The target market comprise of early adopters and technophiles. The marketing mix for Prius shows that it is a great product with superior technology. It has used great promotions and effective distribution channel in order to promote Prius. The internal resources of the company namely the production system, corporate culture, distribution channels and financial resources are the key factors which have helped Toyota attain market leadership.
The report then analyzes the external situation in terms of competition and macro environment. There is intense rivalry among the major players namely GM, Ford, Chrysler, Honda, Nissan. Honda was the first company to launch hybrid cars after Toyota.
The macro environmental factors include strict emission norms by the US government, efforts to save the domestic industry and so on. The report concludes with the SWOT analysis of the company and with strategic recommendations.
Toyota first entered US in 1957. Today Toyota is the market leader in the global automobile market. The production system of Toyota is accepted worldwide and every company is trying to implement the production system of Toyota. Realizing the need for economical cars, Toyota was the first company in the world to come out with hybrid technology cars. It came out with the Prius in 2000. The share of hybrid vehicles in US is 2.5% which is the highest in the world.
The report tries to analyze the internal and external situation that is affecting Toyota Prius. It tries to find out the market situation, target market, marketing mix, supplier situation and the internal resources and capabilities of Toyota. It then analyzes the external environment in the context of industry rivalry and the macro environment.
The automobile industry in US was the largest in the world till 2009. It was the most attractive destination for all car manufacturers. However due to recession which has affected US the most, the sales has declined considerably. The sales of automobile