Free Inside the Mind of Toyota Essay Sample
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The Toyota Company is an International Company which was founded by Sakichi Toyoda created the Toyoda Automatic Loom Company. The gentleman was good in designing machinery and he used this background experience to come up with what we currently know Toyota products. The company has grown over the years though from a humble beginning due to certain prolific strategies seeking to market its products. It has focused a lot on being the Leading producer of automobiles in the World which it has continued to achieve. The Management and staff of Toyota industry are committed the call of ensuring the company remains at the top (Borowski, 2010).
The company has initiated different moves to see itself in its current position some of which aim at promoting brand loyalty. We are going to look at this as we proceed in detail as we proceed. Toyota has been very innovative so as to counter the ever increasing competition. It has been engaging in various activities as well as concentrating on building customer loyalty on their products. There is a very able team of professionals that works day in day out so as to innovatively come up with ideas which if put into practice puts the company on the cutting edge in the market (Liker and Hoseus, 1996).
Toyota has achieved significant progress in innovation of products. The products they produce have left customers doing marketing on its behalf because they are high quality products. In terms of quality we are talking about the durability of the automobiles that the company produces. The vehicles for example are known to be strong and fast vehicles designed in such a way that they meet customer requirements. Marketing has been one serious engagement the company has involved itself in. It is not possible for the company’s sales to be high unless the company does intensive marketing campaigns. Advertisements are used to reach consumers and inform them of new products and developments. The company has a website which serves this purpose. The company has had its sales being boosted by the use of vending machines. These machines operate on the basis of coins which are inserted in the machine in exchange for drinks. The machines are strategically located near enough to customers reach. They also do not require an attendee thus they are economical to operate. They operate with a high degree of accuracy thus chances of losses are greatly reduced.
The company has also taken advantage of social networks to reach out. Such include face book twitter where potential customers are effectively reached. This implies that the company has been matching up to current trends in the market so as to reach out. This has seen Toyota products achieve maximum sales within a very short duration. The company as part of attracting customers also offers products on hire purchase and even credit terms. This has boosted its sales significantly because customers can buy a product and pay with time. This also boosts their loyalty to Toyota products since they can easily access them (Liker and Hoseus, 1996).
The company has also been innovative in the market place. It has had wide campaigns in helping the society achieve certain things. The company has been helping in such things as scholarships to students who perform well academically. This boosts the company image in the public domain which translates into increased sales. The initiatives to help go further whereby the company has began initiatives to conserve the environment. They advocate for unleaded petrol which is environment friendly since it does not release a lot of fumes to the environment. This has helped the company in reaching out to their customers in the market (Hino, 2010).
In relation to Porter’s generic strategies, the Company uses market segmentation, differentiation of products and cost leadership to achieve its current position in the market. Market segmentation is the division of the market of the Company into various branches so as to reach a wider network of customers. The Company has opened branches all over the world. The branches also operate independently run by a group of professionals. These persons are only expected to report in the head quarters. This has seen significant increase in the amount of sales since all branches work towards outdoing each other. Each of them works for the best interest of the Company and as such ends up achieving reasonable results.
The company also uses differentiation as a technique and strategy to see it soar high. The products of Toyota are different though from the same manufacturer. In terms of difference, I am referring to the process of making products to appear distinct and special from another. Toyota produces products some of which are small and others big. The company also changes the color of products such as vehicles such that there are a variety of colors. In addition, the Company also makes products that are distinct in terms of quality. The more durable products are made such as to incorporate more facilities. This also makes them expensive.
The company also uses cost Leadership in its bid to strategize and to improve its position in the market. This means using the lowest price possible for products in the market so as to have a competitive edge. This makes the products of Toyota Company cheaper as compared to other products and this in itself becomes a marketing strategy. Customers therefore prefer Toyota products to others. The strategy has seen increased sales over the years.
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