Strategies That Are Relevant to Toyota Motor Corporation Limited - Coursework Example

Strategic marketing Introduction Strategic marketing is an essential component for any company that intends to succeed in its business undertakings. Strategic marketing ensures that the company employs the right strategies in all the stages of its business circle as well as ensuring that the enterprise meets its desired goals. This paper will look into the various strategies that are relevant to Toyota Motor Corporation Limited. The strategies discussed in this paper include strategies that will enable the company sail through the various stages of its changing markets, the strategies that are available to the company in expanding its markets as well as providing the relevance of these strategies. In this regard therefore the paper is divided into six parts. The first part of the paper will look at the suitable strategic market plans available for the company. The second part will look into the growth market strategies and the share growth strategies available for market leaders and market followers respectively. The third part will focus on the strategic choices available for Toyota Motor Corporation Limited to maintain a competitive advantage in the shakeout, mature and declining markets. Part four will discuss the strategies available for the company in expansion to new markets. The fifth part will provide for the appropriateness of developing both an organizational structure and a marketing plan for implementing the company’s strategies. The final part of the paper will provide for the critical role of marketing metrics and marketing audit for implementing the marketing strategies. PART 1 STRATEGIC MARKETING PROGRAMS FOR PIONEERS The potential sources of competitive advantage that a pioneer must leverage include a first choice of market positions and segments which enables the pioneer to define the rules of the market. The pioneer must also have a distribution advantage and possess prior experience. Additionally, economies of scale provide favorable conditions for a firm to maintain competitive advantage in the commodity market. However, not all pioneers utilize these potential advantages and often these pioneers fail (Dhirendra, 2012, p.450). The failure to utilize these potential advantages culminates into abandoning the product category, going out of business, or acquisition before the industry matures. It is also noteworthy that a pioneer firm has greater chances for long-term success in profitability and market-share leadership when either the firm has sufficient resources, competencies and is of the right size to take complete advantage of its pioneering capacity and maintain it against later competitive entries or the new product-market is protected from the entry of competitors. There are there different strategies a pioneer can choose from and these strategies are mass-market penetration, niche penetration or skimming and early withdrawal. a) Mass-market penetration strategy The objective of this strategy is to acquire and maintain a commanding portion of the aggregate market for the new product. The mass-market penetration strategy tends to be more effective when the pioneer firm has unique competencies or resources and when entry hurdles prevent or delay the entrance of competitors (Baumgartner, Hatami, & Ark, 2012, p.380). Toyota Motor Corporation Limited possesses these essentials and therefore this strategy is appropriate for the company. An effective mass marketing penetration strategy, therefore, maximizes the number of clients adopting the firm’s new product within a short time with a marketing program focused on a number of ideologies. Among these ideologies is aggressive motivation of customers and building product awareness among a wide cross-sectional of prospective customers. It is also vital to make the products easy to try based on the notion that customers will try the product, like it, grow loyalty, and make repeat purchases of products. Additionally increasing the customers’ ability to buy, their awareness and willingness to buy as well as making additional considerations when venturing into new markets are among the considerations of a mass market penetration strategy (Dulaney et al, 2006, p.173). b) Niche penetration strategy In addition to the benefits of an identifiable customer segment, the niche penetration strategy can also assist smaller pioneer firms gain the greatest opportunity for its limited resources and evade direct confrontations with larger competitors. Instead of following the objective of acquiring and maintaining a primary share of the whole market, the niche penetration strategy adopts the technique of focusing their efforts on a single segment of the market. The strategic market program elements include aggressive motivation of customers building product awareness and making the products easily and readily available to customers (Dhirendra, 2012, p.140). Most of the approaches in the niche penetration strategy are similar to the strategies in mass market penetration and can easily fit into the situation of Toyota Motor Corporation Limited. However, a firm adopting the strategy of niche penetration should maintain its marketing efforts clearly on the target segment so as to achieve maximum gain from its limited resources. c) Skimming and early withdrawal strategy This strategy involves attaching a high price on the product and engaging in limited promotion and advertisement in order to make the most of per-unit returns and recover the product’s input costs quickly. In addition, the firm adopting this strategy can also work to develop new products, which are advanced in technology. For this strategy to be effective, a relatively high price is suitable to improve revenues and margins (Dulaney et al, 2006, p.120). The early adopters of products from this strategy are those customers who are least sensitive to the price of the product and; therefore, introductory promotional programs should focus on these customers. This strategy can also be effective if implemented by Toyota Motor Corporation Limited. PART 2 GROWTH-MARKET STRATEGIES Position defense or fortress strategy The most elementary defensive strategy for a market leader is to reinforce persistently a strongly held existing position in the market. The market leader should focus its activities on maintaining customer loyalty and satisfaction. The leading firm should also encourage and simplify repeat purchases by its customers. a) Flanker Strategy A shortcoming of the position defense strategy is that a competitor might choose to circumvent the leader’s stronghold and try to enter a section of the market where the leader does not have a strong presence. In such a case, the flanker strategy is instrumental in defending against an attack focused at the weakness. This strategy involves the development of a second brand of a product to compete against the competitors offering (Guillen & Garcia, 2012, p.152). b) Confrontation Strategy A confrontational strategy is a reactive strategy and is appropriate where the leader’s intelligence is sturdy and enables the firm to modify its marketing program and act proactively before the entry of a competitor into the market. c) Market Expansion This strategy is a proactive and a more aggressive variance of the flanker strategy. This strategy can be implemented by developing line extensions, introducing new brands and providing alternative products by exploiting related technologies to appeal to various market segments. d) Contraction or strategic withdrawal Where the market is considerably fragmented, a leader may not be able to maintain its competitive advantage in all the markets segments. The firm may then be forced to abandon or reduce its efforts in some market segments to concentrate on segments that have the maximum potential for future development segments it enjoys the maximum relative advantages (Nijssen & Frambach, 2001, p.177). SHARE-GROWTH STRATEGIES Some competitors in the market may desire to build minor but profitable companies within a specific segment of the bigger market that market leaders and other market players have overlooked. Guillen & Garcia (2012) provide that the market followers aim to upset the leaders or become powerful competitors within the entire market. a) Frontal attack strategy Swaim (2011) argues that the frontal attack strategy is appropriate for a market follower whose aims are acquiring an increased share of the market. This strategy is suitable where a products market is comparatively homogeneous, and the market has some untapped segments. Additionally, there must be at least an established competitor in the market. There is a greater probability of success using this theory where the customers do not have a strong brand preference or brand royalty. The target competitors’ products must not advantage from positive network effects. Furthermore, the challenger’s competencies and resources, particularly marketing resources should be superior to the target competitor’s for the strategy to succeed (Swaim, 2011, p.120). b) Leapfrog strategy The leapfrog strategy involves offering products that are attractively differentiated from the products of the competitor aimed at attracting replacement or repeat consumption from a competitor’s existing customers. In order to increase the chances of success, it may be prudent for the market follower to offer a more superior product centered on a more sophisticated design or advanced technology. c) Flanking strategy The flanking strategy is appropriate for market followers when the product market can be split into more vast segments. The market leader or the other leading competitors in the market must also have a strong competitive advantage in the primary portion of the market. Additionally, there should be no existing brand, which wholly satisfies customers’ needs in one market segment (Magrath, 1996, p.190). The flank strategy does not necessarily involve unique product feature although unique product feature improves the success of this strategy. d) Encirclement strategy This strategy involves simultaneously targeting a number of smaller underdeveloped or untapped segments in the market. The strategy encompasses the development of a diverse product lines with features designed to meet the needs of diverse segments. Kim and Mauborgne (2005, p.283) provide that firms that improve their product quality relative to those of its competitors realize greater share upturns compared to firms whose product quality declined or remained constant. Share-gaining firms usually develop and add line extensions, new products or modify products to their line, unlike share-losing businesses. According to Magrath (1996, p.300), a pioneer in a new service or product category gives a firm a number of potential advantages. However not all pioneer firms are able to maintain a leading position in the market as it matures. PART 3 Maintaining competitive advantage in shakeout A firm at the sake out phase is characterized by a declining growth rate and overcapacity as a result of overestimating the future demand of the product. The competition in the market also intensifies as the volume needed to cover fixed costs increases a situation that results in the failure, withdrawal or the acquisition of weaker firms. Furthermore, Nash (2000, p.492) states that the firm faces difficulty in maintaining differentiation, making distributions, as well as pressure on prices and profits. The strategic traps that affect firms during shakeout include the failure to identify events signaling the commencement of a shakeout; therefore, the forecasts are not accurate. The firm can also be stuck without a perfect strategic lead during shakeout and giving up the market share in preference of short term profits. The failure to distinguish decreasing significance of product differentiation and enhancing the significance of price can also negatively affect affirm during the shakeout stage. The strategies to overcome the inadequacies of the shakeout stage are value-added, proactive, reactive, process innovation, service innovation, supply side and demand side focused strategies (Business Marketing Association, 2011). MAINTAINING COMPETITIVE ADVANTAGE IN MATURITY The maturity stage is portrayed as one of stability and is characterized by few variations in the market segments of key competitors and stable prices. These characteristics are due to reduced per unit costs and the declining desire to make any additional investments by the industry leaders since they enjoy positive cash flows and high profits. Nevertheless there are a variety of opportunities and threats that can disrupt the stability of the industry. Changes in the tastes and preferences of the customer, increase in the cost of raw materials, availability of product substitutes, modifications of government regulations, or other factors such as mergers, acquisitions and the entrance of low-cost manufacturers can impend distinct players and even throw the whole industry into an early decline (Merson, 2011, p.290). The objectives of strategies at the maturity stage are to exploit the flow of returns over the remaining span of the product-market. Strategies for Maintaining Current Market Share Maximizing the short-term profits of a firm at the maturity stage is not practical since the markets can remain in this stage for considerably long durations. Therefore, the most essential marketing strategy is to protect and maintain the firm’s market segment. In a mature market where there are a few new customers who start to purchase the company’s products, the firm must continue to retain its share of returning customers from the existing base of customers since a few new customers who start purchasing the products. A possible strategy in maintaining their position is by employing the fortress defense (Kumar, 2004, p.170). However, for this strategy to be effective it is prudent for the firm to avoid prolonged confrontations with other large market players. Additionally, where the target market is too trivial to attract bigger competitors or where the firm can establish a robust brand preference or differential advantage then a niche strategy can be effective. Strategies for Extending Volume Growth During market maturity, the firm’s growth rate flattens and in some occasions, the growth rate slows due to structural reasons, which include a shift in the preferences of customers or the emergence of a substitute product. It is often difficult to regenerate the markets in such circumstances and, therefore, encouraging further growth in volume can be a significant subordinate objective especially for industry share leaders since they can seize a comparatively large share of any extra volume created (Peng, 2003 p. 279.). One strategy that is appropriate for market leaders is the increased penetration strategy since large firms can easily maintain a substantial portion of new customers compared to smaller firms with brands which are less familiar. This strategy aims at enhancing the value of the product by incorporating additional benefits and features to its products in the target market segment. This strategy also improves the value of the product by including integrated systems into its design. Additionally, the strategy stimulates additional demand through the use of promotional efforts emphasizing new benefits and features. The extended use strategy is another vital strategy that is aimed at increasing the frequency of the use of the firm’s products among its existing customers. This strategy advocates for the movement of products nearer to the customers by providing additional designs. It is also significant to encourage greater volume purchases and provide quantity discounts. Consumer promotions, as well as advertising, also encourage more frequent use or volume purchases (McKee, Varadarajan, & Pride, 1989 P. 30). Market Expansion Strategy During a mature stage with heterogeneous and fragmented market where some market segments are underdeveloped, a market expansion strategy can create considerable volume growth in the firm’s returns. The market expansion strategy aims at acquiring new customers by focusing on new customer segments, underdeveloped or new geographic markets. The advantage of this strategy is that a firm can utilize the existing technology as well as similar distribution and production lines in the new endeavor (Miller, & Roth. 1994 p. 296). MAINTAINING COMPETITIVE ADVANTAGE IN DECLINING MARKETS As the enduring competitors struggle to hold volume in a situation of dwindling sales, industry returns decline. Consequently, firms should either harvest or divest weakening products quickly in order to maximize profits in the short run. Nevertheless, it is imperative that the markets do not weaken in the same speed or manner. Additionally all the firms in the market do not possess the same competitive weaknesses and strengths and, therefore, the comparative attractiveness of the decreasing product market and the firm’s competitive position in the market should provide the appropriate strategy (McKee, Varadarajan, & Pride, 1989 P. 30). The strategic appeal of declining markets is determined by three factors, which are the demand conditions including the certainty and rate of imminent declines in volume; factors touching on the strength of impending competitive rivalry in the market and exit barriers, which is the ease at which minor competitors can exit the market (Mullins et al, 2005, p.200). Harvesting Strategy The aim of the harvesting or milking strategy is to create cash quickly through the maximization of cash flow over a moderately short duration. This usually involves evading any further investment in the business, significantly reducing marketing and operating expenses, and rising prices. Since the firm typically expects to eventually abandon or divest the undertaking, some sales loss and loss of the market share while pursuing this strategy is expected. The harvesting strategy is suitable for a firm with a comparatively strong competitive position the commencement of the decline stage. In addition, the firm must have a cadre of existing customers who are likely to continue purchasing the brand even when the marketing support is condensed. This strategy is also practical where the decline in the market is inevitable, but such decline is likely to take place at a moderately steady and slow rate and where the competition among outstanding players is not likely to be strong. These conditions permit the firm to sustain satisfactory profit margins and price levels as the sales volume slowly decreases. Maintenance Strategy The maintenance strategy is aimed at maintaining the firm’s position where the future volume is uncertain, and this strategy is appropriate until the future market becomes predictable. During the period when the maintenance strategy is adopted the firm continues to use the strategies that were successful at the maturity stage. The maintenance approach regularly results in decreased profits and margins in the short run; however, the firms must increase marketing expenditures or reduce prices to maintain its market share in the face of declining volumes. In this regard, the firm must only opt for the maintenance strategy ass an interim strategy (Miller & Roth, 1994 p. 296). When the firm is certain that the market will continue to decline then it is prudent for the firm to employ strategies that are guaranteed to provide better cash flows and return on investment during the outstanding life of the market. Profitable Survivor Strategy The profit survivor strategy is an aggressive substitute for a firm with a robust market share and a competitive advantage that is sustainable. The aim of this strategy is for the firm to invest adequately in order to improve its market share and position itself as the market leader for the rest of the market’s decline. This strategy is practical when the firm anticipates a steady decline in the demand market. This strategy is also appropriate for a strong competitor since such a competitor can improve its market share at a lower cost because other players are harvesting or preparing to exit from the market (McKee, Varadarajan, & Pride, 1989, P. 30). The key to the success of this strategy, therefore, is to encourage other market players to exit from the market early. When the firm has attained a strong and unopposed position, it can shift to the harvesting strategy and acquire considerable profits over the markets remaining life. Niche Strategy A niche strategy can still be viable even in the face of rapid declines in the market segments. The assumption of this strategy in declining markets is that not all the market segments will decline, and some are bound to remain stable or decline at a slower rate. A firm pursuing this strategy pursuing such a strategy must have a strong competitive advantage in the segment or have the ability to build a viable competitive advantage within a reasonable time so as to deter competitors (Williams et al,1995, p. 26). PART 4 Alliances and joint ventures When a firm and in this case, Toyota Motor Corporation Limited, aims to expand to new markets the most preferable strategy is to use alliances and joint ventures. The use of alliances is preferred because such partnerships inexpensively and quickly provide the company with access to expertise, technology, production, distribution, marketing and other capabilities. Alliances are also practical when testing the markets before engaging in mergers. The advantage with alliances is that there is no change in ownership. Another benefit of alliances in contrast to acquisitions or mergers is that the firm can join several alliances at the same time. Alliances are focused on synergy, and this is preferable especially where the firm lacks distribution, and can attain synergy by allying with a firm that does not have a competing product and has excellent distribution. Where the alliances are international Toyota Motor Corporation Limited can supply the products while the ally provides a local market for these products. Additionally the allies can benefit by making cooperatively purchases, undertaking joint marketing and combining development and research (Lovelock, 1999 p. 282). A joint venture, on the other hand, is a strategic alliance which enables two or more firms to form a partnership in order to share intellectual property, markets, knowledge, assets, and, profits. In a joint venture, there is no transfer of ownership, so the firm is not affected. A joint venture can also assist Toyota Motor Corporation Limited fight bigger competitors in some market segments. Moreover, firms with identical products to those of Toyota Motor Corporation Limited can join forces to penetrate otherwise difficult to penetrate markets. Some markets may have unfavorable local regulations that may it impossible for Toyota Motor Corporation Limited to penetrate unless it gets into a joint venture with a local firm. Subsidiaries Another strategy for Toyota Motor Corporation Limited to enter into new markets is the use of subsidiaries. A subsidiary is created when one firm, the holding firm, purchases fifty percent or more of the shares of another firm, the subsidiary. The holding firm then becomes the parent firm of the subsidiary and undertakes control of the subsidiaries operations. Subsidiaries can also be wholly-owned which result from the parent firm owning all of the stock of the subsidiary. However the degree of control exercised by the parent firm depends on the style of management of the parent firm and the structure of share ownership. With the business operations of Toyota Motor Corporation Limited spanning several countries, this strategy can assist the company enter international markets. The advantages of using subsidiaries are that the liabilities of the subsidiary remain with the subsidiary and cannot be transferred to the parent company since the two firms are separate legal entities (Arnold & Quelch, 2012). Additionally the operating structure of the subsidiary allows increased efficiencies and greater diversification. PART 5 Appropriateness of designing organizational structures and marketing plans Organizational structures will assist the company streamline its business operations. An organizational structure organizes the business functions into various departments that are responsible for completing various business processes. The organization of the business into various departments guarantees that business operations are accomplished in an effective and efficient manner. Organizational structures, therefore, reduce performance of similar functions by different departments (John, & Martin, (1984 p. 179). Organizational structures can also assist in the improvement of decision making process, in the company. The use of organizational structures reduces the time used in gathering information by the company. An appropriate organizational structure should promote the movement of information from frontline processes to the managers in charge for making decisions. When the company expands its market and adopts expansion strategies like diversification and mergers, then the organizational structure ensures that all business undertakings are operated in accordance with the company’s regulations and standards. An organizational structure is appropriate in such a circumstance since the directors of Toyota Motor Corporation Limited may not be in a position to visit all business locations. Organizational structures can also assist in improving employee performance since an organizational structure usually outlines the responsibilities of employees. An organizational structure also identifies the managers responsible for employees and can be created with some extent of flexibility to accommodate the expansion of the company’s workforce. Additionally, a precise organizational structure should focus on customer service and not amending operational issues. In this regard, therefore, an organizational structure must improve customer service, which will translate to increased revenue since the customer needs are satisfied especially during the stage of maturity (John, & Martin, 1984 p. 179). An organizational structure is also appropriate in a growing and developing company such as Toyota Motor Corporation Limited. The company’s organizational structure must make proper allocations of both resources and workforce and highlight deficiencies in the company’s management in order to implement its marketing strategies. Therefore, an organizational structure should evolve as the company grows in order to implement its strategies effectively. A marketing plan is also appropriate for the implementation of the company’s strategies. A marketing plan creates a guide from which the achievements of the company are met. A marketing plan acts as a guide for the firm to follow in implementing its strategies. A marketing plan also assists the company to in planning its strategies ahead of time. According to Hiebing and Cooper (2003, p.130) the marketing plan can also be applied in aligning, the company’s marketing strategies with its overall goals. A Marketing plan also incorporates all of the features of the company, including the prices of the company’s products and its financials. This marketing plan allows the company’s managers conduct an analysis of the company from different perspectives such as its operations, financial aspects, legal aspects and more so its marketing strategies. A marketing plan is also instrumental in making operational forecasts of the company by providing sales estimates from its marketing efforts which in turn assists the company create a production schedule. An appropriate marketing plan scrutinizes a company’s products and compares these products to those of its competitors in order adopt appropriate marketing strategies. In this regard, the marketing plan looks into the quality of its products the needs of the customers and their responses in order to develop effective strategies (Hiebing & Cooper, 2003, p.266). Moreover, a marketing plan takes into consideration the company’s pricing position as well as its financial objectives in order to position itself strategically in the market. PART 6 The role of marketing metrics and marketing audit A marketing audit is essential to the company as it reintroduces the company’s products to the market. This audit will look at the marketing plan, the budget and strategies employed in order to formulate methods of positioning the company well. The marketing audit essentially reminds the company’s manager of the initial marketing goals in order to meet its targets. The marketing audit allows the company to keep in touch with its original goals and objectives and ensures its operations are on course. A marketing audit also allows the company to assess the strategies that worked well and those that did not work (Zahay & Griffin, 2010 p. 91). A marketing audit can, therefore, assist the company evade any future problems by changing ineffective strategies previously adopted. A marketing audit is also vital in uncovering marketing inefficiencies that hinder implementation of strategies. A marketing audit will allow the company to identify how its marketing resources are utilized and provides information on the reorganization of its strategies. It is, therefore, noteworthy that a marketing audit is particularly critical in restructuring the company’s strategies and ensuring that its strategies yield the desired results (Wilson, 2005, p.129). Furthermore, a marketing audit can be used in drafting the company’s strategies as well as being a means of tracking the progress of implemented strategies or implementation of policies. On the other hand, marketing metrics are also significant to Toyota Motor Corporation Limited since these metrics help the company improve its intelligence strategies. Improved intelligence on market activities in turn assists the company anticipate the reaction of its competitors to its strategies and, therefore, implement these strategies in consideration of their reactions. The use of marketing metrics also enables the company to assess its marketing assets and the level of effectiveness of its strategies on the consumers. These marketing metrics are critical in building the company's knowledge base and its data, which assist in developing marketing strategies to navigate the company through the various stages of the market (Wilson, 2005, p.183). Marketing metrics integrate and weight information collected from various sources and transforms this information into useful data that assist the company in the decision making process. 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