The Brand Marketing and its Strategies Crucial for Toyota - Essay Example

The domestic markets have turned into global markets that heightened competition rivalry among existing domestic and new multinational enterprises. For the last two decades, society has been experiencing rapid technological improvement. The technological advancements have led to change in the structures of entire trade and business. The management tasks and operation process are now backed with technology like e-commerce and e-business. A better grip of technological advancement helps a business organization to gain an upper hand position. Finally, enhance hosing the economic condition of consumers and increasing their disposable income have strengthened their purchasing power. This has also changed their consumer buying behaviors and they have developed their specific brand preferences (Vasishta, 2005, p.68).

In the modern and competitive business world, business organizations always themselves in the market for avoiding unnecessary competitions. In this process, they aim to achieve strong competitive advantages and core competencies that enable them to gain an upper hand position in the market. There are multiple ways to achieve competitive advantages; however, brand development is the most preferred way for creating high business value (Morita and Chen 2010).

The American Marketing Association (AMA) describes a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.

Marketing Guide further 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 are due to two primary factors i.e., urge to acquiring her market share and increasing concern towards consumer value (Verma, 2009).  The modern management style and thought process decision-makers transformed. The modern management concept focuses more long-terminists by creating a sustainable bioenvironment where stakeholders’ wealth and value creation is the first priority.