A Journey in TOYOTA!!

In 1936, Toyota started withthe Brand Promise:“ensuring sustainable growth by fostering the virtuous circle”

By 2000, Toyota was

the market leader!!!

So, What were the reasons for such success?

It listens closely to markets needs and demands!!

Takes into account various Cultures for

advertising!!

It strives for continuous improvement!! Its motto is:

• making cars• making cars better• teaching everyone how to

make cars better

So, has Toyota done the right thing by manufacturing a brand for all?

YES!!!This creates an extensive

PRODUCT LINE...

This helps in line stretchingAnd line up-selling

Saves from fluctuations in a particular segment.

However, there was an accident!!!

In 2009, It had to recall 8 Million cars!!! And incurred

estimated losses of $6 billion

President Toyoda said that they sacrificed quality for growth and apologised to the consumers

So, what should Toyota do? Is

it the end?

It should try to gain the trust of the consumers through innovation and delivering superior quality.

Build Company image associated with continuous improvement and superior quality.

What should other companies do to avoid such problems in future?

Quality control, training of staff and continuous improvement are the keys to long term development.

Recap:

•Toyota became the market leader due to its philosophy of continuous development•It made products to suit the needs of different segment of the market.•Also took cultures into account for advertising campaigns and that made it a success.•However, it sacrificed quality for growth and soon failed and had to suffer huge losses•In the long run, continuous improvement and quality control are important factors

DISCLAIMERCreated by Kaustav Roy Choudhury, Jadavpur University during a marketing internship by Prof. Sameer Mathur, IIM Lucknow.