PROJECT REPORT ON

Toyota Motor Corporation, AICHI, Japan.

Submitted by:

SR. NO STUDENT NAME REGISTRATION NO.

1 SUMAIRA IQBAL S2020273008
2 FURQAN IFTIKHAR S2020273005
3 SAAD TAHIR S2020273004
4 DAWOOD QUASIM S2020273022

Submitted To: Mr. Imran Sadiq

Subject: STRATEGIC MARKETING MANAGEMENT

University of Management and Technology, LAHORE CAMPUS

UMT Road, C-II, Johar Town, Lahore.
 STRATEGIC MARKETING MANAGEMENT

TABLE OF CONTENTS

Table of Contents
University of Management and Technology, LAHORE CAMPUS ........................................................ 0
Dedication ................................................................................................................................................... 3
Acknowledgement .................................................................................................................................... 4
INTRODUCTION OF THE COMPANY ................................................................................................... 5
Company overview ..................................................................................................................................... 6
PORTER’S FIVE FORCES MODEL........................................................................................................ 7
Threat of new entrants ............................................................................................................................ 7
Threat of substitutes ................................................................................................................................ 7
Bargaining power of supplier ................................................................................................................ 8
Bargaining power of buyer .................................................................................................................... 8
Rivalry among the existing competitors ............................................................................................ 8
TOYOTA 5’C ANALYSIS .......................................................................................................................... 9
Company..................................................................................................................................................... 9
Customer ..................................................................................................................................................11
Collaborators ...........................................................................................................................................11
Competition ..............................................................................................................................................11
Climate/ context ......................................................................................................................................12
SWOT ANALYSIS ....................................................................................................................................13
Strenght .....................................................................................................................................................13
weaknesses .............................................................................................................................................14
Opportunities ...........................................................................................................................................14
Threats.......................................................................................................................................................15
WHAT IS BLUE OCEAN STRATEGY?................................................................................................15
BLUE OCEAN STRATEGY VS RED OCEAN STRATEGY..............................................................15
• First Tier: ....................................................................................................................................17
• Second Tier:...............................................................................................................................17

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• Third Tier: ...................................................................................................................................17

value innovation ..................................................................................................................................18
ERRC Grid…… .....................................................................................................................................22
(a) Step 1 (Eliminate the competitive factors): .......................................................................20
(b) Step 2 (Reduce the investment in them): ..........................................................................20
(c) Step 3 (Increase the investment in them): ........................................................................20
(d) Step 4 (Create totally new factors): ....................................................................................20
Six path frameworks ..........................................................................................................................22
Bibliography .................................................................................................................................................23

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Dedication

First of all, we would like to say thanks to our teacher Mr. Imran Sadiq who gave us a
great opportunity to work on the project that will not only enhance our learning but provide
an opportunity to look at implementation of the concepts on practical grounds. We
dedicated our whole efforts to special people in our life, our parents who gave us an
invaluable academic chance. This achievement was not possible without their love,
unselfish support of my parents, teachers, who throughout encouraged us. Especially this
whole achievement was impossible without the prayers of our parents.

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Acknowledgement

Being thankful and expressing our feelings and emotions is very important for spending
a beautiful happy and peaceful life. I am thankful to “ALLAH ALMIGHTY” who enables
us to put-up in the ups and downs of the life and provide us both the ability and
opportunity to complete this project. Here we would be happy to add a few lines that
helped us from day first. Joy doesn't make us grateful while gratitude makes us joyful.
Our greatest thanks to our parents, teachers, and friends who assist us allot in the whole
semester.

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INTRODUCTION OF THE COMPANY

Toyota is one of the leading brands, worlds best-known and the company is running most
successful business in the automobile industry, building cars and trucks in 26 countries
for sale in more than 160 markets around the globe. Now they are providing their services
around the world.

All of the work done by Toyota is through innovation and passion, Toyota has made that
which was impossible for human being, possible. The company has fearlessly challenged
their self and creates their broad and clear vision what was considered impossible, as a
result, since its foundation, it has realized countless dreams.

Quality:
Toyota never compromise on quality. “We want to make sure the customer has the best
vehicle we can build”. They believe in the provision of best; so, they serve their best to
their customers. “Caring about quality is an essential attitude”. Akio Toyota said that:
“When consumers purchase a Toyota, they are not simply purchasing a vehicle, truck or
van. They are placing their trust in our company”.

Products:
With the passage of time, increase in the technology and innovation of the products, the
variety of the products is also increased for the variety of the customers. Customers’
needs are catering under the one roof industry.

Customer Service:
The company is delivering the high quality of the products and providing the complete
customer satisfaction by constantly improving their products and services. Customers are
the first priority of the company. So their ultimate goal of the company is satisfaction of
their customer.

Vision Statement:
"To be the most successful and respected car company in America."

Mission Statement:

"To attract and attain customers with high-valued products and services and the most
satisfying ownership experience in America”.

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Company Overview
Company Name:
Toyota Motor Corporation

Legal Status:
Limited Company

Capital:
635 billion yen (as of March 31, 2019)
Registered Office:

Head-Office: 1 Toyota-Cho, Toyota City, Aichi Prefecture 471-8571, Japan.

Phone: (0565) 28-2121

E-mail: [email protected]
Web: https://global.toyota/en/

Main business activities

Motor vehicle production and sales

Number of employees (consolidated)

370,870 (as of March 31, 2019)

President and CEO

Akio Toyoda

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Porter’s Five Forces

Porter five forces model is a tool that is used to understand the intensity of competition
with in industry. It is sometimes used to determine the level of the profitability in the
organization. Michael E Porter had given the model in 1979. It determines the level of
attractiveness of the nosiness in the industry and it is also used to determine the
competitive position analysis. The five forces model consist of

Threat of new entrants (weak)

To enter into the businesses of the automobile industry, there is large investment required
to produce these type of products. Due to heavy capital requirement involved to enter into
the business of automobile is high so there are less chances to enter into the business.
when a new brand enter into the market they need to spent a lot on the supply chain,
marketing and hiring skilled human resources. It would be very difficult to grab market
share without considering innovation and differentiation.

Entry and exit barriers both will be very high. Economies of scale is enjoyed extensively
by the current brands that creates considerable barrier for the new entrant brands. In case
of Toyota, due to its global scope of their operation and distribution having and they are
enjoying the benefits of the economies of scale, and this benefits is used to reduce the
prices of their vehicle in order to reach more customers and stay competitive.
Threat of substitute (Moderate)

The threat of substitute for the brand of Toyota is moderate. There are huge number of
vehicle made by the other brands for the public transportation mode are one of the
substitute for Toyota. There are several substitutes for transportation. Switching cost for

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the product is also low because people who find it expensive can switch easily to the
other modes of transportation.

Middle and lower middle class customers are more convenient to use the public
transportation mode and it proves less costly to them. To reduce the threat of substitute,
Toyota has deliver model that are low on the use of fuel consumption. Threat of substitute
is reduced by the company, it will not only well for middle class family due to less costly
but also protect the environment from pollution.
Bargaining power of supplier (Weak)

There is various reasons behind the weak bargaining power of supplier. Apart from their
immense number of supplier, their size is one of the reasons that cannot influence to the
company. Low bargaining power of the supplier. Switching cost from one supplier to
another supplier was low.

Monopoly situation among the supplier were zero, because the supplier were also in
competition among themselves. The company can always switch the old supplier to the
new supplier without any trouble, because there is low bargaining power of the supplier.
These factors will give Toyota only control over the supplier but it will also keep the
bargaining power of the supplier remains low.
Bargaining power of Buyer (Strong)

Bargaining power of the supplier is strong in the case of Toyota Company. The customers
have several other options in the automobile industry and the switching cost from one
company to another company is also low due to the high competition among the rivalry
companies. Customer have low margin among different companies and are price
sensitive. All manufacturer are the dependent on the customer because there customers
are the significant portion for the industry revenue.
Bargaining power of the supplier hold by the company, is only because of innovation and
technological based products. Another reason for the strong bargaining power is
company has acquired their impressive loyalty of the customers with providing valuable
and high quality of the products.
Rivalry among the existing competitors (High)

Competition among the existing competitors will be high because the company is working
globally and providing there services around the all over the world. The firms will highly
aggressive in terms of business, distribution and marketing campaigns. The company will
not only compete on the bases of technology and innovation, but it will also compete on
the bases of the design, safety and fuel efficiency.

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Ford, Hyundai and Honda are the direct competitors of the Toyota. When there will be
high competition among competitors it will also increase cost of marketing and R&D. The
level of competition in the automobile industry is always high, because the company is
not only competing with their direct competitors but also in a competition with the indirect
Competitors.

Toyota 5C Analysis

5C analysis is a technique used to conducts situation analysis. A situation analysis

involves examining the external environmental factors and internal organizational
capabilities that impact how a company operates. 5C analysis is one of the most popular
and useful framework in understanding internal and external environment. Marketing
managers can conduct the 5C analysis to timely identify the strengths and weaknesses
in the internal environment, and possible risks and opportunities present in the external
environment.

Company:
This involves an analysis of the company products line, its culture, goals and objectives.
Some example of company related factors are given below.

Research and Development:

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• Toyota’s among the top 20 companies with the highest spending on research and
development.
• Toyota actively engaged in research and development so it can accurately identify
diversifying and increasingly high level market needs and provide even more
appealing high quality low cost products.
• Toyota pursuing advanced technology development in a wide range of field.

Organizational Culture:

• Toyota organizational culture effectively supports the company’s endeavors in

innovation and continuous improvement.
• Characteristic of Toyota organization culture are as follows arranged according to
significance
• Teamwork
• Continuous improvement through learning
• Quality
• Secrecy

Scale of production:

Toyota has a large scale of production. They introduce of two concept of production just
in time and jidoka.

Just in time:
Just in time is a methodology aimed primarily at reducing times within the production
system as well as the response times from supplier and to customer. What is need, when
it is need?

Jidoka:
Jidoka is a way of spotting problems and taking prompt action to correct faulty at any
stage in the production process.
Goals:
Toyota goal is ‘always better cars’ we continually reinvent ourselves introduce new
technologies and stay ahead of our competition.
(i) SWOT-Toyota
The SWOT analysis is an effective tool to analyze the company related factors.
Application of this tool in Toyota context involves identification of key strengths,
weaknesses, opportunities and threats.
The following table presents the SWOT in the concisely summarized form:

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Strength Opportunities
• Highly efficient Human Resource • The development of Developing
• Good Organizational Culture Nations
• Excellent Brand Image • Green Vehicle Technology
• Diversified Portfolio • Developing Concern for
• Cutting edge innovation Environmental Pollution
• Worldwide Supply Chain
• High Production Capability
Weakness Threats
• Toyota Car Sales Rely on Dealers • Number of Competitors
• Not Grabbing Markets • Expensive Raw Materials
• Negative Publicity • Lower Profits
• Poor Brand Recognition • Government Norms are also a big
threat.
• Changes and developments in
Automobile Sector are a major
threat

Customer:

• Demographic profile of an individual buyer is that he or she would be in the age

range 30-50 (midlife).
• Toyota target marketing strategy is based on the principle of lunching the right
car for the right market.
• Toyota customer can be further divided into three psychographic segments which
are early adopter, environment friendly, and value conscious.

Collaborators:
Collaborators are business or entities that can help the company achieve its goal and
objectives.
Toyota google+ corolla collaborator is an online car designer that uses google+ to allow
users to design and share version of Toyota corolla with their friend and people in the
circle.

Competition:
Toyota has so many global companies as competitors who are equally competitive.

• Honda

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• Nissan
• Maruti Suzuki
• Hyundai
• Volks wagon
• Ford
• Mazda motor

Context/ Climate:

Toyota must understand the external environment context in which it operating to make
the right business decision and forecast the future. One important tool to understand
business context is PEST analysis.
Political:

This factor is most related government policy such as taxation policy and trade and tariff.
Political factors have kept growing in importance with globalization. Toyota Motor
Corporation in a particular has experienced the direct impact of political factors in many
instances. For example political factors on Toyota performance relates to poor
relationship between japan and china.
Economic factors:
There is a set of economic factors such as the rate of inflation, currency exchange rate,
and macroeconomic climate in the country and in the industry, cost of labor and tax rates
that have direct have direct or indirect implication on Toyota revenue.

Social:
Increasing consumer awareness and concern about environment implication of driving a
vehicle is the most important tendency to be addressed by automobile manufacture.
Toyota is attempting to address this issue by increase its focus on electric and hybrid cars
such as Toyota Prius.
The trend of family stricture has changed and customer need will be different. Toyota has
not only positioned itself in middle market by using the Toyota brand but also launched
Lexus for luxury brand which firm has wide range of products.

Technology:
• Technological aspect of the framework includes the competing technology
development, research, funding, replacement technologies, maturity of
technology, information and communication, innovation, research etc. The
technological investment made by Toyota are huge and it has always being
pioneer in technological field

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• Toyota also promoted various training among employees to update them with
lasted technological advance.

SWOT Analysis:

Strength Opportunities
• Highly efficient Human Resource • The development of Developing
• Good Organizational Culture Nations
• Excellent Brand Image • Green Vehicle Technology
• Diversified Portfolio • Developing Concern for
• Cutting edge innovation Environmental Pollution
• Worldwide Supply Chain
• High Production Capability
Weakness Threats
• Toyota Car Sales Rely on Dealers • Number of Competitors
• Not Grabbing Markets • Expensive Raw Materials
• Negative Publicity • Lower Profits
• Poor Brand Recognition • Government Norms are also a big
threat.
• Changes and developments in
Automobile Sector are a major
threat

Strength:

• Highly efficient Human Resource – A Company needs a talented and proficient

human asset to become bigger. As of January 2020, they have 370,870 talented
HR around the globe.
• Good Organizational Culture – While it comes to cutting edge working framework
and practical methodologies, Toyota will consistently be on the top. From
generally rehearsed administration framework to lean assembling subtleties,
Toyota has set models for the individual organizations.
• Holds an Excellent Brand Image – This is one of the most significant strategies of
Toyota. At whatever point individuals search for vehicles, they look for the brand
name ‘Toyota,’ and that has kept them a long way in front of their rivals.
• Diversified Portfolio – Cars implies Toyota. They have an enormous number of
variants and models of Cars. From electric vehicles to crossover autos, Toyota
has spread its wings to a wide range of vehicles in this market.

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• Cutting edge innovation– Toyota isn’t just a vehicle producing organization,

however, they are additionally considered as a pioneer. The green vehicle
innovation of Toyota has been enhanced by clients on an enormous scale when
they think about the natural concern and cost of oil.
• Worldwide Supply Chain–They have outlets, branch organizations, and
fabricating production lines far and wide. The worldwide sales network of Toyota
is extremely one of the best quality of this organization.
• High Production Capability–Toyota is giving genuine challenge to its peers on
this point as they have a high generation limit of creating four-wheelers, just
about 10 million for every year

Weaknesses:

• Toyota Car Sales Rely on Dealers – as Toyota has dealers around the globe;
they need to rely upon them. It makes the generation a piece sloth.
• Not Grabbing Markets – Toyota has created green vehicle innovation, however, it
has been flopped in getting the real market where it would be executed precisely.
The market of China and India can be the best for propelling these vehicles,
however, there is still time.
• Negative Publicity – This occurs because of enormous vehicle reviews. Any sort
of vehicle influenced the automaker, and Toyota is no exemption. Likewise, the
review rates are higher in Toyota, and that can cause progressively negative
exposure.
• Poor Brand Recognition – There are 4 unique cars of Toyota – Hino, Lexus,
Daihatsu, and Among these, Lexus and Toyota have been effective in making
the brand acknowledgment.
The company must follow an aggressive promotional strategy to compete in the
market and create a good brand image.

Opportunities:

• The development of Developing Nations – Perspectives is changing, and now,

individuals are progressively disposed to purchase vehicles. In creating
countries, the interest in luxury cars is increasing day by day.

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• Green Vehicle Technology – Maybe slower, however, the green vehicle

innovation is picking up fame around the globe. If Toyota centers around green
vehicle technology they will get a lot of income from this advancement.
• Developing Concern for Environmental Pollution – People, the world over, are
getting progressively worried about the ecological debasement and are likewise
ready to do their bit. This is the high time to advance Toyota’s condition friendly.

Threats:

• Number of Competitors: Toyota is contending with immense names in the

market, like Volkswagen, Ford, Mitsubishi, and Hyundai. It makes very difficult to
make solid feet in the market.

• Expensive Raw Materials: As the expense of crude materials is expanding, that

is likewise expanding the expense of the final result.
• Lower Profits: The consistent risk of trade rates is consistently there. At the point
when the incomes are sent back to Japan in the Yen that turns out to be a very
lower benefit in contrast with different monetary standards.
• Government Norms are also a big threat.
• Changes and developments in Automobile Sector are a major threat.

WHAT IS BLUE OCEAN STRATEGY?

Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up
a new market space and create new demand. It is about creating and capturing
uncontested market space, thereby making the competition irrelevant. It is based on the
view that market boundaries and industry structure are not a given and can be
reconstructed by the actions and beliefs of industry players

BLUE OCEAN STRATEGY VS RED OCEAN STRATEGY

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Reach Beyond Existing Demand

First Tier: “Soon-to-be” noncustomers who are on the edge of the market.
Second Tier: “Refusing” noncustomers who consciously choose against your market.
Third Tier: “Unexplored” noncustomers who are in markets distant from yours.

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• First Tier:
These soon-to-be customers they almost don’t use your market offerings because they
search better offers. If they find a better alternative they will go after it and leave this
market. A market stops growing when there are many soon-to-be customers. The insight
is to figure out what they are searching.
Toyota, the Japanese auto maker reputed for its process innovation, as it developed the
Lean Manufacturing and Just in Time manufacturing philosophies. Toyota is also reputed
for Toyota Way, collective managerial values and business methods the company
pioneered over years and the company is reputed for its quality manufacturing and
production.
Toyota Lexus became big hit for the company and it made a mark in the United States
market as the company was a Japanese company facing tough competition from US auto
giants General Motors and Ford Motors. Toyota created a new space of affordable luxury
car market and it dominated this uncontested market and steadily built market share in
tough US car market.

• Second Tier:
The refusing noncustomers are people that can’t afford or don’t use the market offerings.
Their necessities are attended by other means or are ignored. It is a vast ocean to pursue.
Toyota Motors company’s famous car Toyota Lexus, which was launched in the United
States in the year 1989 at the price of the lower end Cadillac and Lincoln models but the
car had features and quality of the high-end BMW and Mercedes and the motto Toyota
Lexus was “Relentless Pursuit of Perfection”. The car was launched at a price of less than
US$ 40,000 where as both BMW and Mercedes were priced far higher at above US$
55,000 and US$63,000 respectively.

• Third Tier:
The unexplored noncustomers have not been explored or thought by industry players.
They are seen as participants of other markets. It is an unexplored ocean, where results
could be outstanding.
Toyota pursuit of Blue Ocean strategy resulted in the launch of Toyota Prius in 1997 which
is a full hybrid electric mid-size hatchback, the first mass produced hybrid car and the car
is rated as the cleanest car sold in the United States, which was launched in US in 2001.
The company sold close to 4 million units till date and more than half of the sales come
from the US market.

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Value Innovation

Value Innovation is the simultaneous pursuit of differentiation and low cost, creating a
leap in value for both buyers and the company. Cost savings are made by eliminating and
reducing the factors an industry competes on. Buyer value is lifted by raising and creating
elements the industry has never offered.

Toyota has achieved outstanding results by working in partnership with component

manufacturers and other suppliers to advance the CCC21 (Construction of Cost
Competitiveness for the 21st Century) all-round cost reduction activity since 2000. Thanks
to those efforts, we have seen annual cost savings of about ¥200 billion, peaking at almost
¥300 billion in fiscal 2003. Building on that proven track record, Toyota began the VI
(Value Innovation) activity in April 2005. As with its predecessor, the new project will
require close coordination with suppliers. However, the new project will go one step
beyond CCC21’s item-based cost innovation to focus on systems-based innovation.
Adopting a revolutionary approach to designing, Toyota will aim for comprehensive,
breakthrough cost reductions by treating associated parts as integrated systems.

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Accelerating Cost Reduction Efforts Based on Mutual Trust

A feature of Toyota’s cost reduction activities is that rather than focusing purely on price
reductions, they initiate a chain of manufacturing innovation that reaches all the way back
to the design and development stages. As a result, such initiatives involve collaboration
among suppliers and a wide range of the Company’s divisions, including design,
production engineering, and purchasing. By significantly improving efficiency and
lowering costs, that dynamic, multifaceted cooperation is a driver of our products’ growing
competitiveness.

Toyota pursues its cost reduction efforts based on long-term relationships of mutual trust
with suppliers. It works toward challenging targets as partners. And, the improvements
gained through those initiatives strengthen the corporate organizations and market
competitiveness of Toyota and its suppliers.

Returning Cost Reduction Benefits to Customers Toyota’s

cost reduction programs generate far more benefits than just cost savings. Toyota returns
the benefits of cost reductions to customers by ploughing the freed-up resources back
into product upgrades or price repositioning. In other words, bottom-line cost savings
amounts only show a part of the overall benefits generated by cost reduction activities.
That process of converting savings into higher quality enables them to offer new models
with markedly improved functionality and performance at prices that are the same or lower
than before. Toyota remains committed to the resolute implementation of cost reduction
activities that provide customers with better vehicles at affordable prices.

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ERRC Grid

(b) Step 1 (Eliminate the competitive factors):

Which competing factors should be eliminated from the industry’s standard?

Prius eliminated the harmful CO2 emissions

(c) Step 2 (Reduce the investment in them):

Which competing factors should be reduced well below the industry’s standard?
reduced the dependency on gasoline

(d) Step 3 (Increase the investment in them):

Which competing factors should be raised well above the industry’s standard?
raise the quality standard of hybrid cars in terms speed, design, performance

(e) Step 4 (Create totally new factors):

Which competing factors should be created that the industry has never offered?
created a new market segment of hybrid and electric cars which all the major auto makers
are now aggressively targeting.

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Product innovation focused on environmental protection, quality, reliable brand image all
resulted in building a highly loyal customer base that has been buying the Prius cars and
made a top selling car in the hybrid segment particularly in United States. In terms of
ERRC grid, Prius eliminated the harmful CO2 emissions, reduced the dependency on
gasoline, raise the quality standard of hybrid cars in terms speed, design, performance
and created a new market segment of hybrid and electric cars which all the major auto
makers are now aggressively targeting. Toyota is focusing on making Prius even more
effective and the company is constantly upgrading and launching new variants. Toyota
Prius created a blue ocean market in highly contested red ocean of US Car market and
is a classic example of Blue Ocean Strategy

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Section 1.02 Six path frameworks

Head to Head Blue Ocean

Toyota (Blue Ocean)
Competition Creation
Looks across hybrid segment
Focuses on rivals
Industry alternative Fully Electronic
within its industry
industries segment
Lexus(the quality of the
high-end Mercedes,
Focuses on Looks across
BMW and Audi at a
Strategic Group competitive position strategic groups
price closer to the
within strategic group within industry.
lower-end mid-class
cars)
focuses on better
Redefines the
Buyer Group serving the buyer Environmentally friendly
buyer group
group
Focuses on
Scope of looks across to
maximizing the value Ploughing the freed-up
Product or complementary
of product and service resources back into
Service products and
offering within the product upgrades
Offering service offerings
bounds of its industry
Focuses on improving Rethinks the
Long-term relationships
Functional the price performance functional
of mutual trust with
emotional within the functional emotional
suppliers
orientation emotional orientation orientation of its
affordable luxury car
of its industry industry
Pioneered the concept
Focuses on adopting Participates in
of environmentally
Time to external trends as sharping external
friendly cars and also
they occur trends over time
alternative fuel cars

1. Look across alternative industries

2. Look across strategy groups

3. Look across buyers groups

4. Look across complementary products and services

5. Look across functional emotional orientation of an industry

6. Look across time

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