Case Study On Recent Product Launch Analysis
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Source: Toyota Motor Sales, USA, Inc. “Corolla 2015”. Photograph. Toyota.com. Toyota Motor Sales, USA, Inc., 2015. Web. 03 March 2015. <http://www.toyota.com/corolla/photo-gallery.html#!photos/4/undefined>.
1. Product introduction
In November 2014 Toyota Motor Corporation released its new 2015 Toyota Corolla (Latest Car Reviews). The 2015 model of Toyota Corolla did not drastically change comparing to its previous model in 2014. Yet the manufacturer improved several features of this car in order to better meet market expectations.
It is important to mention that there are several powerful competitors in the market segment, in which Toyota Corolla is sold, such as Honda Civic, Mazda 3, Kia Forte, Ford Focus, Subaru Impreza (TEN: The Enthusiast Network). Thus, the market competition is rather strong and Toyota Motor Corporation has to take necessary actions to protect its market niche. All these factors obviously affected a product launch strategy implemented by Toyota Motor Corporation in introducing its new 2015 Toyota Corolla.
Toyota’s new sedan aims at solving a consumer’s standard dilemma (pain point) of finding the right balance between the product price and quality. It is interesting to notice that Toyota managed to offer a new solution for the above-mentioned consumer’s pain point by not changing much the 2014 Toyota Corolla.
The new 2015 Toyota Corolla provides the consumer with such benefits as good money saving opportunities and enhanced level of comfort. Indeed, the above-mentioned benefits are delivered to the consumer by offering him one of the lowest prices among similar sedans (Toyota Motor Sales, USA, Inc.). The consumer also receives an excellent money saving opportunity, as the 2015 Toyota Corolla is rather fuel-efficient. Simultaneously, the enhanced level of the consumer’s comfort is achieved, for instance, by car roomy interior, automatic climate control, two-cup holders in the rear seat and remote trunk and fuel filler door release (TEN: The Enthusiast Network).
2. Evaluation of product launch success
I assess the market launch of the new 2015 Toyota Corolla as rather successful, which is supported by performed Marketing mix / 4Ps and R-W-W analysis, as well as by sales figures of the Toyota Corolla sedans in the United States. Thus, a number of the sold Toyota Corolla sedans in the United States in December 2014 increased by approximately 20% comparing to November 2014, when the new 2015 Corolla was introduced into the market (Cain).
There was a slight decline of the sales figures of the Toyota Corolla sedans at the beginning of the fall 2014. Nevertheless, the sales went up and it seems that the market introduction of the 2015 Toyota Corolla boomed the sales. The January 2015 sales figure is by 20% greater than the similar figure in January 2014 (Cain).
It is an interesting trend, especially taking into consideration the fact that Toyota Motor Corporation did not drastically change the 2014 Toyota Corolla model and “only added a new Premium trim upgrade to its ever-popular small car” (Wardlaw).
Thus, the company did not invest a lot of funds into technology development and obviously shortened its marketing expenses comparing to the promotion campaign of the 2014 Toyota Corolla. Nevertheless, Toyota Motor Corporation is currently making profits out of selling the new sedan models in the Unites States. Such a result was achieved, in particular, by choosing the right marketing campaign for the 2015 Toyota Corolla.
The performed Marketing mix / 4Ps analysis showed that the product, i.e. the 2015 Toyota Corolla, had met existing consumer’s demand, as it is an excellently designed mass sedan with incorporated hi-tech devices that has outstanding fuel economy figures and 5-star safety rating from the NHTSA (Toyota Motor Sales, USA, Inc.). The 2015 Corolla also offers accentuated comfort for the consumer (including roomy interior, automatic climate control, two-cup holders in the rear seat and remote trunk and fuel filler door release) and is perfectly suitable for everyday use (TEN: The Enthusiast Network).
At the same time, Toyota Motor Corporation offered its new sedan at a good price, which is one of the lowest prices among similar competing sedans (Toyota Motor Sales, USA, Inc.). It seems that the offered price fairly reflects the quality of the 2015 Corolla and is suitable for consumers with the limited budget. In addition, the company offers standard warranties and maintenance services, which price has been already included into the price of the 2015 Toyota Corolla (Wardlaw).
The detailed analysis of the 2015 Corolla’s promotion campaign under the motto “Elevate your drive” showed that the promotion campaign had included relevant news updates and commercials in Facebook, Twitter, Instagram, YouTube and on TV, as well as standard test drives in dealer stores. Yet it seems that the promotion budget was quite conservative and aimed only at introducing the new model of Toyota Corolla and strengthening loyalty of existing clients.
Distribution of the 2015 Toyota Corolla is conducted via a wide dealer network providing potential consumers an easy access to the product.
All in all, the Marketing mix / 4Ps analysis demonstrated that Toyota Motor Corporation had managed to meet current consumer’s expectations by launching the 2015 Toyota Corolla. This conclusion is also supported by the performed R-W-W analysis.
Thus, the new sedan was real for Toyota Motor Corporation in terms of existing demand and consumer’s buying power. At the same time, the company had necessary materials and technology to manufacture the new model.
Furthermore, the company could also win the market niche by introducing the 2015 Corolla owing to its fair price and quality correlation, as well as brand loyalty of the existing consumers.
In addition, the company’s efforts were worth them, as Toyota Motor Corporation managed to earn more by saving certain amount of R&D and marketing costs. At the same time, the market introduction of the 2015 Toyota Corolla fitted into the company’s strategy, as the new sedan responded to the existing demand and is rather reliable and safe (Toyota Motor Sales, USA, Inc.).
It is also important to stress that Toyota Motor Corporation created grounds for its further development by the market launch of the 2015 Corolla, as its marketing campaign of, in my opinion, strengthened consumer’s loyalty to the brand and created possibilities for follow-up actions leading to the future sales.
Cain, Timothy. “Toyota Corolla Sales Figures”. GoodCarBadCar.net. www.GoodCarBadCar.net, n.d. Web. 03 March 2015. <http://www.goodcarbadcar.net/2011/01/toyota-corolla-sales-figures.html>.
Latest Car Reviews. “2015 Toyota Corolla Release Date”. Jangcars.com. Latest Car Reviews, n.d. Web. 03 March 2015. <http://jangcars.com/the-all-new-2015-toyota-corolla/2015-toyota-corolla-release-date>.
TEN: The Enthusiast Network. “2015 Toyota Corolla Summary”. Motor Trend Magazine. Motor Trend Magazine, 21 January 2015. Web. 03 March 2015. <http://www.motortrend.com/cars/2015/toyota/corolla>.
Toyota Motor Sales, USA, Inc. “Compare Results”. Toyota.com. Toyota Motor Sales, USA, Inc., 2015. Web. 03 March 2015. <http://www.toyota.com/corolla/compare.html#compare/summary/39698/40278/40146/39398>.
Toyota Motor Sales, USA, Inc. “Corolla 2015”. Photograph. Toyota.com. Toyota Motor Sales, USA, Inc., 2015. Web. 03 March 2015. <http://www.toyota.com/corolla/photo-gallery.html#!photos/4/undefined>.
Toyota Motor Sales, USA, Inc. “Our Purposes”. Toyota.com. Toyota Motor Sales, USA, Inc., 2015. Web. 03 March 2015. <http://www.toyota.com/usa/ourstory/our-purpose>.
Wardlaw, Christian. “Driven: 2015 Toyota Corolla Provides Basic Transportation in Fashionable Clothing”. New York Daily News. NYDailyNews.com, 24 November 2014. Web. 03 March 2015. <http://www.nydailynews.com/autos/latest-reviews/test-drive-2015-toyota-corolla-article-1.2022003>.
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