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Video Case 2: Toyota Prius - Assignment Example

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Toyota has been able to establish their brand in over 170 countries with 51 production bases around the world. They have learned to identify markets where demand for Toyota vehicles exist and have been successful in achieving globalization and localization in the auto making industry…
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Video Case 2: Toyota Prius

Download file to see previous pages... This paper will discuss some of the key facts regarding its hybrid model known as Toyota Prius, which is in early stages of its development. Furthermore, more holistic insight regarding Toyota’s marketing scheme, its social trends along with key aspects of the development of Prius will be discussed. A key aspect that was prevalent regarding green energy was the concept of hybrid vehicles. Hybrid vehicles have been the pinnacle as society continues to progress towards a greener environment. (Toyota Motor Sales, 2011) Conducive research proves that hybrid cars are more effective in optimizing and reducing gas emissions in the environment compared to traditional cards. For instance, the renowned Toyota Prius, one of the first hybrid vehicles to hit the market is perfect for an individual that is engaged in commute of hefty traffic. Linebaugh K (2009) insists that the idea of owning a hybrid vehicle seems to be quite attractive for young couples and older parents who are frustrated with the high gas prices. Linebaugh K (2009) In addition, these hybrid vehicles are durable, which means no hassle of emission testing. Without a doubt, this can be an aspect that can be fulfilling for the ever-growing demands of the nation itself. The future of hybrid vehicle looks very bright as scientists continue to develop and optimize these vehicles. Although most drivers do not want to sacrifice the element of brand and power in our capitalist economy, the demand for hybrid vehicles in the future looks promising to say the least. (Toyota Motor Sales, 2011) With this extensive research and market trends shifting, Toyota decided to introduce the Prius. It was clear that Toyota Prius has been one of the greatest vehicles that Toyota produced because it understood the demographics it was targeting. In a challenging world of hybrid and a greener world, the Prius is still in the development stage. Much research about the product and demographics itself has been pending in order to create a final model of the Prius. (Video Cases, 2013) During the step 3-the screening phase, concept testing was applied. (Toyota Motor Sales, 2011) The expectation of Prius was to ensure that efficiency was emphasized and focus was to penetrate demographics of early adopters of technology. In essence, the company was not necessarily targeting for “tree huggers” but early adopters of individuals that fit their categories. Moreover, consumers were eager to buy these vehicles as sales jumped. As gasoline continued to skyrocket, the appeal for Prius was tremendous for consumers. Although the Prius has been introduced, it is still a “work in progress.” (Toyota Motor Sales, 2011) The pinnacle of this vehicle’s development will be complete once society has embraced the idea of hybrid energy and is less reliant in natural resources that are scarce. (Video Cases, 2013) One of the main elements that Toyota struggled with was brand equity. After the mass recall, Toyota had to gain back the trust of its customers. Therefore, building brand equity consisted of testing extensively and adding a solid warranty for the Prius. Moreover, adding a more effective engine that is fault tolerant and cost effective was the key element to build the newer models of Prius. (Video Cases, 2013) In addition, Toyota should provide flexibility by giving that assurance to its customers that if their vehicle is broken down, they can take it to any service centers anywhere. The main problem for the recall can be traced to ...Download file to see next pagesRead More
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