The Marketing mix of Toyota Innova analyses the 4Ps of Toyota Innova, including the Product, Price, Place, and Promotions. The marketing mix of Toyota Innova discusses the product marketing mix of the curved-designed car – Innova from the house Toyota. The 4Ps of Toyota Innova’s marketing mix are as follows.
About Toyota Innova
- Type: Multi-Purpose Vehicle (MPV)
- Industry: Automobile
- Founded: 2004
- Founder: Toyota
- Headquarters: Toyota City, Aichi, Japan
- Area served: Worldwide
- Key people: Akio Toyoda (Chairman) and Satoshi Ozawa (CEO)
- Number of employees: 370,000
Table of Contents
Toyota Innova Product Strategy
Toyota Innova stands as a testament to Toyota’s commitment to versatility, comfort, and reliability in its vehicle lineup. Toyota Innova has an accommodation capacity of 8 people. The Innova differs from the straight designs of Tata Sumo and Qualis and is more curved. The interior of this car is designed with comfort in mind, with spacious interiors. The vehicle’s exterior includes fog lamps, rear lamps, a 3D grill, etc. Safety has been given special attention in Toyota Innova, with several measures in place. It is available in petrol and diesel models and 5-6 color variants.
Understanding Toyota Innova’s marketing mix is essential to grasp how Toyota maintains its competitive edge in the global automotive industry.
The new Product Mix of Toyota Innova in 2023 is as follows (Source).
- Base Model: This entry-level variant is usually with the most basic features. It typically has a lower-powered engine, manual transmission, basic interior features, and fewer safety features than higher-end models.
- Mid-Range Models: These models offer a balance between cost and features. They might include upgrades like a more powerful engine, better interior materials, additional comfort features (like automatic climate control), and enhanced safety features.
- High-End Models: The top-tier variants of the Innova are equipped with the best features available for the line. This can include a high-performance engine, automatic transmission, luxurious interior materials, advanced infotainment systems, comprehensive safety features, and additional comfort and convenience options.
- Special Editions: Occasionally, Toyota may release special edition models that include unique styling elements, special paint colors, and possibly additional features or accessories not available in the standard lineup.
- Diesel and Petrol Variants: Toyota Innova is often available in diesel and petrol engine options, catering to different preferences and market demands.
- Automatic and Manual Transmission Options: The Innova may have manual or automatic transmission options, depending on the model and market.
- Variants Focused on Seating Capacity: The Innova might have variants with different seating capacities, such as 7-seaters and 8-seaters, to cater to different customer needs.
Toyota Innova Place Strategy
Toyota Innova is available for distribution nationwide through its dealership network and retail outlets.
Here’s the place strategy of Innova.
- Extensive Dealership Network: Toyota Innova is strategically sold through Toyota’s extensive dealership network, ensuring wide availability and easy accessibility for customers in various regions. This network includes urban and rural areas to cater to a broad customer base.
- Global Market Presence: While initially targeted at Asian markets, the Toyota Innova has expanded its presence globally, adapting to local market demands and regulations. This global reach allows Toyota to cater to diverse consumer preferences and needs.
- Online and Digital Platforms: Recognizing the shift towards digital commerce, Toyota utilizes online platforms to showcase Innova, provide detailed information, facilitate bookings, and offer virtual tours, thus enhancing customer convenience and reach.
- Service Centers and After-Sales Support: Toyota ensures a solid after-sales support network with service centers strategically located for easy access. This commitment to customer service helps build customer loyalty and trust in the brand.
- Localized Manufacturing and Assembly: In some markets, Toyota has set up local manufacturing or assembly plants for the Innova, which helps reduce costs, customize vehicles to local tastes and requirements, and ensure quicker delivery times.
Toyota Innova Pricing Strategy
Toyota Innova is priced somewhere between 8 and 12 lacs. It has strong competitors like Tata Sumo and Qualis, which are in the lower price range (6-8 lacs), and Mahindra Xylo. Thus, the price pricing is competitive with the extra features and comfort that Toyota Innova has.
Toyota Innova’s pricing strategy reflects its marketing mix and a keen understanding of its market position as a versatile and reliable multi-purpose vehicle (MPV). Here’s a breakdown of its pricing strategy, articulated from a complete marketing mix perspective:
- Value-Based Pricing: Toyota Innova’s pricing is strategically set based on its perceived value to consumers. This approach considers the vehicle’s reputation for durability, comfort, and reliability, appealing to families and businesses seeking a cost-effective yet high-quality MPV.
- Competitive Pricing: In markets saturated with MPVs and similar vehicles, Toyota positions Innova with competitive pricing. This strategy ensures that Innova remains attractive among its peers, balancing quality with affordability.
- Tiered Pricing Structure: The Innova is offered in multiple variants, each with a different price point. This tiered structure caters to a diverse customer base, from those seeking basic functionality to customers desiring luxury features. It allows Toyota to capture a broader market segment, from budget-conscious buyers to those willing to pay more for premium features.
- Market Penetration and Skimming Strategies: In emerging markets, Toyota might adopt a penetration pricing strategy for Innova, setting a lower price to gain market share quickly. Conversely, in established markets, a price-skimming approach could be used initially for new models, targeting consumers willing to pay a premium for the latest features and innovations.
- Dynamic Pricing Based on Market Conditions: Toyota adapts Innova’s pricing based on economic factors, competition, and consumer demand in different regions. This dynamic approach helps maintain the vehicle’s market relevance and competitiveness.
- Geographical Pricing Strategy: Prices may vary based on geographic locations, considering factors like local taxes, import duties, transportation costs, and market-specific demand.
- Promotional Offers and Financing Options: Toyota often introduces promotional offers, discounts, and attractive financing options for the Innova, making it more accessible to a broader range of customers and stimulating sales, particularly during festive seasons or market slumps.
Toyota Innova Promotion Strategy
The brand ambassador of Toyota Innova was none other than Aamir Khan, probably one of the most effective brand ambassadors in India. With his diverse style, Aamir Khan promoted Innova mainly for its spacious interior. Below are two ads for Toyota Innova, each of which shows Aamir bringing in various people in his Innova, traveling, working, and living life in his Innova.
Some Recent Video ads and Print ads for Toyota Innova are:
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