The recall of nearly 2 million Toyota cars this week, seemingly due to a faulty part in the accelerator pedal, will be causing the best in crisis management to be knocking on the door of Toyota’s corporate offices.
In many ways, the damage is done in the short term – instead greater resource and attention is hopefully being focused on preserving and building their brand (their reputation …their biggest asset)
So, what has Tiger Woods got to do with Toyota?
Well, most Tiger fans buy into the ‘Tiger brand’, not because of his moral standing, but because he’s a winner – and we all want to be winners.
If Tiger come back and starts winning championships, then his brand lives on …and his endorsement will help sell more Nike merchandise etc.
With this principle, Tiger Woods probably hasn’t affected his core brand asset
Toyota have a bigger problem, their core brand asset has been badly damaged – it was build on reliability (durability and value).
They will need to prove to their customers that they still stand for reliability, and that this was an isolated incident. If you believe this Reuters article, it sounds like there is more to come.
I’m sure the mighty competitors of Ford, GM, and Honda are not wasting any time, as they prepare to move in on this brand space.
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