Business Studies Report - Toyota

Essay by xx123xx July 2014

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This Report was created to help support Toyota Motor's Decision to expand into the overseas market of Sweden.

Toyota Motor Corporation (TMC) has been in the industry for 75 years. 'Ever since its founding, Toyota has sought to contribute to a more prosperous society through the manufacture of automobiles, operating its business with a focus on vehicle production and sales.' [1: Toyota Global - History of Toyota]

The firm has considered expanding into Sweden, as a source of R&D and to improve production of more technologically advanced cars. Sweden is a globalised leader focusing on innovation and 'intelligent manufacturing'.[2: See SWOT analysis pages_ ]

TMC has been faced with a number of influences currently: most prominent are the factors that influence customer choice and the Ethical Influence of Good Taste in Advertising. Factors include Psychological Influences influencing customer choice, the Sociocultural being the external influences on buying behaviour, and the Economic Influences.

These influences have forced Toyota to consider expansion into a new overseas market, to which the idea to begin production and further R&D into Sweden was born.

A SWOT analysis has been included to support the need to expand. Marketing strategies required to make this venture successful include Market Segmentation, Differentiation to Product and Services, Promotion (personal selling and relationship marketing) and Global Marketing. An evaluation of the suggested strategies on the Finance business function has been involved to give a realistic picture of Toyota's strategic Marketing Plan.

Current Influences:

'Consumer trends change with changing conditions.' These conditions are primarily Psychological, Sociocultural, Economic, and Ethical Influences. Awareness of these conditions and influences ensures Toyota can predict how customers react to new marketing strategies and decisions. [3: Jacaranda 'Business Studies in Action' textbook page 148]

Psychological Influences

'Psychological factors are influences within an individual that affect his...