Analysis of Toyota’s Marketing Strategy in the UK Market
This paper is explain regarding on Toyota automobile industry in UK market. The main focus is on their strength and weaknesses as well as how the company maintaining their competitive advantage.
Toyota is a car manufacturer that is the third largest manufacturer in the world. They are very inovative, customer oriented and well organized company. Eventhough Toyota is one of the main car manufacturer in the world, their market share in UK are not competitive. The strategic marketing objective is to increase sales by increasing the market for the product. Maintenance and implementation of the marketing objectives yields profit for the company. Toyota introduced relationship marketing to create brand loyalty for its product along ...view middle of the document...
Toyota believes there are four key things that should be in the core of a business function: i) Marketing is the number one priority of a company; ii) Putting customers view on top; iii) Investment on the future; iv) Patience. Considering all of these points, Toyota’s customer perception has moved from “cheap and reliable” to a “quality car at competitive prices”. This consumer-perception rewarded Toyota with a rise of market share over the past five years, together with a healthy rise in profit margins. The brand loyalty of Toyota has increased, making it the market leader in retained business.
Toyota’s organization orientation and marketing mix is developed from the philosophy of its organizational culture. The company always puts quality and customers first. Its product development, marketing strategy, after sales service and every other activity bears the sign of best customer service. Toyota’s only weakness so far is not to have a distinctive brand image although this weakness is going to be eliminated by the eventual success of Lexus as time goes by. Localizing, while moving to new markets, should have more focus on quality control. Although the organization cannot control the macro factors which can affect it at any time, still a big organization like Toyota is expected to have enough reserves to tackle any situation of such sort. The introduction of Toyota’s hybrid technology has extracted a lot of investment from the company. Now they need to capitalize on the expense they have made. This can be done in a number of ways like Toyota has to make these hybrid products available to as many customers as possible. The balance between low pricing and price skimming is crucial. The growing markets of UK are one of the opportunities for Toyota. Toyota can have big increment in their profitability if they can win these markets.