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The brand strategies which Toyota May Adopt to improve tarnished brand image - Essay Example

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A study on brand marketing and its strategies crucial for Toyota to improve its tarnished brand image. INTRODUCTION The modern age of business can be defined as age of competition. The competition within an industry is gradually increasing with the expansion of business as many new players are entering into the market…
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The brand strategies which Toyota May Adopt to improve tarnished brand image
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Download file to see previous pages The domestic markets have turned into global markets that heightened competition rivalry among existing domestic and new multinational enterprises. Since last two decades, the society has been experiencing a rapid technological improvement. The technological advancements have led to change the structure of entire trade and business. The management tasks and operational process are now backed with technology like e-commerce and e-business. A better grip of technological advancement helps a business organisation to gain an upper hand position. Finally, enhancing economic condition of consumers and increasing their disposable income have strengthened their purchasing power. This has also changed their consumer buying behaviours and they have developed their specific brand preferences (Vashisht, 2005, p.68). In the modern and competitive business world, business organisations always try to position itself in market for avoiding unnecessary competitions. In this process they aim to achieve strong competitive advantages and core competencies that enable them to gain upper hand position in the market. ...
her explains that the objective of branding is not just to protect yourself as being better than your competitors, but branding seeks to position your brand so uniquely in the minds of your consumers so that they perceive your product as the only possible solution to your problem or need (Morita, 2010). The objectives of good branding are as follows: Deliver message clearly Confirm credibility Connect target prospects emotionally Motivates buyers Concretes User Loyalty The increasing demands of brand development is due to two primary factors i.e. urge for acquiring higher market share and increasing concern towards consumer value (Verma, 2009). The modern management style and thought process of decision makers have transformed. The modern management concept focuses more on long term benefits by creating a sustainable businesses environment where stakeholders’ wealth and value creation is the first priority. When a company is able to meet these responsibilities towards stakeholders, society, community and environment, it is able to create a high brand image in the market. Managements in modern organisation culture follow management theories and models which are very effective in achieving common organisational goal. In this respect, they concentrate on two-way communicational system within cross-functional teams and with their consumers. For example, the existing management system deliberately tries to implement integrated marketing communication that focuses on better marketing strategy for enhancing consumer values. These efforts made by the modern managements are very helpful in brand development and hence, they try to draft specific plans for branding strategies (Hitt et al 2009). Recently in 2010, Toyota faced a great deal of tarnishing of its brand image because ...Download file to see next pagesRead More
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