Major Acroenvironmental Effects That Affect Toyota Prius
Outline the major macroenvironmental factors-demographic, economic, natural, technological, political, and cultural- that affected the introduction and relaunch of the Toyota Prius. How well has Toyota dealt with each of these factors?
- Demographic factor: Due to the rapid growth of population, the demand for automobile had grown swiftly and the consumers are likely to compare the differences and improvements in various automobile before they made their choice. Therefore from the beginning, Toyota has its focus first on both the early adopters and techies who are willing to take risk and are attracted by the Prius’s advanced technology. (Kotler et al., 2009) As the communities were growing to be more concern for the environment, Toyota concentrated their targets on the environmentally conscious consumers as well as the consumers who were desired for more fuel efficiency when the second-generation Prius was introduced in 2004. (Kotler et al., 2009)
- Economic factor: The automobile industry was always seen to be periodical and has been responding to the economic climate accordingly. (Beauchamp, 2006) Disregard of the weak economic growth and high oil prices, the sales figures for automobiles have been stable lately in North America, Europe and Asia and this had led to the emergence of new customer and growth. (Beauchamp, 2006) The fierce competition among the manufacturers had urged Toyota to conduct more research and development on Prius. Therefore, up to 2010, Toyota had launched a total of five generations of Toyota Prius where they keep on making amendment according to the latest technology and preferences of their buyers.
- Natural factor: As the gasoline prices began to rise in the summer of 2004, buyers started to shift toward smaller SUVS, cars and hybrids which are more fuel efficient and less oil dependent. (Kotler et al., 2009) A few substitutes like hydrogen, ethanol fuel mixes and hybrid technology had emerged as a replacement for petrol as
- Demographic factor: Due to the rapid growth of population, the demand for automobile had grown swiftly and the consumers are likely to compare the differences and improvements in various automobile before they made their choice. Therefore from the beginning, Toyota has its focus first on both the early adopters and techies who are willing to take risk and are attracted by the Prius’s advanced technology. (Kotler et al., 2009) As the communities were growing to be more concern for the environment, Toyota concentrated their targets on the environmentally conscious consumers as well as the consumers who were desired for more fuel efficiency when the second-generation Prius was introduced in 2004. (Kotler et al., 2009)
- Economic factor: The automobile industry was always seen to be periodical and has been responding to the economic climate accordingly. (Beauchamp, 2006) Disregard of the weak economic growth and high oil prices, the sales figures for automobiles have been stable lately in North America, Europe and Asia and this had led to the emergence of new customer and growth. (Beauchamp, 2006) The fierce competition among the manufacturers had urged Toyota to conduct more research and development on Prius. Therefore, up to 2010, Toyota had launched a total of five generations of Toyota Prius where they keep on making amendment according to the latest technology and preferences of their buyers.
- Natural factor: As the gasoline prices began to rise in the summer of 2004, buyers started to shift toward smaller SUVS, cars and hybrids which are more fuel efficient and less oil dependent. (Kotler et al., 2009) A few substitutes like hydrogen, ethanol fuel mixes and hybrid technology had emerged as a replacement for petrol as