Marketing is one of the most significant activities in any organization as it acts as a direct determinant of the number of customers in an organization and organizational competitive advantage (Perreault, Cannon & McCarthy, 2010). One of the organizations in the world that has excelled in its marketing is Toyota Motor Corporation. Toyota is a company based in Japan, but has operations from all over the world. It has a wide range of customers, ranging from individuals to organizations. Toyota is one of the world’s top producers, distributors, as well as sellers of automobiles and automobile parts and accessories (Lander & Liker, 2007). It is known for its quality production, as well as its ability to produce products that meet the needs of its various customers.
As mentioned, Toyota customers range from individuals to business organizations and other forms of organizations. Individual customers normally buy in small quantities and less frequently. On the other hand, organizational customers buy in relatively large quantities and more frequently compared to individuals. In fact, some of them agree to deal in form of a contract with Toyota to be supplying them at regular and specified times (Lander & Liker, 2007). Therefore, in developing its strategies, Toyota devises ways of acquiring new business customers, while at the same time maintaining the current ones.
The company has a marketing plan that aims at creating a long-term relationship with its customers. In doing so, Toyota studies the buying behavior of the various customers because different customers have different buying behaviors (Perreault, Cannon & McCarthy, 2010). The buying behaviors are dictated by the varying needs of customers. In understanding the buying behavior of customers, the company is able to know the way customers make buying decisions. This helps it understand how to satisfy the customers.
Technology should also be taken into account when the company is establishing its marketing plan. Technology gives a number of advantages to Toyota. Among them, technology helps in improving the quality of production so that Toyota can meet the needs of its customers (Hessman, 2014).
Toyota also carries out customer analysis to determine the needs of its customers (Lander & Liker, 2007). It is imperative to note that businesses may have specific needs based on the type and nature of their operations. Toyota analyzes these needs so that it delivers the products that meet the needs of each customer. It uses various methods to gather customer information and analyzes the same. For instance, it can collect data through customer feedback, whereby customers give their views on the quality of goods and services offered. This helps the company to understand the areas that need to be improved. Data can also be collected using questionnaires.
Toyota needs to have strategies that give it a competitive advantage as an organization that operates in the global market that is highly competitive. First, Toyota is a cost leader (Hessman, 2014). It is able to produce goods and sell them at relatively low prices. This is important as it helps the company capture even small businesses as their customers. The company is also able to produce differentiated goods. This helps it meet the needs of the various customers as it can produce customized goods for each customer. It incorporates features that are different from those of similar companies. These are the major competitive strategies applied by Toyota in its marketing plan. Additionally, the company is highly ethical and has a code of ethics that guides its behaviors. All employees are expected to behave in a manner that is right as per the communities in which the company operates.
References
Hessman, T. (2014). Technology: Putting IT in its place: Toyota’s high-tech production ballet. Industry Week/IW, 263(4), 34-36. Web.
Lander, E. E., & Liker, J. K. (2007). The Toyota Production System and art: making highly customized and creative products the Toyota way. International Journal of Production Research, 45(16), 3681-3698. Web.
Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2010). Essentials of marketing (12th ed.). New York, NY: McGraw-Hill/Irwin. Web.