Question 1: Outline and discuss the product map of one luxury car brand mentioned in the marketing highlight. Which brand strategy has your selected company adopted to compete effectively on the market?
Lexus is Toyota’s new brand, which aims to target the luxury market of car makes to compete with BMW and Mercedes Benz. Lexus build their cars with emphasis on quality. Consumers purchase Lexus for genuine quality, ride comfort, reliability and fuel economy. Lexus very technologically advanced being engineering in Japan, also giving it reputation. Lexus provides customers with excellent luxury grade interior such as leather seats as standard and manufactures warrantee. Lexus has made a name for itself setting it apart from Toyota. The design are now much different from Toyota to give Lexus a class of its own, it does not resemble Toyota at all from the styling. However the engine is still developed and built by Toyota’s elite. The manufacturing quality of Lexus deserves great credibility for using precise assembly techniques, using a backronym for their development process IDEAL “impressive, Dynamic, Elegant, Advanced and Lasting”. Each Lexus vehicle has 500 specific product standards such as leather stitching, premium audio systems by a joint venture with Nakamichi audio instruments and precise manufacturing techniques. This ultimately demonstrates to consumers the sheer quality and effort that every Lexus car is produced with, with quality build control, Lexus’ are reliable Lexus has a variety of line extensions for their cars to specifically cater for anyone who is in the market for a ‘luxury’ car. For example the IS range is the entry level Lexus and offers high tech gadgetry such as satellite navigation, keyless entry, electric heated and ventilated seat. The IS range focuses on value for money with a sporty feel and design. While the LS range is the flag ship model of Lexus. The main priority was luxury and quality. The LS series used all of Lexus’...
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