Introduction:
Toyota is primarily an automaker founded in 1937 by Kiichiro Toyoda. Being one of the world’s largest automotive manufacturers, Toyota has a very wide line of products ranging from subcompacts to luxury to sports style vehicles. Besides automotive parts, Toyota also manufactures combustion and hybrid engines. It is slowly aiming to integrate its full business into a single network.
Body:
Toyota’s success is based on their analysis of what customers wish for, and has products at various price points based on what customers can afford. They base their models on lean manufacturing as well as continuous improvement. There is also an extremely high level of productivity. The primary reason they are so big is because of their market segment: they aim to make something for every person depending on their budget. In addition, it is possible to customize their products down to the very last detail. Customers clearly find this useful and appreciate the options available. The car designs are based on consumer feedback and based on what customers’ desire. There are timely updates all the time, and the designs of Toyota are unique to them. The performance level and quality is significant, whereas the costs are comparatively lower. The entire product line varies in pricing from top of the line to very basic level cars depending on what the consumers want. Toyota further provides auto protection services completely to their cars. Finally their marketing strategy focuses on the way people perceive their products, and changes this strategy based on change of people’s perceptions.
Toyota has done the right thing by their work of being a car brand for everyone. Based on a customer’s needs, they come up with fair pricing based on features desired. Toyota designs cars based on what customers need: for example some people consider it a form of transport only whereas for others, an automobile is a work of art. Clearly these are different segments who want different...