Buyer Behavior and Communication Strategies for Toyota Prius - Assignment Example

Assignment Contents Task B Introduction Communication Objectives 2 Communication Strategy 3 Communication Schedule 5 Budget for Communication 5 Recommendations 6 Conclusion 7 References 7 Task B Introduction Hybrid car is the new technological revolution in the automobile industry which is increasingly gaining popularity. Automobile companies including Toyota are exploring the new technology in order to cater to the new marketing segment with a suitable market offering. Toyota Prius series is meant to cater to the environmentally conscious market segment thereby competing with its counterparts including Honda Civic Hybrid. Although the initial investment is high, consumers will benefit from lower maintenance costs, lower fuel costs, and an energy efficient vehicle (“Advantages and Disadvantages of Hybrid Cars” 2013). Moreover, the Toyota Prius family including Prius 1.8, Prius C and Prius V wagon will provide consumers with more models to choose from. Communication Objectives The main goal is to create awareness of the hybrid technology developed by Toyota in the form of Toyota Prius family. By advertising and promoting the product, we wish to position Prius as a comfortable yet powerful car for the fun-loving and family-centered individuals alike. The communication channels are meant to draw interest and instigate a desire among consumers to make a purchase. The advertising should effectively create the desired image on the minds of the consumers in order to generate brand awareness which can productively be converted into sales. Moreover, the intended purpose of using communication channels is to stimulate buyer readiness through knowledge dissemination which educates the public about the damages of conventional fossil fuel engine cars and the new hybrid technology which has been stylishly designed in the form of Toyota Prius series. This notion is intended to trigger consumers to consider a change in their automobile preferences in order to try out the hybrid car series by Toyota which is both, energy efficient and cost effective, as compared to other cars by the competitors. So, the main focus can be said to highlight the novel attributes of the Toyota Prius family and its hybrid technology. Also, the economic perspective of the Toyota Prius series is pivotal in convincing consumers that the cars have been made to suit the needs of everybody including families, individuals, and adventurous youths. Communication Strategy Communication strategy is an important phase of strategy development and marketing products. In particular, it is critical to the segmentation, targeting, and positioning of the Toyota Prius family in the minds of the target consumers. The image any particular brand conjures up in the mind of the consumer is significant in determining brand equity. Our aim has been to create brand equity by encouraging the image of Toyota Prius as being synonymous with the environmental responsibility. All these ideas and company values held by Toyota about the environment can be efficiently communicated to the general public through communication channels which make up the bulk of the promotion mix. Thus, in order to create convince the consumers regarding the ethical values held by Toyota, the Prius family will be launched as an exemplary car incorporating those moral values which carry the essence of pocket and environmentally friendly hybrid technology. Advertising: Print advertising will be employed on expensive magazines with glossy papers to create the image of Toyota Prius as a premium brand. Only high quality newspapers will be chosen to advertise about the various Toyota Prius models detailing some of its specifications in order to attract consumers. The technical specifications are intended to be highlighted distinctly in order to instigate a visual comparison of technical specifications provided by hybrid cars of other brands. This will enable a more graphic and stimulatory effect on consumers who may want to switch to Toyota Prius due to its tailored facilities for individuals falling under different income brackets, usage rates, and preferences. Television commercials will also focus on highlighting its eco-friendly aspect, comfort, fuel efficiency, and cost effectiveness in order to target the price sensitive New Zealand market. However, despite the price sensitive demographics of the New Zealand population, the focus of the advertising will remain on its features and attributes rather than its pricing in order to circumvent stereotypical price wars in the hybrid automobile arena. Sales Promotion: Toyota Prius could be exhibited in major trade shows showcasing only cars operating on hybrid technology. Also, all the models from the Prius family could be opened for test usage and test drives so that consumers can experience the comfort and unique drive. After all, the purpose is to show that the car series is meant for everyone no matter how diverse their interests and activities are. Major malls could present Prius models for families to see the car and sit inside however there might be some restrictions of test drives. Apart from that, Toyota could sponsor other events which demonstrate the capabilities of hybrid cars that are at par with fossil fuel cars in terms of functionality. This will help spur sales and promote the use of hybrid cars among deeper market segments helping the technology to penetrate into other layers of consumer groups. Sponsorships: Toyota Prius could sponsor major environmental campaigns in order to promote environmentally safer cars with less gas emission thereby protecting the climate. Again, these efforts will help build the image of Prius as an eco-friendly car designed to emit less harmful gasses. Also, corporate social responsibility projects on environmental damages could help reflect the sincere intention of the Toyota company to protect the environment. Such efforts will help build up support for the company’s efforts to introduce the hybrid technology into consumer groups so as to get it recognized as the future of automobile industry. Perhaps the most feasible and effective media for a campaign will be print advertisements and television commercials because of their ability to reach larger audiences. This will help disseminate the information thereby positioning Prius in impactful ways. Through creative television commercials Prius will occupy the position as a car fit for personal and family usage thereby attracting all sorts of drivers including adventurous ones and those using the car for daily purposes. While trade shows and other selling efforts could also prove to be effective, nevertheless the electronic advertising platforms will provide a larger exposure to the targeted audience for the Prius cars. This will also help spread the message pertaining to hybrid cars thereby enabling Prius to gain a huge market share. Communication Schedule Toyota Prius Communication Plan Actual Launch of Prius 0 days Tue12-09-25 Tue12-09-25 Advertisements 420 days Sun 12-01-01 Thu 13-08-08 Television Commercials 231 days Thu 12-09-20 Thu 13-08-08 Newspaper 376 days Thu 12-03-01 Thu 13-08-08 Magazines 376 days Thu 12-03-01 Thu 13-08-08 Sales Promotion 73 days Thu 12-09-20 Mon12-12-31 Trade Show Exhibitions 73 days Thu 12-09-20 Mon12-12-31 Environmental Campaign Sponsorship 45 days Mon 14-06-02 Fri 14-08-01 Budget for Communication Resource Name Type Initial Std. Rate Ovt. Rate Cost/ Use Accrue At Base Calendar TV Material T 100,000 0 Prorated Newspaper Material N 100,000 0 Prorated Magazines Material M 60,000 0 Prorated Trade Show Exhibitions Material T 100,000 0 Prorated Environmental Campaign Sponsorship Material C 200,000 0 Prorated TV $100,000 Newspaper $100,000 Magazines $60,000 Trade Shows $100,000 Environmental Campaign Sponsorship $200,000 Total $560,000 20 % of targeting sales $560,000 Recommendations It is recommended that the marketing strategy for Toyota Prius focuses on spreading its external side which is essentially safe for the environment as it conserves the energy of the world and that of its owners by saving their share of the wallet. Also, apart from differentiating itself on price the emphasis should be on quality and convenience for its consumers thereby competing with its competitors in a healthy way. Indeed electronic advertising sources will prove to be effective in the sense that they will communicate about the new series which Toyota has launched with the revolutionary technology combining electric and fuel engine. By doing so, Toyota Prius will achieve what it aims to: a large market share thereby shifting the preferences of the population to hybrid cars. Conclusion Thus, communication channels will play a great role in the promotion of Toyota Prius by informing the consumers about its benefits and stimulating the desired sales response. While the various communication channels vary in their methods, nevertheless they will help to position Toyota Prius as a premium brand for hybrid cars characterized by superior customer value and relationship in terms of greater affordability, cost effectiveness, efficiency, and maintenance. References Auto Guide. 2012. 2012 Toyota Prius vs. 2012 Honda Civic Hybrid. [online] Available at: http://www.autoguide.com/car-comparisons/2012-toyota-prius-vs-2012-honda-civic-hybrid-1934.html [Accessed: 31 Jan 2014]. Edwards, D. 2012. Toyota Prius C 2012 car review. [online] Available at: http://www.aa.co.nz/cars/car-reviews/toyota-prius-c-2012-car-review/ [Accessed: 31 Jan 2014]. Forecastthefacts.info. 2013. Hybrid Car Reviews: Advantages and Disadvantages of Hybrid Cars. [online] Available at: http://www.forecastthefacts.info/advantages-and-disadvantages-of-hybrid-cars.html [Accessed: 31 Jan 2014]. Greenop, M. 2012. Toyota Prius v: Hybrid wagon adds range appeal. [online] Available at: http://www.nzherald.co.nz/hybrid-and-electric%20cars/news/article.cfm?c_id=1503064&objectid=10814747 [Accessed: 31 Jan 2014]. UK Essays. 2014. The Targeted Toyota Prius Advertisement Plan Marketing Essay. [online] Available at: http://www.ukessays.com/essays/marketing/the-targeted-toyota-prius-advertisement-plan-marketing-essay.php [Accessed: 31 Jan 2014]. The Audacity of HOPE. 2010. Toyota Prius Marketing Plan. [online] Available at: http://gracewxy.wordpress.com/2010/06/23/toyota-prius-marketing-plan/ [Accessed: 31 Jan 2014]. Toyota New Zealand. 2014. 1.8L Prius. [online] Available at: http://www.toyota.co.nz/NewVehicles/Models/Passenger/Prius/Hybrid5DrHatch/1.8L/ECVT/Overview/ [Accessed: 31 Jan 2014]. Read More