Marketing Plan for the Third Generation Toyota Prius Hybrid - Case Study Example

Marketing Plan for the Third Generation Toyota Prius Hybrid Name Course Name and Code Instructor’s Name Date Executive summary This is a marketing plan for the third generation Toyota Prius. The marketing plan aims at increasing awareness about Toyota Prius to about 70% within the target market, create 50% interest in the car, increase the preference for the car by 40%, attain trials of about 30% and attain 80% adoptions among those who try out. The situational analysis indicates that third generation Toyota Prius has a bright future given the soaring fuel prices and the increasing pressure to cut down carbon emission. This report has discussed the marketing plan for the third generation Toyota Prius and it is expected to cost the firm a total of $135,500,000. The third generation Toyota Prius will enhance fuel efficiency and reduce carbon emission. The third generation is available to anyone who believes in green environment and to any person who wants to save on the cost of fuel. The strategies to be used to promote Toyota Prius will include web marketing, sales promotion, direct mail, public relations, trade fairs and exhibitions, advertising and sponsorship. Table of Contents Executive summary 2 Table of Contents 3 Introduction 5 Background 5 Situation analysis 7 The micro-environment situation 7 The current market situation 7 The product situation 8 The customer situation 9 The employee situation 10 The competitive situation 11 The macro-environment situation 12 Political 12 Economic 12 Social 13 Technology 13 Legal 13 Environment 14 SWOT analysis 14 Problem identification 15 The marketing plan objectives 15 Target market and market segmentation 16 Positioning 16 Marketing mix strategies 18 Product plan 18 The distribution plan 19 The pricing plan 19 The communication plan 20 Budget 20 Recommendation 21 Conclusion 21 Reference 22 Introduction Marketing communication is the process by which a firm’s information and its offerings are released to a certain segment of the market. Communication is essential in informing the buyer of the availability of an offering, its unique benefits and where and how to obtain and use the offering (Allred, Addams, and Chakraborty, 2007). Integrated marketing communication plan is a framework for the development, implementation and the control of the integrated marketing communication program of the organization (Davids and Newcomb, 2006). It helps in evaluation of the current situation of the firm. It is also fundamental in the determination of the role to be played by each element of promotion mix. It also helps in developing strategies for each element of promotion mix. The IMC plan enables a firm to plan for the implementation of elements of promotion mix (Allred, Addams, and Chakraborty, 2007). Finally, IMC helps in the evaluation of the results from the implementation of the elements of promotion mix. In this paper we write an integrated marketing plan for Toyota. Background Toyota Motor Corporation is a global automaker whose headquarters are situated in Toyota, Aichi, Japan. The firm was ranked in 2010 as the largest automobile manufacturer by production in the world. The firm was founded in 1937 by Kiichiro Toyoda (Toyota, 2011). The corporation is made up of companies such as Toyota, Lexus, Hino and Daihatsu motors in addition to other non-motors companies (Allred, Addams, and Chakraborty, 2007). Toyota entered the American market in 1957. Initially the name Toyota was associated with toys and pets in American markets and thus it was dropped for some time although the name continued to be used in other markets (Ruskin-Brown & Clarke, 2000). The company received the first Japanese quality control award in 1980s and started to engage in motorsports (Toyota, 2011). The 1973 oil crisis saw many motor consumers turn to smaller cars which were more fuel efficient. Since American car manufacturers neglected small economy cars since they were seen as entry level products, their small cars were of low quality (Toyota, 2011). During mid 1960s, USA imposed 25% tax on importation of light trucks. As a consequence, Toyota and other companies started to build motor plants in US by early 1980s. In 1990s Toyota entered luxury market after successful launch of Lexus in 1989 (Toyota, 2011). By 1997, the firm began production of the world’s best selling hybrid car, the Prius. The firm also had major presence in Europe. The firm was listed on New York and London stock exchanges in 1999 (Toyota, 2011). The philosophy of the firm that has evolved over time is reflected in the terms “lean manufacturing” and “Just in Time production” that the firm is credited for their development. The values and methods employed by Toyota management are referred to as the Toyota way. The values of the firm are summarized into five principles: challenge, improvement, go and see, respect and teamwork. In 2006, Toyota was the most profitable automobile company and in 2008 it was the largest automobile in the world (Toyota, 2011). the company has introduced new technologies in motor industry (Toyota, 2011). One of these technologies was the introduction of mass produced hybrid gasoline electric vehicles which the firm claims to have sold in excess of 2milion by the end of 2010. Toyota is present in all parts of the world and has manufacturing plants or vehicle assemblies for local markets. Situation analysis The micro-environment situation The current market situation By 2008, hybrid cars were still less popular in the world with hybrid cars Europe accounting for less than 0.2% of the total cars in the region. By this time, the demand for hybrid cars was predicted to likely increase based on their fuel efficiency and regulations which were in place to curb emissions (Allred, Addams, and Chakraborty, 2007). The year 2009 was credited for being a breakthrough year for hybrid car sales. In spite a drastic fall in total car sold worldwide in 2009, hybrid car sales recorded an increase in sales of hybrid cars (Toyota, 2011). For instance, Toyota Prius which took position one in total number of hybrid cars sold recorded a 5.3% increase in Japan (Toyota, 2011). It is at this period that hybrid car sales in USA increased to 2.8% from 2.2% the previous year (Toyota, 2011). The US is currently the largest market for Toyota Prius and is closely followed by Japan. In 2007 hybrid car sale increased by 37 and was led by Toyota Prius (Toyota, 2011). Like other hybrid cars, Toyota Prius serves two functions: provision of fuel economy and reduced pollution of the environment. Many car consumers are increasingly seeking for oil efficiency cars and thus the market for hybrid cars is bound to increase. In addition to consumers seeking oil efficiency some consumers are seeking eco friendly products including cars (Allred, Addams, and Chakraborty, 2007). Given that hybrid cars are eco friendly, many of environmental conscious customers are expected to add to increasing number of people who prefer hybrid cars. It is predicted that hybrid cars sales will continue experiencing an upward trend in 2012 (Toyota, 2011). This is based on the fact that there is an increasing concerns over carbon emission reduction and the availability of cost effective and fuel efficient cars such as Toyota Prius. In addition, this argument is based on the fact that many governments are involved in promotion of utilization of green cars. It was predicted that hybrid car sales will increase by 20% between 2008 and 2012. The product situation Toyota was the first company to produce and commercialize hybrid cars on large scale. In the category of hybrid cars Toyota Prius has emerged as the best selling hybrid car in America. The hybrid cars currently produced and sold by Toyota include the Prius, Highlander, Auris and Camry (Toyota, 2011). By the second quarter of 2007, the firm had sold a total of 1 million hybrid cars worldwide (Toyota, 2011). The firm is committed to making all cars from the firm to be hybrid in the long run. Toyota Prius is a mid size hatchback which was formerly compact sedan that is developed and manufactured by Toyota Motor Corporation. The car is a full hybrid electric. The car is rated as the cleanest vehicle sold in US based on toxic emission and smog forming. The first Prius to be sold was in 1997 in Japan. The brand was the first of the hybrid cars to be mass produced. The car was introduced in global market in 2001 (Toyota, 2011). The car is currently sold in over 70 countries and regions. The largest market for the car at the moment if North America and Japan. The cumulative sale of Toyota Prius by 2008 was 1 million (Toyota, 2011). By April 2011 the total sales of the car in USA hit 1 million mark while in Japan the sales reached 1 million mark in August 2011 (Toyota, 2011). The third generation Toyota Prius was introduced in 2009 and by September 2011 over 1 million units of the car had been sold worldwide (Toyota, 2011). In order to compete effectively with the Honda insight the prices of Toyota Prius was reduced from ¥2.331 million to ¥2.05 million. The 3rd generation Toyota Prius has a new body that is more aerodynamic and an underbody rear fin which enables the car to stabilize at higher speeds (Toyota, 2011). According to U.S. EPA the oil efficiency of 3rd generation Toyota Prius is 3.90L/100 km for Prius T3 Urban and 3.70L/100km for Prius T3 Extra urban (Toyota, 2011). Ecologically derived bioplastic were used in the construction of the car. This included cellulose from grass or wood instead of plastics made from petroleum. This implies that the plastics are eco-friendly since they are biodegradable (Sanders, 2010). Thus in addition to being low fuel consumer, the Toyota Prius is made from biodegradable materials making it environmentally friendly product. The customer situation Toyota Prius has some diehard devotees who at the launch of the 3rd generation Toyota Prius were among the fast customers to buy it. It is believed among the devotees of Prius that the car inspires a cult like devotion from people who drive it (Toyota, 2011). People like Toyota Prius because it has unrivaled fuel efficiency of 50 miles per gallon in combined city/highway driving. The car also has a sportier feel and a more aggressive stance (Toyota, 2011). Prius owners believe that the look of the vehicle sends a message which declares that people ought to take the initiative of reducing high consumption. Most customer reviews indicate that customers are thrilled and satisfied with the features of the Toyota Prius car. Due to growing concerns about environmental pollution, soaring fuel prices and recent economic downturn, many people are looking for cars which can give them such features (Baker, 2003). Thus the market for hybrid cars is bound to increase and Toyota Prius will be one of the beneficiaries given that it is currently the most fuel efficient and environmentally friendly car in the market. The employee situation The so called Toyota Way is designed to create a culture where people (employees of the company) bring life to the system. This is attained through working, communicating, resolving issues and growing together. Toyota values its people and hence it involves them in decision making process (Toyota, 2011). They are granted a chance to make improvement suggestions to the way the firm operates (Allred, Addams, and Chakraborty, 2007). In addition, through the Toyota Way, the firm goes further to encourage, support and even demand for employee involvement in all decisions taking place at the firm. The Toyota way is designed to aid its people in continually improving their work. Thus the firm is more dependent on its employees. The Toyota Way adopted by the Toyota Company is a kind of culture that encourages efficiency and improvement. The workers are depended upon byu the company to reduce inventory, and identify and fix hidden problems. As a result of the value the company places upon its people, Toyota has been able to create a sense of urgency, purpose and teamwork among its employees (Toyota, 2011). Employees at Toyota Company ranging from engineers, skilled workers, vendors, quality specialists, team leaders and operators are continuously involved in solving problems and improvement exercises. This process ensures that workers at the firm are over time trained to become better problem solvers (Davids and Newcomb, 2006). One of the tools utilized by Toyota to encourage teamwork is called 5S referring to sort, stabilize, shine, standardize and sustain (Allred, Addams, and Chakraborty, 2007). This helps Toyota to eliminate wastes that contribute to defects, errors and injuries. Thus, this tool ensures safety of employees at workplace and at the same time enhances teamwork. Amongst the 5S, the fifth one (sustain) is the most difficult one and to attain it Toyota emphasizes education, training and provides rewards needed to encourage its employees to properly maintain and continuously improve the workplace environment and operating procedures (Toyota, 2011). To achieve this, the firm has committed management that encourages proper training and a culture that sustaining improvement is a habitual behavior from the vendors to the management team. Thus the Toyota Way principles adopted by the firm ensure that the firm’s people are a motivated lot that maximizes their output to the success of the firm (Toyota, 2011). The competitive situation Currently the competition for hybrid market is intense. Chevrolet Volt and the Nissan Leaf are the best known 2011 green cars. However, other competitors exist mainly from electric or hybrid vehicles. Toyota hybrid cars such as Toyota Prius, Toyota Highlander and Toyota Camry compare favorably with other hybrid cars in the market (Toyota, 2011). Toyota Prius is the most trusted and best selling brand in hybrids. The car is loved for its high fuel efficiency, low emissions and advanced technology. However, the car faces competition from other competitors in the market especially from Hyundai, Nissan and Honda hybrid models (Toyota, 2011). There is also a growing competition from fuel efficient non hybrid cars. Many consumers are still attracted to fuel efficient gas powered cars. The year 2011 recorded a fall of up to 35.8% from 2010 sales. Toyota Prius recorded a 51% drop in its sales in May 2011 in relation to May 2010. This drop was also experienced across Toyota hybrid cars which recorded a 45.1% drop followed by Honda which recorded a 29% drop (Toyota, 2011). The elevated prices of the hybrid cars and competition from non hybrid fuel efficient cars are costing hybrid cars a great deal. The macro-environment situation Political Political factors that can impact on a business include current and future taxation policies; current and future political support; trade bodies, grants, initiatives and funding; and the effect of worsening relations or wars with certain countries (Allred, Addams, and Chakraborty, 2007). Toyota is a global brand and operates in various political environments. Its major markets for Toyota Prius: USA, Japan and Europe are majorly politically stable. Being a global brand the sales of Toyota Prius are likely to be impacted negatively by the recent political unrest in Arab nations (Toyota, 2011). Economic Economic factors entail the general economic situation; consumer spending strength, current and future government spending levels; the ease by which people can obtain loans; the current and future level of inflation, unemployment and interest rates; specific taxation policies and trends and exchange rates (Isenberg, 1987). Even though the rising fuel prices is supposed to be good news for Toyota Prius, the pricing of the car limits the number of people who can afford it and who are willing to buy it (Toyota, 2011). In addition, the recent economic downturn implies that people have less to spend on costly cars. Most people prefer to buy non hybrid cars which are cost efficiency and less costly to acquire as opposed to hybrid cars which are known to be costly. In spite this; the Toyota Prius will be positioned as a more economical vehicle. Social Social factors which affect business include demographic factors; lifestyle patterns and changes in attitudes towards issues such as corporate responsibility, education and the environment; social mobility; ethnic and religious differences and media views and perceptions. In recent past governments and environmentalists have been pushing for reduction in carbon emission. Many people are embracing green ideas. Given that Toyota Prius is a car that offers consumers the ability to reduce carbon emission and at the same time safe on fuel consumption the marketing plan is expected to win more followers (Toyota, 2011). Technology Technological factors that affect businesses include relevant current and future innovations in technology; the level of funding of research; the way in which consumers make purchases; intellectual property rights and copyright infringements and global communication technological advances. Although there have been advances in motor industry, the hybrid technology adopted to construct Toyota Prius is advanced. Many people today want to associate themselves with latest technological advances and Toyota Prius offers one (Toyota, 2011). thus for technology lovers, Toyota Prius has a solution for you. Legal Legal factors that impact on businesses include legislations guiding areas such as competition, employment and health and safety; future changes in legislation; changes in European laws; regulatory bodies and trading policies. Toyota engages and believes in fair competition. In addition, Toyota Prius is famed for being the safest hybrid car in the market. thus, the firm is unlikely to face major legal tussles in the promotion and marketing of the Toyota Prius (Toyota, 2011). Environment Environmental factors which impact on businesses include the level of pollution created by the utilization of the product or service; recycling considerations; current and future environmental legislative changes and attitudes from the media, consumers and government. Toyota Prius is safe to the environment in two ways. First, it ensures low carbon emission to the environment. Second, most body parts of the car are made from bioplastics which are degradable unlike plastics made from petroleum products. SWOT analysis Strengths Toyota Prius is the most preferred hybrid car Toyota is an international brand Toyota has reliable and high quality image The company spends enormous amount of money on research and development The company embraces the principle of “Just In Time” production Weaknesses The recent call backs due to safety issues on Toyota Prius Toyota Prius is highly priced in comparison to non hybrid fuel efficient cars The main market for the Toyota Prius is concentrated in Japan and USA Opportunities Many governments are advocating for adoption of green vehicles There is a growing number of green conscious consumers The firm has the technology to improve on current models The increasing fuel prices Threats Strong competition from other hybrid cars Strong competition from non-hybrid oil efficient cars Problem identification Toyota Prius recorded a drop in its sales volume in the first half of 2011 although it is the market leader in hybrid car market (Toyota, 2011). The marketing plan objectives These are the results that a firm intents to accomplish through its promotional program. Consumers usually respond in terms of hierarchy of effects. This is the sequence of stages through which a prospective buyer goes through. The hierarchy of effects includes: Awareness: to increase awareness in global market about Toyota Prius to about 70 within our target market. Interest: this comes after creation of awareness to enable the customer to build desire for the product. With about 70% of the target market aware of the Toyota Prius car, it is expected that 50% will interested in the car. Evaluation: with 50% of customers interested in the Toyota Prius car we want them to evaluate, that is, to compare the Toyota Prius car to other hybrid cars available and our car to make their list of possible choices at least 40% of the time (Toyota, 2011). Trial: this is the most vital stage of purchasing. After evaluating the Toyota Prius car, customers ought to select it over other hybrid models at least 30% of the time because of its high fuel efficient, competitive pricing. Adoption: as the consumers use the Toyota Prius car, their friends will be able to experience Toyota Prius car in a real time situation. We intent to built adoption of more than 80% which will mean that the consumer will buy the car and have positive response to the car. Target market and market segmentation The target market for this marketing plan is the green consumer around the globe. In our case green consumers are people who purchase green for health related reasons. They are involved in the recycling and conservation of resources whether directly or indirectly. In addition they are involved in prevention of pollution and eat organic food. Most people who fall in this category have college experience, hold white collar jobs and have household incomes exceeding $50,000 per year (Toyota, 2011). These individuals are more willing to spend more on eco friendly products (Steuernagel, 1998). The individuals usually buy environmentally friendly products, buy green products and support environmental advocacy programs in addition to making monetary contributions to support these causes. The individuals also are characterized by cultural intuition, being health conscious, frequent museums and love outdoor activities. Our campaign will focus on all green consumers around the globe. Positioning The Toyota Prius will be positioned as the car which allows the user to adjust to his driving needs, allows fuel efficiency and has competitive pricing in addition to having a wide range of internal features and being environmentally friendly (Steuernagel, 1998). The car will be positioned as a green product that goes a long way in alleviating environmental pollution through reduced emission of carbon. Functional benefits of the car would be enjoying a ride without causing pollution to the environment and having personalized driving needs (Toyota, 2011). In comparison with major competitors like the 2011 Fusion Hybrid car and the 2011 Honda Accord, Toyota Prius car is cheaper and more fuel efficient. For simplicity purposes of the overall position strategy, the following positioning strategy has been developed: Chose your driving needs and save on your fuel expenditure with a single model of car as you stay green and drive green at reduced initial cost. Message strategy Message 1: Toyota Prius car promises to offer the EcoBoost option which enhances fuel capacity Message 2: Toyota Prius car which improves the fuel economy rating Message 3: Toyota Prius car promises a wide range of choices for power train for adaptation to the customer’s driving needs Message 4: The car has competitive pricing and a wider range of interior features which are customized for a better ride quality Marketing mix strategies Marketing mix is a product of microeconomic theory (Steuernagel, 1998). The marketing mix is also known as 4Ps. It is essential for translating marketing plan into action. It also aids in development of long term strategies and short term tactical programs. The mix also helps in differentiating the product from competing products. The functions of marketing mix include making it easy to market products and separating marketing activities from other activities of the firm; allowing delegation of marketing activities to specialists;  making the company competitive and essential for allocation of resources to different devices of marketing mix. For a good and viable decision to be made in relation to a marketing strategy, a combination of 4Ps (product, price, promotion and place) should tally the needs of customers. To be able to do this, an analysis of the preferences of customers in terms of attitudes toward competing products, the intensity of product use, product feature and price considerations. Product plan Products must be able to provide benefits which enhance the situation of users (Grover & Vriens, 2003). In our case Toyota Prius is able to help green consumers continue with their efforts to conserve the environment and at the same time save on their expenditure on fuels. In addition, the car has stylish features that are able to provide consumers with the comfort their desire. Marketing strategies for products include new product lines, innovation, product line extension, changes or improvements of the products that exist, repositioning products and cost reduction (Simkin, 2002). Toyota Prius 3rd generation is an improvement of the second generation Toyota Prius (Toyota, 2011). The distribution plan This refers to the physical distribution and marketing channels (Kerin, Hartley, & Rudelius, 2003). It allows goods or services to be moved from the producers to the users (Sandhusen, 2000). There are several basic channels from which businesses may choose from to distribute their products. They include direct or indirect channels, single or multiple channels, cumulative length of the multiple channels, intermediary channels and companies as intermediary channels (Weinstein, 2004). To decide on the distributor the firm ought to consider market segment, changes during the product life cycle, producer-distributor fit, qualification assessment and the training and support that the distributor will require. Strategies for place include intensive distribution, exclusive distribution and selective distribution. Third generation Toyota Prius will be distributed using the well established Toyota dealership shops around the globe. This will involve stocking the dealers with third generation Toyota Prius from local Toyota plants. The pricing plan Price is the only flexible element of marketing mix which can be adjusted at any time. Different ways are used to price products and services (English, 2006). These include premium pricing, penetration pricing, economy pricing, price skimming, psychological pricing, product line pricing, optional product pricing, captive product pricing and product bundle pricing (Garrett, 2008). The pricing of third generation Toyota Prius will be premium pricing even though its price will be competitive in comparison to that of other hybrid cars (Toyota, 2011). This will enable us to increase our sales volume (McDonald, 1992). Premium pricing uses a high price because of the uniqueness of the product or the service (Wedel & Kamakura, 1999). It is mainly used to price products when there is a substantial existence of competitive advantage. It is commonly used in pricing luxury products. The communication plan Promotional strategies are important in communicating the feature of the product to the target market (Samiee, 2011). It includes all tools which are at the disposal of the marketer for marketing communication. Promotional mix elements include web marketing, sales promotion, direct mail, public relations, trade fairs and exhibitions, advertising and sponsorship. In order to reach all our target market around the globe all these promotional mechanisms will be employed to promote third generation Toyota Prius (Toyota, 2011). Budget Activity Asia ($) North America ($) Africa ($) Australia ($) Europe ($) Antarctica ($) Total ($) Web marketing 200,000 600,000 200,000 200,000 600,000 200,000 2,000,000 Direct mail 3,000,000 1,500,000 750,000 750,000 1,900,000 200,000 7,100,000 Sales promotion 4,000,000 5,000,000 2,000,000 1,000,000 6,000,000 500,000 18,500,000 Public relations 2,000,000 1,000,000 500,000 200,000 3,000,000 200,000 6,900,000 Trade fairs and exhibitions 5,000,000 6,000,000 3,000,000 2,000,000 5,000,000 1,000,000 22,000,000 Audio visual advertising 9,000,000 8,000,000 4,000,000 3,000,000 7,000,000 2,000,000 33,000,000 Print media advertising 7,000,000 8,000,000 4,000,000 2,000,000 6,000,000 1,000,000 28,000,000 Corporate sponsorship 4,000,000 2,000,000 6,000,000 3,000,000 2,000,000 1,000,000 18,000,000 Grant total 135,500,000 Recommendation It is recommended that the marketing plan be undertaken hand in hand with observation of quality production of the product to avoid instances of call backs which may have a negative impact on the marketing of the third generation Toyota Prius. It is also recommended that promotion of the third generation Toyota Prius emphasize fuel efficiency, eco friendly, advanced technology and competitive pricing. Conclusion The situational analysis indicates that third generation Toyota Prius has a bright future given the soaring fuel prices and the increasing pressure to cut down carbon emission. This report has discussed the marketing plan for the third generation Toyota Prius and it is expected to cost the firm a total of $135,500,000. The third generation Toyota Prius will enhance fuel efficiency and reduce carbon emission. The third generation is available to anyone who believes in green environment and to any person who wants to save on the cost of fuel. The strategies to be used to promote Toyota Prius will include web marketing, sales promotion, direct mail, public relations, trade fairs and exhibitions, advertising and sponsorship. Reference Allred, A., Addams, H.L., and Chakraborty, G. (2007). 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