This is the detailed brand equity analysis of Toyota which has been operating in Automobile industry. It was founded Toyota Jidosha KK in 1937 and headquartered in Japan, it’s currently serving worldwide market.
Brand Awareness
Toyota is one of the largest automobile maker and trailblazer of the industry. It is a Japan based MNC Company which is now producing automobiles and other parts under five main brands, which include the luxurious brand Lexus. Toyota has been able to maintain and create awareness among all its consumers across the globe because of its tremendous comeback from the global recession hit in 2008. Toyota has been able to preserve from tough time. Instagram content and videos helped the brand to gain much recognition as Toyota tremendously use the social media as a promotional tool for advertisements. These ads are economical as compared to traditional media channels, and can gather large pool of customers (Candy, 2017).
Brand Association
Customer loyalty from unwanted customers cause negative association of brands for the car manufacturers across the globe. Toyota is adopted as one of the most branded car of choices, for many extremist across the world. However, Toyota has built strong brand reputations, which helped it in being the top choice of the people because of its promised quality and bringing continuous new innovations. It is continuously indulge in bringing new and most amazing features with its every new launch and targeting every class of consumers (Ansett, 2017).
Brand Loyalty
Toyota is able to achieve strong brand loyalty across the world, who do not shift to any other rivalry cars like Honda, or Suzuki. It has been able to maintain its brand loyalty by continuously engaging with customers through different social media channels, and also from traditional promotions. It develop corporate social responsibility activities which gain massive attention of the people, as people positioned Toyota as the environmentally friendly brand, who keep the benefits of the customers ahead then its costs (Lee, 2015).
Brand Asset
Toyota has the strong product portfolio, which lay in every category, and every class of consumers can afford to have Toyota for their own use. It manufacture luxurious cars to normal cars for low class people, as it targets every segment. Its Research and Development department work hard and continuously bring new features and approaches, which make the vehicles of Toyota more environmental friendly. Toyota has corolla, Prius, Prado, Lexus and many other cars (Lee, 2015).
Brand Element
Toyota has a logo, which represents its name, ad many people across the globe are able to identify the logo of the company. Its process are set according to the class it is targeting, so that people could easily afford it, and get the feeling of standard and status. Moreover, its employees are satisfied with the company, which also provide a good word of mouth for the company. It’s strong and cost saving advertisements made Toyota popular across the globe (Ansett, 2017).
References
Ansett, D. 2017. Toyota’s brand image being tarnished by association with extremists, [Online], Available at: http://www.trulydeeply.com.au/2015/10/toyotas-brand-image-being-tarnished-by-extremist-association-brand-association-brand-loyalty/, [Accessed on 24th February, 2018].
Candy, R. 2017. How Toyota Became the Most Valuable Car Brand Worldwide. [Online], Available at: https://medium.com/the-mission/how-toyota-became-the-most-valuable-car-brand-worldwide-ef11a7838544, [Accessed on 24th February, 2018].
Lee, A. 2015. How Toyota Became the Most Valuable Car Brand Worldwide. [Online], Available at: https://www.referralcandy.com/blog/toyota-marketing-strategy/, [Accessed on 24th February, 2018].