The Toyota Marketing Strategy

pic Introduction 1. Introduction Navana Limited stands as the authorized allocator of Toyota rail automobiles in Bangladesh, so we check chosen them to make a successful foodstuffing plan on Toyota machines. Our argona of concentration was centered on the newly present of Toyota Corolla-GLi. This is the latest auto of Toyota Corolla that has been recently launched in Bangladesh by Navana Limited in November 2007 at Japan trade fair in Bangladesh. The home run remark Corolla of Toyota is well fill inn for producing cars for the general heap but this car is an upgraded model of Corolla. pic Company Profile 2. Company Profile 2a. Company Over thought mouldToyota Motor Corporation is a multinational corporation headquartered in Japan. Today, Toyota is the worlds third largest manufacturer of automobiles. Providing the most reliable automobile for its guest is the Toyotas specialty. Toyota Motor Corporation recently celebpaced its 70 years two as a carmaker and half a cent ury of exchange cars in America. In 2007 Toyota sold 8. 52m vehicles and its net income rose by 20% and become $14 zillion. Moreover Toyota is aiming to sell 10. 4m vehicles in 2009. In Bangladesh it is the most popular automobile company to the car engagementr and it has almost 70% market eitherot in our country.It is always interested to get the wariness of the young generation, family people, working executives, service holders, business people, in genius word every kind of people. Its mission is to calculate consumer trends and create a lineup of cars and trucks to capitalize on them. Each professional is expected to spend succession unwrap in the field talking to car buyers. The Japanese have a pick up for it genchi genbutsu go to the scene and confirm the actual happenings. With Toyota, champion thing has never changed that their commitment to the communities where they do business.Toyota spends over billions of billion on R, design, manufacturing, sales and merc handising operations. Over the world they have sales /service offices, financial service offices, R centers, holding company, manufacturing facilities, design centers, Hino operation facilities, supplier state and so on 2b. History Kiichiro Toyoda, founder of the toyota Motor Corporation, was born in 1894. His father Sakichi Toyoda became famous as he inventor of the automatic loom. Inheriting the animate of research and creation from his father, Kiichiro devoted his entire life to the manufacturing of cars, which was an unknown frontier at that time.In 1933, Toyoda Automatic Loom Works created a new atom devoted to the issue of automobiles under the direction of the founders son, Kiichiro Toyoda. Kiichiro Toyoda had traveled to Europe and the United States in 1929 to investigate automobile crossingion. After years of hard work, he in the end succeeded in completing the A1 proto casing vehicle in 1935. That was the beginning of the history of the Toyota Motor Corporation. Toy oda Automatic Loom Works was encouraged to come up automobile crossingion by the Japanese government and Model AA passenger car was the first harvest-timeion model of Toyota in 1936. picReplica of the Toyota Model AA, the first production model of Toyota in 1936 Toyota Motor Co. was established as an independent and separate company in 1937. The company was founded by Kiichiro Toyoda as a spinoff from his fathers company Toyota Industries to create automobiles. Toyota withal owns and operates Lexus and Scion instigants. Toyota is headquartered in Aichi, Nagoya and in Tokyo. In addition to manufacturing automobiles, Toyota go come out of the closets financial services d unrivalled its division Toyota Financial Services and besides creates robots. 2c. increase Line of Toyota Toyota operates in Bangladesh through Navana Group, under Navana Limited.The product line of Toyotas brand new cars, that are marketed by Navana Limited and are available in Bangladesh are 1. TOYOTA Yari s 2. TOYOTA Corolla GLi 3. TOYOTA CAMRY 4. TOYOTA Avanza 5. TOYOTA Rav4 6. TOYOTA Fortuner 7. TOYOTA Prado 8. TOYOTA Land pleasure boat 9. TOYOTA Hilux 10. TOYOTA Dyna 11. TOYOTA Hiace 12. TOYOTA Coaster pic Current marketing situation 3. Current marketing situation There is a huge market for automobile industry worldwide. In this global reality people need to communicate with others each and every minute. Transportation is maven way that facilitates colloquy.The market imply for cars rise and fall time to time, but the demand never fell to the ground. The current market situation of cars is a itty-bitty unstable for the fact that oil price has risen alphaly worldwide that has resulted in a decrease of car sale worldwide. The same has also affected the Bangladeshi market. Different car dealers have reported that car sale has dropped signifi corporationtly from last year, 2006-2007. There is also a rise in the car due to increase in greet of production. The steel price has r isen signifi rottertly worldwide. Japan, Taiwan, importers of steel, are giving 27 to 30% more for get steels.In Bangladesh, the governments rules and regulation imposed on import, duty and tax has also caused the market of cars to decrease. pic Product Profile 4 . Product profile 4 a. Mission, Vision, Objectives & Goal Mission The mission is to create a luxury vehicle that could go head to head with the worlds best automobiles. Vision Setting new industry standards in operational excellence, market penetration, customer satisfaction and companionship commitment. Objective Corolla GLi is clear in its objective to defecate the subdivisions most engaging driving kinetics while maintaining the brands traditional ride note.Goal From the outset, it is their goal to develop a luxury flagship vehicle that would be recognized as one of the finest cars in the world. 4 b. Products quality and features, design, packaging, brand name, extra services shuffle name Corolla GLi Features And Quality ? Powerful per engineerance Responsive and quick to please, the Corolla effortlessly generates the power for driving pleasure, delivering subtly smooth and stable performance. ? Advanced technology The Corolla generates outstanding power, minimizes its environmental impact, and provides warm reassurance. Wti technology Based on driving conditions, it optimally changes the open/close timing of the intake valve, contributing to increased torque and output, better go off economy and reduced Nitrogen oxides and hydrocarbon emissions. ? Crash safety body It is comprised of a high integrity cabin with front and rear crumple zones that help exhaust impact energy in a collision. ? Suspension The Macpherson strut suspension on the front and torsion beam suspension on the rear were fine-tuned to provide excellent stability and control, and ride comfort. Keyless entry system It lets to lock and unlock the doors from a distance. ? Moon roof It incorporates one touch mode and a jam-pr otected system. ? Rear spoiler The rear spoiler integrated into the frame lid adds a sporty touch. ? Anti corrosion steel sheeting The extensive use of anti corrosion steel sheeting protects the Corolla from rust, helping it to keep its goods looks for years to come. ? Immobiliser system It provides security against theft. The car shadow only be started when the ID in the electronic matches the ID code in the engine immobiliser system. Fuel Level warning ? Wireless door lock ? Audio AM/FM, CD Changer, 6 spk. ? Child withstander ? Brake control valve EBD Design ? Highly functional design The ergonomics- ground design of the instrument panel with its easy-to-use switches engages the driver, providing comfortable operation that enhances driving enjoyment. Convenient functional features and diverse integrated storage spaces enhance comfort ? Dynamic and advanced With its dynamic and advanced design creating a high quality wagesling, the Corolla continues winning hearts and minds expert around the world. Sophisticated presence First impressions are compelling. The short-nose, long-deck proportions highlight the advanced sedan styling. Together with its expensive cabin space, it exudes a distinctive presence. ? Generous show The captivating design creates a feeling of great possibility. The wide tread and generous appearance set the demo for the spacious cabin. ? Refined interior expatiate The Corollas attention to details includes the distinctive curved design of the center console, the use of colors and textures, and the quality finish. Brakes Disc brakes on all four wheels, ventilated on the front, are standard for all grades, giving sure stopping performance. ? Windshield Glass Green Laminated ? Outside rear view mirror ? Color Oxygen Sensor ? Head Rest Front & Rear ? Rear Armrest with Cup holder ? Inside Rear view mirror Day & Night Colors available in Bangladesh ? Super White 2 ? Silver metal(prenominal) ? Blue Metallic ? Turquoise Mica Metalli c ? Red Mica Metallic ? Grey Metallic ? Black Mica Packaging It creates a spacious, comfortable cabin with excellent headroom, together with ample trunk space.Engine The compact, lightweight engine integrates sophisticated technologies, which contribute to its excellent performance and low fuel consumption. Extra Service ? Immobiliser system It provides security against theft. The car can only be started when the ID in the electronic matches the ID code in the engine immobiliser system. ? Keyless entry system It lets to lock and unlock the doors from a distance. ? CD qualifier 4 c. Products position in the market compare to other product of the company with BCG ontogenesis hyaloplasmBoston Consulting groups (BCG)s growth share matrix is a table that gives an idea around active market growth rate compare to relative market share. The market growth rate on the vertical axis indicates the growth rate of the market in which the business operates. And the relative market share on th e horizontal axis indicates the market share compare to the other segments. It serves as a measure of the companys strength in that market segment For BCG growth matrix, we have selected four models of Toyota Cars to hit the books GLis position in market compare to other models. Models are- 1. Corolla GLi 2. Probox 3. Yaris 4. Crown Relative Market Share High scummy Market High ingathering Rate Low HighLow High Figure BCG Growth Matrix Our analysis on Corolla GLi compare to others is described below- Star According to our observation, Probox move into the position of Stars in the matrix table. Recently, Probox has reached at peak point in terms of selling. That is wherefore their market growth rate is very high as well as market share. From the Bangladesh perspective, the demand of this car has increased so the company is trying to hold this positionQuestion Mark Corolla GLi falls under the category of this position. Because it is in all a new brand in Bang ladesh, but has got very rapid sale inwardly a short period of time. Therefore, their market growth rate is in the high position. On the other hand, as a new brand market share is not so high till now. hard currency Cow When market growth rate is low along with high market share indeed the product fall under this category. From our point of view, Yaris falls in to this position. Because present market growth rate of Yaris is not that much high compare to other though their market share is high. Dogs In this position, both the market growth rate and market share is low.According to our observation, Crown falls into Dogs position in the matrix table. This is the model, which has less demand in Bangladesh that is why their market share is also low. 4 d. Market partitioning process Market segments are large identifiable groups within a market. There are four basic bases for segmenting consumer market. These variables can be used singly or in combination. These are- 1. Geographic se ctionalisation 2. Demographic segmentation 3. Behavioral segmentation 4. Psychographic segmentation Now, considering Corolla GLi, we key that they also segment their market into groups base on the above segmentations. For this segmentation process, firstly they study the market and customers demand.They complete this process by analyzing the competitors products, segmentation as well as customers demand. The process is described below- Geographic segmentation It is the process of dividing the market into different geographical units, such as country, city, nation, state, region etc. The company can operate in one or few geographic areas, or operate in all but pay attention to local variations. From Corolla GLis point of view that they segment their market based on Country In order to cover the whole worlds market they launch their product in different countries. To do so, in 2007 they first launch this model in Bangladesh. City After selecting the country, they come out those c ities where they find more customer demands and wants. They actually select the cities after analyzing the purchasing power, living standard and so on. Demographic Segmentation In this segmentation the market is split up in to groups on the institution of variables such as age, family size, life cycle, gender, income, occupation, education etc. These variables are the most popular bases for distinguishing customer groups. From corolla GLi point of view, they segment their market depending on income and occupation mostly and others have less affect in this segmentation part. As we know that they firstly go for market study to know customers demand as well as their purchasing power.For this purpose, they target those customers who have high income as well as in top position in their occupation to match whether they can afford this car or not. Behavioral segmentation In this segmentation buyers are divided in to groups on the basis of their knowledge, attitude toward the product, use of, or response to a product. The demeanoral variables are occasions, benefit, user status etc. If we look at the Corolla GLis segmentation process, we can see that they mainly focus on benefit variables and customers attitude toward the products. In benefit variables consumers actually look for products quality, services, economy, and speed. Therefore, corolla GLi is providing high quality, extra ordinary services along with high economic take account to meet the customer demands.Moreover most customers attitude is to prefer branded products. They are basically quality concern people not price sensitive. Psychographics segmentation In this segmentation the market is divided in to groups on the basis of life style, ad hominemity and social class. As we have mentioned earlier that GLi is a branded product targeting the upper class people so social class, life style, and personality play an important role in this segmentation. The people who are in the upper class and lead a lux urious life style they want such type of car that represent their status, image and pride in the society. Here corolla GLi holds all the characteristics that make satisfy these groups of customers.In addition, the customers who are ambitious, outgoing, demanding, compulsive and want to show a unique image whitethorn also buy this car as a symbol of attractiveness. Thus these four basic parts of segmentation process helps them to identify the proper customer demands and market. 4 e. Target market selection process After the segmentation process marketers identify one or more selected areas to enter into the market, this is known as target market selection process. There are different patterns of target market selecting. These are- 1. Single segment concentration Producing one product for one selected market. 2. Selective specialization Offering different product for different market. Here, one sector can be covered by other. 3.Product/service specialization Offering one product for a ll groups of people in order to minimize cost. 4. Market specialization Offering different product for one selected market. 5. Full market coverage Marketers try to cover full market by offering different products for different market. After analyzing the five patterns of target market selection, we can say that Corolla GLi follows the Single segment concentration. Because- ? They striket have any other sub model of GLi. It indicates that they are producing only one product. ? in any case they are producing this product targeting only one group of people, which are the upper class people.From Corolla GLi point of view, they select their target market by considering the customers demand like- what feature, design, and benefit they want. Last of all, they try to match these with the customer ability and purchasing power. As it is mentioned earlier that they are succeeding(a) single segment concentration so the benefits for selecting this pattern are mentioned below- ? Through the S ingle segment concentration, marketers gain a rigid knowledge of the segments need and achieve a strong market presence. ? With the help of Single segment concentration they can increase their sale, which can earn a high return on its investment. 4 f. Types of Consumer behavior Buying Behavior is the decision processes and acts of people involved in buying and development products.There are four typical types of buying behavior based on the type of products that intends to be bargain ford. These are- Complex buying behavior It is a buying behavior where the individual purchases a high nurse brand and seeks a lot of information before the purchase is made. In this process, buyer first develops belief about the product then develops attitude about the product and finally makes a thoughtful choice. Variety-seeking buying behavior It is a buying behavior where the individual likes to shop around and experiment with different products. Here brand reverse occurs for the sake of vari ety rather than dissatisfaction and look for cheaper price.Dissonance-reducing buying behavior It is a buying behavior when buyer is highly involved with the purchase of the product. There exists little difference between existing brands, so customers become confused. Habitual buying behavior It is a buying behavior where the individual buys a product out of habit e. g. a daily newspaper, sugar or salt etc. After analyzing the above point it is quite clear that Corolla GLi car buyers are following complex buying behavior, because they are highly involved in purchase and aware of significant difference among brands. We know that this car is expensive, risky and self- expressive so buyer buy infrequently.Furthermore, this type of customers buy car by differentiating the products with other significant brands like- Mercedes, BMW. Here, Corolla marketers also compare their product with BMW, Mercedes. Mainly, customers are concern about brand not price so they look for brands benefits an d quality, which pull up stakes show the symbol of pride, status in the society. 4 g. Steps in the consumer buying behavior Consumer Buying Behavior It refers to the buying behavior of final consumers- individual and households, who buy goods and services for personal consumption. There are five steps by which consumer buying behavior pass through- Fig Steps of consumer buying behaviorLikewise, to buy Corolla GLi consumers may through all the steps. These are explained below- Need Recognition In this step a consumer become aware of a trouble or need. As we have mentioned earlier that Corolla GLi is a car of status, reputation, image and so on. When people reach that level where they feel to have such a prestigious car, they are in the need recognition stage. So they want such a brand new car, which will higher up their position in the society as well as match with their societal status. Information seek When customers become aware of the need, they go for information search. They can collect information from various sources, such as personal, commercial, domain sources etc. In personal sources, they can collect reliable information from their friends and others who have Corolla GLi or may know well about this car. ? They also can go for visiting Toyota show suite in order to collect more accurate information, which refers as commercial sources. ? Print & electronic media, advertisement, billboard, Internet etc can also act as public sources in order to provide information to customers. Evaluation of Alternatives In this stage, the consumers form preferences among the brands in the choice set. After completing the information search stage, customers look for competitive brand information by which they can evaluate the brands with each others.Here customers also evaluate Corolla GLi with other brand new cars and try to find out significant differences among them. They compare the brand image, features, services, speed, design, and other facilities and bene fits among the alternatives. Purchase Decision After completing the evaluation process, the select the most preferred brand which is suitable for them and then they decide to buy the product. In the case of Corolla Gli, after evaluating all the alternatives the pick Corolla GLi as it is fitted from all perspective. Attitudes of others who already have Corolla GLi, plays an important role to take the purchase decision. And then go for final consumption. Post-purchase BehaviorAfter purchasing the product, consumers will experience some(prenominal) level of satisfaction or dissatisfaction. In the case of Corolla Gli, consumer may try to figure out their satisfaction level. Whether the cars perceived performance is satisfactory or not. 4 h. Product Life cycle stage determination pic Corolla GLi was launched in November 2007 in Bangladesh it went through the introduction stage with great success and now it is in the growth stage the features, quality and brand name of the car are attrac ting more and more potential buyers day by day. 4 i. SWoT analysis SWOT stands for internal Strengths and Weaknesses and external Opportunities and Threats.It is used to evaluate the degree of fit between the organizationss strategies and its product and to suggest ways in which the organization can profit from strengths and opportunities and shield itself against weaknesses and threats. pic Strengths ? Brand new product ? It represents luxurious life style and symbol of status. ? Showing reliability by the company name Toyota. ? Using WT-i technology Weakness ? Since it is one of the models of corolla so some people may have misperception about GLi as a new brand. ? Because of the mentioned reason also GLi still dont have own Brand image. ? No product line and variation in model. Opportunities ? Offering product, which is equivalent to other luxuries car. ? Attracting new customer by providing quality product. Threat Entrance of new competitors. ? Government regulations (new or re vised). pic Pricing for Corolla Gli 5. Pricing for Corolla Gli 5a. set A firm sets prices when it develops a new product, when it inserts its regular product into a new distribution alley or geographical area, when it adds new features in the product, etc. Price is the only element in the marketing mix that generates revenue the other element generates cost. Price is considered as the major determinant of buyer choice especially in the poorer nation and with commodity type products. Companies set their prices in different ways based on cost, value, competitors, customers, etc.Each pricing system is different from the. Cost based pricing system is where the organization set prices based on cost of production with that amount a certain markup is added for the profit and the product is sold. Competitors based pricing strategy depends on the price of the competitors what they would charge for the product for this pricing strategy the organization either charges same or low price th an the competitors. 5b. Pricing strategy of Toyota Corolla Gli Toyota mainly follows cost based pricing strategy for the entire car it manufactures for the luxurious car it follows both cost based pricing strategy and value based pricing strategy.They deliver the value promised by their value hint and the customer perceives the value. To communicate and enhance perceived value in buyers mind Toyota uses other marketing mix elements such as advertising and sales force. judge based pricing depends on the product performance, quality, features, customer service, etc. For Corolla GLi Toyota uses both cost based and value based pricing strategy as this is one of the most luxurious cars of Toyota. Navana is the only importer in Bangladesh who buys Corolla GLi from Toyota. Initially when the car was launched it was sold at a price of 1950000 taka but now as duty fee has increased and international currency fluctuated the price of Corolla GLi is now 2250000 taka.For the pricing of this ca r Toyota is also following other pricing strategies they are price skimming strategy which is they are charging maximum price as it is a new product, the demand of this car is already present in other countries and the buyers are also unstrained to pay any price to buy this car. It is following premium pricing which is charging high price for the high quality car . It is also following the ex gratia product pricing e. g. for with the car Toyota is providing a luxorious comfortable interior with leather seats, cd player, etc. Therefore Final price is determined with all these strategies sum total the cost of import, duty fee, the cost of shipment and the markup of Navana. pic Distribution for Corolla Gli 6. Distribution for Corolla Gli 6a. Distribution or location strategy Most producers do not sell their goods presently to final consumers they use channels or marketing intermediaries to deliver their product to the ultimate consumers. By using intermediaries the cost of the prod ucers and their number of transaction decreases. 6b. Channel dynamics Conventional marketing system- manufacturer, wholesaler, retailer work as independent system. No one has control over the other. Each member of the channel has separate objectives. unsloped marketing system- all the members of the channel work as a unified team. Hybrid marketing system- when the product is sold by using more than one channel 6c. Distribution of Toyota Toyota has distributors in almost every country. In Bangladesh the main distributor of Toyota is Navana. Navana performs many functions of Toyota. They gather information about potential and current customers of Bangladesh about the government policy and other external factors and communicate the information to Toyota. They make people of Bangladesh aware of the new cars their features and benefits e. g. to promote Corolla Gli Navana used print media, internet, etc for advertisement. They communicate with the customers at a time and sell the cars .As Toyota uses Just-in-time approach to some extent they depend on their distributors as the distributors provide them information about customers demand or about the cars of the competitors and Toyota produce their cars accordingly. Toyota and Navana together follows the Vertical marketing system where they work as a unified team. If Toyota wants to launch a new car in Bangladesh they provide Navana with all the information about the car Navana then analyzes the current marketing situation about the competitors and orders as per demand which is then delivered after 5months through shipment. Navana is an exclusive distributor of Toyota they are given full authority to sell the cars of Toyota. pic Promotional tools 7. Promotional tools Every company has to sell their products to their desire customers. For that they need to communicate with them.In this bunch every company use some promotional tools to sell their product. As Toyota selling specialty product GLI car, they are also u sing some promotional tools to capture more and more market share. 7 a. Objective of promotional activity Toyota has some certain objectives behind their promotional activities. Those ares- ? Giving information about the product ? Whats new in features and benefits ? Trying to create brand value of GLI ? Ultimate increase of market share 7 b. Promotional tools of corolla GLI Toyota using three basic promotional tools to promote Corolla GLI. ? Advertising ? ain selling ? Direct marketing AdvertisingAdvertising is the paid form of non-personal presentation by an individual organization to promote their products towards their customers. Toyota gives advertisement of their product through different media to promote their products towards their customers. Toyota using paper and bill board for their advertising. They go for billboards which are fixed in Bijoy Shoroni, Manik Mia Avenue, Kamal Ataturk Avenue, Gulshan 1 & 2, infront of Shonargoan Hotel, Dhanmondi 27, Newmarket. In Chittago ng Newmarket, Port city, Nasira bad and Kulshi etc. Personal selling Toyota using personal selling tools to sell and promote corolla GLI. Personal selling is the direct way to connect with customers. Toyota first introduce GLI in Japan trade fair, its a way of personal selling.Also Under personal selling they go for corporate selling and they target bank and company high ranked personalities to buy their product. Its a very effective form of selling corolla GLI. Direct marketing Direct marketing is another tool that used by Toyota to aware about GLI to their customers. Direct marketing is way of marketing where, there are no physical contacts with the customers. They did E-mail campaign to promote GLI as direct marketing. 7 c. Media used by Toyota As Toyota wants to sell their product GLI, they use some media to provide their message to their desired customers. Toyota uses both personal and nonpersonal conference channels to promote GLI. ? Personal communication channelsPersonal c ommunication channels involve two or more person communicating directly with each other face to face, person to audience, over the promise or through mail, where company get the opportunity to receive feedback from customers etc. To promote GLI Toyota uses face to face, person to audience and mail as personal communication channels. Also word of mouth behavior acting as personal communication channel. ? Nonpersonal communication channels Nonpersonal communication include media, cash dispenser and event, where no face to face communication occur. Moreover no opportunity to get feedback from the customers. Toyota uses print media, bill boards, car show etc as nonpersonal communication channel. 7 d.Media budget One of the most difficult marketing decision is determining how much to spend on promotion. There are some jet methods of determining media budget. Those are affordable method, percentage on sales method, competitors parity method and objective and task method. From these Toy ota is using a intermix approach of affordable and objective-task method. But before that they are estimating the budget depending on product life, quantity and brand value. For GLI, Navana the authorized distributor of Toyota budgeted 20-30 lakh for the current year. 7 e. Advertisement effect on sales Toyota marked GLI as a successful project in Bangladesh.To become successful Toyota is doing a lot of promotional activities. They also found positive effect on their sales from their promotional activities. As a result they able to sell 300 to 350 Gli car within 8 months. Its a great achievement in term of selling luxury sedan. Toyota is very successful in term of their promotional activities. Also they use different types of promotional tools to become successful in Bangladeshi competitive car selling market. pic Problem Identification Car is marked as specialty product and also perceived as luxurious product in our country. So its a bit difficult to maintain a luxurious product li ke Toyota GLI in every segment of marketing.Although its a very successful project of Toyota in Bangladesh but they faced some jobs. 1. Perceived value of corolla in customers mind Customers of Bangladesh perceived that corolla is a brand of common people. As GLI is a sedan of corolla segment, customers perceived that its not a high branded car. Although it is a corolla segment car but it is a high grade car of corolla then other corolla cars. As customers think it is a common brand car they dont want to buy it on that amount of value. So its become a huge marketing problem for corolla GLI. 2. Brand name GLI Basically GLI doesnt have any meaning. But customers want to know the meaning of it.So it creates some miscellanea of problem to give the proper answer of meaning of GLI. 3. High price GLI is a car of high grade, so its a high price car. As more people wants to buy affordable car they dont want to buy it at a high price. Also some dont want to buy a corolla branded product at a high value. So the high price of the car creates some sort of problem. 4. Off stock delivery time Toyota uses Just in time inventory system. So they manufacture product only on demand. If the stock of GLI car comes to an end then it needs 120 day to delivery the product again through shipment. So off stock delivery time is a problem of Toyota for any car as well for GLI. 5. Rapid growth of competitors high branded carsPreviously, the Bangladeshi car market was captured by Toyota. But in term of luxurious and high branded car, now Nissan, Honda and Mitsubishi entered the market with a great deal. So market becomes competitive and its a new problem for Toyota in Bangladeshi market. 6. Import of recondition cars Huge amount of recondition cars are importing from Japan to our country. So the new branded cars are loosing their draw in in the market. 7. Unstable car import and duty law and regulation Car import and duty law is very unstable in our country. It creates calamity for the company to do their business smoothly. Toyota is facing some problems regarding GLI. They are also trying their best to solve those problems.Moreover they marked these problems positively and from the GLI experience they will able to avoid these hazards for their up coming projects. 9. Recommendations 1. Customers perceived value- To overcome this situation marketers need to increase the brand value of Corolla GLi. They can increase brand value by adding more features than other Corolla cars, or even compared to the competitors same level cars. They can utilize the brand equity of Toyota cars that prevails in the market. They can highlight the brand GLi besides Toyota Corolla. They can differentiate GLi from other Corolla. They can differentiate GLi from other Corolla line extensions by highlighting the existing features.They can introduce new designs in terms of color, body kits etc new features and also extra facilities. 2. High price- As the price of Corolla GLi is high to overco me this situation marketers can add more value to the product rather than cutting the price. They can have value addition to the product- a. perceived value in terms of brand image. b. tangible value- marketers can introduce new features and design by producing new colors, body kits etc. They can avail more extra facilities and benefits in the car. 3. Though the management philosophy of Toyota that is the Just-in- time approach is not a current problem but rather is referred as a potential problem in the long run.Our recommendation would be to study and be informed about the market demand all the time to avoid any situation of being out of stock. 4. The rapid growth of competitors branded cars is a great threat to Toyota worldwide as well as in Bangladesh. The marketer should always be aware of bringing in, what are the benefits that will be available etc and plan accordingly to reduce the threat of being out of model or even out of market. References & Bibliography www. amartoyota. com www. toyota. com www. toyotahistory. com www. toyotacarzone. com Marketing Management-Philip Kotler eleventh edition, Prentice Hall Advertising Principle & Practice William Wells and Sandra Moriarty, 7th edition, Prentice Hall. www. bdnewspaper. com - Star (Probox) Question Mark (Corolla GLi) Cash Cow (Yaris) Dogs (Crown) High Low Involvement Involvement Significant difference Between brands Few difference Between brands Complex Buying Variety Seeking buying Habitual buying Dissonance Reducing Buying Purchase Decision Post-purchase Behavior Evaluation of Alternatives Information Search Need Recognition Time Product Develop- ment Introduction moolah Sales Growths Maturity Decline Losses/ Investments ($) Sales and Profits ($) GLi