BUS 508 - Contemporary Business
December 7, 2014
Introduction Advertising is paid non-personal communication usually targeted at large numbers of potential buyers. Promotional strategy is another marketing mix element that effectively blends advertising, personal selling, sales promotion and public relations to achieve its goals of informing, persuading, and influencing purchase decisions (Boone, 2013). Both of these actions are needed in order to maintain a prosperous business. Some companies use an exorbitant amount of money in order to promote their products and services and companies in the automotive industry are close to the top of that list. The goal of advertising and promoting is to get the product out to the targeted customer base as well as to expand the customer base that has been established. Two companies that have done a good job of advertising and promotion are Toyota and Ford.
Toyota motor corporate is a Japanese automotive manufacturer headquartered in Toyota, Aichi Japan. In 2013, the multinational corporation consisted of 333,498 employees worldwide and as of January 2014 is the 14th largest auto manufacturer in 2012 by production. It’s the worlds 1st automobile manufacturer to produce more than 10 million vehicles per year. It was founded by Kiichiro Toyoda in 1937 as a spinoff from his fathers company Toyota Industries to create automobiles. Toyota is now number 5 on the list of “Which Automotive Companies Lead the Innovation Race?” Their global vision is “Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and the most responsible ways of moving people. Through our commitment to quality, and respect to the planet, we aim to exceed expectations and be rewarded with a smile. We will meet our challenging goals by engaging the talents and passion of people who believe there is always a better way.”
References: Boone,L.E., & Kurtz, D.L., (2013). Contemporary Business. (15th Ed). Hoboken, NJ: John Wiley & Sons, Inc. Davies, Steve. Which Automotive Companies Lead the Innovation Race. http://skiddmark.com/2013/10/automotive-companies-lead-innovation-race/ Farfan, Barbara. Company Mission Statements - Complete List of World’s Largest Retail Missions. http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Ford-Motor-Mission-Statement.htm http://www.toyotafinancial.com, http://www.toyota.com Menghani, Jiten (2014). Marketing Strategies & Plans of Toyota Motors