Marketing Toyota's Problem, As Discussed Term Paper

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Faced with a stiff competition from the two companies, Toyota must adopt either one of these two, or perhaps both, strategies in order to keep up with the 'numbers' game in sales and marketing of Toyota cars.

One of the primary bases of Toyota for using the boomer's babies are (1) the consumer market's capability to buy or be enticed to buy a car and (2) dependence on its loyal customers over the years. The first rationale or basis illustrates the nature of consumers who are car-buyers: since it is the adult-middle-aged customers who have disposable incomes big or sufficient enough to buy a car, then they are the most logical target market that Toyota, or any car company for that matter, should center on. The second basis works on the assumption that Toyota has a strong following from its former customers -- customers who were satisfied in the quality, design, and make of Toyota cars, they will also be, most likely, the people who will buy Toyota cars in the future. Thus, Toyota patrons must always be kept up-to-date with the latest product releases, car exhibits, and other activities of the company. Its decision to widen its target market starting in the year 1999 (the year the article was published) demonstrates how the notion of possession of disposable incomes have also been extended to include young adult workers who are also financially capable of buying Toyota cars and products.

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Over-all assessment of Toyota's marketing strategy is strategy, especially since it fares better in terms of pricing and product quality compared to its competitors, whether be they an Asian, American, or European car brands. Its weak points, however, is its promotional strategy, which is still vague and ineffective in informing the people about the company's target audience (in introducing the said promotional strategy).

Toyota's current market standing is satisfactory, having surpassed the challenge of bringing in an "overhaul" change of the company's product and brand image. At present, the company has successfully re-designed its popular cars such as the ECHO, RAV4, Camry, and Corolla lines in order to clearly delineate its target market (ECHO and RAV4 targets young adults, Corolla in-between the 20s-50s bracket, and Camry, the higher end of the bracket). As a result of this effective program of re-designing its car models, Toyota is now able to create promotional strategies that target the each segment of age bracket 20s-50s (its target market). It also helps that the company is able to maintain its excellent pricing strategy….....

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