Assignment Sample on Marketing Plan Of Toyota
Introduction
A well-designed marketing plan is important for business ventures by designing promotions more effectively to reach customers and gain success. A strategic marketing plan contains various different elements including market research, target market, market strategies, and more. This report is based on describing the marketing plan of Toyota, manufacturer of high-value and high-quality cars, trucks, or vans (CONTINENTALTOYOTA, 2023). Marketing issues, objectives, PESTLE, SWOT, and others would be discussed in this assignment.
Marketing issues
Toyota is one of the leading global companies from Japan that faced different issues due to marketing challenges, market competitors, and pricing strategies along with dormant sales in market. “Customer demographic diversification” became slow for Toyota during pandemic as Toyota was facing issues of raw material shipment from different countries across the globe (SUGIYAMA, 2022). Falsified emissions data has created consumer trust issue and decrease in demand of consumer. Marketing issues experienced by Toyota arose due to inability of developing and offering products that failed in meeting customer preferences. Toyota Motor Corporation with recovery in vehicle sales still forecasting some risks related to shipment of parts for manufacturing mainly semiconductors (INAJIMA, 2023). Loss of brand reputation and brand loyalty has become another significant issue for Toyota. Toyota had to recall more than 9 million vehicles across world due to quality issues, which resulted in marketing issues of “unintended acceleration” causing fatalities, injuries, or accidents (NGUYEN, 2023). This affected reputation of Toyota’s reliability significantly along with this it had to pay affected customers a substantial amount to compensate on the other hand.
Marketing objectives
- To use the “differentiation strategy” mainly as its marketing strategy that aims at marketing its goods differently from products offered by its competitors (THOMAS, 2023).
- To apply “Specific marketing strategies” for different markets including strong attention to brand awareness development through different channels such as TV commercials, social media, and others
- To serve its customers with customised services for making them feel satisfied along with improving their lifestyle with ultimate fulfilment.
- To implement this strategy offers specific automobiles to its customers that suit their interests.
- To understand Toyota customers, have different values, perceptions, and choices that are fed by its cultural society.
- To implement a “market-oriented pricing strategy” backed by “Differentiation strategy” helps Toyota in producing products from a different perspective than its competitors.
- To design different slogans or even pricing strategies for each market as well.
Situational analysis: PESTLE
| Factors | Aspect | Impact |
| Political | ● Political stability index of Japan reflects the latest average value of 1.03 that states Japan in 2021 indicating strong position intern of stability (THEGLOBALECONOM, 2023).
● Japan recently is going through trading barrier that led US companies to face issues while exporting products or services (TRADE.GOV, 2022). |
● Political stability that is strong in Japan has a direct impact on a country’s business growth. The impact of strong political stability can be beneficial for the automobile industry as it can help in its business. Political stability can support its business in national and international markets for making a greater impact on its success and growth.
● Trading barriers for export from the US can provide a negative impact on automobile industry of Japan that can lead to severe loss of product or raw material shipment from different countries. |
| Economic | ● Japan’s inflation rate moved in past years and in 21022 that rate was calculated at 2.5 percent, which is of 3 percent a year counting from 1960 to 2022 (WORLDDATA, 2023). | ● Inflation rate also navigates success rate of business. Japan’s inflation rate of 2.5 percent is also a positive political factor that can create a significant change positive aspect to business in automobile industry. |
| ● GDP growth rate of Japan, in 2022 has increased by 2.15% than previous year (STATISTA, 2023). | ● Rate of Japan’s GDP rate apart from this, has grown from 2018 to 2022, which is a positive sign for country’s economic health.
● Increased rate of 2.15 percent GDP in 2021, which is refers to its positive impact on automobile industry of Japan that can increase profit of this industry. This on growing rate also shows it continuity of growth that can offer sustainability in GDP increase factor influencing automobile industry assertively. |
|
| Social | ● Unemployment rate of Japan in May 2023 is 2.6 percent (STASTIA, 2023).
● Japan out of 156 nations ranked 120th as per “global gender gap index” in 2021(STATISTA, 2023).
|
● The unemployment rate of 2.6 percent in Japan is very low comparing to other economics in advanced world economically. This can support business of automobile industry in Japan positively, which can provide growth to Japan’s overall economy.
● Japan in terms of gender equality is more inclined toward women that refer to wider job opportunities. Offering preference to female employees in automobile industry has created negative impact due to rise of internal conflict among male and female workers. |
| Technical | ● Japanese innovations in technological sector have included high-definition maps in automobile sector (LEWIS, 2020).
● Advanced battery technology including “silicon and lithium-metal anodes, solid-state electrolytes” and more is another innovative implementation in Japan (LEWIS, 2020). ● Advanced software modules for autonomous vehicles such as “DRIVE AV” are another addition to technological advantage and innovation in Japan (LEWIS, 2020).
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● High definition maps in vehicles can provide customers with an outstanding experience while journey that can attract customers in availing vehicles manufactured by Japanese automobile industry.
● Advanced battery technology using used in Japan’s automobile industry apart from this, can provide “silicon and lithium-metal anodes, solid-state electrolytes” can help in faster charging experience and less energy consumption. ● Advanced software modules for autonomous vehicles “DRIVE AV” provided by automobile industry of Japan can provide high-quality driving data along with mapping, perception, or others to support autonomous mapping and driving. |
| Legal | ● Road traffic act of Japan was amended in 2022 in Japan as act number 32 (LOC.GOV, 2022).
● Road transport vehicle act of Japan was amended in 2022 as Act number 105 (LOC.GOV, 2022). |
● “Road traffic” and “road transport vehicle” act has loosened rules and regulation introduced permission system for automated cars of level 4. These new amendments encompass regulations of driverless automated service for transportation on level 4.
● This remote monitoring transportation service would gain permission as per public safety commissions of Japan. This can create a huge positive impact on the automobile industry of Japan, which will have been in effect after 2022 within a year. |
| Environmental | Japan is a global leader in antipollution policy (SGI_NETWORK, 2022).
Energy conservation has always been a top priority of that Japan government tries to adjust for domestic energy mix (SGI_NETWORK, 2022).
|
● Anti-Pollution, policy of Japan in which it is a global leader support automobile industry in making more innovative products that can decrease pollution rate to gain government support in this industry.
● Energy conservation also drives the automobile industry of Japan in making products using advanced technology that can support government interest as well. |
Table 1: Macro factor analysis of Automobile industry of Japan
(Source: Influenced by LEWIS, 2020)
SWOT analysis
| Strength
● Toyota has a strong base for operating in market all over world with 67 manufacturing companies ● Marketing in over 170 regions and countries ● Strong base of a workforce of around 370000 (TOYOTAUK, 2023) ● Toyota mortor’s net revenue increased by 18.4 percent (STATSIA, 2023) |
Weakness
● Adoption of Premium pricing strategy ● Over-dependence on its suppliers ● Shortage of semiconductors during pandemic period for lockdown in China and it has negatively hampered overall manufacturing of automobile cars. |
| Opportunity
● Sustainable function through its manufacturing operation ● Toyota focuses on “Productivity Stock Selection Program” (TOYOTA, 2023). ● This organisation has focused on reduction of “environmental footprint” |
Threats
● Presence of market competitors is all over the world such as Ford, Chevrolet, Nissan Motor, and Honda Motor (TOYOTAOFSMITHFIELD, 2023). |
Table 2: Micro factor analysis of Toyota
(Source: TOYOTAUK, 2023)
Toyota with its strong operating base of 67 companies for manufacturing products across the world provides it a strong point. I understood that a huge number of manufacturing companies can produce more products for selling. It automatically can raise revenue of profit percentage for Toyota. Marketing in more than 170 regions and countries can provide a huge range of marketing grounds for Toyota that can add success and advantage with an increased sales percentage (TOYOTAUK, 2023). As per my understanding Toyota comes second in the ranking of largest company globally this states its great position making it a strong point for Toyota for making massive growth consistently. Net revenue growth of 18.4 percent is a reflection of huge brand reputation and great quality product of Toyota that adds to its strength (STATSIA, 2023). Toyota has been identified with some weaknesses also, which is its dependency on suppliers.
Supplies from different countries can create problematic situations for Toyota when foreign policies do not match business interests. Sometimes quality issues arise due to over dependency on suppliers. This issue has led Toyota in losing reputation and profit margins due to low quality measures, which caused accidents and injuries. Toyota has to recall its products from different countries across the globe that can be counted as its weakness. Shortage of semiconductors along with this is another weakness that hampered negatively entire manufacturing procedure of automobile cars. Presence of potential market competitors such as Ford, Chevrolet, Nissan Motor, and Honda Motor can be counted as a threatening condition for Toyota (TOYOTAOFSMITHFIELD, 2023). As per my understanding this leads Toyota encouraged for incorporating innovation and technological advantages in its products and service. Toyota through its manufacturing operation intends to function sustainably, which is an opportunity along with focusing on “Productivity Stock Selection Program”.
STP
| Segmentation | Targeting | Positioning |
| Demographic
● Age ● Gender Psychographic ● Personality traits Behavioural ● Sustainability
|
● Toyota focuses on demographics targeting customers of 30 to 50 years mainly younger to older middle-aged consumers.
● Males are mostly segmented for targeting sales of Toyota products who like to drive comfortably and enjoy car driving with greater flexibility. ● People who want to incorporate advanced technological products for gaining a better lifestyle are segmented by Toyota with offering technology and innovation through its products. ● People who support environmental sustainability and lower energy consumption through usage of products are segmented for Toyota’s customers. |
● Toyota Fortuner sales are segmented in targeting people of age group between 30 to 50.
● Toyota Fortuner sales are segmented in targeting males. customers ● Toyota Innova Crysta can target customers who drive with personality trait of availing products with advanced technology and innovation. ● Targeting customers based on behavioural who believe in availing products to add sustainable value to environment can be done by “bZ4X” that can contribute to carbon emission reduction (TOYOTA, 2022). |
Table 3: STP
(Source: Created by Author)
Demographic segmentation of Toyota target marketing has been divided into two factors age and gender in this market segmentation process. Specifically, ages between 30 to 50 group and mostly males have been targeted. Primary focus of car users remains on safety and security along with comfort. Toyota Fortuner with its fresh and premium look with updated features can target people of age group between 30 to 50 or younger to middle-aged group people along with male customers. Male customers of Toyota can be attracted to its sportier look as well. Legendary stylish look of Toyota Fortuner along with this can be a great point of attraction for middle to older age group people who also want a convenient journey with safety concerns. Key determinants of public transport sales focus on service quality, along with safety and accessibility in daily activities (Friman et al. 2020). Men who like to follow sports trends can take an interest in Toyota Fortuner. Males are mostly interested in using high-end technological products that can add greater impact in targeting them for sales of Toyota Fortuner. Psychographic segmentation of Toyota has focused on targeting people who are interested in using advanced technology for enjoying improved life.
Latest car model of Toyota named Innova Crysta has different features of comfortable drive, easy driving in difficult road conditions, automatic control of internal climate, and bulletproof reliability (KOTHARI, 2020). Cars and vehicle users’ first priority remains about safety and security that can be provided by this product. Its capacity of 7 along with other features for adults can be another attracting factor for marketing customers who wants a comfortable journey. These features of Innova Crysta can target psychographic customers with personality traits of engaging with products with technological advantages that can make their lives comfortable and easier.
Behavioural segmentation of Toyota has focused on sustainability matters through its innovative products. People who are concerned with making environment safe through their activity are targeted in behavioural segmentation of Toyota. Striving innovation of Toyota through its product bZ4X along with sustainability can provide safety and peace as an added advantage. Offering superiority with efficient performance is another feature together with other great features such as battery retention capacity (TOYOTA, 2022). The most attractive feature that can pull customers from the behavioural segment is its sustainability concern that can contribute to great achievement of “carbon neutrality”. Eliminating customer concern about environmental negative impact is its most important factor that has been achieved by Toyota with technological innovations. Japanese are mostly concerned about environmental impact through using products that can be triggered with features of bZ4X.
Marketing Mix
| Factors | Analysis |
| Product | Toyota “develops and manufactures” automobile or related products including engines, vehicles, air conditioning compressors for cars, electronic components along with devices for cars generally (TOYOTA-INDUSTRIES, 2023). Toyota as a part of the automobile industry produces vehicles that can be segmented into different types such as Toyota passenger cars including model “Corolla Altis, Crown, Avensis, Lexus” and more. Vans are included in Toyota products including “Fortuner, Alphard, Innova, Sienna, Previa, Landcruiser” and others. Commercial vehicles along with this also include Toyota products such as “Dyna 200, Dyna, Coaster, and Hiace”. |
| Price | Toyota with its luxury products for improved transportation uses a premium pricing strategy for market penetration. Selling prices of Toyota’s products are determined by analysing profit and cost. Products of Toyota are generally in an expensive range. This helps Toyota in enhancing its services with greater quality products. Toyota has moved away from “one model and one platform approach” for implementing platform reforms in its sales volumes and revenue sales for better expansion (TOYOTA, 2022). It provided a great impact on its sales percentage increase of 5.379,31 billion in which share of 8,230 thousand vehicles include. Toyota tackles care of customer needs with advanced technology along with vehicle safety that makes them worth of premium price. |
| Promotion | Toyota uses catchy slogans for drawing attention to a brand. It uses different slogans like “moving forward” and taglines like “let’s go Places” for encouraging customers. Marketing strategy of Toyota also includes advertising, sales promotions, relations, or digital marketing. Promotional campaigning for increasing sales is also followed by Toyota. Social media usage has become one of the most popular activities online, which in 2021 increased to more than 4.26 billion users (STATISTA, 2023). Toyota understands the importance of social media platforms’ power for marketing and uses social media campaigning and marketing for targeting customers from different corners of the world. |
| Place | Toyota targets penetrating market all over the world and its huge market base makes for gathering immense revenue. Toyota is operating in around 170 countries in which the United States is the largest market for new cars, which provides Toyota a great opportunity. Asian region including Vietnam, Indonesia, and more along with Poland, Russia, Czech Republic, or more in Europe consists of Toyota’s branch for manufacturing products. It holds plants in multiple numbers named Honsa, Kamigo, Motomachi, and others. Those plants manufacture different products for Toyota such as forged or hybrid parts, engines, and more. |
| People | Toyota needs a great support of a huge number of employees for operating smoothly its business all over world. Toyota has more than 370,000 employees in 71 manufacturing companies globally. This represents an increase of 0.65 percent from the previous year (STATISTA, 2023). A huge number of employees supports manufacturing in such a huge number. Leading manufacturer
|
| Process | Toyota collaborates with different countries for better market penetration in global market for doing business with success and advantages. Toyota follows “lean manufacturing system” that has been recognised as a way for eliminating wastage and gain high efficiency. Applying this concept has made Toyota produce products with more efficiency meeting higher quality standards. Two key concepts followed by Toyota are “automation with a human touch” and “intelligent automation” that help in quick identification of faults and issues in products (TOYOTA-EUROPE, 2023). It also helps Toyota in focusing on mitigating problem at an initial stage, which reduces huge chances of major risks. |
| Physical evidence | Toyota is available both online and offline. Bricks-and-mortar stores are available in various countries that make a great impactful presence physically in foreign as well as domestic country’s market. Toyota has developed an online website through which it sells products offering great services. Social media presence is its another factor that has included a greater impact for increase sales percentage among customers globally. Social media has added to Toyota’s reputation and branding a transformational impact that increased its brand awareness among customers. |
Table 4: Marketing Mix
(Source: TOYOTA, 2022)
Marketing plan
| Marketing activity | Impact | Responsible person | Time |
| Audio-visual advertisement on social media | Social media has become one of the major marketing platforms for organisations due to its power to engage audiences. Moreover, it can reach a wider group of people regardless of any nation. As per the opinion of Kim et al. (2021), video commercials on social media, especially any influencer defining product feature, increase sales volume substantially. Toyota would can gain higher sales volume along with consumer engagement due to audio-visual advertisement on social media. | Social media advertising team. | 5 months |
| Celebrity endorsement | Celebrity endorsement is highly effective to enhance trust of a brand along with increased indulgence among consumers to buy a specific product. As per the views of Moraes et al. (2019), celebrity endorsement positively influences consumer decision-making and it increases brand trust effectively. Toyota can enhance its sales volume along with brand trust and its profitability through celebrity endorsement. However, it is not as cheap as social media advertising. Thus, Toyota requires to ensure a celebrity endorse that is globally trust as we all well-reputed for gaining effective benefits. | Public Relation Management team. | 10 Months |
| Highlighting sustainable initiatives in marketing plan | Sustainability has become a weapon for organisations in recent days due to changing consumer behaviour and attitude. As commented by Aslam et al. (2021), consumer behaviour has changed due to growing concern of the harmful impact of climate change. Integration of sustainable practices in advertising as well as marketing plan, would be beneficial for Toyota to increase sales volume. As mentioned by Yadiati (2019), organisational reputation increases through incorporation of environmentally friendly initiatives. Thus, Toyota would gain reputation and it would lead to success in marketing campaign of Toyota. | Marketing team | 3 Months |
| Involve consumers feedback and positive experiences in marketing content | Involving consumer feedback along with their experience is an effective way to increase trust of consumers organically. Moreover, consumers would feel valued and it would increase the quality of marketing content. Thus, Toyota can increase sales volume along with can make consumers feel valued along with engaged. | Customer relationship manager | 8 Months |
Table 5: Marketing Plan for Toyota
(Source: Created by Author)
Based on a marketing plan it has been identified Toyota has focused on audio-visual promotional activity that grab attention of consumers. In addition, consumers get attracted towards the visual contents regarding the advanced technology that are included within vehicles that are offered by this organisation. Besides, focusing on sustainable practice this organisation has strengthened its brand reputation and got a scope to promote their product. Consumer trust issues are also overcome by this organisation through focusing on Celebrity endorsement as consumer trust messages that are shared by celebrities.
Conclusion
From above analysis, Toyota has adopted a strong base for operating business in market as well as a strong workforce. Additionally, this company is identified to find a “Productivity Stock Selection Program” to ensure its sustainability as well as strategic growth in marketing. In Japan, Toyota would be able to ensure its engagement of segmentation, target and positioning based marketing systems that would be present as attractive factors for attracting new and potential customers strategically from this selected marketplace. In marketing plan, promotional activities would be more effective to deal with market and business expansion strategy in Japan. This would ensure its higher benefits and significant brand image and strong business recognition development that would be more effective to engage new customer base from new selected regions. Hence, it can be concluded that a strategic marketing process using strategic tools would ensure its success and sustain business growth development in chosen Japan market.
References
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