Toyota Prius Marketing Strategy & Marketing Mix (4Ps)
Published by MBA Skool Team, Last Updated: January 30, 2021
Marketing Strategy of Toyota Prius analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Toyota Prius marketing mix, help the brand succeed.
Toyota Prius marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Toyota Prius Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Toyota Prius Product Strategy:
The product strategy and mix in Toyota Prius marketing strategy can be explained as follows:
Toyota Prius is an eco-friendly hybrid car from Toyota which runs on both petrol and electric power. Prius has specifically been designed aerodynamically to reduce the wind resistance and friction in the tires. Toyota focusses safety of the passenger by providing the car with airbags, ABS and many other features. The car has many entertainment and comfort facilities like JBL music system, charging ports, leather seats and much more. It has LED headlamps and front fog lamps which are helpful in winter seasons. The car has 27.3 cu ft. of space behind the rear seats and if more space is required then the rear seats can be folded. The car is also very low on noise and has a high mileage.
Toyota Prius Price/Pricing Strategy:
Below is the pricing strategy in Toyota Prius marketing strategy:
As Prius comes in the premium car segment, it is priced higher comparatively with other cars.
Its on road price globally starts at $25k, and in India it is Rs50 lakh. The price is also higher as a lot has been spend by the company in the research and development of the car. Prius’ pricing strategy in its marketing mix can be justified by the number of services and features the car provides which makes it reasonable. In US, the Toyota is priced at $25000, which is higher than its competitors like Honda Civic and Chevrolet Cruze.
Following is the distribution strategy in the Toyota Prius marketing mix:
Toyota Prius is sold in more than 90 countries worldwide. The dealership is the main form to purchase the car. There are currently 296 authorized dealerships in over 227 cities in India. For manufacturing, Toyota focusses on lean and kaizen methods. Toyota does not produce all the parts of the car. It purchases all the parts from local or international vendor and assembles them at their manufacturing site. After manufacturing, the cars are sent directly to the distributers. In India, the distributer is Toyota Kirloskar Motor which is a subsidiary of TMC.
From the distributer, the cars are sent to the showrooms based on bookings and demand.
Toyota Prius Promotion & Advertising Strategy:
The promotional and advertising strategy in the Toyota Prius marketing strategy is as follows:
It relies heavily on promotion to distinguish its product from other competitors. In US only, the marketing budget is huge every year and the money are spent in every form of marketing like digital and traditional. It markets itself as the safety-centered, innovative, eco-friendly In India, Virat Kohli is the brand ambassador of Toyota who promotes Prius as well. It also spends on eco-friendly initiatives which creates a positive image in the minds of the consumer. Hence this completes the Prius marketing mix.
About Toyota Prius:
Toyota Motor Corporation is an automobile manufacturing based Japanese company founded by Kiichiro Toyoda in 1937. It has a huge product line covering SUVs, cross-overs, pickup trucks, buses, luxury vehicles, cars, hybrid cars, and concept vehicles. Some of its famous products are Fortuner, Camry, Corolla, Land Cruiser, Highlander, Yaris and Prius. Toyota has a huge line setup in the hybrid car series. Toyota Prius is the flagship car of its hybrid series and is the first mass producing hybrid car. The car developed in 1997 is one of the most environment friendly cars which runs on both fuel or electric power or the combination of both. From 1997, the Prius family has expanded a lot and many variations are now present in the market. It is also recognized as the cleanest vehicle by the United States Environmental Protection Agency.
It is sold in more than 90 countries and has a market share of almost 61% of the total hybrid cars present around the world. Its sales have only seen growth over the years except for 2011 and 2014.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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