Hybrid Electric Vehicle Essay
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.
Hybrid Electric Vehicle Essay
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Owners immediately began tinkering with the car’s computer system. One owner was able to add cruise control (an option not offered by Toyota) by wiring in a few switches in the car’s computer system. The founder of priusenvy. com worked out how to use the car’s dashboard display screen to show files from his laptop, play video games, and look at rear-view images from a video camera pointed out of the back of the car. One Austrian consumer installed a sniffer – a device on the car’s computer network that monitors electronic messages.
With the sniffer, he will be able to hook up add-ons such as a MiniDisc Player, an MP3 player, a laptop computer and a TV tuner. In the past, owners using mechanical skills customised cars with paint, lowered bodies, and souped-up engines. In the future, customisation may rely on being computer savvy. Even though the Internet was a major part of the Prius launch, Toyota does not sell the car from its website. Buyers go to prius. toyota. com online to pick a colour and decide whether they want a CD player and floor mats – the only options available from Toyota. After that, the dealers get involved, but it takes specially trained salespeople to explain and promote the Prius.
Consequently, only 75 per cent of Toyota dealers handle the car. Many of them are not happy about the need to train salespeople. And why should they be? Margins are higher on gas-guzzlers, which are also easier to sell. Given dealer reluctance and consumer resistance, why have Toyota and Honda spent so much on their hybrids? While part of the answer is government regulations, a bigger part of the answer is competition. All car manufacturers concede that they will eventually have to move to hybrids to raise petrol mileage and lower emissions, and all of them have plans to do so. Ford, for example, plans to introduce an Escape SUV that will get 17 km/litre.
DaimlerChrysler says that 15 per cent of its sport-utility vehicles will be hybrids that will get 20 per cent better fuel efficiency than conventional vehicles. General Motors is betting on hybrid buses and trucks. Toyota hopes, however, that its early entry will be the basis for a system of hybrids from ultracompact ‘minicars’ to luxury saloons, sport-utility vehicles, and even commercial trucks. The mass market, however, values space, comfort, and power. Although hybrids may have space and comfort, power would appear to be more elusive.
Without greater power, it will be interesting to see whether consumers, who like speed on those open autobahns and acceleration on alpine roads, will settle for a hybrid. Questions 1. What microenvironmental factors affect the introduction and sales of the Toyota Prius? How well has Toyota dealt with these factors? 2. Outline the major macroenvironmental factors – demographic, economic, natural, technological, political, and cultural – that have affected the introduction and sales of the Toyota Prius. How has Toyota dealt with each of these factors? 3. Evaluate Toyota’s marketing strategy so far. What has Toyota done well? How might it improve its strategy.
Hybrid Electric Vehicle Essay
What microenvironmental factors affected both the first generation and second generation models of the Toyota Prius? How well has Toyota dealt with these factors? When the Prius was introduced in the US, it was quite shocking that it became such a big hit. The US auto market had been dominated by SUV’s for quite some time, and it seemed that a car that was small, slow and lacked power wouldn’t be attractive to American consumers. The advanced technology was very attractive to the “early adopters” and the consumers were willing to pay over the asking price to get a Prius.
When gas prices soared so did the demand for the Prius. Toyota has dealt with these factors well. Successfully introducing a small hybrid into a market dominated by SUV’s is no small feat. Toyota’s success with the Prius is mainly due to their targeting strategy. By targeting the perfect group of consumers, sales and demand grew exponentially, and pricing has and continues to be at a premium. 2.Outline the major macroenvironmental factors – demographic, economic, natural, technological, political, and cultural – that have affected Prius sales. How well has Toyota dealt with each of these factors?
Prius sales benefited from a number of macroenvironmental factors. When the Prius was first introduced, Toyota targeted the “early adopters,” a group of consumers that were interested in the advanced technology of the vehicle. Many of these owners found creative ways to modify and hack the computer system and chatted about it online. Another group of consumers that Toyota targeted were the environmentally conscious and/or consumers that desired more fuel efficiency. Both groups showed high demand for the Prius and were willing to pay premium pricing for the vehicle.
Prius sales also benefited from factors such as monetary incentives offered by the federal and/or state governments in the form of tax breaks. Some states started issuing permits to hybrid owners to drive in the High Occupancy Vehicle lanes (even if there was only one person in the car), or even free parking. Furthermore, some environmentally friendly companies offered employees money towards the purchase of hybrid vehicles. In 2007-2008 gas prices skyrocketed to 3 dollars per gallon and in some states above 4 dollars per gallon which only made the demand for the Prius greater.
Studies about the various hybrid vehicles on the market were published and the Prius was at the top of the list for value. Studies indicated the Prius along with the Civic were the only hybrid vehicles that allowed consumers to recover the initial investment and actually save money after five years and 75,000 miles.
Overall, Toyota has dealt with these macroenvironmetal factors very well. It is evident that targeting the right demographics has really paid off. All of these macroenvironmental factors were to Toyota’s benefit. All increased the sales and demand for the Prius. The only problem Toyota was facing was keeping up with the demand.
3.Evaluate Toyota’s marketing strategy so far. What has Toyota done well? How might it improve its strategy?
Toyota’s marketing strategy has been focused on forward thinking and targeting the right consumer groups. The first consumer group targeted was “early adopters” or techies that found interest in the advanced technology of the car. This was a good strategy for the introduction of the vehicle. This group showed high demand for the Prius and spread the word through online sources. The second consumer group was the environmentally conscious, and those who wanted better fuel efficiency. Toyota predicted that gas prices would increase, and when they went through the roof, sales and demand increased.
I believe that Toyota has done very well with this strategy. The truth is in their sales and demand for the Prius. An improvement that Toyota could make is better production planning. It seems that so far, this has been the biggest challenge. Though Prius sales are very strong, sales would only increase with more production as long as the demand stays consistently high.
4.GM’s marketing director for new ventures, Ken Stewart, says “If you want to get a lot of hybrids on the road, you put them in vehicles that people are buying now.” This seems to summarize the U.S. automaker’s approach to hybrids. Would you agree with Mr. Stewart? Why or why not?
I agree somewhat with Mr. Stewart. I think that putting hybrids into popular cars and small SUV’s would work, but it would not work with sports cars and trucks. Sports cars and trucks are generally purchased for their power, speed, and towing ability, not their fuel efficiency. The current hybrid technology would diminish the performance of sports cars and trucks, and would eliminate most of the benefits of owning either type of vehicle.
On the other hand, introducing the hybrid technology in popular cars and small SUV’s would work well if the option was available at an attractive price. Improved fuel efficiency is desirable when purchasing a car as the average price per gallon of gasoline is only rising. In my opinion, they hybrid technology would be an attractive offer. Not only would it be practical, but it would save the consumer a lot of money in the long run, assuming that they keep the car for five or more years
Hybrid Electric Vehicle Essay
BMS is a key component of electric vehicles and hybrid vehicles. To ensure safe and reliable operation of batteries, BMS needs to have various functions such as battery status monitoring and assessment, charging and discharging control, balancing and so forth. The fire accidents of electric vehicles (particularly pure electric vehicles) since 2013 result in consumers’ concerns about the safety of electric vehicles. Compared with HEV, PHEV and BEV have more complex battery system structure, which requires more excellent battery endurance and safety; therefore, PHEV and BEV need more mature and reliable BMS.
The BMS industry will benefit from the expansion of the electric vehicle market. Throughout the global BMS market, traditional auto parts makers represented by Denso and Preh have seized opportunities by virtue of their important positions in the vehicle supply chain. As Toyota’s most important parts supplier, Denso has provided battery management modules for Prius, Camry Hybrid and other models. Preh mainly offers BMS for BMW I series pure electric vehicles. View Complete Report @ http://www. chinamarketresearchreports. com/114890. html .
Meanwhile, the battery vendor LGC has established cooperative relationship with GM, Ford, Volvo and many other enterprises by providing power battery packs and related BMS to them. As for automobile companies, Tesla performs remarkably with advanced BMS technology. In contrast, professional BMS firms develop relatively slower due to technical and financial factors. In the first half of 2014, China produced 20,692 new energy vehicles and sold 20,477 ones, higher than the figures in 2013.
In 2015, Chinese new energy vehicle market capacity will be quickly released, especially plug-in hybrid electric vehicles and mini pure electric vehicles will witness faster growth, which will drive the rapid development of the Chinese BMS market. In the Chinese BMS market, there are three types of enterprises: First, third-party BMS vendors, such as Epower Electronics, GuanTuo Power and LIGOO New Energy Technology. Among them, the products of Epower Electronics are used most widely and adopted by Changan, Dongfeng, BAIC, Foton, JAC, Zotye and so on. China Market Research Reports 1 Second, battery system packaging companies represented by Guoxuan High-tech and Winston Battery.
Guoxuan High-tech serves JAC and Ankai Automobile with battery modules and BMS. Third, vehicle manufacturers, including BYD and BAIC BJEV. BYD integrates batteries and BMS with electric vehicle R & D, and shows advantages in terms of cost and efficiency. Overall, China BMS industry still lags behind foreign countries in technical specifications and business models. To narrow the gap, some companies hope to make progress by mergers and acquisitions.
For example, BAIC BJEV enhances battery system performance and technological strength via the cooperation with SK, Atieva and other enterprises; Zotye meets its demand for BMS by holding Jieneng; Desai masters some share of Epower Electronics in order to upgrade its technology from consumer electronics to electric vehicle BMS. Purchase a Copy of this Report @ http://www. chinamarketresearchreports. com/contacts/purchase. php? name=114890 . The report includes: •Overview of global and Chinese electric vehicle market (including overview, market size, output, sales volume, etc. ) •Overview of global and China BMS industry (embracing status quo, forecast, market size, BMS supporting, etc. )
•Major vendors in global BMS industry (involving revenue, revenue of subsidiaries, revenue structure, net income, R & D, products, supporting for vehicle plants, latest developments, business in China, etc. ) •Major vendors in China BMS industry (comprising revenue, revenue of subsidiaries, revenue structure, net income, R & D, products, supporting for vehicle plants, new projects, etc. ) •Main enterprises in BMS chip industry (including revenue, revenue structure, net income, BMS chip solutions, etc. ) Table of Contents 1 Overview of BMS 1. 1 Definition of Battery System 1. 2 Definition of BMS.
1. 2. 1 Definition 1. 2. 2 Classification 2 Overview of Global BMS Market 2. 1 Overview of Global Electric Vehicle Market 2. 2 Status Quo and Development Trend of Global BMS Market China Market Research Reports 2 3 Overview of Chinese BMS Market 3. 1 Production and Sales Volume of Chinese Electric Vehicle Market 3. 2 Chinese BMS Market Size 3. 3 Status Quo and Development Trend of Chinese BMS Market Explore All Market Intelligence Research Reports on Automotive & Transportation & For Further Information Contact [email protected]/* */ com . China Market Research Reports S.
Hybrid Electric Vehicle Essay
QD = f? P, PS, PC, Y, A, AC, N, CP, PE, TA, T=S …? [2. 1] where QD = quantity demanded of (e. g. , Toyota Prius or Chevy Volt) P = price of the good or service (the auto) PS = price of substitute goods or services (e. g. , the popular gasoline-powered Honda Accord or Chevy Malibu) PC = price of complementary goods or services (replacement batteries) Y = income of consumers A = advertising and promotion expenditures by Toyota, Honda, and General Motors (GM).
AC = competitors’ advertising and promotion expenditures N = size of the potential target market (demographic factors) CP = consumer tastes and preferences for a “greener” form of transportation PE = expected future price appreciation or depreciation of hybrid autos TA = purchase adjustment time period T/S = taxes or subsidies on hybrid autos QS = f? P, PI , PUI, T, EE, F, RC, PE, T=S …? (Equation 2. 2) where Qs = quantity supplied (e.g. , of domestic autos) P = price of the autos PI = price of inputs (e. g. , sheet metal).
PUI = price of unused substitute inputs (e. g. , fiberglass) T = technological improvements (e. g. , robotic welding) EE = entry or exit of other auto sellers F = accidental supply interruptions from fires, floods, etc. RC = costs of regulatory compliance PE = expected (future) changes in price TA = adjustment time period T/S = taxes or subsidies.
Product A is more riskier as Std dev / mean = 0. 8 and for Product B it is 0. 5 thus A is more riskier Not yet rated Anonymous – 1 hour later fot this we will calculate the coefficient of variation of both the product. coefficient of variation= SD/meanx100 coefficient of variation of Product A= 40000/50000×100= 80% coefficient of variation of Product B= 12500/250000×100= 5% higher the coefficient of variation higher will be the risk, therefore Product A is more risker.