Toyota's Market Development Strategy: Launching Lexus to Target Wealthier Customers

In this case, Toyota, as the world's largest car manufacturer, adopted a market development strategy by launching a new high-end car brand, 'Lexus', to meet the needs of wealthier customers. This strategy refers to expanding into new markets or introducing new products to attract new customer groups and achieve business growth, according to the Ansoff Matrix. By launching the 'Lexus' brand and entering the high-end car market, Toyota expanded its product line and also diversified its customer base, achieving business growth.