Business Fundementals
Supply/Demand
The demand for Toyota's automobiles has always been high. As a result, the company has always supply automobiles and parts for its customers
Types of Businesses
Corporation
Public Business
Functions of Business
4 P's of Marketing
Place
Price
Product
Promotions
Toyota has a varieties of product, so their price range is wide, but Toyota set their price base on the value of the product and the market.
Advertising
Retailer
Toyota Automobiles
Lexus Automobiles
Marine Products
Welcab Series
Parts and Accessories
Engines
Dealership
In the automobile market, Toyota's products are considered to be cheap
Deals
Needs and Wants
Since Toyota is an automobile company, there aren't any needs for the product that Toyota provide.
People want to have their own car so they have their own space. As a result, the wants for automobiles are high, this also applies to Toyota's products.
2 C's of marketing
Competitive Market
Consumer Market
Direct Competitions
Demographics
Indirect Competitions
Housing, vacation and other entertainment companies are indirect competitors of Toyota, because some customers might rather buy a better house, save up for vacation, or spend money on entertainments rather than buying a car.
Almost every automobile company is a direct competitor of Toyota. Since they all sell automobiles, consumers need to choose which company to but their cars from. Examples : BMW, Honda, Audi
Public transportation can also be a direct competitor, because some people rather to take public transit instead of using a car. Examples: Bus, Train
Lifestyle or values
Age: 20-40
Working
Gender: Both
Income: Medium
Family status: Any
Student
Medium-Class
On Toyota's website, they provide a lot of deals.
Toyota spent $2.09 billion in 2014 on advertising. Including both print and media advertising. They had advertised on newspapers, magazines, TV and Radio, billboards and posters.
Product life cycle
Growth
Maturity
Introduction
Toyota was founded in the 1930's and that's where the introduction stage begins.
The company was at the growth stage for the most part of 20th century.
Now, the company is at the maturity stage, and it is not declining.
Toyota is still releasing new models, like the Prius series. Which means, some part of the company is still going through the introduction and the growth stage,
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Entrepreneurship and Business Ethics
Characteristics/Skills of Entrepreneurs
Kiichiro Toyoda, the founder of Toyota, has a really good research skills. After studying in the United States, he returned to his home and kept on researching on many topics related to automobiles and machinery. He has strange research strategies.
Kiichiro Toyoda once dismantled a motorcycle and reassembled it by himself. He learned how the motorcycle worked and how to make one from this.
He also gathered and used the information from imported machinery and he was able to develop his own invention base on the information he gathered.
Company History
In 1937, Toyota Motor Corporation was founded by Kiichiro Toyoda.
In 1955, Toyota Crown was launched and it was exported to the United States in 1957. It was the first Japanese passenger car exported to the United States
Toyota released many models for the past 80 years, and they have become one of the most successful automobile company.
Due to Toyota's promotion, people are more interested in their products, as a result, the wants and the demand for their product is increasing
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Toyota has a lower price range in the automobile market, that also gives them an advantage against their competitors. If people were just looking for a car to drive, not for self-esteem needs, then they will probably choose a cheaper choice.
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Even Toyota now, is using their research to develop new technologies to beat their competitors. For example the Hybrid Electronic Vehicles.
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