Toyota outlined the launch of a new era in hybrid technology with the arrival of the next-generation Prius, as shown in this article, Toyota is implementing various strategies in order to increase it market share and to be the number one hybrid car in the world.
Toyota follows a committed strategy towards environment sustainability, derived in the production of its cars which are equipped with innovative technologies and quality performance by launching the world’s leading fuel efficient car . Reflecting the demand on hybrid technology in emerging markets, Toyota has expanded its range of cars fitted with hybrid engines’ in respond to environmental awareness by consumers.
Toyota’s main rivals are Ford Motor Company, General Motors and Honda Motor Co., Ltd. However, the innovative technology that Toyota offers combined with the very loyal customer base and the company’s consistent, high-ranking quality marks assures a sufficient competitive advantage. (Walker, 2009)
The segment that Toyota occupies, especially the hybrid segment, is experiencing growth due to global economic factors. To sustain market position, many brands were encouraged in their own efforts to bring more hybrids to the market. Yet, new entrants to this segment have tried various strategies without much success.
In conclusion, Toyota is a leader in innovative technology, environmental initiatives, and quality. Nevertheless, given the financial situation the threat may come from other non-automobile personal transport or public transport. the company is recommended to penetrate emerging strategic markets and continue on producing its innovations such as Toyota Prius which took the first sales on the world wide level leaving Ford and GM behind.