competitive.

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Works cited

Bunkley, Nick, “G.M. Says Toyota Has Lead in Global Sales Race”, World Business, The New York Times, 2008.

Katzenbach, Jon, ‘Peak Performance: aligning the hearts and minds of your employees. Harvard Business School, 2000, p. 15-17.

Jobber, David and Fahy, John, Foundations of marketing. New York: McGraw-Hill Higher Education, 2006.

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NerdyRoo. (2022, July 6). A Report on Toyota Marketing Research. Retrieved from https://nerdyroo.com/a-report-on-toyota-marketing-research/

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NerdyRoo. 2022. "A Report on Toyota Marketing Research." July 6, 2022. https://nerdyroo.com/a-report-on-toyota-marketing-research/.

References

NerdyRoo. (2022) 'A Report on Toyota Marketing Research'. 6 July.

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