Marketing Report Sample

Marketing Report

THE ASSIGNMENT

Using the knowledge and skills you have gained in your individual Assessment 2 assignments.

1. Your group must choose an existing company (from within the same industry as the subject of analysis for Assessment 2)

2. Define and justify a specific target market, and

3. Design a product in the selected industry i.e., you are to design a product for your chosen target segment market.

4. You will provide a written working papers and a report of your analysis and recommendations and produce a group presentation highlighting the key elements of the report. You don’t need to build or make the product, but rather come up with an idea which suits your target market and describe it. It is advised that you check that your product is suitable with your Facilitator.

The Report will be delivered in 3 parts: -

Part A – Company analysis working paper including the introduction, background, and analysis of the chosen company together, details of your chosen Target Market Segment and brief outline of your new product concept

Part B – the completed report incorporating the New Product Development strategy and Marketing Mix Strategy Recommendations aligned to your company analysis and chosen Target Market segment and should include all the required report elements such as Cover page, Executive Summary, Table of Contents, Introduction Conclusion, References, and any Appendices

Your group report should include a focus on the 7 step New Product Development Process. You will explain how your group went through the steps, and what was considered and decided in each step. You should ALSO consider at least the four (4) Ps of marketing (marketing mix) and other relevant elements.

At the end of your presentation, your group will screen its 1-minute advertisement (on video) for your new product in the form of:

• 1 internet ad (no more than 1 min.)

The advertisement should stand-alone and not need any extra commentary. Any justifications and explanations should come before your ads.

Solution

Market Segmentation

Toyota uses various methods to analyse customers' needs and preferences. Toyota is a well-known automobile company, and for launching their new car product i.e. Corolla, they will target the market segment that brings value to their new car product. According to the MBA Assignment Experts, By conducting a market segmentation process, Toyota will be able to decide on the market segment with similar attributes, socioeconomic background, buying behaviour etc, for reaching the group of customers efficiently and effectively (Dolnicar et al., 2018).

Toyota uses a mix of geographic, demographic and psychographic segmentation strategies for understanding the needs of different customer groups and customer profiling for launching their new car product.

Geographic- This segmentation divides the overall market based on various geographic units like countries, zip codes, states, cities, trading blocks, etc. Toyota is using this segmentation for the international market to understand the different cultures and preferences of customers. 

Demographic- Toyota will mainly target customers of 30-50. It will also focus on targeting middle income customers (Tarun, 2020). Also in the B2B segment it will target companies of tours and travels.  

Psychographic- Toyota uses psychographic segmentation and it will target environmental conscious drivers that take care of the environment. Also in terms of lifestyle, it will target people that are in love of off roading (Nkomo et al., 2019). 

Marketing mix

4.1 Product

It is seen that when the company cannot accelerate the growth rate through the existing products, they need to develop new products to widen its market, increase sales, and earn profit through its innovative product. Also, a product is considered a centre of all the marketing activities and captures the customers' attention, if it fulfils their needs and preferences (Rodrik, 2018). A good and effective product is considered as a key to the market success. Hence by identifying the needs and demand of the products, a company launch new products to attract customers and generating profit in the targeted market. 

At the current time, Toyota is known as one of the largest car manufacturers in the world. Toyota is developing and manufacturing automobiles and its related products such as engines, vehicles, car-conditioning compressors, batteries, car electronics- its components and device and stamping dies. For many years, Toyota has been offering a diverse range of products, and it is essential for them to introduce new car products to fulfil customers' changing needs and preferences (MOHSIN et al., 2021).Toyota needs to introduce new car products to explore emerging opportunities.

Stage of Product Lifecycle 

Toyota has introduced a new car product and currently, the new car product is at the first stage of the product lifecycle. This is known as the introduction stage, one a product gets developed, it is introduced into the targeted market(Nkomo et al., 2019). At this stage, the product is released into the market first time and launched in the marketplace. During the introduction stage, the marketing team of Toyota begins creating awareness about the product and also reaching to potential customers to grab their attention towards the product. In general, when the product gets introduced in the market their sales are low at the beginning and the demand of the product builds slowly. 
 

Figure 1: Product life cycle

4.1.1 New Product Development Process 

The company's marketing team majorly focuses on promoting the product by creating and running marketing and advertising campaigns. Toyota works on checking their distribution channels and also tries to create awareness among potential customers about its products. At this stage, the product faces no competition or less competition as the demand is slow (Tyulin & Chursin, 2020). The new car product by Toyota is currently at the introduction phase where the marketing team of Toyota is investing more on advertising about the new car product to drive customer engagement. Toyota is evaluating its sales strategy at this stage to check the efficiency and possibility of their product in the future. 

 
Figure 2: Product development process
(Source: Echeveste et al, 2017)

4.1.2 Branding

Toyota to achieve a higher level of customer satisfaction, it manufactures and markets its wares in a manner that caters to certain clientele utilising a differentiated targeting strategy. Toyota draws emphasis to the useful benefits that may be gained from using its goods and services via positioning strategies that are value-based and user benefit-oriented. (Jones & Bonevac, 2013).

References    

Dolnicar, S., Grün, B., &Leisch, F. (2018). Market segmentation analysis: Understanding it, doing it, and making it useful (p. 324). Springer Nature.

Echeveste, M. E. S., Rozenfeld, H., & Fettermann, D. D. C. (2017). Customizing practices based on the frequency of problems in new product development process. Concurrent Engineering, 25(3), 245-261.

Jones, C., & Bonevac, D. (2013). An evolved definition of the term ‘brand’: Why branding has a branding problem. Journal of Brand Strategy, 2(2), 112-120.

MOHSIN, N. M. R., AL-BAYATI, H. A. M., & OLEIWI, Z. H. (2021). Product-Mix Decision Using Lean Production and Activity-Based Costing: An Integrated Model. The Journal of Asian Finance, Economics and Business, 8(4), 517-527.

Nkomo, T. (2019). Analysis of Toyota Motor Corporation.

Rodrik, D. (2018). New technologies, global value chains, and developing economies (No. w25164). National Bureau of Economic Research.

Tarun, B. A. (2020). A Study on Customer Satisfaction with Reference to Ravindu Toyota.

Tyulin, A., &Chursin, A. (2020). The New Economy of the Product Life Cycle. Springer Books.