Plug-in Hybrid and Prius
1. What microenvironmental factors affected both the first generation and second generation models of the Toyota Prius? How well has Toyota dealt with these factors?
When the Prius was introduced in the US, it was quite shocking that it became such a big hit. The US auto market had been dominated by SUV’s for quite some time, and it seemed that a car that was small, slow and lacked power wouldn’t be attractive to American consumers. The advanced technology was very attractive to the “early adopters” and the consumers were willing to pay over the asking price to get a Prius. When gas prices soared so did the demand for the Prius.
Toyota has dealt with these factors well. Successfully introducing a small hybrid into a market dominated by SUV’s is no small feat. Toyota’s success with the Prius is mainly due to their targeting strategy. By targeting the perfect group of consumers, sales and demand grew exponentially, and pricing has and continues to be at a premium.
2. Outline the major macroenvironmental factors – demographic, economic, natural, technological, political, and cultural – that have affected Prius sales. How well has Toyota dealt with each of these factors?
Prius sales benefited from a number of macroenvironmental factors. When the Prius was first introduced, Toyota targeted the “early adopters,” a group of consumers that were interested in the advanced technology of the vehicle. Many of these owners found creative ways to modify and hack the computer system and chatted about it online. Another group of consumers that Toyota targeted were the environmentally conscious and/or consumers that desired more fuel efficiency. Both groups showed high demand for the Prius and were willing to pay premium pricing for the vehicle.
Prius sales also benefited from factors such as monetary incentives offered by the federal and/or state governments in the form of tax breaks. Some states started issuing permits to hybrid owners to drive in the High
When the Prius was introduced in the US, it was quite shocking that it became such a big hit. The US auto market had been dominated by SUV’s for quite some time, and it seemed that a car that was small, slow and lacked power wouldn’t be attractive to American consumers. The advanced technology was very attractive to the “early adopters” and the consumers were willing to pay over the asking price to get a Prius. When gas prices soared so did the demand for the Prius.
Toyota has dealt with these factors well. Successfully introducing a small hybrid into a market dominated by SUV’s is no small feat. Toyota’s success with the Prius is mainly due to their targeting strategy. By targeting the perfect group of consumers, sales and demand grew exponentially, and pricing has and continues to be at a premium.
2. Outline the major macroenvironmental factors – demographic, economic, natural, technological, political, and cultural – that have affected Prius sales. How well has Toyota dealt with each of these factors?
Prius sales benefited from a number of macroenvironmental factors. When the Prius was first introduced, Toyota targeted the “early adopters,” a group of consumers that were interested in the advanced technology of the vehicle. Many of these owners found creative ways to modify and hack the computer system and chatted about it online. Another group of consumers that Toyota targeted were the environmentally conscious and/or consumers that desired more fuel efficiency. Both groups showed high demand for the Prius and were willing to pay premium pricing for the vehicle.
Prius sales also benefited from factors such as monetary incentives offered by the federal and/or state governments in the form of tax breaks. Some states started issuing permits to hybrid owners to drive in the High