Synopsis on: Advertisement Strategies of Toyota

Objective/Aim/Vision: To discuss the effectiveness of Toyota’s advertisement campaigns

H0: Yes, the advertisement campaign was effective

H1: No, the advertisement campaign was not effective 

• Background Study

Advertisement strategies play a big role in formulating the business plan of an organization. Generally big organizations with huge cash at their disposal go to the advertisement firms for the promotional campaign of their products and services. Small companies also try their level best to hire an advertisement firm but many a times their efforts fell short. These companies go for the localized print-ads and radio ads to promote their offerings.

Big advertisement firms like DDB, O & M, JWT, Lintas etc. are very reputed and established names in the advertising field. These are the firms MNCs mainly cater to for their advertisement policies.

4. Literature Review

Does consumption respond to promotion? Many studies have focused on the effects of promotion on brand switching, purchase quantity, and stockpiling and have documented that promotion makes consumers switch brands and purchase earlier or more. The consumers‘consumption decision has long been ignored, and it remains unclear how promotion affects consumption (Blattberg et al. 1995).

Emerging literature in behavioural and economic theory has provided supporting evidence that consumption for some product categories responds to promotion. Using an experimental approach, Wansink (1996) establishes that significant holding costs pressure consumers to consume more of the product. Wansink and Deshpande (1994) show that when the product is perceived as widely substitutable, consumers will consume more of it in place of its close substitutes. They also show that higher perishability increases consumption rates. Adopting scarcity theory, Folkes et al. (1993) show that consumers curb consumption of products when supply is limited because they perceive smaller quantities as more valuable. Chandon and Wansink (2002) show that stockpiling increases consumption of high convenience products more than that of low-convenience products. In an analytical study, Assuncao and Meyer (1993) show that consumption is an endogenous decision variable driven by promotion and promotion-induced stockpiling resulting from forward-looking behaviour. 

 Market Potential & Competitive advantage/Scope: This project report will clearly give the researcher an insight about the advertisement and marketing strategies of one of the leading automobiles maker of the world. This project will let the readers know about all the complications a company faces while launching a new product in the market. Advertisement strategies play a vital role in the making of a brand and if they fail, the product will fail too. So this project will be invaluable for the readers. 

Process Description/Methodology Adopted:

Exploratory research will be the medium through which we will gain knowledge about the impact of Toyota’s advertisement strategies. The reason behind choosing this research type is that this is the only research methodology which helps a researcher to find out something which is hidden or left to be explored. If we employ this research method here, we will go to the deepest root-causes of a problem and in turn find out how much impact Toyota’s advertisement strategies have on its sales.

Resources: 

Primary Data-

Questionnaires will be used to gather the first-hand responses of the dealers. Questionnaires will mainly deal with the impact these ad strategies had on Toyota sales.

Secondary Data- Main emphasis will be on the collection of secondary data via books, magazines, internet etc.

Books

1. Marketing management by Philip S. Kotler,

This book is termed as the bible of the marketing for all the marketing students as it encompasses all the details of marketing strategies developed till today. Also Phillip Kotler is known as the foremost authority on teachings related to marketing and advertisement, so this book can give a whole new dimension to a student about marketing activities of an organization.

2. Marketing Warfare by Al Ries and Jack Trout,

Marketing Warfare is an excellent read for all the marketers who want to excel in the marketing field. This book discusses marketing strategies like Ambush marketing, Guerilla marketing, new product development etc. in detail and thus gives the marketers an idea about how to survive and sustain in a competitive market.

3. Positioning: The Battle for Your Mind – Ries & Trout,

This is yet another great book by these two marketing pundits. This book tells a marketer about different positioning strategies so that he can learn from them and derive one on his own for his products and services. This book contains n no. of examples to prove its case and readers can get benefitted from them heavily.

4. Ogilvy on Advertising,

David Ogilvy is known as the father of modern advertisement. He changed the face of advertisement single-handedly and launched a firm named ‘Ogilvy and Mather’ which has created iconic commercials for innumerable companies. So his views on his favorite field definitely hold their place strongly. This book has all the Ogilvy’s insights at a single place and thus gives readers a chance to listen to this great visionary’s ideas and journey.  

5.“Hey, Whipple, Squeeze This”: A Guide to Creating Great Ads (Ad week Magazine Series) by Luke Sullivan

Whipple, or more completely, “Hey Whipple, Squeeze This”: A Guide to Creating Great Ads truly is an advertising school in a book. Between its covers you’ll find a couple of priceless chapters on the nuts and bolts of making a good ad. Several more chapters with detailed ins and outs of writing and producing TV and radio are there in the book.

Magazines-

4Ps, Business World, Business and Economy

Newspapers-

The Economic Times, Financial Times, Business Standard

Websites-

afaqs.com, google.com

Sample size-

100 dealers

Sampling method-

Random sampling method will be used to gather the sample.

8. Limitations: Sample size and geographical locations could become hurdles as the research work may not cover all the responses and moods of the dealers across India. India is a very big and diverse nation whose people preferences keeps changing with the passage of the time and since Toyota has its stores and a dealer network across the country, capturing the response of everyone will be a very tough and deviant task. A sample size of 100 will be good enough to give us an insight about Toyota’s advertisement strategies, though it’s not always sufficient.

9. Duration: 6 weeks

10. Recommendations: Toyota is one of the biggest automobile manufacturers in the world and its rivalry with the brands like Volkswagen, GM and Ford is very intriguing. In the last two years, Toyota’s reputation has taken a serious hit because they have recalled their cars many times. Though they repaired them free of cost, the goodwill regarding the quality of its services is blotted now. Toyota must make sure that the advertisement strategies they are using show them in good light and enhance their reputation as a leading automobiles manufacturer. Once they start working on this strategy, their media campaign will be successful. 

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