Toyota Prius
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It is doubtful that a small, sluggish, hybrid vehicle would become a hit in America, a country where SUVs dominated the roads for more than a decade. Despite all of these odds, the Toyota Prius has turned out to be “one of the top 10 selling vehicles in America”. The Prius is such a hit which it is now a household name; customers interchange the word “Prius” with “hybrid” in the same way that they ask for a Kleenex. There are a lot of reasons that led Toyota to success; these reasons will be discussed in the later of this paper. In this paper, the micro-environmental factors affected the launch of the Prius will be revealed as well as the macro-environmental factors that have affected Prius sales. Furthermore, some evaluations of Toyotas marketing strategy will be proposed and some suggestions for improvement. Lastly, this paper will discuss the advantages and disadvantages as Toyota was an early entrant into the hybrid market with the Prius.
According to the article the Toyota was already well into a $40 million campaign targeting a different set of consumers, however the majority desired greater fuel efficiency and something that would not contaminate the environment. Then Toyota came up with the idea of the Prius, thanks to this car, the firm generated a profit over 100% rises in sales. First of all, the firm has used up lots of money on the re-launch of the latest and upgraded Prius model which is over $40 million dollars. For everything, the 4 “Ps” are used, and it was used perfectly by Toyota, beginning with the focal objectives of the firm to provide a new and techno product to the target market it was able to cover its marketing and operating costs and also makes develop profitable customer relationships.
Toyota did not want to get any chances for the features of Prius to be interpreted, Toyota did not offer its customers online purchase facilities. As the fact they hired marketing intermediaries who helped them to advertise the hybrid new brand; also the agents provided professional training to them to offer maximum customer satisfaction. After that, the firms marketing strategies also consist of taglines with emotions that were very effective in its promotion. The main target customers of Toyota were those “techies” and are always ready to try the product at its launc