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Thread Discussion in Marketing

Topic 1.

Question 1. There are numerous success factors. Toyota is actively innovating; it listens to the customers and tailors advertising to the needs of each country. Lean production allows to satisfy virtually all market needs.

Question 2. Yes, Toyota did the right thing by manufacturing a car brand for everyone, because in this way it expanded its target market and gained customer attention.

Question 3. Yes, Toyota did grow too quickly, and as a result, the quality of its cars declined, as well as quality control. The company should focus on improving quality and placing quality over quantity during the next 1-5 years. It should find a way to prove that the new cars are safe, so some non-traditional marketing approaches (like personalized messages and social advertising) are needed. During the 10-year period, the company should innovate and make electric and hybrid cars a priority.

Topic 2. The prices should reflect the value that consumers are willing to pay, because such method of price regulation turns on market mechanisms of economic regulation, so that supply and demand can be balanced. If the prices only reflect the cost involved in making the product of service, the customers will not be able to “vote” with their purchases for the products of higher quality, and the manufacturers of high-quality items or services might refuse to innovate and maintain high quality because of low profit margin.

Topic 3. As a consumer, I would prefer value pricing because according to this method, quality goods can be purchased at reasonably low prices. If the average price were to stay the same, I would generally prefer to employ slightly higher prices most of the year, but slightly lower discounted prices or specials for certain occasions, because most purchases are done on certain special occasions. However, this does not hold for essential goods which are purchased every day or week, so for these goods I would prefer to have the same average price.