Introduction
The changing demographics and social mobilities recorded in different emerging economies are allowing customers to purchase high-quality sports cars. This trend is attributable to the availability of disposable income, the increasing number of driveways, and the love for sporting activities. Toyota Motor Corporation (TMC) remains one of the leading automakers in the world today. This Japanese manufacturer has been experimenting with emerging technologies in car production to transform its customers’ experiences in all continents. Currently, Toyota produces and markets around 10 million cars every single year. The superiority of its vehicles and the availability of support programs could explain why it has become a successful brand. These achievements form the perfect foundation for TMC to develop a new car that is capable of meeting the demands of more people in its current market segments. The existence of Toyota Gazoo Racing (T-GR) can guide this new venture and allow the company to capitalize on the existing resources, technologies, and the Just-in-Time (JIT) production model that remains widely analyzed and studied. This report outlines the nature of this proposed venture and its potential to deliver increased profits for TMC.
Proposed Initiative
TMC has stretched the limits of producing high-quality cars through the continuous application of its JIT model, integration of emerging technologies, and the reduced application of human labor. Over the years, its car brands have dominated many markets in different regions of the world, including Asia, Asia-Pacific, South America, and Africa. The company presents a powerful support system that makes it easier for users to manage, service, and repair their cars (Itsuki, 2021). This achievement explains why it succeeds in producing and deliver millions of cars annually to the targeted global clients.
These gains have the potential to support a new venture aimed at presenting a superior car capable of delivering performance, comfort, and elegance. The company needs to consider some of the famous racing or sports cars in the world and borrow a wide range of attributes. Specifically, a focus on Lamborghini, Ferrari, Nissan’s GT, and Subaru’s WRX could help Toyota approach this venture from an informed perspective. The successful delivery of the first prototype would be followed by a new production line for the car brand. The corporation would then launch befitting marketing campaigns for the new product. The organization could also consider the power of continuous improvement to deliver better and more acceptable cars in the near future (Main, 2021). This objective will be realized after integrating most of the customers’ insights and feedback. These considerations have the potential to support the proposed car product and eventually make it attractive and competitive in the market.
SWOT Analysis and Conclusion
The current profile for Toyota presents numerous attributes that have the potential to support the proposed car brand. The decision-makers and professionals will have to consider all factors and identify evidence-based approaches for creating opportunities from some of the possible barriers that could emerge. The organization will have to focus on past performance and identify new approaches to deliver performance. A detailed strengths, weaknesses, opportunities, and threats (SWOT) analysis for this new investment is presented below.
Fig. 1: SWOT Analysis for the new GR sports car
The completed analysis reveals that Toyota has the potential to launch the new project and consider the power of effective marketing efforts. The corporation needs to rely on its current strengths and technologies to produce a superior car capable of delivering comfort, safety, and luxury. The production of electric or hybrid cars could help meet the demands of more customers (see Fig. 1). The company will then consider the identified opportunities and apply the established model to deal with the noticeable threats (Main, 2021). The concept of continuous improvement will help sensitize more customers, involve stakeholders, focus on sustainability, and empower workers. These measures could be supported by powerful marketing models to ensure that the competitive advantage of the new car is high.
Segmentation, Targeting, and Positioning
The segmentation, targeting, and positioning (STP) model has the potential to maximize marketing effectiveness for any business organization. If Toyota is to achieve its aims, the use of this framework is critical. Specifically, the segmentation approach will guide the company to identify possible buyers of the GR brand based on demographics and lifestyles. For instance, it could identify young individuals aged 20 and 40 years. These people should include the ones interested in high-quality sports cars and with adequate disposable income (Main, 2021). The corporation can also consider geographic regions whereby more people embrace such cars, such as Japan, Germany, and the Middle East. Integrated with the possible customers’ behaviors, chances are high that positive results would be recorded.
Having outlined the most attractive segments, the company will consider the major aspects that make them attractive for the identified car brand. The marketers will begin by examining the size of every segment and the significant differences among potential buyers. The company will also target the regions based on accessibility and the benefits they stand to provide (Morgan et al., 2019). These considerations will support the formulation of targeted messages and information to encourage more buyers to purchase the intended cars.
For this positioning aspect, Toyota will need to apply the STP model to map and identify areas or markets whereby sports cars are demanded by missing. This approach will help outline the exiting gaps and present new opportunities in the selected segments. Under this category, the marketers will identify how the car could compare with the other competing brands in the marketplace (Morgan et al., 2019). The professionals would consider some of the unique attributes and features of the car to make it more acceptable in the selected market segments.
4Ps Marketing Program
The proposed product has the potential to deliver positive results if Toyota applies the power of the 4P marketing program. For the product (P-1) attribute, the marketers will inform the potential buyers about the unique features, strengths, and attributes associated with the car brand. The customers will appreciate the offered color variants, engine capacity, and mode of transmission. These options would allow the customer to make the best choice. The place (P-2) will guide the involved professionals to advise potential clients on where they can find the car (Morgan et al., 2019). The organization will also consider the power of the existing distribution channels and partnerships to deliver the new brand.
For the price (P-3) attribute, the company needs to consider the range for the other competing brands. This knowledge will deliver a sensitive price while offering appropriate discounts for the buyers. The competitiveness of the pricing strategy will dictate the overall success and effectiveness of the marketing strategy. The promotion (P-4) attribute would encompass the marketing approaches and messages implemented to sensitize more people in the target market (Morgan et al., 2019). The company can consider the use of celebrities and drifting events. Such sporting activities will help more people appreciate the superiority of the new car brand. The company could rely on social media platforms and mass media to maximize the effectiveness of its marketing strategy.
Conclusion and Implementation
The outlined aspects reveal that Toyota has the potential to launch the proposed product and market it successfully in different parts of the world. The implementation approach requires a proper plan, budget, and involvement of key stakeholders. A consideration of the issue of sustainability and protection of the environment could improve this new product’s visibility. The organization will also identify emerging markets where the demand for sports cars is on the rise. A competent marketing team is also needed to deliver the message and integrate the new product to the existing distribution and marketing channels for other successful car brands. This implementation strategy will eventually make it possible for Toyota to market its new GR car to more potential buyers.
References
Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47(1), 4-29. Web.
Itsuki, H. (2021). Evaluation on changes of strategy and strategic direction in Toyota Motor Company, Japan. Journal of Strategic Management, 5(1), 20-29. Web.
Main, K. (2021). 12 automotive marketing ideas to bring in more customers. Fit Small Business. Web.