Sample Term Paper
Toyota Prius is a hybrid car that comes under the heading of lower/medium passenger car segment often denoted by ©. Nevertheless as Prius is the first mass produced hybrid therefore the market for this kind of a product is very new and the competition is not very intense. If we take into consideration the UK market Prius is only getting competition with the Honda Insight. The reason why we are saying that competition is not very intense is due to the fact that although Honda insight is the main rival of Prius but they are not offering the same convenience which is provided by the Prius. Also the Honda Insight is designed as a two seat sports car as compared to the Prius that aims at providing the same comfort which any other © segment car can provide. Also an advantage that Prius have over the Insight is that Prius is more of a conventional car, so the © segment customers are more likely to go with the Prius rather than the Insight which is more of a sports car.
According to the market analysis of U.K the primary target market can be categorized into two groups which include the private buyers and the corporate buyers. The Prius becomes particularly more attractive for the business buyers because they buy cars for rental purposes or for company fleets. Also the operating cost of the Prius is very low which makes it even more beneficent for the corporate customers (Rodriguez and Page 2004).
Apart from the environmentally aware target market, another sector which the Toyota Prius can target is the area innovators and early adopters of new technology. Similarly they can target those people who are aware of the environmental hazards caused by C02. They can transmit this message of pollution free driving by designing campaigns that focuses on Toyota’s commitment in creating environmentally responsible vehicles (Gutsa 2009).
In pursuit of providing value to the target customers the company should get in contact with the dealers of the cars and set an amount which should be solely dedicated for the dealers to communicate the new hybrid technology to the customer. Likewise another customer satisfaction tool which Toyota can provide is to execute the rental program of Prius (Hage and Meeus 2006). The findings from the survey questionnaire showed that primarily customers with family prefer hybrid cars (Williander 2005).
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