Marketing Mix For Toyota Marketing Essay
The given study is grounded on the concept of marketing mix which is an inherent part of the marketing actions of the companies. The marketing mix is an accumulation of the four elements of the market such as product, price, place and promotion. All the four elements have equal implication for the effectiveness of the marketing strategy of the company. The companies operating in all types of the business industries make use of marketing mix in the formation of their various marketing strategies and tactics.
This can be understood in a prominent manner with the help of the example of Toyota motors which operates in the automobile sector. The company has gained a great competitive advantage through the implementation of the marketing mix in its different and diverse marketing strategies. Marketing mix renders Toyota with a number of competative advantages in different aspects of its marketing activities.
Marketing Mix is a very significant concept of the business progression. The products and services of the business organizations get a very effective strategic position in the market with the assistance of the application of marketing mix. Through correct diligence of the marketing mix, a company can have a well explicated marketing strategy and tactics through which the marketing aims of the company can be accomplished at the necessitated level (Kotler, 2002). The marketing mix is not an individual term but it is the assemblage of the various elements of the marketing.
It primarily piles up the 4Ps of marketing such as product, price, place and promotion. These four Ps have equal implication for the marketing of the products in different organizations (Peter & Donnelly, 2002). These quantifiable elements of the marketing mix can be used by a company for increasing its marketing effectiveness. With marketing mix, the company can have marketing information; in order to measure the results of the marketing activities on its sales. With this, it can evaluate the degree of effectiveness of its marketing activities.
The explanation of the four elements of marketing mix is given as under:
Product: Product is the fundamental element of the marketing mix. In the product mix, both the physical goods and services are considered. The other elements of the marketing mix are also ascertained by the product mix. The product mix conveys all aspects of the product like product design, quality and manifestation, brand name of the company and services of the products.
Price: Price is the second imperative element of the marketing mix. The price is specified according to the expected profitability and the keen competitors. This is considered as a critical element as it determines the purchase power of the customers up to a convinced level. The organizations keep their product prices reasonable in order to make them affordable by all the customers. In pricing, more than a few factors are integrated such as discounts price, retail price, etc.
Place: Place mix deliberates the distribution channel which is used for the deliverance of the products and services to the target customers at the correct place. The delivery of the right product at the right place is a very significant marketing activity which makes the place mixes a noteworthy concept for the business organizations (Kotler, 2002). All the business organization embraces the effective distribution channels in order to offer the customers their required product at the right place within the time. The delayed delivery of the product gives a very dreadful corporate image of the related company (Lancaster & Reynolds, 2005).
Promotion: Promotion mix is also very momentous element of the marketing mix. In the promotion mix, the advertising strategies and sales promotional activities of the business organizations are integrated (Kotler, 2002). Several tools are used by the business organizations for the product promotion according to their products such as personal selling, sales promotion through coupons and premiums and advertising.
In this way, all the elements of the marketing mix are evenly important for the business organizations. None of the element can be refrained by the business organizations in the establishment of the marketing strategy. All the four Ps have their distinguished utility for the effectualness of the marketing activities of the companies (Hisrich, 2000). With the appropriate management of all the constituents of the marketing mix, the companies can make their marketing strategies and tactics in a very sophisticated way. This can be better understood with the help of an instance of a company.
Application of Marketing Mix in Toyota
The application of the marketing mix and its different elements can be better explicated with the instance of a real working company. Toyota is one of the most effective business organizations which have the application of the marketing mix in its different marketing activities. Toyota Motors Corporation is a global business organization which is accepted all over the world for its valuable products.
About the Company
Toyota Motors is a well-liked multinational company, located in Japan. The company mainly functions in the automobile industry. Currently, Toyota is considered among the top automobile companies of the world. The company was originally begun in the year 1933. The quality product is the strategy of the company. The company principally concentrates on the brand and planning of the products. It is the part of the marketing mix strategy of the company.
The prices of the products of Toyota are also ascertained in accordance to the product quality and models of the vehicles. With the affordable price and quality products, the company has acquired a very effective image among all the contending business organizations like General Motors, Ford Motors, etc. For the promotion of the product, the company provides several kinds of gains to its customers (About Toyota, 2009).
The marketing mix and its impact on the marketing strategy and tactics for Toyota Motor Corporation can be understood with the help of subsequent discussion of various marketing mix elements:
Product: Product mix is the primary element of the marketing strategy of the company. Toyota is well known for its quality products. It has a very immense product range such as cars, trucks, vans, sport automobiles and hybrid products. In cars, the most famous models of the company are Corolla, Prius, Matrix, etc. The trucks of the company include the Tacoma and Tundra. In hybrid products, Prius and Camry Hybrid are the most popular products. The product features of all types of vehicles are very high technology grounded. These come with fuel efficiency, appealing models and happy driving. The customers of the company are gratified with the advanced and most effective quality products and this has given great success to the company (About Toyota, 2009).
The product determinations of the company are an incorporated part of the marketing strategy of the company. The marketing department of the company primarily concentrates on the market segmentation, according to the departed needs of the customers in order to meet the necessities of the peculiar market segments in an efficacious way. In its marketing strategy, the company also considers the brand image of its product as a vital aspect. With its innovative branded products, the company wants to carry out its strategy of comprehending the whole automobile market (Chen & Green, 2009).
Price: Pricing is the most crucial element of the marketing strategy of Toyota Motors. The company has a very eminent pricing policy in contrast of other automobile companies. The pricing of the products of Toyota is simply affordable by the customers. The pricing policy of the company is ascertained consorting to the distinct geographic segments according to the financial conditions of the customers.
In its marketing strategy, the company is not increasing its prices even after the immense rise of competition in the automobile market. As a part of its marketing strategy, the company primarily concentrates on the customer satisfaction with low cost and quality based products (Toyota Motor Corporation, 2009).
Place: For the well-timed delivery of the vehicles, the company has spread out its stores in all the approachable areas of the customers. The supply chain of the company is also very efficacious. The dealers of Toyota supply the vehicles to the accurate market places in accurate time. For the effectiveness of its marketing strategy, the company concentrates on the increased sales and for which it adopts the strategy of alliances and Joint Ventures with the well developed markets. The marketing mix, especially the place mix strikes the enlargement strategy of the company. Due to this basis, the company is proposing to make uninterrupted changes in its marketing strategies according to the changing marketing conditions.
Promotion: The promotion strategy of Toyota is very valuable. Through the web portal, the company gives very exact and well timed information about its offerings. The company coordinates marketing campaigns and furnishes demos of its vehicles as a part of the promotion strategy (About Toyota, 2009). In the implementation of the promotion mix in its marketing strategy, the company renders respective benefits to its customers such as very low rate of interest on installments and discounts. In its marketing strategies, the company also concentrates on the market surveys for the promotion of its products.
Therefore, marketing mix is a central part of the marketing strategies of the Toyota Motors. With the implementation of the diverse elements of the marketing mix, the company has made very effective marketing strategies and tactics. With the marketing strategy, structured on the ground of the elements of the marketing mix, the company is deriving very good corporate image and profitability among whole automobile market currently. This is also expected that if the company changes its marketing strategies and tactics according to the prerequisites of the customers related to these four elements of the marketing mix, it will be able to assert the same level of profitability in the future.
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