Toyota Prius Research Paper
MMGP: Research Paper
Abstract
This paper will provide an in-depth analysis of the Toyota Prius from a Marketing viewpoint. The research provides background information, market analysis, branding, services/ pricing and promotional information regarding the Toyota Prius. This paper provides the decision making and analytical processes necessary to implement a successful marketing program for the Toyota Prius.
Description
The Toyota Prius is considered a full size hybrid electric mid-size hatchback. The Prius design offers comfortable seating for five and has impressive cargo space, something lacking with its competitors. The Prius has an estimated fuel-efficiency rating of 50 mpg, when using the U.S. EPA combined cycle. This car is on the top of the list for the most fuel efficient cars on the market. With rising gas prices, this fuel efficient car is the most popular hybrid available to consumers today. The overall design of the Prius is characterized by a streamlined nose and curved roofline. This vehicle carries an impressive base price of about $19,000.00.
The Prius has several models and trim packages to choose from allowing the customer more options in the current hybrid market. They have a standard model with a hatchback, a compact version and a new station wagon called the Prius V. “According to Hybrid Car Review (2012), “Toyota’s Hybrid Synergy Drive System allows the Prius V to travel at “in town” speeds on electric power alone. Sensors decide when to employ gasoline engine power or a combination of gas and electric propulsion; the goal is to efficiently balance fuel economy and acceleration”.
History
Toyota first designed the Prius hybrid model in 1997 and has re-designed it to meet the current market demands. Not only have they improved the exterior design, they have increased the interior seating area and provided more cargo space. The new, third generation designs boast a more attractive exterior model design. Toyota has and will continue to be a leader in the hybrid industry.
The Old Four P’s
The “the old four p’s” of product, price, promotion and place were introduced to the marketing world by E. Jerome McCarthy (Kotler & Keller, 2012, p.25). In order to examine the Toyota Prius’s marketing campaign using the old marketing mix the first part to consider is the actual product. The next “p” to consider is price. The cars are priced according to the selected options; each model gets the same mileage per gallon. A comparison of the Prius to the Honda Civic Hybrid, which is a competitor, reveals it is priced appropriately for the market; with better