Product Planning for Goods & Services

Product Planning for Goods & Services

1. Toyota and Prius introduced the first hybridization car in the U.S twenty years ago. The company has since then produced several car models. These goods include the 2019 Toyota Prius C, which is one of the latest. The company also offers various services to its customers, such as servicing of Toyota Prius cars. Among these services include oil changes. There are also mixed offering products like changing of worn-out tires and replacing them as part of the service.
2. There is a difference between a brand name and trademark, although they seem similar. Brand name refers to the title that a company uses to label itself and by which it can be identified. A trademark, however, is imposed by companies who want to protect their name, which leads them to register the brand or trade name. It may include things like the name, sounds, logo, or slogan. It legally represents the business or company and enables consumers to distinguish it from others. Some companies may, however, use their brand name in their trademark.
3. Ad packaging may offer several benefits to both consumers and marketers. The visual representation of a package attracts consumers to a product and may persuade them to collect it, therefore, increasing sales for the markers (McCarthy, 115). Through this, the customer also gains information about the product, such as usage instructions, features of the commodity, and its benefits. Packaging allows the company to reinforce its logo and branding. It is of interest to both the consumer and the seller since the buyer can recognize the product if they see it on a shelf or during advertising.
4. From a demographic perspective, Toyota Prius targets both females and males above sixteen. It mainly focuses on the middle-class part of the population who can raise twenty-four to thirty thousand dollars to purchase the vehicle. There are also psychographic variables that the company uses to appeal to its consumers, such as values, interests, and opinions. For example, environmentally cautious individuals are part of the target market. Geographically, the company targets countries such as India that are looking for sustainability due to the high levels of emission of greenhouse gases (Latest News). The company also aims its products in the United States and China, whose carbon emissions are excessive. The product includes several customer needs and lifestyle trends in designing cars. Its unique Hybrid Synergy Drive uses both an electric motor and traditional petrol. The two energy forms can be used interchangeably, and the vehicle can be charged on the go. It achieves this through the braking system, which braking energy into electricity, which is stored in batteries (2019). It is also fuel-efficient and eco friendly, which makes middle-class people an appropriate target. Being cheaper than the average car, the middle-class population who may already be grappling with bills and debt can afford it.
5. In the past, the company marketed its products as being reliable and cheap, but they have changed this focus to offering quality cars at competitive prices. The paradigm shift in marketing was brought about by the need to successfully transact with a customer, which is through the formation, communication, and delivery of customer values (Hoque, 227). Customer-focused marketing now puts more emphasis on the process rather than the functionality. Traditional marketing had little regard for long timescale, service orientation, customer value, and customer retention. Today, these are some of the characteristics that dominate Toyota’s marketing strategy.