Marketing of Toyota Prius

530 Words3 Pages
Over the years, Toyota has made a name for itself in the automotive industry. In the past decade, it has entered into the realm of hybrids as well with the introduction of the Toyota Prius. It is the first mass-produced gasoline-electric hybrid vehicle, which has been developed and manufactured by the Japanese multi-national corporation, Toyota Motors (Liebert, 2011). Over the years, the Prius has seen its ups and downs, however, it continues to be one of the most successful cars of its kind. Micro-environmental factors The actors close to the company that (directly) affect its ability to serve its customers constitute the microenvironment. In view of this, the following description explores the main micro-environmental factors that have influenced the first and second generation of the Toyota Prius including the company, customers, competitors and publics. The Prius emerged when Toyota Company foresaw a shift in global trends towards a more environmentally friendly culture. Through Research & Development (R&D) efforts, Toyota made the 1st generation Prius with its hybrid petroleum-electric engine to cater to market. Once Toyota identified their target market, they also used two years to market and advertise the Prius before its launch. The company disseminated information about the Prius through its website and brochures to 40,000 likely buyers. Eventually, Toyota had 1,800 pre-orders for the Prius prior to its release. Internally, the company has also boosted their sales by offering incentives and discounts to their own employees when they purchase a Prius (as with their other models as well). Next, the consumer market entailing individuals and households buying goods for personal consumption also played an important role in influencing both generations of the Prius. In the current global context of growing environmental concerns, the 1st generation

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