Hybrid electric vehicle Essay
Hybrid electric vehicle
1) Who is the target market for each of the following cars? What do you think motivates them to purchase these cars? A)Toyota Prius B)Toyota Prado The Toyota Prius is a hybrid electric car which is one of the first of its kind to be mass produced and marketed. The unique feature of the Prius is its Hybrid Synergy Drive which makes use of both the traditional petrol driven engine and an electric motor.
This electric motor allows the Prius to switch off its petrol engine when stationary; and recharge the electric motor using the kinetic energy produced when braking. This not only conserves a lot of energy and petrol, and also allows for a smoother drive in the city areas which tend to have greater road congestion.
Toyota’s largest target market would be educated working adults in developed urbanised countries especially in the West where there is a subculture of environmental concerns and issues which are relatively more active compared with the rest of the world. Thus the educated working class in these countries would be attracted to the Prius’ energy and fuel savings, and automatic battery recharging which would not only be a lot more environmentally friendly, but would ensure a more smoothly-powered ride to work in a congested city morning.
Furthermore, the affordability of the Prius as compared to other Toyota vehicles coupled with even greater cost savings on fuel – cuts fuel consumption by 40% – is an added incentive for these environmentally conscious consumers as they might worry that specially designed green technology might be expensive One of the factors that could motivate these consumers to purchase the Prius is lifestyle. These consumers would be largely influenced by social needs which would in turn shape their own beliefs and attitudes.
With the constant reminders of depleting energy resources and global warming in society today, people’s attitudes are changing as they become more willing to adopt new approaches to conserve energy – an environmentally friendly car for the purpose of travelling. Furthermore, as the target market’s lifestyle patterns would be to get to work efficiently and economically, they would want a car that is affordable. Hence these are the factors motivating them to purchase the Toyota Prius. 1b) The Toyota Prado is one of Toyota’s newest SUVs with a four wheel drive and a powerful engine that aims to give its driver an edge above the usual car.
The main strengths of the Prado aside from its power is the spaciousness inside and also the stability of the vehicle. The main target market of the Prado would be the sports and outdoors inclined consumers. These buyers will be looking for a car that has enough space and gadgets to transport large sports equipment like bicycles, scuba-gear, surfing… among others. Lifestyle is an influential factor in the buyer’s choice of car. An upper/middle working class executive might choose the Prius for its sleekness and elegance, whereas a buyer who spends much of his time in the outdoors would choose the Prado.
The 4 wheel drive that is powered by a strong engine is a significant advantage for buyers who frequently travel on rough terrain. Also the enhanced control and traction that the Prado provides would allow for a smoother ride for the buyer on such ground. Another factor that could motivate these buyers is their own personalities or self-concepts. While some buyers might not be that involved in the outdoors or be so sports-inclined, they might want to portray a more rugged and masculine side of themselves.
An example would be in Singapore where there is hardly any road conditions that require the all-terrain drive of a 4 wheel drive vehicle; however, SUVs are a common sight. These could be the manifestations of a psychological need of some buyers who feel a connection with the ‘tough’ and sporty image that a Prado would give. In conclusion, I can see how Toyota has successfully chosen its target markets and analysed their motivations to help them develop different types of cars to cater to each market. This would allow them to appeal to a greater share of the consumer pie, and hence might allow them to gain greater market share.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 15 February 2017
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