Answered: 4) Suppose you were workdng in this…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Transcribed Image Text:3) Identify the weak points of their marketing mix that might need to be improved. If there are only a few weak points researched, what then can be possible opportunitles for their marketing mbx to be better? Since, Toyota is a strong brand there are not many weak points in their marketing mix but there are some limitations or weak points in their marketing mix. Here are these: Faulty product: Consumers have lost faith in Toyota's goods and brand image following the announcement of two safety recalls. This has a substantial impact on the stock price of the corporation, resulting in a decline in stock exchanges in Japan and abroad. Employee Schemes: As a result of the financial crisis, employee pension funds have been shrinking. Toyota is unable to control its financial position due to regulations around underfunded pensions. Here are some opportunities for their marketing mix improvements: Hybrid Vehicles: Toyota has a fantastic potential because it has created Prius, a hybrid vehicle, throughout the years. Toyota's hybrid technology is one of its most valued competitive advantages, which the company is developing in order to obtain a stronger market position. Expansion: The global vehicle sector has recovered from the economic downturn, and growth is expected to pick up gradually next year. Toyota's products and services may be increased since they can be marketed and delivered around the world through its distribution network. Customer Base: Toyota will be able to acquire greater customer interest as a result of the many new cars it debuted in 2009-2010, contributing significantly to the company's sales growth. 4) Suppose you were working in this business and you were tasked to decide on a new product to launch, what product would it be and how would you market and promote it? ||

Transcribed Image Text:Think of a popular local or internatlonal enterprise to analyze in this activity. Base your answers from research however, it is highly suggested that you explain your points through your own words. 1) Identify the business you are analyzing The business or industry which I am choosing is automobile. The company which will be suitable for this activity is Toyota. It is a Japanese automobile brand which is internationally recognized and demanded. The brand is capable of producing vehicles with different fuel systems like petrol, diesel, hydrogen, hybrid, electric. In terms of consumer tastes as well as regional and local market situations, Toyota's target market is broad. As a result, the company's marketing mix is customized to account for these differences. 2) How did the marketing mix of the business help in achleving a name in the industry? With strong marketing mix core, Toyota is able to dominate the globe. Be it any element of marketing mix, the brand has been implemented it quite effectively. Quality: "Quality" is one of Toyota's most important characteristics. Because of its dependability and durability, consumers choose this brand. Furthermore, the automobiles are labelled "Made by Toyota" in order to emphasise their high quality. This implies that, despite being manufactured in different parts of the world, the quality of its automobiles is consistent. Innovation: Toyota has worked hard to design and present new products in order to influence people's perceptions. "Innovation" is what it is called. Toyota introduced Pirus Hybrid in 2000 as a way to show off its environmentally friendly technology (Toyota, 2010). Customers were interested in this product, and before the middle of the year, it had sold out of nearly a million units. As a result, in 2010, "full hybrid" was designated as the company's most capable technology (Toyota, 2010). Production System: It's the "Toyota Production System," which is exclusive to Toyota (TPS). Just-In-Time (JIT), one-piece flow, Kaizen (continue to improve), Jidoka (automotive stop), and Heijunka (levelled production) are all part of this system, which enables Toyota to deliver the best quality, lowest cost, shortest lead time, and highest level of safety (Amasaka, 2002). As a result, Toyota will be able to gain significant competitive advantages over its rivals. Brands: Toyota owns and operates the Toyota, Lexus, and Scion brands in the passenger car industry (Toyota, 2010). Toyota offers more than 116 models across several sectors, as well as customised models to appeal to local customers in each location and boost sales.

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4) Suppose you were workdng in this business and you were tasked to decide on a new product to launch, what product would it be and how would you market and promote it?