Prius the New Wave of Hybrid

Question 1

Company: To start off, there is no product without the company. The company (Toyota) consists of many different people doing their individual jobs. They have to have an idea; they have to have the funds and most of all that have to have the customers to be successful. Members of the company must work with other members as well as different companies to get max production and sales. In the Prius case, Toyota wanted to provide customers an eco-friendly alternative to gasoline cars. They created the electric Prius which was backed up by eco-friendly companies such as Google and Timberland. The idea, the communication, the finance and eventually the production is what made this product successful.

Competitors: "To be successful, a company must provide greater customer value and satisfaction than its competitors." As read in the textbook, Toyota has done more than its competitors in the field of creating a new hybrid car. They marketed it to people that would be interested at first, and it has taken off from then.

Publics: "A public is any group that has an actual or potential interest in or on an organization's ability to achieve its objectives." Publics include financial, media, government, citizen-action, local, general and internal who all have different influences on the company's success. When it comes to the Toyota Prius, they include Google and Timberland in their company for awareness and promotion to the customers more than Toyota can do on itself.

Customers: The customers are the forces that make the company successful or unsuccessful. They determine whether the product is sold or not. The first customers in the Prius case were "techies" who were interested in the new technology. This worked well for Toyota because they knew that the techies would be interested in something like this and may be able to spread the good features and technology that the Prius had.

Question 2

Technological: "Forces that create new technologies, creating new product and market opportunities." Technological factors such as single push button for start, seven inch monitor system on the dashboard and multiple screens for climate control and audio. All part of the new technology that was produced with the Prius generation II. Toyota specifically targeted tech savvy customers to also help them in finding new technologies such as plugging the car into a wall socket to increase battery life. Also the ability to use battery instead of gasoline was a big seller as people would save costs of driving.

Economic: "Factors that affect consumer buying power and spending patterns." The biggest factor that affected the customer's decision to purchase was the $5000 given by outside companies towards the purchase of the vehicle. Free parking was also a perk to buying the Prius over other cars. The Prius was so popular that people were willing to spend over $5000 more than the price