The brand strategies which Toyota May Adopt to improve tarnished brand Essay

The brand strategies which Toyota May Adopt to improve tarnished brand image - Essay Example There are several reasons behind this intensifying competition. Firstly, globalisation is one of the primary reasons for expansion of trade and business that lead to increase competition. Many business organisations have found greater opportunities in overseas market, and free trade policies and agreements between multiple countries facilitated their market expansion programs. The domestic markets have turned into global markets that heightened competition rivalry among existing domestic and new multinational enterprises. Since last two decades, the society has been experiencing a rapid technological improvement. The technological advancements have led to change the structure entire trade and business. The management tasks and operational process are now backed with technology like e-commerce and e-business. A better grip of technological advancement helps a business organisation to gain an upper hand position. ... In this process they aim to achieve strong competitive advantages and core competencies that enable them to gain upper hand position in the market. There are multiple ways to achieve competitive advantages; however, brand development is the most preferred way for creating high business value. The American Marketing Association (AMA) describes a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. About.com Marketing Guide further explains that the objective of branding is not just to project yourself as being better than your competitors, but branding seeks to position your brand so uniquely in the minds of your consumers so that they perceive your product as the only possible solution to your problem or need. The objectives of good branding are as follows: Deliver message clearly Confirm credibility Connect target prospects emotiona lly Motivates buyers Concretes User Loyalty The increasing demands of brand development is due to two primary factors i.e. urge for acquiring higher market share and increasing concern towards consumer value. The modern management style and thought process of decision makers have transformed. The modern management concept more focuses on long term benefits by creative a sustainable businesses environment where stakeholders’ wealth and value creation is the first priority. When a company is able to meet these responsibilities towards stakeholders, society, community and environment, it is able to create a high brand image in the market. Managements in modern organisation culture follow management theories and models which are very