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Toyota case study
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Marketing
IT IS AN ANALYSIS OF THE MINI CASE STUDY OF TOYOTA IN THE MARKETING MANAGEMENT BOOK BY PHILIP KOTLER.
Harshitha SripuramFolgen
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Toyota case study
- 1937 STARTED AS TOYOTA MOTOR COMPANY IN 1937 BY KILCHIRO TOYODA 1957 IN 1957, TOYOTA’S FIRST EXPORT OF JAPANESE PASSENGER CAR ‘CROWN’ TO THE UNITED STATES 2016 CURRENTLY TOYOTA OPERATES ITS BUSINESS WORLDWIDE WITH 53 OVERSEAS MANUFACTURING COMPANIES IN 28 COUNTRIES AND REGIONS Car of the Future 2017.. TIMELINE Time, you continuously improve ..
- Leaders Quadrant Ahead of The curve Car for everyone Scale of operations The Company Today… COMPETITORS VOLKSWAGEN GENERAL MOTORS FORD TOTAL EMPLOYEES- 349,000 MARKET SHARE GLOBALLY – 9.2% IT IS THE LARGEST CAR MANUFACTURER IN THE WORLD.
- HOW DID IT BECOME THE WORLD’S LARGEST MANUFACTURER?
- Product Differentiation on the basis of Reliability, Maintenance and Quality They have a car for all. The company stands for Quality, Dependability, Reliability. The company offers great customer service. Toyota has mastered the art of manufacturing multiple models at the same time. 01 Configuration Lean Manufacturing 02 Quality 03 Reliability 04
- THEY UNDERSTOOD THE CORE BENFITS REQUIRED BY THE CUSTOMER AND ACCORDINGLY DESIGNED THEIR PRODUCTS. THEY REGULARLY INVEST A LOT ON R&D TO GAIN CONSUMER INSIGHTS.
- FOR EXAMPLE : TOYOTA COROLLA AND CORONA WERE INTRODUCED DURING THE OIL CRISIS OF 1973’S WHEN CONSUMERS WANTED SMALLER, MORE FUEL EFFICIENT AUTOMOBILES.
- The company differentiates itself by advertising about their principles of “QDR”..
- Value For Money… What all of us want Longest Warranty World of choices As per your wish Peace of mind with Quality in heart Largest Dealer Network Longest Coverage Beating the competition 01 Choice of purchase Options – Mobile, PC, Dealership etc.. 02 Genuine Parts with highest coverage Warranty 03 A Toyota Everywhere04
- PRODUCT DIFFERNTIATION : ON THE BASIS OF CUSTOMISATION
- THE COMPANY SPECIALISES IN THE ART OF MASS CUSTOMISATION. TO ATTRACT YOUNG ADULTS , THEY INTRODUCED CUSTOMISABLE CARS WITH QUICK DELIVERY. UNDER THE BRAND SCION.
- LEXUS- Their luxury category. TOYOTA – For cars in the mid range. SCION- For the young adults PRODUCTS FOR ALL SEGMENTS ( two way stretch)
- PRODUCT LENGTH Toyota has numerous and long product lengths. They have a strong product portfolio.
- MASTERY OF LEAN MANUFACTURING
- THEIR PLANTS CAN MAKE AS MANY AS 8 MODELS AT THE SAME TIME! THUS BRINGING HUGE INCREASES IN PRODUCTIVITY AND MARKET RESPONSIVENESS.
- Has Toyota done the right thing by manufacturing a car brand for everyone? Why or Why not ?
- Strategy Which Helped The Toyota Way Gained customer loyalty Increased their market share and augmented growth. 02 01 03 It increased their profitability
- Toyota converts its biggest recalls into strengths. For instance, the major car recall of 2009-10 deeply affected sales of Toyota automobiles in all segments, but the way they responded to it and helped regain customer loyalty.
- RECAP What did we learn “Differentiation on the basis of customisation. Lean manufacturing …” “Product differentiation on the basis of reliability, maintenance and equality. …” “understanding of core benefit !!”
- DISCLAIMER The following presentation has been created by S.Sriharshitha,ARSD College- Delhi University, during a marketing internship under Professor Sameer Mathur, IIM Lucknow.
Hinweis der Redaktion
- After having had a look at the pst and present state of the company let us move on to the first question of the case study
- This case study aims to understand toyot’s product setting strategy. Given above are the four pillars on which Toyota’s success is based. I will dicuss these ponts further in the presentation. These pillars have helped them in achieveing customer delight.
- Moving to the first point of configuration. They model their products on the core benefits that customers of each segement desire.
- Modelling products around the core benefits that customers desire helped in increasing their market share. The company also hanged its products according to the country. For example in Usa luxury means comfort while in Europe luxury means attention to detail and brand heritage
- Heres an another advertisement where the company shows that they care about their customers core need and wants.
- Lets shift our focus to the next point of quality .Toyota’s automobiles are infamous for their quality, the same point is reiterated too by the company in their advertisements
- Moving on to reliability. TOYOTA AUTOMOBILES HAVE CONSTANTLY RECEIVED HIGH RANKING ON CONSISTENCY AND QUALITY. EVEN AFTER THE MAJOR RECALL OF 8 MILLION CARS, THE COMPANY WAS ABLE TO REBUILD ON ITS PROMISE OF ”QDR”. THEY ARE FAMOUS FOR THE WARRANTY AND GUARANTEE PROVIDED ON THEIR PRODUCTS.
- Heres an example of how Toyota used customisation, to capture a market share in the young adults consumer segmrnt. They even created a separate brand for the same.
- To become the biggest manufacturer of automobiles a company also requires demand. Toyata has solved the problem by creating a car for every micro segement. To maintain exclusisvity the company create ddiffernt brands wherever required.
- Product length refer to the Total Number of items in theproduct line, . Their product life is also long. Heres an interesting fact 80% of the cars manufactured in 1995 are still in use in the US
- Moving to the last point of lean manufacturing. Toyota follows many principles, a popular one being the “Just in time” principle. It is an inventory strategy, which helps them in enhancing their efficiency.
- We can now answer the second question in the case study
- I strongle feel that this strategy was beneficial for the company. everybody knows about Toyota, which increased their comnsumer loyalty, every averge American buys a Toyota for his first car. The huge surge in demand from difeernt segments enhanced their profitability, this strategy also helped in increasing their market share.
- Toyota has the ability to convert their threats into opportunities, the way they handled their recalls are a testament to that.
- To recall, in this presentation we tried to understand product setting strategies of Toyota using the principles for the same. Toyata’s practices known as The Toyota way have become the industry norm for quality, great service and marketing excellence
- Lastly, I would like to take this opportuniyty to thank Professor samerr Mathur for giving me chance to present this case study.
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