Ch. 11 - Developing and Managing Products

 Hybrid car is one of the newest innovations in car market and Toyota is the pioneer and leading company in this market. Prius was New-to-the-world product when Toyota introduced it back in 1998. Their strategy was to develop a Mid-size low price car with high quality and low fuel consumption. Toyota Spent considerable amount of time, money and risk to design and develop a car that didn’t exist in the market.

Ch. 8 - Segmenting and Targeting Markets

        In 2005 Toyota decided to develop and promote a car that would appeal on a global scale to 18- to 25-year-old, a group that will dominate global car sales in 2020 therefore, they developed Scion brand. A well-designed car for the segment market that Toyota wished to reach. The Scion product concept came from the observation that many West Coast youth were attracted to low-cost cars such as the Honda Civic and the Toyota Corolla.

Ch. 15 - Marketing Communications

Toyota uses both Mass and Interpersonal advertising to communicate to its customers. However, their focus is on Mass communication to inform or persuade or remind potential customers and TV, Social media and Auto Shows are their main channel for Mass communication. Interpersonal personal communication starts once the customer enters the dealership. At this stage Toyota’s representative is involved in face-to-face communication with the potential buyer and, he is engaged in a personal selling situation.

Ch.10 - Product Concepts

Toyota's product concept

   

  

   The product consists of everything, favorable and unfavorable, that a person receives in an exchange. Toyota has been a part of the US car industry for approximately 45 years. Depending on Toyota’s target market we can classify Toyota’s models to two types of product. Majority of its models are Consumer products that are bought to satisfy an individual’s personal wants. The new models are Unsought products and it requires aggressive personal selling advertising.

Ch. 17- Personal Selling and Sales Management

Toyota's seven step personal selling process

1. Generating leads

     Approaching potential customer through cold calling emails and phone calls.

2. Qualifying leads

   

     Identifying customer’s buying power and receptivity for buying a car.

3. Approaching the customer 

    Gathering information about customer’s need for a car.

4. Developing solutions

    Presenting specific models to the customer.

5. Handling objections 

     Car’s price is the main objection and sales person must convince the client.

6. Closing the sale

    

      Finalizing the sale of the car.

     

7. Following up

     Ensuring that the customer is satisfied with his new car.