on 26 2.6 Integrated marketing corporation 27 2.7 Brand restructuring 29 2.8 Brand communication 30 2.9 Brand recall strategy 30 2.10 The Toyota brand strategy 31 2.11 Conceptual framework 32 Chapter 3: Research Methodology 35 3.1 Overview 35 3.2 Research approach 35 3.3 Research strategy 36 3.4 Data gathering instrument 36 3.5 Description of data 37 3.5.1 Primary data 37 3.5.2 Secondary data 38 3.6 Validity and reliability 39 3.7 Sampling theory 40 3.8 Conduct of personal interviews 41 3.9 Ethical consideration 42 3.10 Limitations of the study 43 Chapter 4: Data Analysis, Discussion and Findings 44 4.1 Overview 4.2 Results of the survey and interviews 44 4.2.1 Survey questionnaire results 44 4.2.2 Interview results 52 4.3 Results of document search 55 4.3.1 Data from Toyota’s audited annual reports 55 4.3.2 Data from market studies – comparison with competitors 59 4.4 Chapter summary 63 Chapter 5: Conclusion and Recommendation 64 5.1 Conclusion 64 5.1.1 How branding enables a firm to recover from the negative effects of a product recall 64 5.1.2 How Toyota’s US product recall impacted on its brand image 65 5.1.3 Measures taken by Toyota to address adverse impacts of the recall 66 5.1.4 Brand strategies Toyota should adopt to regain its former position 67 5.2 Overall recommendations for Toyota’s brand strategy 73 5.3 Recommendations for future research 75 Bibliography 77 Appendices 86 List of Tables Table 1: Consolidated vehicle production 15 Table 2: Consolidated performance 15 Table 3: Survey sample questionnaire 37 Table 4: Mean scores and interpretation of survey results 45 Table 5: Results of the regression study 49 Table 6: Model summary 49 Table 7: Comparative income statement of Toyota Motor Corporation 56 Table 8: Balance sheet of Toyota Motor...
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.