The paper “ Comparing the Marketing Approach of Two Companies - Toyota Camry and Honda Accord" is an impressive case study on marketing. The automobile industry is growing at a drastic rate due to the high demand for motor vehicles and also the fact that cars have become more of a necessity than luxuries. The increase in the digital system has led to the development of sophisticated cars especially in an attempt to deal with vehicle safety. The industry has incorporated E-commerce to make purchasing easy and also manage to get feedback from customers effectively. Toyota has been operational for a long period.
Its most popular cars are the Corolla and Camry models. Toyota has currently gone beyond cars production and is expanding into marine, housing and financials. It has been dominating in the world with its assembling and manufacturing operations extending to the majority of the countries around the globe. Camry is a Toyota model that has earned the company a wide market base in both developed and developing countries especially the US. This is due to its comfortable interior design and fuel consumption efficiency. Honda Company is famous for the production of quality cars and motorcycles.
They are the main distributors of sporty cars as well as those that are utilized by the majority of safari rally competitors. Honda Accord has earned the company-wide market in the developed countries since it majors in sporty cars thus attracting both the young and middle-aged professionals. This study will show how the two companies have applied proper marketing and planning to ensure that they effectively deal with the various macro and micro environmental factors.
It also shows how the two companies deal with the problem of competition through proper utilization of their strengths and opportunities to overcome the weaknesses and threats associated with the Toyota Camry and Honda accord cars (Kotler & Armstrong, 2005). This paper will tackle Toyota and Honda Company and give specifications concerning Toyota Camry and Honda accord which is great competitors in the market. Toyota is amongst the world’ s most successful and best-known companies in producing cars and trucks in 27 countries and selling them in more than 170 countries globally.
The company gains customer loyalty through its production of goods that can meet customer needs at a lower cost. Camry and Accord are great competitors especially in the United States due to their close price margins. Camry costs between $24,000 and $34,000 while accord ranges between $21,000 and $ 38,000. Honda Company is coming up at a high rate especially because of the magnanimous utilization of technology by the company thus enabling her to produce high-quality cars with long-lasting engines. This report will give the industrial background of companies and the automobile industry, micro and macro environmental forces, SWOT analysis, market segmentation and other strategies utilized by the two companies in marketing the Camry and accord. Industrial backgroundProduction of new motor vehicles reached its peak in 2007 when 73.3 million vehicles were produced.
The production of motor vehicles keeps on fluctuating year after year depending on the nature of the market, the availability of resources and the legislation existing in different countries. Each year, millions of cars are put on the road but people are less concerned with the company that produced most cars.
Statistics indicate that Toyota was the highest motor vehicle producer producing 9,237,780 vehicles, seconded by general motors’ producing 7,672,388 vehicles. These were followed by Volkswagen producing 6, 517, 288, and then ford, Honda producing 3,912,700 units, then Nissan, PSA Peugeot Citroen, Hyundai-Kia, Suzuki and finally Fiat who produced 2,524,000 (James, 2007).