Media Strategy of Toyota Corporation - Case Study Example

Author’s Name] [Professor’s Name] [Course Title] [Date Media Strategy Introduction If we analyzed then we come to know that Toyota Corporation is planning on set up a latest business unit in the automobile industry. Moreover, Toyota is looking into the hybrid vehicles alongside the average gas vehicles. Toyota recognize the want for vehicles while we are at the mercy of further countries to supply the United States by the amount of gasoline Americans consume. So in its place of looking at additional ways of obtaining gasoline Toyota has redefined their vehicles to be needy upon electricity (Advertising and Marketing, 2004). Executive Summary         By focusing on Toyota's strengths, its open and probable customers, and the original values its customers need, Toyota has predict an increase in sales by other than 300,000 vehicles per year, and this is in the sale of hybrids unaccompanied. This will make possible Toyota to get better the gross margin on sales, cash management, and functioning capital. Toyota's public relations and marketing plan will lead the way. Toyota provides both hybrid automobiles and services to make them useful to the Y Generation. Toyota is particularly focused on providing enough information to embattled consumers through a broad diversity of media, including focused public relations, in order to make an informed option. Ultimately persuasive consumers, into choosing Toyota as their choice of partiality for supplying high tech, towering performance, and environmentally friendly cars. Public Relations Issues         Toyota's date of establishment was in 1995; from then on Toyota has obtained name recognition with their vehicles (Toyota History). However Toyota has excited the automotive olden times with the first high performance hybrid vehicle, which is turning heads. Our public relations department is going to have work in front of them to induce consumers that hybrid vehicles are the method of the future. The hybrid vehicle idea has been approximately, which point to an electric motor would supplement a gasoline engine (Alan J. Zell 2002). Objectives         No doubt, to launch the Toyota Alissandro Volta, and take pleasure in a victorious campaign the public relations organization have to recognize quite a few objectives. This amazing innovative automobile is a elevated performance hybrid. It is sleek and extremely sporty with 408-horse power. No doubt, the hybrid synergy drive has a 3.3 liter V6 engine by means of an electric motor for every axle. Furthermore, the Volta not merely delivers 435 miles on a 13.7 gallon tank but goes from 0 to 60 mph in a mere 4 seconds.         Auto shows are to be planned in numerous cities all over the country. To illustrate just how far hybrid design has come, an early version hybrid will be displayed. Its' quirky appearance and performance of only 115 horse power will stand in stark contrast to the Volta, an amazingly designed super car (Cleaner, Leaner, 2004). Target Audience         One of Toyota's primary thrusts is to broaden Toyota's appeal in introducing their hybrid vehicles fashioned for a younger age bracket and for those people with long commutes. Toyota conventional the hybrid marketing group to expand a variety of vehicles for first-time buyers in Generation Y, youthful Americans born in the 80's and early 90's identified to be savvy consumers of information by means of varied tastes and high expectations. As hybrid vehicles are being more and more popular, Toyota advertises their products by relying on grassroots activities, such as concerts and other events, since this audience usually tunes out conventional advertising. Still the purchasing procedure is dissimilar, simplified by the Internet, and with augmented opportunities for personalization of vehicles (Henneberg, S. 2003). Publics         (http://www.whypaysticker.com/track.php?c=3605553&matchtype=1&OVRAW=hybrid%20cars&OVKEY=hybrid%20car&OVMTC=standard) A long-term objective would be lobbing in the legislature for laws in favor of more fuel-efficient and environment friendly automobiles. Having a jump on the competition when the government starts requiring these stipulations will position Toyota as a leader in the market.         Organizations are made up of a lot of dissimilar publics inside and exterior of the company. That includes anyone who has a vested interest in the product creating a profit. Employees care because of job stability and greater potentiality for raises and bonuses. Management of the organization looks to bonuses and stock options as well as pride in a successful product. Ethical Consideration Toyota has plans to introduce a new production car called the Volta. The introduction of the car potentially opens several ethical questions in regards to the car. The first involves the engine to be used in the car. Since the car is a sports car, Toyota had to decide between two different engines. Should they use a 400-horse power gasoline engine power plant, which isn't very fuel-efficient. Or should Toyota introduce a new engine that is part electric, and is also a hybrid. The Hybrid gets about 42 miles to the gallon. Public relations need to address issues like, the use of this new type of engine greatly reduces the emission of hydrocarbons into the air. Market Research Market research is a precious way to learn concerning latent customers, their opinions, behavior, and trends and future plans. Market research is a need when trying to decide the geographic area of a commerce and the demographic characteristics of consumers such as age, gender, profits, and instructive level. There are lots of dissimilar ways or formats persons, businesses and organizations can use to endorse themselves and their thoughts, information, services, foodstuffs (practical) or where individuals, businesses, organizations opinion, information, services, products will be seen by their consumers (reactively). (Zell, 2002). Market research is a key factor in the future success of the product and will help with future decisions that affect sales. A high-quality market research plan will reveal unfilled wants, helping by means of marketing strategies to decide and recognize the competition's strengths and weaknesses (Toyota Annual Report, 2004). Strategy Toyota strives to go faster technological improvement and technology growth. Toyota's strategy for technology and manufactured goods growth includes strengthening technology in the engine and platform area. Toyota put into practice in year 2003, a new technology system that allows the company to improve the aptitude to formulate and implement inclusive strategies. To go beyond in today's global competition, Toyota is looking to bring inferior costs autos as humanizing quality service. The pricing strategy The mainly vital area of decision making for retailers is pricing. Pricing strategy consists of setting the exact right price that match the market's willingness and ability to spend. Pricing the products properly plays an significant role as business owners desire to make profit. Market command controls the reaction to a product or service. Before a price is customary managements needs to study and comprehend the market of a product, the distribution channels and competition. The cause behind the pricing strategy is to productively set prices to envelop the total price of a product plus margin of profit (Toyota's Environmental Update, 2004). Tactics / PR Tools Utilized         In an effort to present our new vehicle in the best manner, there are a few key methods that we will need to perform: Community events, Open house, Direct mail, Internet/Intranet and Promotions. These are tactical plans to develop public relations and promote the new Toyota Volta. Every method will need to have a timeline of when and how we want to present the car. Community events and Promotions         Approximately, about six months prior to the Detroit Auto Show, one of the main car shows for automakers, our marketing team will inform car magazines like Motor Trend and Car and Driver, that we have a new idea vehicle. The hope is that they will write concerning the Volta to get product information started. Our expect is that they write of the potentials the car has, the specs of the car and what Toyota is looking to do with hybrid technology. Open House          Our plan is to conduct open houses throughout the Toyota car dealers in Southern California. Our open house will consist of a brief presentation of the new hybrid and provide guests with an overview of the new automobile. During the open house we will ask our guests to sign in and receive information about the new Volta. They will receive a handout which includes pictures of the new sports car. In addition, we will have the new Volta displayed at all Toyota car dealer lots so that any potential client that is unable to attend automobile shows can have an opportunity of viewing the car up close. Direct Mail         One of the most effective tools for organizations who want to promote their products is direct mail. Whether it is used as a primary method of communication with consumers or as one piece of the overall marketing materials, direct mail takes the message directly into the home of the target audience. Direct mail is a great communication to carefully script Toyota's message with powerful imagery. This means of communication delivers the product right to the doorstep of the consumer. Internet/Intranet         For businesses, publicity on the Internet offers possible benefits that are not accessible from side to side customary advertising media. Toyota Corporation has reputable its own Internet page that provides customer product information as well as show of its products. The Internet is a influential tool that great organizations use to attach by means of consumers. It offers text information as well as pictures, video and audio. The Internet is the fastest-growing advertising medium in today's society and appears to be the most measurable target of all advertising vehicles. Toyota's internet page has been developed by marketing professionals, Web developer and graphic designers to fully display the products (Toyota Motor Corporation, 2004). Crisis Management         Hybrid batteries are too expensive to replace and would not last more than 25,000 miles. Toyota has come up with a crisis plan that will help consumers have a better understanding of owning a hybrid vehicle. Toyota also has a warranty to replace the batteries from eight and ten years. The warranty has given the public a sense of ease in case the battery does not last as long as the estimated eight to ten years. Control In today's corporate globe an stress is placed on finances, investor relatives practitioners are predictable to uphold a stable flow of information regarding the state of the organization. The public relations section is called upon to labor by means of the internal and external auditors and the board's audit committee to defend the financial standing of the company. since reputation and risk are intimately connected, they also have to work by corporate risk managers. Business Implications         The business implications that our public relatives campaign will have on Toyota will be very successful. Toyota will change the history of the auto industry into an inexpensive and environmentally secure path into the future. Toyota will be documented as the leader in hybrid vehicles. If our public relations campaign goes as intended then Toyota will be the leader of the hybrid industry (Smith H. Lawrence.,1996). Conclusion The introduction of the latest hybrid sports automobile is a main pace that Toyota is going to enter in the market place. Toyota has struggle with important brands and the release of the Volta will additional extend the competitive benefit that Toyota is known for. In today's economy hybrid automobiles are very accepted and more corporations will discharge their hybrid brand name as early as year 2005. top gasoline prices are causing consumers to alter their buying patterns or to switch to lesser vehicles. Toyota is conscious of the wants of the consumers and has a diversity of products, which comprise, lesser to mid size cars to now hybrid automobiles. Toyota intends to take full benefit from the victorious marketing of hybrid automobiles. It is resolute to carry on to connect sales techniques and image as it relates to their brand. Due to the suitable marketing strategy that Toyota takes, it is obvious that the company leftovers strong alongside its competitors. Therefore, the marketing strategy and its components compliment the image surrounding Toyota's Corporate and its well-known brand. References http://www.whypaysticker.com/track.php?c=3605553&matchtype=1&OVRAW=hybrid%20cars&OVKEY=hybrid%20car&OVMTC=standard Advertising and Marketing: Rules of the Road. Retrieved on November 2, 2004 from: http://www.ftc.gov/bcp/conline/pubs/buspubs/ruleroad.htm Alan J. Zell (2002) Reach Customers with Your Marketing Mix retrieved on October 23, 2004 From: http://marketing.about.com/od/marketingplanandstrategy/a/reachmktgmix. Cleaner, Leaner, and Greener: Toyota Offers a Bevy of Higher-Mileage, Lower-Emission Vehicles. July 28, 2004 Torrance, CA. Retrieved from the Internet on September 22, 2004 from: www.theauotchannel.com Henneberg, S. (2003) Generic Functions of Political Marketing Management, retrieved on October 23, 2004 on http://www.bath.ac.uk/management/research/pdf/2003 Toyota Annual Report for year ended March 31, 2004. Retrieved on October 24, 2004 From: Toyota web page www.toyota.com Toyota's Environmental Update, October 2004. Retrieved on October 23, 2004 From: http://www.socialfunds.com/news/release.cgi/3097.html Toyota Motor Corporation. Retrieved on November 1, 2004 from the World Wide Web http://ww.toyota.com Smith H. Lawrence.(3-22-1996) Accountability in PR: budgets and benchmarks. Retrieved on November 16, 2004 from: http://www.highbeam.com/library/doc0.asp?docid=1G1:18556068&refid=ink_puballmags&skeyword=&teaser= Read More