The paper aims to identify the existence and relevance of marketing system for the Toyota Prius, a hybrid car produced by the Japanese automobile firm, Toyota. The role of Layton’s model (2009) of marketing system will serve as a framework for the marketing system and justify how the conceptual model can improve economic growth of quality and life. The case study will also include a discussion and selection of one growth strategy underpinning the outcome of the role of marketing system.
Table of Contents
1. Introduction
2. The Relevance of Marketing System
3. Company Tractatus
4. Environmental Audit
4.1 Political
4.2 Economic
4.3 Social
4.4 Technology
5. Market Share Analysis
6. Prius’s Modality of Marketing System
7. Growth Strategy via Role of Marketing System
8. Conclusion
Research Objectives and Themes
The primary objective of this paper is to examine the existence and relevance of a marketing system specifically for the Toyota Prius, utilizing Layton’s framework to demonstrate how such models can foster economic growth and improve the quality of life.
- Application of the marketing system concept to the automotive industry.
- Analysis of environmental factors using the PEST framework (Political, Economic, Social, Technological).
- Evaluation of Toyota's market position and competitive sales performance.
- Strategic assessment of growth opportunities using the Ansoff Matrix.
- Integration of institutional and social elements into a cohesive marketing strategy.
Excerpt from the Publication
The Relevance of Marketing System
It is essential to every organization that marketing as a system has an important role to play. Marketing and the economy are intertwined and organizational systems have to view marketing as a formative influence that stimulates economic development and can effect changes in behavior patterns, attitudes, relationships and values (Hunt and Shelby, 1981). This must also be done through the acts of exchanges and resources that are available to the company.
As Roger Layton (2007a) defines, a marketing system is a network of entities, groups or individuals embedded in a social matrix linked directly or indirectly through shared participation in voluntary exchange of value. This is exactly what lies at the core of macro-marketing. He continues to posit that where the outcome of an exchange is a sale or sales, the end result for a marketing system is an assortment. Where the success of an exchange is defined in terms of benefit or profit, the effectiveness of a marketing system can be identified in the contribution of the assortments generated by the system to the quality of life of the relevant community. This however applies to a group of marketers and buyers. Can marketing system be applied to an individual marketer selling his car to another buyer? According to Layton (2007), these exchanges may be studied as a marketing system per se or as part of higher-level networks of exchange up to and including the societal marketing system. Where these exchanges take place between willing individual sellers and buyers, each seeking to serve his or her own ends through price negotiation, the resulting network of exchange is called a “market system”.
Summary of Chapters
Introduction: Outlines the purpose of the study, focusing on the marketing system of the Toyota Prius and the utility of Layton's model in assessing economic growth.
The Relevance of Marketing System: Discusses the theoretical underpinnings of marketing as a social and economic system based on exchange networks.
Company Tractatus: Examines Toyota’s internal micro-environmental factors and the history of the Prius as a core component of the firm's macro-marketing.
Environmental Audit: Breaks down external challenges and opportunities into Political, Economic, Social, and Technological dimensions.
Market Share Analysis: Provides a statistical review of sales performance and discusses the potential for cannibalization within Toyota’s product lines.
Prius’s Modality of Marketing System: Details the specific technological and institutional components driving the Prius marketing framework.
Growth Strategy via Role of Marketing System: Uses the Ansoff Matrix to evaluate and recommend market development strategies for the Prius.
Conclusion: Summarizes the necessity of aligning internal functions with external environmental transformations within a cohesive marketing system.
Keywords
Toyota Prius, Marketing System, Layton's Model, PEST Analysis, Ansoff Matrix, Macro-marketing, Micro-marketing, Market Development, Economic Growth, Sustainable Advantage, Consumer Behavior, Exchange Networks, Automotive Industry, Digital Marketing, Environmental Audit.
Frequently Asked Questions
What is the core focus of this research paper?
The paper focuses on identifying the existence and relevance of a marketing system specifically applied to the Toyota Prius, using theoretical frameworks to justify how such systems drive economic progress and value.
Which theoretical models are central to the study?
The study primarily utilizes Layton’s model of marketing systems and the Ansoff Matrix for strategic growth assessment, alongside the PEST framework for environmental auditing.
What is the primary objective or research question?
The primary goal is to determine how the conceptual model of a marketing system can be applied to a specific product (Toyota Prius) to enhance both economic growth and the quality of life for consumers.
How is the environment analyzed in the work?
The work employs a PEST audit, which categorizes external factors impacting the Prius into Political, Economic, Social, and Technological categories.
What topics are covered in the main body?
The main body covers the theoretical definition of marketing systems, a company-specific tractatus, an audit of the Prius's external environment, an analysis of sales performance in the US market, and strategic recommendations for future growth.
What keywords characterize the research?
The research is characterized by terms such as Marketing System, Layton's Model, Ansoff Matrix, Toyota Prius, Macro-marketing, and Sustainable Competitive Advantage.
How does the paper treat the concept of "micro-marketing" within Toyota?
The paper relates micro-marketing to the meticulous planning, analysis, and implementation activities performed by Toyota to respond directly to customer needs and wants within a larger macro-marketing system.
What is the author's final recommendation based on the Ansoff Matrix?
The author recommends that Toyota adopt a "market development" strategy, focusing on acquiring new clients in foreign markets and persuading them to transition from competitors to the hybrid offerings of the Prius.
- Quote paper
- Patrick Sim Puay-I (Author), 2010, A Working Paper 2010: The Marketing System of a Name Brand Legacy: Toyota Prius, Munich, GRIN Verlag, https://www.grin.com/document/1561362
