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(Business Fundementals (Types of Businesses (Corporation, Public Business)…
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
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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.
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
Functions of Business
4 P's of Marketing
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Price
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.
In the automobile market, Toyota's products are considered to be cheap
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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Promotions
Advertising
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.
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Deals
On Toyota's website, they provide a lot of deals.
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2 C's of marketing
Competitive Market
Direct Competitions
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
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Public transportation can also be a direct competitor, because some people rather to take public transit instead of using a car. Examples: Bus, Train
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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.
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Product life cycle
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Maturity
Now, the company is at the maturity stage, and it is not declining.
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