- April 22, 2014
- Posted by: essay
- Category: Term paper writing
Toyota Prius is a hybrid vehicle that aims at the new niche of the automotive market, the niche of environment-friendly vehicles using alternative sources of energy, such as electricity along with conventional, fossil fuel. However, Toyota Prius’ successful marketing depends on the adequate analysis of strengths and weaknesses of the product and threats and opportunities the new vehicle may face.
Strengths of Toyota Prius are diverse. First, the vehicle is an innovative product, different from others that can make the product attractive for customers. The popularity of the brand is also strength of Toyota Prius. Moreover, Toyota Prius is environment-friendly product
Weaknesses of the new vehicle include the lack of experience of manufacturing hybrid vehicles in Toyota. The low reliability of tested vehicle and possible high maintenance cost because of the low number of vehicles being assembled by the company.
Opportunities of the new vehicle are diverse. First, Toyota can become the leader of hybrid vehicles market. In addition, Toyota can change its brand image for environment-friendly one because Toyota Prius is a hybrid vehicle with the low CO2 emission.
Threats include the tight competition in the automotive market, while competitors may introduce a hybrid vehicle first. In such a way, Toyota Prius may lose its strategic advantage of being an innovative product.
SWOT Analysis of Toyota Prius
| StrengthsInnovations;
Popularity of the brand; Toyota Prius is environment-friendly product |
WeaknessesLack of experience of manufacturing hybrid vehicles;
Low reliability of tested vehicle; Possible high maintenance cost |
| OpportunitiesToyota can become the leader of hybrid vehicles market;
Toyota can change its brand image for environment-friendly one |
ThreatsTight competition;
Competitors may introduce a hybrid vehicle first |