Toyota, recognised for its production of economical, reliable, and cost-effective automobiles, has introduced a series of high-end luxury vehicles to diversify its market presence and elevate the status of its existing car range. This action serves as an example of ________.

Question

BlackTom AI · Accepted Answer

The scenario describes Toyota adding a series of high-end luxury vehicles to its existing lineup in order to diversify its market presence and elevate the status of its current range.

Option 1: internal marketing — This focuses on motivating and aligning employees within the organization and is not about changing the product assortment offered to customers.

Option 2: social marketing — This centers on marketing aimed at promoting social good or public welfare, which is unrelated to introducing luxury vehicles within a product line.

Option 3: product line filling — Filling gaps within the existing range (e.g., adding models that sit between current models to better cover a market segment) is about complementing the lineup at similar price/quality levels, not necessarily moving up or down the market.

Option 4: cannibalisation — This is a risk or outcome where a new product reduces sales of the company’s own existing products, but it does not describe the strategic intent of introducing a luxury line to raise the overall brand position.

Option 5: product line stretching — This exactly matches the situation: expanding the product line beyond its current range by adding high-end luxury models to move up-market and enhance perceived prestige. The action broadens the spectrum of offerings and targets a different or broader customer base without altering the brand’s core identity.

Toyota, recognised for its production of economical, reliable, and cost-effective automobiles, has introduced a series of high-end luxury vehicles to diversify its market presence and elevate the status of its existing car range. This action serves as an example of ________.Single choice

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