Marketing Plan for Toyota Prius Essay

1. Executive SummaryToyota Motors is preparing to ground the modernistic Toyota Prius Hybrid. The Prius pull up stakes be victimization the Hybrid Synergy jampack (HSD) with features corporate trust passing efficient petrol railway locomotive and an electric motor. The electric vehicle (EV) wholeows the Prius to depict purely for low noise and nonentity in fuel role (Toyota Company, 2012). Due to the ever so increasing presence of green revolution, Toyota Motors wants to lay down advantage of the potential sum up in demand for loan-blend vehicles (Boschert, 2007). Having been voted the Worlds No 1 Hybrid in 2010 (Toyota, 2013), Toyota Motors befool made an executive end to progress producing the Prius, giving the world its premier mass- let outd hybrid gondola. As a result, regular(a) before launching this pertly harvest-time it is signifi bunst for Toyota Motors to prepargon strategic marting place so that the Toyota Prius take to the woodserpot impact the commercializeplace.2. Current Marketing location1. ProductLet us effect a face up at the Prius with see to its exterior, interior, performance, safety and damage (Toyota Company, 2013).Exterior The Prius has a distinct design shaped by using a comprehensive nuzzle to aerodynamic theory and performance, contributing to its effective performance and outstanding fuel faculty. intimate The interior of the Prius ex embracees the spirit of innovation which is ready and inviting. The Prius is full equipped with soft lines which flow around the occupants as passengers and drivers alike die away comfortably.Performance The Prius is a combination of highly efficient engine with a fully equipped electric motor. The HSD provides a smooth, antiphonary performance which accommodates low fuel consumption and low exhaust emission.Safety The Prius ensures tranquility of mind. This means that it is fully equipped with fighting(a) and passive safety measures that integrate the utilisatio n of advanced technologies helping to ensure the highest level of safety.Price The Prius is currently priced at RM 139,915 with amends for consumers in Peninsular Malaysia. As engineering science for the Prius subjoin, Toyota leave behind surely lower its commercialize price so as to make it more(prenominal) affordable for consumers.2. Market information jibe to a gaze through with(p) by J. D. Power published in 2012, al close 23% of respondents have a bun in the oven indicated that the conterminous car they would buy or absorb would most likely be a hybrid car such(prenominal) as the Prius (Tuttle, 2013). Toyota being the top manufacturing hybrid car company has certainly managed to push beyond its original niche status and give-up the ghost a best seller crosswise the globe.3. CompetitionThe Prius continues to face intense tilt from different automakers. One of Toyotas master(prenominal) competitors is fording. interbreeding has recently launched the C-Max. The C -Max has been impressive preserve higher(prenominal)(prenominal) gross gross revenue than the Prius V (Turtle, 2013). In January 2013, Bloomberg reports that Ford hybrid gross sales have increased five-fold. Ford has sold 6000 hybrids in January 2013 as compared to alone 1200 in January 2012 (Trudell, 2013). Erich Merkle, Fords sales analyst has even reported that we are looking toward 2013 as being a record sales year for our hybrid vehicles. Also, Fords foodstuff share has increased from 7% in 2012 to 16% in 2013.4. Macro-EnvironmentWe leave behind be using the PESTLE abbreviation as a official document to intelligibly tell apart and analyze the key drivers of dislodge in the business environment (Johnson, Scholes and Whittington, 2008. As stated by Orfano, this PESTLE tool allows the assessing of the current environment and potential changes (Orfano, 2011). We shall look at these 6 factors based on the look for through by offend and co (Sin, 2012).Political Factors The Prius has a tyrannical political impact be motility by manufacturing these hybrid cars, a country reduces the dependence on petrol. This is true for countries that do not commence oil.Economic Factors Consumers will begin to contract the Prius because of the fuel savings oer duration returnss. Also, the live of insurance and road evaluate for the Prius is relatively lower that a radiation pattern gasoline car.Social Factors Since change in the climate is a serious issue, Toyota should fix a vehicle which will not bring pollution to the environment. Although the Prius is signifi set uptly higher in value than conventional cars, with engineering increasing in the near proximo it is very likely that the price of the Prius will decline accordingly as the Prius engine room become more familiar.Technological Factors Hachman suggests the technology used in Plug-In Hybrid electrical Vehicles is the idea of using the batter power car. The recharging eon is one and a half(a ) hours for 240V AC or three hours for 120V AC. The plug-in will switch to hybrid mode, providing an estimated 49 miles per congius (Hachman, 2011). In order to increase mileage, the Prius is built from a body of lightweight materials such as carbon fiber, aluminum, magnesium and titanium. licit Factors According to the United States department of naught lead programs office (LPO), it encourages advance tripping energy technologies. This is to contribute meaningfully to the objectives of including occupancy creation, reducing dependency on external oil, improving environmental legacy and enhancing American competitiveness in the global preservation of the 21st century (U.S. Department of Energy, 2005).environmental Factors The Prius unlike different cars does not produce gases such as carbon dioxide, carbon monoxide, sulphur oxides, oxides of nitrogen, hydrocarbon and lead which can cause many health problems. Not only does the Prius, provide a public benefit but at the sam e propagation it does not compromise on its safety, tone of voice and functionality.3. SWOT AnalysisIt is importance to identify Toyotas organizational strengths and weakness unitedly with its opportunities and threats. The ultimate goal is to identify Toyotas core competencies things that Toyota has or does relatively puff up as compared with competitors (Schermerhorn, 2011).Strengths Weaknesses Best fuel efficiency of any midsize car Fuel thriftiness varies and optimization requires careful driving commodious interior Premium price compared to mistakable non-hybrid cars Good performance compared to non-hybrid vehicles Other cars are available in the same price range with significantly Comfortable higher performance Quiet at all speeds Requires more energy to build than equal non-hybrid cars Smoother transmission than most other cars Appeal of la sample technology borderline impact on environment fantabulous scoring on crash test Opportunities Threats It is likely that petroleum will cost more in the future as suppliesHigh mileage clean diesel based cars are becoming more available and diminish which may increase demand will grab market share Awareness of environmental concerns is growth Other hybrids such as the Ford C-Max will soon enter the market sales are likely to permeate new markets in developing countries over Toyotas recent negative press and widespread recalls are likely to time scare some potential buyers. (Halbright, 2010)4. Objectives growth awareness of Toyota Prius by 50% in the next 3 years behinding new markets in developing countries.Increase make out sales of Toyota Prius by 40% by the end of 2013 (Refer to Appendix Note 1) arrange substantially in positioning a distinctive Hybrid Synergy Drive (HSD) projecting low noise and zero fuel consumption.Start positioning Toyota Prius as an environmental friendly family car.5. Marketing schemeCreative Strategy The Toyota Prius offers features that no other car off ers. This in itself is its unique exchange point and should be emphasized in market furtherances. As a deject to achieve the increase in awareness, promotion should concentrate on the education aspect. confabulation Mix As for communicating the Prius, 2 factors should be considered a) the type of product (high involvement) and the introduce in the product life cycle per second (introduction). With regards to high involvement, personal interchange is primary(prenominal) because it provides more conviction of purchase. ain selling will be carried out by the local car dealers who invite to have sufficient knowledge on the Prius. Personal selling will too include fair gameing corporate companies or fleet acquire segment. As for the stage in the product life cycle, sales promotion is most effective trigger for a purchase. Sales promotions are useful at the informant of the product life cycle to increase acceptance or provoke a test drive.Media Strategy The internet plays an important role. A direct mail will be sent to potential buyers and alter buyers to purchase the Prius online which would include a downloadable e-brochure. both advertisements will bear the Prius web aim to make it easy for buyers to find it. overly that, target adverts will be displace in quality newspapers especially those newspapers with spend car editions such as The Star, rising Straits Times, The Sun etcetera Also, since the television system is a good medium to target a wider audience it should be a priority. The TV stations would include TV3, NTV7 etc. Not forgetting outdoor billboards positioned at particularized junctions. This could be complemented with a TV and print advertising where it is visible for potential buyers to see.Pre-Launch This is significant to get potential buyers excited slightly the new and upcoming Prius. Focusing on the pre-launch could potential determine how well the Prius sells. Consequently, an anchor ring of excitement should be bu ilt from fond media, direct mail, advertising, television adverts etc. This would excessively create awareness for the product that has a long purchase cycle and a long decision time.6. Action Programs by and by the serve program will be over a span of 3 years. So as to align our action program with our objectives, our marketing strategies will outright plan to achieve the objectives in which we develop out. (The breakdown of the action program is committed in the Appendix Note 2-4)7. communicate dough and Loss StatementsThe intercommunicate Profit and Loss Statement would project a gross profit of RM 172,787.50. This comes from a communicate unit sale of 2,500 units. (The breakdown of the Projected Profit and Loss Statement is committed in the Appendix Note 5)8. ControlsSo as to maximize the return on the marketing plan, there studys to be controls in place to manages the plans progress (Anderson, 2013). guest Feedback To monitor the marketing plan, Toyota asks to monit or customer feedback through canvas and surveys. Toyota can reach our buyers indirectly through hosting online polls on the Internet. Consequently, surveys can be done with marketing groups or via individual interviews by phone or in person. level Market Sales The Toyota Prius sales can be measured by the units sold. This is also done through market survey or at the point of sale. For example, if the target market is male ages 40 to 50, and so market sales reports would monitor sales made to that group. On the other hand, if sales are down, then further market research would need to identify sales made to that group.Budgeting This would include printing expense, turn on expenses for trade shows, cost of market research studies and internal personnel costs. These costs would need to be closely monitored to minimize spending and maximize profitability.Market Share Toyota would need to control market share which is the dowry of consumer sales dominated by the Prius. According to T urtle, the Toyota Prius market share decrease from 68% in 2012 to 60% in 2013 (Turtle, 2013). Subsequently, Toyota would need to increase market share and continue to place the Prius stamp in the marketplace.