...Executive Summary Toyota is arguably one of if not the most success automobile manufacturing companies in the world. With annual revenue of over $200 billion and over 300,000 employees across 27 countries, even the smallest decisions could have huge repercussions. It is the purpose of this audit to offer a in depth review and examination of Toyota’s marketing environment, objectives, strategies and activities to determine what are the key elements of their success, potential issues the need to avoid or improve on and any new opportunities to further maintain their position as industry leaders. Toyota has positioned itself as one of the automotive industry leaders with the highest market share when based on sales volumes. Toyota also maintains this strong market position across many countries. Toyota has developed a wide range of vehicles catering for all types of customers, from low to very high income, with easy access to their products thanks to a global distribution system. The company makes a strong effort to be well rounded and remains strong in innovation, brand reputation, good prices and international relationships. This strong market position is largely attributed to Toyota’s value proposition to provide customers with the best range of models, at affordable prices, all whilst maintaining our long-standing reputation for manufacturing excellence and for producing high quality vehicles that are safe and reliable. The efficiency and capacity of the Toyota production and...
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...Abstract The following report focuses on four areas of Toyota’s marketing plan. It provides a description of the pricing strategy that Toyota will use when establishing product prices. The report further gives a detailed explanation of two distribution channels that Toyota will use to supply products to customers. These channels include the dealership and retail channel. Toyota will also use a promotional strategy that will use various components of the marketing mix: Advertising, public relations, personal selling and sales promotions. The marketing implementation plan of Toyota covers various concepts, which include, structural issues and tactical marketing activities. The final part of the marketing plan is an evaluation and controls. It covers formal and informal controls, marketing implementation schedule and an explanation of a market audit. Pricing Strategy The pricing strategy that the Toyota company applies should fit the financial preferences of their target emerging markets such as the Asian countries and other potential international markets. The pricing objectives of the company will be: * To increase the profit margin by 50% in the next one 12 months * To increase sales volumes by 20% in the next two years Toyota will apply various pricing methods, in order to achieve the above pricing objectives. According to Shefer (2007), marketing managers use various pricing methods to achieve their pricing objectives. Besides using the price methods, they may also...
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...TOYOTA Indus motor co. -: INTRODUCTION :- VISION AND MISSION: "IMC’s Vision is to be the most respected and successful enterprise, delighting customers with a wide range of products and solutions in the automobile industry with the best people and the best technology". • The most respected. • The most successful. • Delighting customers. • Wide range of products. • The best people. • The best technology. Mission of Toyota is to provide safe & sound journey. Toyota is developing various new technologies from the perspective of energy saving and diversifying energy sources. Environment has been first and most important issue in priorities of Toyota and working toward creating a prosperous society and clean world. HISTORY: Indus Motor Company (IMC) is a joint venture between the House of Habib , Toyota Motor Corporation Japan (TMC) , and Toyota Tsusho Corporation Japan (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. IMC is engaged in sole distributorship of Toyota and Daihatsu Motor Company Ltd. vehicles in Pakistan through its dealership network. The company was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 % stake in the company equity. The majority shareholder is the House of Habib. IMC's...
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...CRM Assignment CRM practices in Toyota Motor Corporation Since its founding, Toyota has carried out corporate activities based on the concept of "the customer always comes first." This concept was declared in "The Toyoda Precepts" (established in 1935) which has been handed down as the Toyota Group's guiding philosophy. Toyota, including its dealers, makes a company-wide effort to build relations with its customers, and all employees keep the "customer first" policy in mind in all aspects of their jobs. Schematic Diagram of Customer responses Approach to Customer Satisfaction: Customers' evaluations and opinions are an expression of their expectations of Toyota, so Toyota receives them sincerely and responds in good faith, in the belief that making use of them in its corporate activities will lead to customer satisfaction. Toyota always tries to grasp shifts in customer demands, constantly checking for conformity with its standards, and acting swiftly to resolve any discrepancies. The voice of the customer is quickly relayed to all related departments and divisions in development, production and sales, where they are helpful to product planning, raising product quality and improving Toyota's corporate activities. Wide-Ranging Information Gathering and Reflection in Development of New Vehicles : Toyota collects customer evaluation data through wide-ranging information collection activities, including directly through consultations with customers, complaints...
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...An assignment On Marketing Plan Submitted by: Submitted to: Date of submission: Table of Contents Executive summary: 5 Introduction: 7 Methodology: 7 Part A- Essay: 7 A.01 Changed perception in marketing plan: 7 A.02 Barriers to marketing plan: 7 Marketing function isolation: 8 Organizational barriers: 8 Demographic factors: 8 Economic factors: 8 Technological factors: 8 Culture: 8 A.03 Techniques for overcoming barriers to marketing plan: 8 Be strategic: 8 Be realistic: 8 Stay focused: 9 Monitor the budgets: 9 Market research: 9 A.04 Importance of marketing plan in the strategic plan: 9 Product: 9 Price: 9 Promotion: 9 Place: 9 A.05 Ethical issues in marketing plan: 10 A.06 Organization responses to ethical issues: 10 Individualistic approach: 10 Communal approach: 10 A.07 Example of consumer’s ethics and the effect on the marketing plan: 11 Part B: Preparing marketing plan 11 B.01 Organizational capability evaluation: 11 Business experience: 11 Business reputation: 11 Company culture: 11 Business environment: 11 B.02 Techniques used in organizational auditing and analyzing external factors: 11 B.03Carried out organizational audit and external factors analysis that affect marketing plan: 12 SWOT analysis of the Toyota Company: 12 PEST analysis for Toyota Company: 13 B.04Marketing plan: 14 Marketing objective: 14 Objectives: 14 Strategy statement market share: 14 Brand awareness:...
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...Operations…………………………………………………………………………………5 Outbound logistics………………………………………………………………………...5 Marketing and sales……………………………………………………………………….5 Services……………………………………………………………………………………5 Support activities………………………………………………………………………….6 Procurements………………………………………………………………………………6 Technology development………………………………………………………………….6 Human resource management……………………………………………………………..6 Infrastructure………………………………………………………………………………7 Conclusion………………………………………………………………………………...8 References…………………………………………………………………………………9 Executive Summary Toyota, Indus Motor Company is chosen to be analyzed in the report. As well as the value chain activities are influenced by the system of information, the report made is going to analyze how the car manufacturer Indus Motor Company derives value from the system of the information. The value chain process, instead of value chain activities is also investigated By using value chain analysis, the salient activities done by Toyota to achieve the company’s competitive advantage are analyzed critically. The competitive advantage, of course, is for creating and delivering customer value therefore are very important for the company Therefore the analysis below also will be covered in discussing about how they run in the business that will give the largest value to Toyota to form, gain and maintain its competitive advantage. About what is running by the business, it includes analysis on whether the activities Toyota has done to provide its competitive advantage affect or are dependent...
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...Chapter 1: Introduction to Managerial Accounting 1. Identify managers’ four primary responsibilities * Planning involves setting goals and objectives for the company and determining how to achieve them. * Directing means overseeing the company’s day-to-day operations. Management uses product cost reports, product sales information, and other managerial accounting reports to run daily business operations. * Controlling means evaluating the results of business operations against the plan and making adjustments to keep the company pressing towards its goals. * Making decisions: management is continually making decisions while it plans, directs, and controls operations. 2. Distinguish financial accounting from managerial accounting Managerial Accounting | Financial Accounting | Internal Users such as managers | External Users such as creditors, stockholders, and govt regulators | To help managers plan, direct and control business operations and make business decisions | To help external users make investing and lending decisions | Any internal accounting report deemed worthwhile by management | Financial Statements | Management determines what it wants in a report, and how it wants it formatted. Reports are prepared only when management believes the benefit of using the report exceeds the cost of preparing the report. | Generally accepted accounting principles (GAAP) determines the content and format of financial statements | While some...
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...Choice Intake: October 2006 Student ID # 069017970 Strategic Analysis and Choice With reference to empirical examples, identify the circumstances in which a company should consider implementing a process of strategic renewal. What business strategies can they adopt in such circumstances and what factors are likely to influence the success of such strategies? 2 Strategic Analysis and Choice Intake: October 2006 Student ID # 069017970 A close look upon circumstances in which a company should consider implementing a process of strategic renewal and how to clearly identify these circumstances , analysts have to explore checklists and frameworks to find information necessary for conducting an internal and External Audit , to assess very clearly the internal and external Environments , so that the Company finds out where it currently stands and in order to take advantage of opportunities and its strong areas and to make plans for threats and weak areas when preparing business strategies. For the assessment External environment, it is best conducted by the PESTLE Analysis the factors are : ( P – Political , E – Economical , S – Social , T – Technological , L - Legal and E – Environmental ) with the consideration of the Stakeholders and how to incorporate their desires into the Company’s behaviour and shedding more lights on Porter’s Five Forces Model - the Industry analysis also identifying the market conditions and the nature of competition facing the company...
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...and Treat that points out the core issues about the company’s position on it’s operation. It “serves as a catalyst to facilitate and guide the creation of marketing strategies that will produce desired result” O.C. Ferrell, Michael D.,George h and David l (1999) using the SWOT analysis organizations can examine the various factors both internally (Strength and Weakness) and Externally (opportunities and treats) to improve business performance. The analysis will be used to “quickly overview the business strategy” Jobber and Ellis-Chadwick, (2013). Swot Analysis provides a core information on the business organization not only the marketing aspect but also other components that contribute and affects the success of it’s business operation, Management can prepare itself for taking proper course of action in identifying marketing objectives and designing core strategies and gain competitive advantage in breaking the market. Marketing Audit Organizations develop a plan of action through which they proceed with their business operation, in order to assess their past performance, current position in the market as well as where they want to be in future operations. One of the tool that can answear these issues are to have an internal and external audit. ” The marketing audit is a systematic examination of a business’s marketing environment, objectives, strategies and activities, with a view to identifying key strategic issues, problem areas and opportunities’ Jober and Ellis Chadwick...
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...also offers the firm legal protection for unique features or aspects of the product. 120. Describe the three ingredients of customer-based brand equity. There are three key ingredients of customer-based brand equity. 1. Brand equity arises from differences in consumer response. If no differences occur, the brand-name product is essentially a commodity, and competition will probably be based on price. 2. Differences in response are a result of consumers’ brand knowledge, all the thoughts, feelings, images, experiences, and beliefs associated with the brand. Brands must create strong, favorable, and unique brand associations with customers, as have Toyota (reliability), Hallmark (caring), and Amazon.com (convenience). 3. Brand equity is reflected in perceptions, preferences, and behavior related to all aspects of the marketing of a brand. Stronger brands lead to greater revenue. 121. Advertising agency Young and Rubicam (Y&R) developed a model of brand equity called Brand Asset Valuator (BAV). What is the intent of the BAV model? List and briefly characterize the four key components (pillars) of brand equity. Based on research with almost 800,000 consumers in 51 countries, BAV compares the brand equity of thousands of brands across hundreds of different categories. There are four key components—or pillars—of brand equity, according to BAV: • Energized differentiation measures the degree to which a brand is seen as different from others, and its perceived momentum and...
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...Toyota Motor Corporation Historique de l’entreprise Pour retracer l’histoire de Toyota, il faut remonter jusqu’à la fin du 19e siècle, au Japon. C’est à ce moment que Sakichi Toyoda a révolutionné l’industrie du textile japonaise en inventant le premier métier à tisser électrique. Il a, par la suite, fondé la Toyoda Spinning and Weaving Company, compagnie œuvrant dans l’industrie du textile. Par contre, ce n’est qu’en 1924 qu’il parviendra à fabriquer, avec l’aide de son fils Kiichiro, ayant lui aussi un esprit d’innovation très développé, un métier à tisser automatique fonctionnel. Cette fabrication leur permit de fonder les usines Toyoda Automatic Loom Works en 1926. Les premiers pas de la famille Toyoda l’industrie automobile sont ceux du fils, Kiichiro, qui, durant différents voyages en Europe et aux États-Unis dans les années 1920, découvrira cette fascinante industrie émergente. C’est à la suite de ces voyages, et après avoir mis à profit les 100 000£ reçus par Sakichi Toyoda, résultat de la vente de ses droits de propriété reliés à son métier à tisser automatique, que Kiichiro imagina les bases fondatrices de la future entreprise que nous connaissons maintenant, la Toyota Motor Corporation. Cette dernière fut créée en 1937 et adopta un système de production bien à elle, le Toyota Production System. Ce système sera d’ailleurs, par la suite, adopté par les différentes industries (pas seulement l’industrie automobile) à travers le monde. Après une survie difficile aux...
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...a Solutions for Chapter 4 Audit Risk, Business Risk, and Audit Planning Review Questions: 4-1. Business Risk - Those risks that affect the operations and potential outcomes of organizational activities. Engagement Risk - The risk auditors encounter by being associated with a particular client: loss of reputation, inability of the client to pay the auditor, or financial loss because management is not honest and inhibits the audit process. Financial Reporting Risk - Those risks that relate directly to the recording of transactions and the presentation of financial data in an organization’s financial statements; also referred to as the risk of material misstatement. Audit Risk - The risk that the auditor may provide an unqualified opinion on financial statements that are materially misstated. 2. Business risk management is defined as: “Process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” (COSO, 2004) The organization itself bears the responsibility for effective implementation of ERM. It is important for all organizations to implement an effective ERM so that risks are understood and properly controlled by members of the organization, particularly...
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...PLATINUM CONSULTANCY BRAND AUDIT REPORT ON TOYOTA SUBMITTED TO: SUBMITTED BY: Dr Kokil Jain Manisha Singh Shanu Garg Ishaan Chaudhary Amber Jain Akshay Bhandula Utkarsha INTRODUCTION : Toyota Motor Corporation, commonly known as Toyota and abbreviated as TMC, is a multinational automaker headquartered in Toyota, Aichi, Japan. It is the world's third largest automobile manufacturer by sales and production. The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still a department of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its first passenger car, the Toyota AA. Toyota Motor Corporation group companies are Toyota (including the Scion brand), Lexus, Daihatsu and Hino Motors, along with several "non-automotive"...
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...How Toyota Ought to Organize its Decision Processes to Minimize the Risk of Major Design Flaws that Lead to Massive Recalls and Driver Deaths from the Perspective of Organization Design and Decision-Making Abstract Japanese automaker, Toyota was a quality assurance trademark trusted by consumers worldwide. Though, in recent years, the company has been inundated by numerous vehicle recalls. Toyota’s quality problems surfaced when it was forced to recall nearly 7 million vehicles in the late part of 2009 (Chris, 2010). The recall crisis of 2009-2010 prompted a wave of negative publicity for the company (Chris, 2010). Many issues were discovered that led to the recalls. Sticky gas pedals, pedal entrapment, and software glitches that affected braking in some models were some of the problem areas (Trudell, 2014). Over time, the safety related recalls continued growing. In fact, by May 2011, the automaker had recalled close to 20 million vehicles (Trudell, 2014). Naturally, the numerous recalls and lawsuits that ensued threatened to damage Toyota’s image; thus, to rectify this the company should organize its decision processes more efficiently. Keywords: organizational change, recall, total quality management Introduction For decades, Toyota set the standard for quality and reliability in the automotive industry. In fact, the Toyota brand has been touted as the pinnacle of automotive excellence by rating industries and industry consultants (Piotrowski & Gray, 2010)...
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...Running Head: CORPORATE RESPONSILITY 1 Apple’s Corporate Responsibility and Marketing Strategies Brianna Neal Bus 508 Contemporary Business Dr. Laura Jones Strayer University July 15, 2015 CORPORATE RESPONSILITY 2 Apple’s Corporate Responsibility and Marketing Strategies Apple Overview Apple Inc was founded by Steve Jobs and was originally named Apple computer because there sole purpose was to provide personal computers. They later changed there name to Apple Inc to show their innovation and a wide arrange of electronics and cutting edge technology. Apple Inc is know for such products as the IPod, IPod, Mac book and a host of other products to help revolutionize the world. Apple Inc is based out of Cupertino, Ca and is considered a world leader in technological advancement. One of Apple's core values is to promote diversity within the work place. They believe diversity creates innovation which in turn creates new technologies and ways to have a better impact on the environment and a better customer experience (Apple, 2015). Although Apple is at the fore front for having cutting edge technology, they have still fallen under much criticism when dealing with suppliers and their ethical and social responsibilities. Apple’s Ethical and Social Responsibilities Ethical Responsibilities, in the context of business operation can be defined as how the business handles itself when it comes to moral decisions and standard. Social Responsibility is when a business considers...
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