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Strategic Marketing Management: Evaluation of the Key marketing strategies for Toyota in the UK - Essay Example

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Strategic Marketing Management: Evaluation of the Key marketing strategies for Toyota in the UK

This occurred because the government was offering subsidies for the citizens to purchase eco-friendly cars (Toyota Motor Corporation, 2012 p26). This therefore points to the need for venturing into the less competitive market segment, where there are still few companies specializing in this market segment. By so doing, Toyota will manage to annex a new market segment comprising of buyers and government institutions willing to use the Eco-Cars, making it possible for the company to increase its sales and revenues (Hino, 2006 p174). Thus, the introduction of Eco-friendly cars by Toyota in UK will have the impact of boosting its sales, since government institutions in the UK support these vehicles. This way, Toyota will manage to capture the demand from these institutions, thus expanding its overall market share, sales and revenues. Improved product reliability Customers are always in search of products that will not only satisfy their need, but also those products which they have full confidence in. the market for Toyota vehicles has been badly hurt by recalling cars, which were manufactured with various defects (Toyota Motor Corporation, 2012 p27). Although such an action is necessary to avoid losing the market share when the default is eventually discovered, it does not auger well with customers. Recalling vehicle after selling them to the customers serves to inconvenience the customers, while also increasing their doubt on the suitability of the subsequent products manufactured by the

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company. This is detrimental, since it s erodes the confidence that the customers had on the company and its products (Mills, 2002 p58). Additionally, recalling cars after they have already been sold is detrimental to the reputation of the company, since it gives its competitors an upper hand. Therefore, to boost the confidence of the customers and ensure that their loyalty in the company and its products is restored, the company needs to work towards improving the reliability of its products, through eliminating any weaknesses on its products before they are released to the market. Therefore, the company has to embark on a confidence building campaigns that reassures its customers in the UK that it is committed to make reliable products, and eliminate such inconveniencies in the future (Capon & Hulbert, 2007 p33). Introducing new brands and models The UK automobile market is unique in that there are very few indigenous vehicle manufacturing companies. Therefore, it is a market open for the foreign companies, with no disparity regarding the origin of the company (Yeshin, 2006 p16). Therefore, the key determinant of the vehicles bought in the UK is not mostly the origin of the company, but the nature of the products offered by the company. This being the case, Toyota can take advantage of the situation by innovating and developing new brands of vehicles that are different from the brands offered by its competitors (Toyota Motor Corporation, 2012 p22). This way, the company will be in a good position to boost its sales, while at the same increasing its market share in the UK. Customers are interested in products that meet their needs and which are trendy and well innovated. Therefore, the consistent introduction of new brands and models that suit the taste of the UK market will serve to boost the confidence of the customers, regarding the company’s ability to keep meeting their needs (Mills, 2002 p55). Applying Dynamic

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Name: Course: Date: Evaluation of the Key marketing strategies for Toyota in the UK Toyota is a car manufacturing company that has managed to carve a good market share in the UK markets. However, there are still some challenges that face the company, which it needs to focus on, in order to cement its market share in the region…
Author : yundtharvey
Strategic Marketing Management: Evaluation of the Key marketing strategies for Toyota in the UK essay example
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