The business of choice for this write-up is the Toyota automobile company. The product has four stages in its life cycle, namely introduction, growth, maturity and the decline stage. As it passes through these stages, there are several characteristics that best address the key market initiatives as discussed below.
Before Toyota manufactures a new car model or modifies an existing car, it seeks to understand the concerns of their customers (Amasaka, 2007). These concerns are majorly based on the existing or yet to be manufactured cars from their company. It is important to understand your clients and stakeholders needs and strive to satisfy them fully as an organization.
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Mostly during the growth and maturity of a product, Toyota will seek to improve on its marketing strategy. This is done through increasing awareness of its products or introducing a sales team. This is important because it helps the product penetrate in the market regardless of the current competition.
Businesses always seek to improve their product. This is due to the ever increasing demands of the consumers. For instance, Toyota always comes up with different types of cars frequently, and the existing cars are continually modified (Amasaka, 2007). Improvements are necessary with the ever changing business environment and customer needs.
The distribution of products to the consumers should be effective, efficient and reliable. Most of the industries always offer shipping services to their clients. In a company like Toyota, this has been made efficient through their dealers who are in many countries around the world. Clients do not need to travel to Japan to buy a car from Toyota.
The pricing of each product is usually done at a reasonable and affordable price. Consumers are very keen when buying products and will always seek the best value for their money (Amasaka, 2007). The entrepreneurs will always seek to include their profits in the cost price stated. However, the market price will always be influenced by the existing competition in the market.
Channels of distribution are the central pathways created by firms with the responsibility of distributing their product to end users. Physical distribution is where companies ensure their products reach their end users directly, by inspecting all the processes, from production to delivery.
Reference
Amasaka, K. (2007). Applying New JIT—Toyota's global production strategy: Epoch-making innovation of the work environment. Robotics and Computer-Integrated Manufacturing, 23(3), 285-293.
