Toyota Prius Case Study Answers

Answers 1.Defne the term “Niche Market”Niche market is a small but proftable segment oF a market suitable For Focused aTen±on by a marketer. Market niches do not exist but are created by iden±Fying needs or wants that are not being addressed by compe±tors, and by o²ering products that sa±sFy them.2.Explain the statement “³oyota not only dominated the niche- it was the niche.”³oyota, a huge company with a global Focus on the auto business, is an excellent niche marketer. ³hey were one oF the frst companies to realize there was a group oF car buyers who would be very interested in environmentally Friendly cars hence there were no compe±±on in the market. ³oyota answered this need with development oF the legendary Prius, the frst mass produc±on hybrid car. Where other car manuFacturers saw ³oyota taking a huge risk, ³oyota saw it as an opportunity to iden±Fy a new niche and establish its brand in that niche. In marke±ng, it is o´en the frst brand to market, iF executed successFully, that can own

Fundamentals of Marketing MKT 351 Khalid Dubas Spring 2014 Video Case Study 3 - Toyota Prius The Power of Excellence in Product Innovation and Marketing 1) In what stage of the product life cycle is the Toyota Prius? Explain. The Prius is in the maturity stage because it has a large amount of competition from other car manufactures, which means the market is flooded with hybrids. Companies like Ford, Hyundai, and Honda all offer hybrid cars. Toyota is only receiving modest profits from their Prius due to the increased completion that offers better, newer, and cheaper models of their car. 2) Describe the marketing strategies being followed by the Toyota for the Prius. They follow the marketing strategy that is consumer focused and how to meet their consumer’s needs. Toyota introduced hybrid cars as an alternative to fuel only cars and marketer their Prius towards eco-friendly individuals. Their marketing strategy consisted of advertising, promotions, incentives, sponsorships, press releases, and their reputation for build quality cars. Then when completion grew they focused on the quality of cars they build. Every new model of

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