Wednesday, July 24, 2019

Analyze the Marketing Mix of Toyota Corporation Essay

Analyze the Marketing Mix of Toyota Corporation - Essay Example In terms of product, Toyota understands what drives the consumer to buy today. The company remains focused around the ecologically-friendly aspects of auto design as a means to make their product stand out against all other competition in Toyota’s various car markets. In 1997, Toyota created the first widely-manufactured hybrid car, the Toyota Prius, which was a revolution in auto design for consumers who wish to buy green (Potterf, 2006). Using a variety of public relations strategies and other promotional materials (such as print and on-air), Toyota capitalized on their strategic advantage by developing the hybrid model when companies such as General Motors and Ford only had these cars on their design drawing boards. In terms of product focus, Toyota appears to have always been a leader in catering to the eco-friendly buyer. Positioning the entire company as an eco-friendly business is designed to appeal to the buyer who is concerned about environmental impact and desires a quality hybrid car model. In terms of price, Toyota appears to be highly competitive, keeping car prices lower than what would be found domestically in the United States. Any business of this variety must consider their pricing models based on the cost of goods sold (supply chain costs generally) and what customers will actually be willing to pay based on perceived quality. Toyota’s sales volumes have continued to increase year-by-year until the recent global economic crisis, which points toward a pricing model that is acceptable by consumer standards and expectations. Since Toyota and other companies create multiple, international models of cars, there is no distinct pricing model available through research which indicates specific, targeted pricing guidelines as a part of Toyota’s marketing. In this sense, the sales volumes tend to speak for themselves. In terms of place, Toyota has developed a very distinct distribution system by which cars are delivered to various national

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