This study examined the effect on the public’s perception of the Toyota brand, and the appropriate brand strategies that the firm may adopt in order to establish once more Toyota’s brand position in the public mind for quality and reliability. It concludes that despite the negative publicity and adverse consequence of the Company’s recalls, the chances Toyota may redeem itself and assume market leadership once more are high with the help of strategic brand management particular to addressing a product recall event.
The modern age of business can be defined as an age of competition. The competition within an industry is gradually increasing with the expansion of business as many new players are entering into the market. There are several reasons behind this intensifying competition. Firstly, globalisation is one of the primary reasons for expansion of trade and business that lead to increased competition. Many business organisations have found greater opportunities in overseas market, and free trade policies and agreements between multiple countries facilitated their market expansion programs (Hitt et al 2009).
The domestic markets have turned into global markets that heightened competition rivalry among existing domestic and new multinational enterprises. Since last two decades, the society has been experiencing a rapid technological improvement. The technological advancements have led to change the structure of entire trade and business. The management tasks and operational process are now backed with technology like e-commerce and e-business. ...Show more