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Toyota Brand management

Extracts from this document...

Introduction

Title: STRATEGIC BRAND MANAGEMENT AN ANALYSIS OF THE SOURCES OF BRAND EQUITY, CURRENT MARKETING PROGRAMMES EMPLOYED AND MEANS TO LEVERAGE BRAND EQUITY FOR Toyota Motor Company logo, 2008 Executive Summary: The Toyota Motor Co. Ltd is one of the world's largest and most popular brands specializing in engineering and manufacturing of automobiles and related products (Toyota - Toyota History, 2006). The main purpose of this paper is to identify and analyse the factors influencing the brand Toyota and suggesting different alternatives to make the brand even successful all around the globe. The Toyota Brand is famous and familiar among the consumers in a large number of countries in the world and has been a part of their daily lives for more than 60 successful years now. The brand has been successful in attaining the image of 'high quality and high performance' due to its consistent and effective marketing performance throughout all these years. As a result, currently, the brand has been able to establish itself efficiently as one of the most popular brand names in the world. To maintain the high image of the brand, the company has always come up with various innovations in its respective business to outperform all its competitors. The paper gives a clear explanation as to how Toyota as brand has been very effective in transforming the normal lives of its existing and potential users into a unique "Toyota Life". A detailed analysis of the brand and the elements of its equity in this paper help build very strong integrated marketing communication strategy for Toyota. TOPIC: PAGE NO. 1.0 Introduction 5 2.0 Customer-Based Brand Equity 7 3.0 Sources of Brand Equity 8 4.0 Customer-Based Brand Equity Block 11 5.0 Organizational and Customer perspectives on Brand Equity 14 6.0 Links to Business Outcomes & Market Performance 16 7.0 Brand Elements 17 8.0 Current Marketing Strategy 19 9.0 Current Secondary Brand Associations 20 10.0 What Could Dull Toyota's Edge? ...read more.

Middle

77). Toyota has registered its brand in the eyes and the minds of its consumers, thereby concentrating not only on the depth, but also the breadth of its Brand Awareness. Toyota utilizes its Advertisements and promotions in an efficient and effective manner, which helps the company to enhance its sales and revenues. * Brand Performance: Consumers' expectations are met with the products offered through the 'Toyota' brand which ensures creation of brand loyalty and brand resonance. Brand performance relates to the manner in which the product or service endeavours to meet customers' functional requirements. Hence, Brand Performance relates to the fundamental brand properties in terms of its innate product and service features. * Brand Imagery: Brand Imagery relates to the manner in which the extrinsic characteristics of the product or service endeavours to meet customers' emotional or social requirements. Hence, it refers to the intangible offerings by the Brand. Imagery associations can be created either through direct customer interactions or through communications by the company and other sources or through word-of-mouth (Keller, 2003, p. 83). The primary and essential four types of intangible offerings by Toyota are: 1. User profiles: Toyota has created a profile picture of a target-oriented individual with many of its consumers. 2. Purchase and user situations: Situations have been created for Toyota through its easy purchase mechanism for its consumers. 3. Personality and values: Toyota has jelled well with people of diverse personalities; it has also mixed itself with the five facets of personalities i.e. sincerity, excitement, competence, sophistication, and ruggedness. 4. History, heritage, and experiences: the Japan oriented brand carries its country-of-origin advantage with utmost positive energy. * Brand Judgement: Brand judgements relates to customers' personal views and estimation of the brand. Four essential categories of brand judgements are (Keller, 2003, p. 88): 1. Brand Quality, 2. Brand Credibility, 3. Brand Consideration, 4. Brand Superiority. * Brand Feelings: Brand Feelings relates to the customers' emotional or psychological reactions to the brand. ...read more.

Conclusion

Hence, the company has been facing the blues with its diminishing edge over Detroit Three who has formatted a different payroll process for employees whose work is not directly related with the car-manufacturing process (Business Week - What Could Dull Toyota's Edge, 2008). With it's more than 20 years old manufacturing plants and highly paid workers as compared to that of Detroit Three, Toyota is on its way to become the company with the highest labor costs in the U.S (Business Week - What Could Dull Toyota's Edge, 2008). To resolve this issue of high costs through rising wages, Toyota has established an on-site medical centre at its plant located at San Antonio in an attempt to reduce their health-care costs. Their revised payroll process indicates low wages per hour for employees and an increase of tenures for promotions of newly-recruited employees (Business Week - What Could Dull Toyota's Edge, 2008). Conclusion: Toyota is known as the most profitable car producer across the globe. Toyota has maintained a high level of brand strength and brand stature gained through its differentiation of products, its relevance of products with the requirements of its consumers and through its knowledge structures created by recalled communication programmes through diversification of media. The maximum profitability is derived through its single branded house, the only exception being sales accounted through its niche brands 'Lexus' and 'Scion'. Their values mix well with focus on internal customers and strong branding strategies which ensure delivery of brand values and brand promise to its consumers (Branding Strategy - Profit Edging Sales in the Great Car Race, 2007). Although the level of Brand Equity may decline for the brand due to increasing bias of imports by consumers in certain countries and a recall has done marginal damage to their positive Brand Image, however, Toyota has shown respect and dignity for its consumers through optimum customer satisfaction and hence, should discard the worry factor and sustain its strong Brand Equity formed in the automotive industry across the globe. ...read more.

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