Q3).Evaluate Toyotas marketing strategy so far. What hasToyota done well? How might it improve its strategy?
The marketing strategy consists of 4 Ps which are product, price, place and promotion.
PRODUCT
The product that was re-launched had far better and attractive features as compared to its previous version, which included its outer appearance as well as the inner characteristics.
PRICE
Secondly, the price maintained was also competitive and helped the company to maintain an edge over the rivals as well as retain its customers profitably.
PLACE
The product was well received by the market in the sense that it was available easily in the showrooms as well as on the internet. The customers were able to make well- informed decisions because of the detailed website and the personal assistance provided by the trained agents. They were also able to share their experience through chat rooms such as Prius envy.
PROMOTION
ComExtensive marketing campaigns and heavy promotional activities through TV(Discovery channel, MSNBC, History and Learning Channel etc), billboards, auto magazines (Newsweek, Vanity far), newspapers, leaflets along withemotional taglines and environmental appeals helped Toyota set itself as the market leader.
Finally, the betterments may include higher quality for the inner features so as to improve the actual driving experience of the customer i.e. it is not a muscle car and doesn’t even provide very high speed. This factor should be considered since their main focus is on youngsters. Then it should use below the line advertising strategies and maintain direct and personal contact with the existing as well as the new focused customers.
