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Marketing Audit - Research Paper Example

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Marketing Audit

Newness in the product signifies minor modification of the existing product that is new to the world and can also create new market for the organization. Higher the degree of newness, higher is the chances of failure or success. On one hand the newness can bring success for the organization by increasing the sales and profit, whereas on the other hand, it may lead to high cost and failure that can create problems for the business (Cravens and Piercy, 2010). This study focuses on conducting a marketing audit for a customised car that can serve many purposes at the same time. This car serves the purpose of multifunction and customization that offers the owner with the opportunity of using and transforming the car in a variety of new designs. It can serve the function of both city car and pick up. Toyota has shown interest in launching this car and in this regards the marketing audit has been conducted. About Toyota Toyota Motor Corporation is one of the world’s most favourable and leading manufacturers of automobile. It is the market leader in developing technologically advanced and environmental friendly cars. Toyota Motor Company was officially launched and started up by Kiichiro Toyoda in the year 1937 (Borowski, 2010). In the year 1952 the company experienced exponential growth and become successful. After this success the company began to export cars to South America and five years after this achievement, the company gained firm ground in the automobile market of North America. Entering the market of US proved to be a breakthrough for Toyota in terms of automobile export. In the year 1982, Toyota Motor Corporation (TMC) was formed by collaborating Toyota Motor Sales Company with Toyota Motor Company. Currently the company has nearly 522 subsidiaries all over the worlds with about 320,808 staff and having their manufacturing unit not only in Japan but also in 51 other locations spread over 26 countries (Borowski, 2010). In the year 2007 Toyota Motor Corporation has the highest share price value among all the car manufacturers. In the year 2008 the company recorded total sales of 8.972 million cars generating an annual turnover of $239.4 billion. In the same year the organization was recognised as the biggest manufacturer in the automobile industry (Borowski, 2010). Marketing Audit Marketing audit is described as the process of “comprehensive, systematic, independent and periodic examination of a company’s or business unit’s marketing environment, objectives, strategies and activities with a view of determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” (Avasarikar and Chordiya, 2007, p. 4.15). The profitability of the organization can be increased by conducting marketing audit before launching a new product in the existing or new market (Kotler and Keller, 2012). In this regards the strength, weakness, opportunities and threat of the product and the organization has been identified. Strength The major strength of the product is customisation. The owner of the car can use this in a variety of ways serving numerous purposes. The owner can use it as a pick up van and as a common city car at the same time. The car has got innovative features that can attract the customers. It is ...Show more

Summary

Marketing Audit Table of Contents Table of Contents 2 Introduction 3 About Toyota 3 Marketing Audit 4 Target Market 8 Reference List 10 Introduction Changes in the market, society and economies have led to the shortening of the product life cycle due to which the organizations are now seen to intensify their innovation related to the creation of new product that can offer the customer with more attracting features…
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