Toyota is currently among the top global brands.The best approach Toyota can apply in branding a new commodity is through integrated branding. Integrated branding involves setting up a brand team, conducting a brand environmental audit, developing brand environmental tools and applying the tools…
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Market analyst’s claim that if a company has a strong brands it has low employee turnover and a lower likelihood of losing its customers. The greatest strength of integrated branding is aligning the actions of the company with its strengths. This implies that the brand should reflect the company’s capabilities (Roll 2006, p.56). A second aspect of integrated branding that is beneficial to Toyota is customer preference. A brand driven company has the mechanisms to acquire knowledge about the customers needs. This information enables to produce in regards to the needs of the customer thus making them satisfied. Satisfied customers are loyal to a company, and this leads to significant sales. Brand environmental audit is essential in the branding process is various ways. The company intending to market a product will know the strengths and weaknesses of the target market. The company is also in a position to know the preferences of a market. With this knowledge, the branding manager strategizes on the branding process (Aggarwal 2008, p.129). The following is an analysis of the Asian Markets. The strength and the weakness of the Yen can produce strong implications on Toyota’s abilities to make sales. If the yen is strong, it gives citizens purchasing power in foreign commodities. This aspect is crippling to Toyota’s branding strategies as they experience reduced local demand. This is to show that the economic status of the region plays a critical role in determining market specificity. The brand a company intends to market, therefore, must pay attention to the economic situation. In this regard, a marketing manager will be careful not to launch an “expensive” product during an economic recession. The Economic situation in Asia is as a result of the political instabilities in the region. However, in recent times, the region has stabilized and there is a marked improvement in the economic sector (Bradley 2005, 71). Another implication on the Asian markets is the media. The positive or negative light shed by the media can make or build a brand. The Media has immense influence because most youth depend on the media for access to information. Globalization of the Media has wide spread roots in the Asian region. Chinese television programmes are a favourite in the region with more and more Asian countries paying attention to Cantonese pop music. There is also the internet whose advancement in the Asian region is rapid. People share information in chat rooms and social networking. The fun Vii is targets the youth, and Toyota has to ensure that the media gives positive criticism to this regard (Aaker 2011, p.33). The other aspect of the asian markets to consider is regionality. This can work for or against toyota in the sense that people can either prefer local brands or foreign brands. However, in the case of asia, locals, especially men prefer local brands to foreign brands. In comparison to U.S brands, Asia brands indicate the mother company of a product and the place of the assembly to his effect. Regionality may indicate the popularity of a product peoples acceptance of the product and the priority they give it. Toyota has already established itself in the region, so this is not a likely huddle for them to jump over (Cayla & Eckhardt 2007, p.217). Consumer attitudes are extremely influential in determining trends in the Asian markets. The asian markets are particularly keen on technological advancements. The deep rooted culture of innovation plays a prominent role in the branding techniques and the design of the product. The Asian markets, in view of embracing globalisation, focus on the future prospects and not on the current events. Asian innovations
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“Toyota Brand Management Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/management/1397231-toyota-brand-management.
See Figure 1 for the brand value chain analysis. The three value changes are marketing program investment, customer mindset, marketing performance, and shareholder value (Keller 2006, 155). The multipliers are program quality, marketplace conditions, and investor sentiment (Keller 2006, 155).
Thus, part of it is to ensure that the products they purchased were built to keep on working. Toyota sees to it that the products they produced are built to minimize maintenance cost. In this way, the Toyota brand over a period of time has earned remarkable reputation for its impeccable reliability.
The brand name of Toyota is known for its affordability and toughness. The company has been selling vehicles for from 70 years and its name is well established in markets all over the world. The company has its headquarters in Japan. Toyota has many product lines and models that are aimed for different genre of people.
During the Second World War, Japan demanded that the designers and makers of the automobiles, a majority stockholder, needed to be from Japan. The operations of Toyoda were later placed in the hands of Sakichi Toyoda’s son, Kiichiro Toyoda, who in 1929 made an adventure to the United States and Europe to investigate on the production of automobiles.
strategic choices Bringing total quality by delivering value to customers Toyota motors has decided to focus on customers’ needs and desires, and bringing total quality by delivering value to customers. Toyota is the largest manufacturer in Japan, it believes in providing value to customers that helps the company to increase quality levels and increase long-term sales.
This concept is referred to as brand equity.
2. Elaboration - make the brand easy to remember and develop repeat usage. There should be accessible brand attitude, that is, the consumer should easily remember his or her positive evaluation of the brand.
Toyota Motor Corporation is globally recognized particularly due to its quality products as well as their production systems. So far, the company has made progress in the hybrid automobile sector and is currently on its third generation whereas other companies have not
According to the research findings, it can, therefore, be said that with over 333,000 employees across the world, Toyota was ranked as the largest manufacturer of automobiles by production in 2012, while also ranking as the most valuable global automotive brand despite heavy competition from other companies like Nissan, Volkswagen, and Audi.
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