According to the article the Toyota was already well into a $40 million campaign targeting a different set of consumers, but the majority wanted greater fuel efficiency and something that would not contaminate our environment. Then Toyota came out with the idea of the Prius, thanks to this car, the company generated a profit over the 100% rise in sales. Firstly, the company has spent a lot of money on the re-launch of the new and improved Prius model which is over 40 million dollars. The four ‘Ps’ are used for everything, and Toyota used them perfectly, starting off with the main objectives of the company to provide a new and techno product to the target market it was able to cover its operating and marketing costs and also make build a profitable customer relationship. According to the article Toyota did not want to take any chance for interpretation of the features of Prius, they did not offer online purchase facility to customers. As a matter of fact they hired agents that helped promote the new brand of hybrid; also the agents provided professional training to them to provide maximum customer satisfaction. Then, the company’s marketing strategies also included taglines with emotions which were very effective in its promotion. Toyota’s main target was those customers who were ‘techies’ and were ready to buy the product at its launch. Thanks to that In summer 2004, the gasoline prices rose so the demand for Prius increased and so did the waiting lists (it was a perfect time for the Prius).
Please join StudyMode to read the full document