Jose Maya
October 5, 2012
Marketing 3301
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 Toyota Prius was in the market introduction stage then it matured into the market growth stage. In the Product life cycle there are four different phases. There is market introduction, market growth, market maturity, and sales decline. The Toyota Prius as explained by the book was a new experimental technology that Toyota wanted to test and introduce to the market to see how it would react. Toyota was at a point in their business where they wanted to innovate something new. Some of the ideas that Toyota was considering prior to the Prius were …show more content…
After a couple of years of new models and innovative ideas that were integrated to the Prius, I would say it matured into the market growth stage. The reason why I believe this is because after the Japanese market was a success, then the US market being a success, Toyota went on to produce a second model of the Prius. The Toyota Prius was a success from sales and awards that Toyota wanted to market their second generation Prius to a broader market. It was largely more powerful, superior styling and aerodynamics, high tech options such as Smart Entry/Smart Start and also a navigation panel. The Toyota Prius was successfully introduced and marketed. 3. Do you think Toyota should convert all of its cars to hybrids? Why? Why not?
No, Toyota should not make all of its cars to hybrids. Although the Prius was successful, there is still a market for gas powered vehicles than hybrid model cars. Being able to diversify yourself as well is a huge positive in competing with other auto manufacturers. Unless Toyota only wants to compete in the hybrid market which is still relatively new, then I would suggest that Toyota does not convert their entire automobile models to hybrid models. The hybrid market is a growing market, and eventually I could see it taking over, but not in the near future. Hybrid vehicles offer many advantages such as more miles to the gallon, they are environmentally