Toyota is the second largest car manufacturer and seller in the world today. In Europe it
has long been a marginal player as compared to its other endeavors in markets within US,
Asia and Latin America. Over the last few years Toyota's market share has increased in
Europe even though the European market has several strong regional competitors.
Toyota's vision is to capture 5% of the Old World's roadway by 2005.
However, the problem persists of how to establish Toyota as a brand in the European
market. According to (www.economist.com, 2006), Toyota has been a major success in
North America controlling over 10% of the market share but it cannot apply the same
marketing strategy in the European market. Europe has several countries, within which
the population exhibits its own unique preferences for certain automobile brands.
With rising fuel prices, growing concern for the environment and an excellent
transportation system throughout Europe, Toyota has a challenge in establishing itself.
Toyota must try and establish itself as a brand within Europe, specifically, a brand that
caters to both the needs of the European market and consumer but, also makes Europe a
part of the new motoring world. To successfully do this Toyota Motor Europe (TME)
needs to do an extensive review of the current and future market, keeping stride with the
various market segments in the region.
Another important factor that TME would have to pay specific attention to is the socioeconomic factors prevalent in Europe currently. A combination of extensive market
research and the flawless creation of a new Toyota brand would take it beyond its
ambition of achieving 5% growth in market share.
Toyota had first started exporting to Europe in the early 1960's beginning with countries
like Malta, Cyprus and Denmark. The European market...