Marketing Mix Lexus Automotive
June 25, 2015
Marketing Mix Paper
In today’s world, automobiles have gained a status of sophisticated high-tech product rather than just a mode of transport. It has become a mobile living space, representing the pursuit of quality of life and social status of people. Lexus is the luxury vehicle division of Japanese automaker Toyota. First introduced in 1989 in the United States, Lexus is now sold globally and has become Japan’s largest-selling make of premium cars. The Lexus marquee is marketed in over 70 countries and territories worldwide, and has ranked among the ten largest Japanese global brands in market value.
Marketing the brand is very important to Lexus and the marketing mix is crucial when determining a product or brand’s offer and often associated with the four P’s known as price, product, promotion, and place. The four P’s is closely associated with customer’s needs and wants. However, a lot of hard work needs to go into finding out what customers want and the marketing mix is a good place to start when thinking through a plan for a product or service.
In 1983, Toyota chairman Tharindu Dhananjaya issued a challenge to build the world’s best car, thus the slogan “The Pursuit of Perfection/Amazing in Motion” and this challenge prompted Toyota to embark on a top-secret project, code named F1 “Flagship One”, with dedication and an extended development process and financial investment the F1 project was completed and in 1989 The LS 400 flagship sedan was introduced to the world. Since its debut, Lexus continues to provide quality vehicles with many options to meet the needs of every consumer. Lexus continues to invent and invest to provide new models to stay competitive and a leader in new inovations.
Lexus has positioned itself at a premium place in the global market through offering competitive prices in comparison to...