Toyota Product Strategy
- 2. ABOUT TOYOTA • Japanese automotive manufacturer headquarter in Japan. • Produce more than 10 million vehicles per year. • Known for its management philosophy.
- 3. HISTORY 1933- KiichiroToyoda foundedToyota. 1937-Toyota motors co. ltd is established. 1950- Company faces financial crisis. 1951- Suggestion system begins. 1959- Moto machi plant begins production. 1973- designed smaller & fuel efficient automobiles- Corona & Corolla. 1982- Introduced Camry. 1989- Launched Lexus, its luxury division. 1997-Launced the Prius, first mass-produced hybrid car. 2002-Second generation Prius hit the showroom.
- 6. Product Differentiation o Customization o Reliability o Features
- 9. Product Mix & Product line o Product mix is the full length of all products offered for a sale by a company. o Product mix has two dimensions: - Breadth(width)- Different lines. - Depth-Assortment within a line. o Product line -Small group of products, intended for essentially similar uses. -Possessing reasonably similar physical characteristics.
- 10. Product Mix & Product line Toyota has a diverse set of products. Following are the product lines inToyota’s product mix: o ToyotaAutomobiles o Lexus Automobiles o Welcab Series o Marine Products o Spare parts andAccessories o Engines
- 12. Price o Market Oriented: Based on the market competitors and conditions. o Value Based: Based on actual & perceived value of any products. eg: Luxury cars Price range ofToyota’s car starts from $18,990 and goes up to $80,000 according to model.
- 13. Place o Robust chain of dealership and retailers across the globe. o Dealership= Maximize sales Retailers= Additional Support o For distributionToyota use showrooms, exhibition centers or even special events. o Toyota has around 170 distributors in all the countries and regions worldwide.
- 14. Promotion o Advertisement byTV, newspaper, billboards. o Use catchy slogan to draw attention, such as ‘Moving Forward’ ‘Let’s go places’ o Direct selling for corporate clients. o Public relation program likeTogether green program. o Virat Kohli -brand ambassador in India. o Conduct motor shows.
- 17. TOYOTA HAS BUILT A HUGE MANUFACTURING CAPACITY THAT CAN PRODUCE MILLIONS OF CARS EACH YEAR FOR A WIDE VARIETY OF CONSUMERS. WHY WAS IT ABLE BECOME SO MUCH BIGGER THAN ANY OTHER AUTO MANUFACTURER? o Product line -Two way product line strategy. - Expensive as well as cheaper products.
- 18. o Customization: -To satisfy all customer. - Focus in the section of music player, color, stereo component to wheel even the floor mats. oPerformance quality & design: - Analyze what customer wants. -They are timey updated. -High performance quality in low budget.
- 19. HAS TOYOTA DONE THE RIGHT THING BY MANUFACTURING A CAR FOR EVERYONE? WHY OR WHY NOT? o Target large set of customer. o Segments and targets customer accordingly. o Increases reliability in the mind of different set of customer. o Able to fill market niches.
- 20. SUMMARY
- 21. DISCLAIMER Created by Priyanka Kumari, IIT(ISM) Dhanbad, during a marketing internship by prof. Sameer Mathur, IIM Lucknow.