Marketing Research Toyota

Marketing Research (Toyota)

Executive Summary

Toyota Motor Company is well known for its excellence in the quality of the vehicles they make, recently they had a major problem which affected their perception in the minds of their loyal customers(Toyota, 2012).

The problem of unwanted gas pedal acceleration in around 7.2 million vehicles from Toyota was the biggest setback for the company for the first time in the history.

The causes of the problem will be discussed thoroughly in the paper, as well as the market research performed for the change in perception of the customers before and after.

Descriptive research method with longitudinal approach will be used in the research with sessions of focus groups too.

Later in the paper in the conclusion, there is the overall economic impact on Toyota Motor Company and recommendations for Toyota Motor Company to be persistent in the quality vehicles they provide.

Marketing Research (Toyota)

Introduction

About Toyota

(TMC) Toyota motor corporation is a multinational automobile company which has it's headquarter in Japan. Toyota is said to be the largest manufacturer of automobiles of 2010 with respect to the number of total production of automobile units. As far as the revenues are concerned, Toyota is on number eleven in the world with respect to the total revenue generated. Recently, Toyota announced that it has manufactured the 200 millionth automobile in the month of July of 2012. The company was founded on 28th of August, 1937. Toyota Company deals in the automobile industry and its founder is Mr. Kiichiro Toyoda. Toyota has been serving almost worldwide with top quality automobiles which include the Commercial vehicles, engines, private vehicles and motorcycles (Toyota, 2012). By the end of year 2011, the production output was of 7,308.039 units. Services that are provided by TCM are banking, financing and leasing. Total revenue in Japanese yen is about 1.583 trillion and operating income of 355.62 billion in the year 2012. Profits that were made in the year 2012 were 283.55 billion with total assets of 30.650 trillion and total equity equals to 10.550 trillion. The parent company to TCM is the Toyota group with operating divisions that include Lexus and Scion. TCM has many subsidiaries such as Hino Motors, Ltd., Daihatsu Motor co., Ltd., DENSO and Toyota Industries etc (Toyota, 2012).

Company Strategy

The philosophy of Toyota Motors Company has come from its origins that can be easily seen in terms of the manufacturing and the motto that is just in time production. The values of the managerial levels and all the business methods that are incorporated in the company are known as the Toyota way collectively. Toyota way is the basic code of conduct that is to be followed by the TCM employees internally to provide better outputs. The basic guidelines of the Toyota way are under two broad headings, Respect for people and Continuous improvement. Furthermore there are five principles that are to be embraced by every employee of Toyota Motor Corporation.

1) Challenge

2) Improvement

3) Get down to the problem and see

4) Respect

5) Teamwork

And according to the people who ...