Identity and Evaluate Marketing Opportunities in Toyota

Question: Discuss about theIdentity and Evaluate Marketing Opportunities in Toyota. Answer: Introduction Toyota Motor Corporation introduced its first United States-based products, Carona, in 1965. After becoming very popular in 1970, the Corporation started manufacturing vehicles. From then onwards, it has been among the leading manufacturers of vehicles in the US. Toyota became the number one manufacturer and seller of vehicles in 2008, and this was just the beginning of its success. Current Markets Toyota is found in all countries across the world. It has segmented its market in at least two main ways. Its first market is denoted by demographic features. In this market segment, Toyota targets the family. Individuals who belong to the upper middle-high-income view this corporation as the only source of great cars. The company has designed Parado, Camry, and Land Cruiser to members of this market segment who have both the power and will power to buy them. The second market segment is denoted by the psychographic segment. This is a market segment that includes people of the high class. These people have a sporty attitude and high income. They find Toyota models such as Toyota Alis Sport and Toyota Fortuner as their perfect match. These cars improve and exhilarate their sense and passion for sports (Hudson, 2015). Findings: Opportunities to Enter New Markets Toyota continues to succeed today because of its ability to exploit most of the marketing opportunities that it has. However, its success can also be attributed to the ability of the executives to deal properly with the current internal and external threats. There are two main opportunities that Toyota needs to exploit to enter new markets. The first one is technological innovation. There are several opportunities in this area that Toyota needs to deal with to increase its market share. The companys products are the most innovative ones in the current market. The Prius best illustrates this. Nevertheless, the corporation should increase RD investment to boost its competitive advantage. In today's automotive industry this is critical as competitors are always on the lookout for better innovation methods (Toyota Motor Corporation, 2015; Stewart Raman, 2007). Another great opportunity is sustainability. This element is of great concern to all industries today. In the car manufacturing industry, in particular, it centers on fuel economy and the environment effect of their business operations. Toyota has the capacity to develop new engines so as to enhance the fuel economy of all of its new and old products. By improving the efficiency of the engine of its trucks, it can expand its market across the world. This single action can also help the corporation to address many of its environmental concerns. The industry is yearning for more efficient business processes (U.S. Department of Commerce, 2015). If can exploit these opportunities, it will be able to improve its brand image, customer loyalty as well as customer perception. However, for this to work, Toyota has to improve its diversification. Today, it has an incredibly low level of diversification. Since the vast majority of its businesses are in the automobile market, Toyota should focus here. A small drop in its performance in this market can affect its operations significantly (Lowry, 2014). For this reason, it can diversify its operations as a way to reduce such risks. One way it can implement this strategy is to invest more in developing heavy machinery and robotics. In this way, the company successfully distributes its business to many industries, and this makes it possible to secure its investment capital. Without this capital, it is impossible to expand its markets. Recommendations Toyota needs to take action to address these opportunities. Without that, it can fall prey to threats such as the rise of fuel prices, aggressive competition, and new entrants. The aim of taking these steps is to prevent competitors from taking its market share. Besides, the company wants to expand. Toyota needs to implement product-oriented management. Through this, it will be able to meet the needs of different areas of its operations. The right away to realize this is to customize its operations and services so as to address different demands of its customers. Consequently, the company will be able to increase its ability to meet the needs of its customers. Consequently, Toyota will enjoy a higher competitiveness. This action, for that matter, addresses the threat of cut-throat competition and that of new entrants into the industry (Toyota Motor Corporation, 2015). In addition, Toyota needs to implement more aggressive improvements in technologies and skills urgently. It can achieve this by improving its product designs for enhanced efficiency. Additionally, it involves better technologies that staff use to accomplish their duties. This action solves the threat of rising fuel process and aggressive competition. In the end, it ensures that Toyota can expand in new regions where its competitors have no resources to reach. References Hudson, D. (2015, January 8). The President Speaks About Americas Auto Industry the Heartbeat of American Manufacturing. The White House. Lowry, W. (2014).A must-know investors guide to Toyota Motor Corporation (TM) Stewart, T. A., Raman, A, P. (2007).Lessons from Toyotas Long Drive.Harvard Business Review. Toyota Motor Corporation (2015). Toyotas Financial Performance. Toyota Motor Corporation (2015). Toyotas Strategy for Environmental Technologies. U.S. Department of Commerce (2015).The Automotive Industry in the United States. Select USA.