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Toyota Pricing Strategy and Branding

Tracell Smith

Cale Hall

AIU

03/18/2022

Toyota offers both products and services. The products offered by Toyota include cars, cars’ spare parts such as engines, electronics, batteries, stamping dies, air conditioning compressors, and many more. The company also sells material handling equipment such as forklifts. Finally, Toyota deals in textile machinery used to manufacture car seats and other materials. Toyota enjoys a positive brand reputation usually associated with its logo and symbols. The company has a log that is uniquely recognized by many vehicle enthusiasts. The unique red color has also contributed to its brand reputation and recognition. Toyota enjoys a positive brand association and is considered one of the most preferred brands globally.

The Toyota pricing strategy is based on competition, geography, segments, and demand. The prices are flexible based on the region and demands. Toyota prices its products based on regions; in some continents, the process may be lower to attract demand, while in other places, the prices may depend on competitor pricing. Toyota appeals to both price and quality buyers. Toyota has high-end cars such as Lexus and Prado, Land cruiser which prices differently due to the quality of the cars.

My pricing strategy for the Toyota cars would be based on quality and performance. This involves developing a price for all cars in a specific category and using that price globally. This will ensure Toyota gains equal revenues from all global markets and avoid price discrimination based on region (Dolgui & Proth, 2019). Cars in the same class may have different prices based on their features and performances. Toyota’s pricing strategy is effective since it is the leading seller of cars globally. The company is also competing with other luxury brands and has the upper hand in delivering luxury cars.

Reference

Dolgui, A., & Proth, J. M. (2019). Pricing strategies and models. Annual Reviews in Control, 34(1), 101-110.

 

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