Toyota Motor Corporation is the world’s largest motor manufacturer and seller; it has its headquarters in Toyota, Aichi, Japan. According to the company’s accounts 2010, the company had a total of 317,734 people worldwide. With contemporary globalized world, the company’s operations are affected by internal and external factors. This report offers a recommendation on how the company can launch “Toyota Prius” in domestic and international market.
The world is recovering from global financial crisis of 2008; this has limited the growth in demand of motor vehicles by industries, governments, and private owners. Other than the crisis, Japan 2011earthquake has hindered transportation from the country thus the company is facing a challenge selling to the global world. There are numerous players in the motor vehicle industry; they include Mitsubishi, Ford, and British Motor Works.
The companies are offering substitutes to customers who get a wide selection of products. Other than using road transport, consumers are having the option of using rail and air transport. Consumers are offering pressure to the company; there are moves to environmentally friendly motor vehicles as people move to sustainable development. The pressures from the customers are keeping the company on its toes to develop customer focused products.
Toyota has been in operation since 1936, during this time, the company has created a strong brand name for its products. The strong brand name for the company is a strength that the management dells on; when launching new products, the company is favoured by its brand strength. With a strong brand, the companies sales are high with comfortable profit margin; the margins give the company good financial strength that it can develop new product with ease.
High sales have led to enjoyment of economies of scale making the products affordable. Toyota automobiles are known to be fuel-economical; getting original spare-parts for the products is easy thus people prefer the products. Opportunities for Toyota are many; the company has implemented the “blue-ocean” management whereby it’s focusing on areas other than japan where competition is lower.
Economic development in different countries is offering potential market for the company. The main threat and risk that Toyota faces is competition and world economics operations; there are many players in the motor vehicle industry thus increasing the competition the company has to fight with.
Internal structures of Toyota has been challenged of their inability to maintain human resources; with the structures, there are an increasing number of people who quit jobs and with them goes much wisdom to the disadvantage of the company. Some of the strategies that the company should implement during implementation include integrated marketing management system and customer relation management schemes.
When launching a product, Toyota needs to research on the target market and adopt such policies that will see the products sell more easily. “Toyota Pius” is a hybrid motor vehicle which can use both fossil fuels and bio-fuels; the product is an eco-friendly product by the company. When developing the product, the company aims at fulfilling the demand of customers and environment conservers on sustainable development.
The strength of the product will be the selling point or the strength of the product. When marketing and selling the product, the company should emphasis on the benefits that the product will have on the customers and the world in general.
For instance the marketing team should inform target customers that the product is fuel economical as well as it will protect the environment. Some of the strategies that the company should implement during implementation include integrated marketing management system and customer relation management schemes.