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Toyota Prius: The Power of Excellence in Product Innovation and Marketing Essay Example

Toyota Prius: The Power of Excellence in Product Innovation and Marketing

September 8, Toyota Prius: The Power of Excellence in Product Innovation and Marketing In what stage of the product life cycle is the Toyota Prius? Explain.
Since its initial launching in 1997, Toyota Prius is currently in its 16 year of manufacturing process and could evidently be in the growth state of its product life cycle. As case facts revealed, only during the introduction and marketing of Prius in the United States starting in 2000 that the product started to peak in demand and sales. As such, in 2004, it was noted that the second-generation Prius actually generated awards for Toyota. The fact that its success opened more opportunities for Toyota to intensify efforts on focusing on the hybrid technology means that the growth stage is evidently active through the manifested characteristics: demand and distribution increases; competition intensifies; hybrid technology applied to other products.
2. Describe the marketing strategies being followed by Toyota for the Prius.
The marketing strategies that were followed by Toyota for the Prius included: (1) the initial hedging strategy which limited the number of units produced while testing the market; (2) application of premium pricing strategy to signify high quality; (3) ad campaign with tag lines such as ‘Prius Genius’ to capitalize on the new technology; (4) use of celebrities to endorse the product; (5) ‘Engine of Tour’ strategy to increase visibility of the product as it was endorsed to leaders in public office, in environmental organizations, and to the media; (6) and promoting its advanced features, core competencies, and distinctive advantages over its competitors.
3. Do you think Toyota should convert all of its cars to hybrids? Why? Why not?
One strongly believes that the decision to convert all cars to hybrids should depend on the
response of the customers and the acceptability of its target markets. If it is able to reach economies of scale that enables them to manufacture and convert all of its vehicles, including

preview essay on Toyota Prius: The Power of Excellence in Product Innovation and Marketing
  • Pages: 1 (250 words)
  • Document Type: Assignment
  • Subject: Marketing
  • Level: Ph.D.
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