With most of the industries got affected with it the current economic slowdown had a negative impact on the automobile industry as well. Car sales became drastically slow as most of the people limited their expenses to the most necessary things. Because of this huge influx of recession the big three car manufacturers General Motors, Ford and Chrysler were on the brink of bankruptcy.
This was not the case with Toyota, and the reason why Toyota got away from this situation was because of the company’s ability to target the market in a better way than the big three. The primary motive of launching Toyota Prius is in line with recognizing consumer demand for better fuel economy and reduced emission. Keeping in mind the growing demand of environmental friendly cars the company is deciding to launch its product, while catering consumer needs and growing its image in the mind of the customers (Rodriguez and Page, 2004).
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