Second portion of your International Marketing Plan.
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Utilize the company, product, and country you used for the Detailed Marketing Plan Outline: Part I Toyota/Japan
I need help with paper of a 1,050- to 1,400-word detailed outline of the second portion of my International Marketing Plan.
a. Describe the market segment you are targeting and explain how you plan to position your product or service based on your analysis of this segment.
b. Develop an international marketing strategy that addresses the items below. Be sure to organize your paper according to these sections.
Pricing strategy
Describe the monitoring process
with References
APA 6th edition standards.
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Solution Summary
The expert examines the second portion of an international marketing plan.
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Running Head: MARKETING PLAN
Marketing Plan for Toyota
Introduction
Marketing plan indicates written statement or action to achieve marketing objectives that are related with product, service, brand, etc. Marketing plan includes overall business and long term strategy for market segmentation, marketing pricing strategy, market penetration strategy, etc. Market segmentation refers to the segmentation of the market on the basis of similar needs, wants and purchasing power of customers (Wedel & Kamakura, 2000). Marketing pricing strategy states to set cost and value of products according to customers' demands. In this study, marketing plan will be prepared for Toyota Company.
Market Segmentation
Toyota is a largest multinational company that deals in automobile industry (About Toyota). In Japan, market segmentation for Toyota Camry will be done for middle end customers on the basis of demography, psychographic and behavior (Weinstein, 2004). Toyota Camry is a luxury and not highly expensive car. Basis of segmentation for Toyota Camry can be described as following:
Demographic: Demographic segmentation refers segmentation on the basis of income, occupation, age and gender of customers. It plays a crucial role in targeting customers (Weinstein, 2004). These aspects of segmentation directly affect products' positioning among customers. Toyota Camry will target middle end customers to fulfill their needs and wants for having luxury and good looking car. It will be easily afforded by middle class customers (Wedel & Kamakura, 2000). In age segmentation, Toyota Camry will target common age of customers. In Japan, customers want to live better and luxury life and most of customers belong to the middle family. So, in Japan, Toyota Camry will be a best product for middle customers that will fulfill their dreams for having luxury car (Wedel & Kamakura, 2000).
Psychographic: Psychographic segmentation includes segmentation on the basis of life style, living standard, social class and personality characteristics. In Japan, customers are more conscious about their life style, ...
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