The paper "Strategies That Are Relevant to Toyota Motor Corporation Limited" is a brilliant example of coursework on marketing. Strategic marketing is an essential component for any company that intends to succeed in its business undertakings. Strategic marketing ensures that the company employs the right strategies in all the stages of its business circle as well as ensuring that the enterprise meets its desired goals. This paper will look into the various strategies that are relevant to Toyota Motor Corporation Limited. The strategies discussed in this paper include strategies that will enable the company sail through the various stages of its changing markets, the strategies that are available to the company is expanding its markets as well as providing the relevance of these strategies.
In this regard therefore the paper is divided into six parts. The first part of the paper will look at the suitable strategic market plans available for the company. The second part will look into the growth market strategies and the share growth strategies available for market leaders and market followers respectively. The third part will focus on the strategic choices available for Toyota Motor Corporation Limited to maintain a competitive advantage in the shakeout, mature and declining markets.
Part four will discuss the strategies available for the company in expansion to new markets. The fifth part will provide for the appropriateness of developing both an organizational structure and a marketing plan for implementing the company’ s strategies. The final part of the paper will provide for the critical role of marketing metrics and marketing audit for implementing the marketing strategies. PART 1 STRATEGIC MARKETING PROGRAMS FOR PIONEERS The potential sources of competitive advantage that a pioneer must leverage include the first choice of market positions and segments which enables the pioneer to define the rules of the market.
The pioneer must also have a distribution advantage and possess prior experience. Additionally, economies of scale provide favorable conditions for a firm to maintain a competitive advantage in the commodity market. However, not all pioneers utilize these potential advantages and often these pioneers fail (Dhirendra, 2012, p. 450). The failure to utilize these potential advantages culminates in abandoning the product category, going out of business, or acquisition before the industry matures.
It is also noteworthy that a pioneer firm has greater chances for long-term success in profitability and market-share leadership when either the firm has sufficient resources, competencies and is of the right size to take complete advantage of its pioneering capacity and maintain it against later competitive entries or the new product-market is protected from the entry of competitors. There are there different strategies a pioneer can choose from and these strategies are mass-market penetration, niche penetration or skimming and early withdrawal.