MM316 – Strategic Marketing Plan Essay – Marketing Assignment Help

Assignment Task

Executive Summary

This essay hopes to inform, acknowledge, and interest those reading the concepts and importance of a strategic marketing plan. This is done through deepening ones understanding of the various strategies for new market entries, growth markets and mature and declining markets in sustaining a competitive advantage. Furthermore, it gives a hands-on experience with multiple marketing opportunities and how to implement effective marketing strategies to increase the overall success of a business.

1.0 Porter’s Five

Toyota Motor Corporation, commonly known as Toyota, is a Japanese multinational automotive manufacturer company. Founded by Kiichiro Toyoda in 1937, is believed to be the tenth largest company in the world by revenue. Toyota sells a range of automotive such as passenger cars, minivans, and trucks. Toyota is located across 170 countries, providing employment for 360000 people worldwide. Toyota continues to focus on their philosophy that remains at the heart of their corporate culture. The company strives to enhance the quality of people’s lives by using their skills and advanced technology to create sustainable and reliable products, ensuring quality and innovation is achieved.

Porter’s five forces of competitive analysis is a simple framework for assessing and evaluating the competitive strengths and position of a business organisation. The theory is based off the concept that there are five forces that determine the competitive intensity and attractiveness of a company in a market. The framework helps identify where power lies in a business situation, which is useful in understanding both the strength of an organisation, such as Toyota’s current competitive position and potential moves Toyota might use.

Toyota’s competition in the industry includes several well-known automotive manufacturing companies such as Subaru, Nissan, and Honda. Due to their being more than 30 automotive brands, this means rivalry is high as suppliers and buyers can seek out to Toyota’s competition if they can offer a better deal or lower prices. Potential of new entrants into an industry is successful done by Toyota due to their quick and low-cost advertisement methods. Therefore, creates an effective advantage because they are seen through advertisement campaigns more frequently and provides an industry that is harder for upcoming brands to enter as Toyota has many loyal customers across the world. The next factor in the five forces model is the success suppliers have to driving up the cost of inputs in the market. Toyota is

said to have over 200 car part suppliers, from suspension systems from Toyotetsu or safety components from Autoliv ASP. Therefore, due to the large number of suppliers, Toyota have a wider range, more variety and different prices to choose from. The more suppliers a company has there are few switching costs between rival suppliers, allowing Toyota to keep its input costs lower and enhance profits.