Today businesses are increasingly recognizing that success depends on efficiency and scalability which mean that the business must be able to mobilize resources and reach out to the global market. In the 21st century, globalization is the key to business success (Kraidy, 2003).
Subsequently, globalization comes with business decision-making beyond the control of the local strategies. As a result, the company’s strategic plans decisions making which with respect to market expansion, realignment, or closure are made independent of the local market and local management.
When it comes to the discussion of operations of large multinational companies like Toyota Inc. the concept of globalization and international marketing cannot be left out. Globalization is the economic integration at global levels (Hollensen, 2014). This definition constitutes two main features, one being that most trading takes place between multinational corporations and the other emphasize the flow of monetary values in form of derivatives, investments, etc. Globalization, therefore, means the relation between various economies through open trade and other transactions. The main objective of globalization is to diversify the market for local companies thus the concept of international trade.
On the other hand, international marketing is marketing in other nations where the market environment is different from the local market. Also in the global marketing, the service and facilities cost differ from one country to the other (Doole, Lowe & Kenyon, 2016). Therefore, it is evident from the definition of the concepts of globalization and international marketing are not different because they both aim at market diversification and expansion. The difference between the two lies in the fact that globalization can be derived from international marketing.
Localization is how the company adapts the product to the culture of the market and the customers. It takes into account the diversity that exists in the international market and that customers have values, beliefs, and behaviors which are uniquely derived from their culture (Jeong, Lee & Kim, 2018). The main aim of localization is to understand the needs of local customers and their specific requirements then apply the marketing strategies aiming to satisfy those needs and requirements. There are companies which have failed to communicate this message appropriately and this led to misinterpretations in the international markets.
Companies like Pepsi, Electrolux, Chevrolet, Colgate, and Gerber, sent the localized messages in the wrong way which offended customers in various countries. In 2002, Abercrombie & Fitch’s T-shirt with Asian stereotypes stirred customer protests in the US. The slogans “Two Wong’s can make it White” and Get your Buddha on the Floor” were publicly condemned and people boycotted the products. Localizing the brand names to fit the local language and culture without changing the identity of the brand cannot be ignored in the global marketing and communication. This has become a problem when trying to delocalize the language phonetics and semantics. Some companies like Coca-Cola translated the name to Chinese as ko-ka-ko-la which was translated to mean “bite a wax tadpole” (Brand Source, 2009)
Glocalization refers to the way companies conduct business n conformity to both local and global factors (Toyota Corporation, 2017). Managers have to take into consideration the local and global issues to succeed in the international market. Many companies have made blunders with their slogans and brand names in the international market. Some of these brand names and slogans make sense in one country yet in another leads to offensive interpretations. These interpretations are based on cultural understanding and connotations that might be attached to the names and slogans. For instance, McDonald which has ubiquitous brand names offers the Maharaja Mac in India, the McArabia in Saudi Arabia and Cremoso al panettone in Italy.
The company has established a communication strategy which informs the target market of the brand value. The company has adopted advertisement campaigns for the global market to build on the brand image. The company uses radio, television, advertisement, print media, billboards, and the internet to do brand campaigns (See Appendix 1.0).
The Toyota hybrid Prius belong to the lower and medium passenger car segment. The advantage with Toyota Prius is being the first mass-produced hybrid car and has no close substitute except for Honda Insight. When compared to the only option there is that is Honda Insight, Prius is offering better comfort like any other conventional segment C car. The target market for the Toyota hybrid Prius is divided into two major categories, that is Business Buyers and Consumer Buyers
The business buyers are the consumers who purchase the car for commercial reasons or as part of the company vehicles. The hybrid Prius has a lower operating cost to the company and therefore more appealing to the Toyota business buyers. Other business consumers are the car dealers who do not have the free will because they have to sell what the company produces; therefore, the number of these customers is set by the company. The customer buyers are the private car owners who buy a Prius for personal use and the family. These segments buy this car because of its efficiency in maintenance.
The Toyota Hybrid Prius segmentation and target market are guided by its philosophy “right car right place”. The company has segmented all the countries and regions across the globe as the market. The Prius brand has addressed the needs of all the consumer segmentation. Segmentation is based on demographics, psychographics, geographic, and economic (Dibb & Simkin, 2013). Toyota uses psychographic and behavioral approach to segment its global market.
The most important segment in the international market is the consumer buyer. These buyers age between 30 to 50 years and are either male or female. This segment may have a family with children or unmarried. They are elites’ adults who have appreciated the need to have good automobile technology like the hybrid Prius and its effect to the environment. The range of income for this group is between $4376-$10,941 for seekers and $10,941-21,882 for strivers. Therefore the groups are in the middle class in high-end occupations ranging from managerial to professional positions. Hence the group is aware of the environmental benefits that come with Prius and are ready to pay for high price for the car to get that comfort and cost saving.
Adopting the demographic segmentation profile, there are three types of the consumer as described below.
First are the first adopters and technology pioneers. These are elites mostly buying the latest automobile technology in the market and them usually the first people to buy the latest invention. The second category is that consumers are who are environmentally aware of the numerous effects caused by emissions which have led to greenhouse effects due to global warming. They also want to contribute to the reduction of these adverse effects of air pollution by acquiring environmentally friendly car like Prius. The third group of consumers is looking for a combination of advantages from a car. These benefits include low-maintenance costs cars and are economical in fuel consumption.
The geographical segmentation of Toyota Prius mainly focuses on urban and city areas where the private buyer and the business buyers are more like to be found. The brand strength is the availability in more than half the global automobile market covering more than 71 regions. Therefore, Prius customers may be from anywhere around the world. The areas where pollutions are high due to emissions and with high congestion of cars are the probable market where the Prius customers are like the US (See Appendix 2.0). This is because the Prius is the other available environmentally friendly car and which is also cost effective.
Benefits of Toyota Prius
The Toyota Hybrid Prius car is easy and comfortable to drive. The car produces no noise at the start and signals the driver for take-off. The car is automatic and has a control system that controls the car. All that the driver is needed is to slot the gear lever in the drive and the car will have a seamless power on every trip (Benefits of driving a Toyota Hybrid, n.d.).
Riding in hybrid Prius is an experience that lasts its lifetime where the driver is able to hear around what is important as the car drive to the destination. The electric hit blends seamlessly with efficient petrol-power at higher speeds and, at the moment you need it most, two become one – as both engines work in tandem – to power all through (Benefits of driving a Toyota Hybrid, n.d.).
Has Batteries that never need to be plugged in
The customer does not need to worry about the long distance travels in Prius. All that is needed is to fuel the car full and the journey will be complete in time. The car is just like any other car except for its efficiency and environmental friendliness. When the car is on low battery, the engine excess power recharges it. Also, the energy produced during breaking is reserved through charging the battery thus nothing is wasted with Prius car (Benefits of driving a Toyota Hybrid, n.d.).
The consumers not only enjoy driving the car but they also appreciate the cost saving that comes with Toyota Prius. The car is the right choice at all environment with switching engines depending with the drive and need to save on fuel and money. The low fuel consumption is coupled with low emission of CO2 and other gases which are detrimental to the environment (Benefits of driving a Toyota Hybrid, n.d.).
The hybrid car has a long history since 1997. The brand has grown into a family of hybrid cars suitable to the consumer preferences. There are seven different models where customers choose thus they have a variety of choice. Yaris Hybrid is for the city slicker and Auris Touring Sport is for a big family. Generally, Toyota Hybrid Prius has models suitable for everyone (Benefits of driving a Toyota Hybrid, n.d.).|
References
Jeong, I., Lee, J., & Kim, E. (2018). Determinants of brand localization in international markets. Service Business. doi: 10.1007/s11628-018-0366-9
Hybrid Cars [image] (2018). Retrieved 26 July, 2018 from https://wheelzine.com/hybridcars
Toyota Corporation. (2017). Toyota Global Site: Globalizing and Localizing Manufacturing. Retrieved 26 July, 2018 from https://www.toyota-global.com/company/vision_philosophy/globalizing_and_localizing_manufacturing/
Doole, I., Lowe, R., & Kenyon, A. (2016). International marketing strategy. Hampshire, UK: Cengage Learning.
Hollensen, S. (2014). Global marketing (pp. 471-476). Harlow: Pearson.
Dibb, S., & Simkin, L. (2013). Market Segmentation Success (pp. 1-26). Florence: Taylor and Francis.
Brand Source (2009), Insights into Branding in China and Abroad. Retrieved 26 July, 2018 from https://www.labbrand.com/brand-source/chinese-transliteration-strategies-foreign-brand-names
Benefits of driving a Toyota Hybrid (n.d). Retrieved 26 July, 2018 from https://www.toyota-europe.com/hybrid-innovation/benefits-of-hybrid
Kraidy, M. (2003). Glocalisation. Journal Of International Communication, 9(2), 29-49. doi: 10.1080/13216597.2003.9751953
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download
