The paper "Strategic Marketing Plan for Toyota Cars in Australia" is a good example of a case study on marketing. Toyota is a market leader in the Australian car market. Toyota’ s brands such as Camry, Aurion, and corolla are a household name in Australia. There is growing competition in the market through which necessitates the need for Toyota to develop a strategic marketing plan to remain competitive in the market. Being a market leader, Toyota can only adopt a pioneering approach whereby it should innovate and develop structures to increase market share and grow the profitability of the business.
The plan also indicates how the strategies are to be implemented and analyzed to ensure they are as effective and efficient as they are intended to be by the company. Strategic marketing plan for Toyota cars in Australia Product This strategic marketing plan is intended for Toyota cars in the Australian market. Toyota is a strong market player in the Australian automobile industry with its popular brands such as Camry, Prado, Rav4 Corolla and more. Toyota car is manufactured and distributed in the Australian market by Toyota Motor Corporation Australia Limited a subsidiary of Toyota Motor Corporation.
The mission of Toyota Australia is to deliver high-quality products and services to its customers and enrich the community, partners and the environment (Toyota Motor Corporation Australia, 2013). Through the statement, Toyota promises its clients and customers of high-quality products and at the same time provide jobs, investment opportunities and care for the environment (Toyota Motor Corporation Australia, 2013). In reference to Toyota cars in Australia, this paper will among other things discuss the relevance of a pioneer strategy, a growth market strategy and possible strategic choices for Toyota to maintain a competitive edge in Australia. Product life cycle Every product in a particular market goes through five distinct stages of a product life cycle.
Each stage has unique characteristics from the others and thus necessitates specific strategies to deal with the challenges presented by each stage as well as taking advantage of the opportunities presented at each stage (Rigby, 2009). The product lifecycles are: Introductory stage At this stage, the product is new in the market. The market is small and consumers are not used to the product and as such sales are low and product awareness campaigns take a large chunk of advertisement expenses.
A skimming or penetration pricing strategy may be adopted at this stage (Walker & Mullins, 2010). Growth stage At this stage, the business or the product is already established in the market. More competitors appear in the market. There are increased revenue and an expanding market. More versions of the product may be introduced (Fifield, 2012). The pricing strategy is meant to gain more market share and achieve growth.
Promotional activities are in top gear to deal with growing competition (Rigby, 2009; Walker & Mullins, 2010).