Marketing Mix & Strategy: Toyota Motor Corporation
Elements of the Marketing Mix
The marketing mix has four elements; product, price, place and promotion. In each of the marketing mix elements there are several sub-elements. The marketing mix helps in developing and providing value to the customers. The main task in marketing is assembling the marketing mix. It is by assembling and operating its marketing mix that a firm executes its marketing strategy. Assembling the marketing mix involves a number of decisions relating to each of the marketing mix elements; product, price, channel and promotion. Decision is also required for the linkages among the elements. And all these decisions form an integral part of marketing strategy (Perreault, 2004).
The marketing mix has to be juggled constantly. Assembling the marketing mix is a continuous task and not a one shot assignment. No marketing manager can assume that his job is over once the marketing mix is assembled. This mix will require periodical changes and in some cases, constant changes. In fact, there is no such thing as a forever valid marketing mix. The marketing manager has to carefully monitor the conditions and keep juggling the mix (Perreault, 2004).
Product - Product is related to physical products or the services provided to the customers. Various decisions related to product such as brand name, packaging, quality, functionality and style has to be made.
Pricing - Prices are set after considering the profit margins and analyzing the price of the competitors. Price includes retail price, financing, discounts, pricing discrimination.
Place- Price refers to the distribution channel through which products or services are offered to the consumers. The functions involve distribution channels, warehousing, transportation and logistics.
Promotion- Promotion is communicating about the product to the consumers. The various decisions are advertising, sales promotions, marketing budget etc.
Introduction: Toyota Motor Corporation
Toyota Motor Corporation, an operating automobile industry, is in the second position in the world. The company has its headquarters in Japan and has its operations in all major countries of the world. This auto giant was started in 1937 by Kiichiro Toyoda. Presently the company has 522 subsidiaries. Other businesses of the company include financial services and production of robots. Toyota owns various premier brands like Lexus, Scion and Toyota. The company owns majority stake in Daihatsu Motors and also has a share in Isuzu Motors, Yamaha Motors, and Fuji Heavy Industries. The company follows the values developed by the founders of the company which is the main reason for its huge success (About Toyota, 2009).
The company has attained the leadership position in the area of innovation, quality, profitability and modern ...
The response addresses the queries posted in 1,764 words, 4 APA references. An introduction to the Toyota Motor Corporation is provided, along with a discussion of its marketing mix specifically.