Innovation and Marketing Assignment
Question :
Describe the industry in which your product competes.
Provide a snapshot of the company that owns the brand.
Product Review
Describe the product that is the focus of your marketing plan.
Competitive Analysis
Identify and assess the important direct/indirect competitors for the product.
Consumer Analysis
Describe and analyze potential buyers in terms of demographics and psychographics.
Problems and Opportunities
Identify and analyze major problems and opportunities based on situation analysis and primary research.
Target Market Profile
Describe your target market for this new marketing plan and explain why this market is relevant and strong for your brand of product.
Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Answer :
Introduction
This paper has been developed to analyze a new and innovative product 2020 Toyota Camry All Wheel Drive. The product belongs to the automobile industry. The purpose of the paper is to analyze the potential of the selected product in the market. The paper includes competitive analysis, consumer analysis, problems as well as opportunities, and profile of the target market.
Industry/Company review
2020 Toyota Camry All-Wheel drive belongs to the automobile industry. The automobile industry consists of the largest passenger automobile in the world along with light truck manufacturers. The automobile industry sells vehicles in the global market with the help of broad dealership networks (Gopal & Thakkar, 2016). There is a very tough competition in the automobile industry as numerous large companies are operating in the industry and struggling to get more market share.
2020 Toyota Camry All Wheel Drive is an innovative product produced by Toyota Motor Corporation a Japanese based multinational automobile company. It is one of the largest automobile companies in the world that produces and sells automobiles, engines, luxury vehicles, and commercial vehicles. It was established in 1937 by Kiichiro Toyoda. It's headquartered in Toyota City, Japan. It has also created a record of producing more than 10 million vehicles every year.
Product review
2020 Toyota Camry All Wheel Drive has been designed and developed to provide a safe and pleasant journey to the customer even if the weather condition is not favorable drive. With this product, harsh weather will not affect the journey. The product provides an exhilarating drive along with a peace of mind. When the product sense slippage at the front wheels, it can send up to 50% torque to the rear wheel that provides more grip in snow, rain, or gravel (Nguyen et al., 2020). It provides a confident drive with interior comfort. It has a heated seat, heated side-view mirror, and heated steering wheel that helps in chilling every commute.
Competitive analysis
As it has been discussed that there is very tough competition in the automobile industry, Toyota Motor Corporation is also facing cut-throat competition from its key competitors in the market. The key competitors of the organization are Ford, Volkswagen, Nissan, Hyundai, Tesla, General Motors, Honda, etc. However, 2020 Toyota Camry All Wheel Drive is facing tough competition from 2020 Subary Legacy and 2020 Nissan Altima All Wheel Drive. These are the direct competitors of the product, targeting the same market (Liu & Chen, 2020). Hence, it is very tough for the 2020 Toyota Camry All Wheel Drive to gain market share in the market. Apart from these products, there are several other products as well in the market that further increase the level of competition for the concerned product.
Consumer analysis
The product targets middle-high income and high-income group people. The people who love adventures and want to enjoy a comfortable and pleasant journey even in bad weather conditions are the target customers of the organization for this product. The product says that “when mother nature is having a bad day, it should not ruin yours." It means the product is ready to provide a comfortable journey in every weather condition and the customer needs not to worry about it. Apart from this, the product targets those who live in a hilly area, snowy regions, or in geographical areas that receive a high amount of rain. The product has been made to provide a comfortable and safe journey in the raining season or there is snowfall.
Problems and opportunities
The product is facing tough competition in the market that is one of the biggest problems of the concerned product. There are several products in the market that are giving direct as well as indirect competition to the product. However, there are several opportunities available in the market for the 2020 Toyota Camry All Wheel Drive (Madoh et al., 2019). The product can perform excellently in the market of the United States as most of the population of the country live in such an area that receives heavy rain and snowfall. Thus, it has a huge market in the United States alone. Apart from this, it has a huge market in the international market as well. It has limited direct competition and hence it has the opportunity to capture the largest market share.
Target market profile
The target market of the product is middle-high income groups, people, and high-income group people. The target market is educated and a working group of people. The age group of the target customer is 20 above. It targets both male and female.
References
Gopal, P. R. C., & Thakkar, J. (2016). Sustainable supply chain practices: an empirical investigation on Indian automobile industry. Production Planning & Control, 27(1), 49-64.
Liu, K., & Chen, Y. (2020). A Study Of Worldwide Patent Strength Of Competitors On Autonomous Parking. system, 6(2).
Madoh, A., Alenazi, J., Alkhamees, L., & Panwar, A. (2019). Case Study on Market Mix Strategies of Toyota Motor Corporation. Asia Pacific Journal of Management and Education, 2(3), 70-78.
Nguyen, R. T., Baek, D. L., Haile, B. J., Case, M. E., Cole, C. C., Severson, M. H., & Carlson, L. N. (2020). Critical material content in modern conventional US vehicle electronics. Waste Management, 109, 10-18.
