Marketingplan

Marketing Plan

Continuing to focus on Toyota and their innovation of hybrids move into phase two of the marketing plan the focus is directed towards Toyota and introducing a new product of hybrid RV’s to add to their spectacular line of product. The purpose of this paper is to identify the segmentation criteria that will impact Toyotas target market selection, as well as identify Toyotas target market. will also describe the organizational buyers and consumers of Toyota product or services and the factors that influence their purchasing decisions. A discussion of how these factors will impact Toyotas marketing strategy will also be included. Additionally, will analyze Toyotas current competitors and define the competitive landscape for Toyotas product or service.

Identify the segmentation criteria

“Market segmentation is the division of the total market into relatively homogeneous, but distinct segments. It is used to identify target audiences and strengthen a campaign's effectiveness in reaching selected segments. Segments usually respond to campaign elements differently and different techniques are required to reach and motivate various segments. Some ways to segment a population are:

• Geographically: by location

• Demographically: by socio-economic group, characterized by age, income, sex etc.

• Psychographically: by such things as attitudes, values, lifestyles, and opinions” (Marketsoc, 2008)

Segmentation is the key to identifying Toyota’s approach to the overall marketing plan. The segments in which Toyota can chose based on the criteria established to produce the best target and the criteria range from a market niche, local or individual marketing plans to create the best market for our new Eco Toyota RV. Current market research indicates that no other competitor is pursuing a green alternative in the RV market for the large population of baby boomers about to take the retirement plunge and want to hold on the dream of touring the country. Research also indicates the age group is primarily between the ages of 35 and 55. The group’s education is primarily those holding a four year college degree or higher with relative financial security and home is nearing being paid off or paid off, however, they seek value for their dollar and a lower cost to operate the Eco RV appeals to their financial sensibility.

Toyota will use a marketing approach that will appeal to several segments of the consumer base previously identified. Combining these market segments will allow Toyota to increase its target market to influence those on the edge of the niche market for Eco RV’s. The primary marketing approach to the segment at the older end of the spectrum will be the value created by the alternative fuels used in the RV. This target market seeks a value for their dollar while still wanting to explore the U. S on their own, however, without an economical model this segment will not purchase unless they see value and savings as they try to preserve their nest eggs for the most fun in their retirement years. The younger end of the segment will be marketed that is promotes a healthy earth which this group feels is a very important factor when making a purchase as well as value as this group seeks to work their finances around money so the value of saving the earth and their money will also appeal to the younger spectrum. The Eco RV will support both of these submarkets in creating a value for the consumer no other company can offer as well as preserving the earth for future generations. Toyota as a leader in the research and development of hybrid technologies will again pioneer a niche market and satisfy the needs and wants of all those wanting a life on the open road with the family or in retirement as a lifestyle.

Describe the organizational buyers and consumers

Marketing for a brand new product such as Toyotas new hybrid RV will take much consideration. Determining the customer base or target customer will help to relate the product to what the customer feels they want, need, or desire. A study by University of Michigan has determined that the average demographic for new consumers purchasing a Recreational Vehicle is male around the age of 35 to 54 years of age. These men are married and own a home. The average income for a RV owner is $56,000 per year. The �Baby Boomers’ have begun to increase the amount of RV being purchased in the United States. According to the study these are not the only individuals purchasing a RV, nearly 10% of men over the age of 55 own an RV. This exceeds the 8.9% of men between 35 and 54. Even thought that average is higher the target market will still be the �Baby