Toyota Niche Marketing

Topics: Toyota Prius, Toyota, Plug-in hybrid Pages: 5 (2625 words) Published: November 3, 2014

Course Title: Marketing
Faculty: Mr Sleeman
Student Class: E 60 BBA
Name: Omar Issa 80010049339500
Toyota Hybrid embraces a new strategy to target its Niche Market Toyota Motor Corporations better known for Toyota is a multinational cooperation that manufactures vehicles and was founded in Japan, in 1957. Toyota owns other car companies such as Lexus and Scion and decided to surprise the world with the first mass-produced gas/electric hybrid car CITATION Yol13 \l 1033 (Zavala, 2013). In 2010, Toyota unveiled a new concept that would assess a strategy to attract more customers to its ecofriendly car design that uses battery electrics for the vehicle to functionCITATION Bea06 \l 1033 (Beauchamp, 2006). The niche markets that Toyota targets are customers that are searching for an ecofriendly car that will not harm the environment, along with avoiding hefty fuel expenses. Toyota has researched the demand of the customer in the future as the demand for fuel is increasing, there is limited supply of fuel; therefore, customers will want an alternative. Toyota focuses on innovation, as scientists researched a way to help the environment and customers. Targeting the niche market, Toyota designed the cars to be innovative, colorful, stylish and at an affordable price to attract young customers CITATION Yol13 \l 1033 (Zavala, 2013). Toyota aims on taking over North America as a main target market creating different varieties of hybrid models aiming to sell a million per year. Customer satisfaction is important for Toyota as they are designing the ecological car reducing the weight and cost of the car to improve the batteries energy density, reliability and life CITATION Yol13 \l 1033 (Zavala, 2013). Partnering with Panasonic Toyota was capable of improving its hybrid technology to achieve maximum electricity to follow the speed of the highway and capable of maintain longer distance for travelling. Scientists were capable of developing devices within the car that will inform the passenger how the car functions and the battery life. Toyota decided to develop hybrid niche in the marketplace by investing in ‘energy saving’ technology and is yet to overcome its competition in the marketplace to prove its advanced hybrid technology. Ford and Honda are one of Toyota’s main competitors as they are in the process of developing a new hybrid technology car that will challenge with Toyotas hybrid car. Clients will be willing to pay more depending on saving fuel. Toyota is marketing a car that has great environmental performance as well as great driving performance CITATION Bro05 \l 1033 (Brooke, 2005). Toyota might have not been the first automaker to start the hybrid car concept; on the other hand, has succeeded to elaborate and improve the eco-friendly equity. Clients are usually attracted to this market because it would allow them to save money, as gas prices are steadily increasing. Toyota invested in advertising by posting billboard ads and appearing in the super bowl commercial informing the clients it is convenient to save fuel. Marketing team where sent to promote the hybrid model of Toyota. Over 40,000 people have participated as they observed trailers about the hybrid design; the campaign successfully attracted 25% of the visitors inquiring further information about the hybrid vehicle CITATION Hal07 \l 1033 (Halliday, 2007). Sustainable development was a key to Toyota’s marketing campaign as people had the opportunity to plant trees in different states achieving 50,000 trees to help the environment, known as the hybrid tour. To attract more people further information can be seen on their website on how they can participate. A small team of engineers in the company are working on improving the energy efficiency of the car. Every year they are being honored with the national model of sustained excellence award “Now, when Americans think of hybrids, they think of Toyota” CITATION Hal07 \l 1033 (Halliday,...

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