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A Comprehensive Examination of Toyota's Global Market Approach1. Introduction
a) Discuss international marketing strategy.
International marketing strategy is a crucial aspect of global business, involving a systematic
approach to marketing across different countries. It goes beyond domestic strategies, requiring
understanding of diverse cultures, economies, and regulations. Market research is foundational,
involving a deep analysis of cultural nuances, consumer behaviors, and purchasing patterns. Key
components include adapting products to fit each market, adjusting prices based on local
economic conditions, and establishing effective distribution networks. Communication strategies
must be culturally sensitive, avoiding misunderstandings and tailoring promotions to local
contexts (Samiee, Katsikeas and Hult, 2021). Managing a consistent global brand identity while
allowing for local variations is essential. Technology integration, especially in digital marketing,
plays a significant role in decision-making and customer interactions. Managing risks related to
currency fluctuations, political uncertainties, and economic instability is crucial. Ethical and
sustainable marketing practices are increasingly important for resonating with a conscientious
global consumer base. In essence, international marketing strategy requires cultural awareness,
regulatory compliance, technological proficiency, and ethical considerations to effectively
navigate global challenges and opportunities.
b) Briefly describe the nature of your chosen business or brand to be used for the study.
Toyota Motor Corporation was selected for this investigation. Automotive giant Toyota is based
in Toyota City, Aichi, Japan. It produces the most cars worldwide, surpassing General Motors
and Volkswagen. Toyota offers compact automobiles, mid-size cars, big cars, SUVs, trucks, and
, hybrids. The Toyota Production System and the Prius demonstrate the company's creativity and
hybrid technological leadership (Toyota car models, no date). Toyota is renowned for its
dependability, quality, and automotive innovation, having a worldwide presence in over 170
countries.
2. How does the global environment impact the development of an international marketing
strategy
Discuss PESTLE analysis/EPRG Model/BERI/Market attractive competitors Matrix.
PESTLE Analysis:
Toyota's international marketing strategy is intricately shaped by the considerations arising from
a Political, Economic, Sociocultural, Technological, Legal, and Environmental (PESTLE)
analysis. Political factors, such as government policies and trade regulations, significantly
influence market entry and operational strategies. For instance, variations in emission standards
and geopolitical tensions can impact Toyota's production and distribution decisions—economic
factors, including currency fluctuations and inflation rates, shape pricing strategies and market
demand (Kansongue, Njuguna and Vertigans, 2023). Economic downturns, for example, can
significantly impact consumer purchasing power and influence preferences for certain vehicle
types. Sociocultural factors guide Toyota in adapting its marketing messages and products to
align with local cultures and societal values, ensuring resonance with diverse consumer bases.
Technological advancements, particularly in the electric vehicle sector, drive product innovation
and influence digital marketing strategies for Toyota.
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