Toyota is the world’s third largest car manufacturer. As such Toyota has production facilities in more
than 25 countries and can achieve benefits from economies of scale. Toyota was one of the first
manufacturers to introduce the concept of “Just in Time” production that allows to reduce operating
cost and overheads and to respond to customer demand quicker.
The yearly budget for R&D is set at £1.5 billion for various research centres around the world, the
highest amongst car manufacturers. This willingness to invest has brought Toyota an innovative image
and created products such as the Prius, “the world’s first mass produced hybrid” (Toyota)
Marketing Communications Plan 9
Reliability and quality are regarded as Toyota’s major strength. The Corolla is the world’s best selling
car, more than 23 million corolla cars have been produced