STRATEGY MEMO

SITUATION: LAUNCH OF TOYOTA PRIUS –

WORLD’S FIRST HYBRID CAR

BPSM

PGDM: 2009-11

TEAM: A9, MICHAEL PORTER

MEMBERS:

9020: KASTURAY ADITYA MANOHAR

9025: MOLKANTI PARIMAL

9036: PURNA CHANDRA SHEKAR

9076: GOKUL KRISHNAN B V

9100: ROHIT N

9103: SANTHOSH K.S.

SUBMITTED TO: Prof. GOVINDA SHARMA

DATE: 27-JULY-2010
Table of Contents
COMPANY DESCRIPTION......................................................................................................................3

Toyota: History and Growth....................................................................................................................3

Toyota Mission........................................................................................................................................5
McKinsey 7S Model for Toyota..............................................................................................................6
THE ENVIRONMENT ANALYSIS OF JAPAN AND USA...................................................................11

AUTOMOBILE INDUSTRY ANALYSIS...............................................................................................15

Geography-wise Analysis......................................................................................................................15
Automotive Industry Life Cycle............................................................................................................16
COMPETITOR ANALYSIS.....................................................................................................................18

SWOT ANALSIS......................................................................................................................................19

NEED FOR THE LAUCH OF PRIUS......................................................................................................20

Competition Analysis for Prius..............................................................................................................20

Porter’s Five Force Model for Prius......................................................................................................21
Toyota Prius: A Blue Ocean Strategy........................................................................................................23

SKELETON FOR FINAL STRATEGIC MEMO.....................................................................................25

REFERENCES..........................................................................................................................................26

2
COMPANY DESCRIPTION
Toyota: History and Growth
The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his
father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still
a department of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its
first passenger car, the Toyota.

Toyota Motor Corporation is headquartered in Toyota City, Aichi and in Tokyo. In

addition to manufacturing automobiles, Toyota provides financial services through its Toyota
Financial Services division and also builds robots.

The Toyota Motor Company received its first Japanese Quality Control Award at the start
of the 1980s and began participating in a wide variety of motorsports. By the early sixties, the
US had begun placing stiff import tariffs on certain vehicles. The Chicken tax of 1964 placed a
25% tax on imported light trucks. In response to the tariff, Toyota began building plants in the
U.S. by the early eighties.

In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company,
the Toyota Motor Corporation. Two years later, Toyota entered into a joint venture with General
Motors called NUMMI, the New United Motor Manufacturing, Inc, operating an automobile-
manufacturing plant in Fremont, California. Toyota then started to establish new brands at the
end of the 1980s, with the launch of their luxury division Lexus in 1989.

In the 1990s, Toyota added many larger and more luxurious vehicles to its lineup,
including a full-sized pickup, the T100 (and later the Tundra); several lines of SUVs; a sport
version of the Camry, known as the Camry Solara; and the Scion brand, a group of several
affordable, yet sporty, automobiles targeted specifically to young adults. Toyota began
production of the world's best-selling hybrid car, the Prius, in 1997.

In 1999, Toyota set up a base in the United Kingdom, TMUK, as the company's cars had
become very popular among British drivers. Bases in Indiana, Virginia and Tianjin were also set
up and the company decided to list itself on the New York and London Stock Exchanges.

3
 In 2002, Toyota managed to enter a Formula One works team and establish joint ventures
with French motoring companies Citroën and Peugeot a year after Toyota started producing cars
in France.

Toyota ranked eighth on Forbes 2000 list of the world's leading companies for the year
2005. The company was number one in global automobile sales for the first quarter of 2008.

In 2007, Toyota released an update of its full size truck, the Tundra, produced in two
American factories, one in Texas and one in Indiana. "Motor Trend" named the Tundra "Truck
of the Year," and the 2007 Toyota Camry "Car of the Year" for 2007. It also began the
construction of two new factories, one to build the RAV4 in Woodstock, Ontario, Canada and
the other to build the Toyota Prius in Blue Springs, Mississippi, USA. The company has also
found recent success with its smaller models—the Corolla and Yaris—as gas prices have risen
rapidly in the last few years.

4
Toyota Mission
The Toyota Corporation Japan does not have Vision and Mission statements. (Toyota Motor
Corporation of US does have its Mission statement.) But it has a set of Guiding Principles which
defines the mission of Toyota as a corporation and the values the company delivers to customers,
shareholders, associates, business partners and the global community. 1

1. Honor the language and spirit of the law of every nation and undertake open and fair
corporate activities to be a good corporate citizen of the world.
2. Respect the culture and customs of every nation and contribute to economic and social
development through corporate activities in communities.
3. Dedicate ourselves to providing clean and safe products and to enhancing the quality of
life everywhere through all our activities.
4. Create and develop advanced technologies and provide outstanding products and services
that fulfill the needs of the customers worldwide.
5. Foster a corporate culture that enhances individual creativity and teamwork value, while
honoring mutual trust and respect between labor and management.
6. Pursue growth in harmony with the global community through innovative management.
7. Work with business partner in research and creation to achieve stable, long term growth
and mutual benefits, while keeping ourselves open to new partnerships.

1
Guide for Strategic Marketing in Customer Service, Toyota Motor Corporation

5
McKinsey 7S Model for Toyota
McKinsey’s 7S Model2 can be used to analyze the alignment between various internal processes
of a firm and in turn with the Mission of the company. The McKinsey 7S model involves seven
interdependent factors which are categorized as either "hard" or "soft" elements.

Elements of McKinsey’s 7S

Hard Elements Soft Elements

Strategy Shared Values

Structure Skills

Systems Style

Staff

"Hard" elements are easier to define or identify and management can directly influence them:
These are strategy statements; organization charts and reporting lines; and formal processes and
IT systems.

"Soft" elements, on the other hand, can be more difficult to describe, and are less tangible and
more influenced by culture. However, these soft elements are as important as the hard elements
if the organization is going to be successful.

The Figure 1 below represents the elements of McKinsey’s 7S.

2
http://www.mindtools.com/pages/article/newSTR_91.htm

6
Toyota as a company is analyzed against each of these elements below:

Strategy: The plan devised to maintain and build competitive advantage over the competition.

The strategy adopted by Toyota can be explained by the 4P model shown below 3. Even
though, we have understood from Porter’s argument that Operational Efficiency is not a strategy,
Toyota seems like an exception and has used its operational excellence as a strategic weapon.

Problem
Solving
(Continu
ous
Improve
ment and
People and Partners (Respect, Challenge and
Learning)
grow them)

Process (Eliminate Waste)

Philosophy (Long Term Thinking)

Strategy of Toyota

3
The Toyota Way, Liker, Jefrey K., Page 6

7
Structure: The way the organization is structured and who reports to whom.

The Toyota plants have the organization structure as below4. The leadership develops the
capacity that allows the team members to improve upon their work.

Pre
sid
ent
Vice President

Assistant and General

Manager

Assistant Manager and Manager

Group Leaders

Team Leaders

Suppliers - Team Members - Customers

Organization structure of Toyota

Systems: The daily activities and procedures that staff members engage in to get the job done.

The following are the systems in place in Toyota to support its people and processes

 Toyota, being a Japanese firm is consensus oriented and emphasizes on working in

groups and Team problem solving by daily meetings.
 It is ensured that the workplace is clean and safe.
 There is a two way communication between leaders and employees and a visual
management system, by following open office culture (no cabins).
 Servant Leadership (Explained in Style section)
 The HR processes are also consistent with the company’s principles and focuses on stable
employment, fair and consistent policies, slow promotion and rewards for Team work.

4
Toyota Culture, Liker, Jeffrey K. & Hoseus, Michael, Page 321

8
Shared Values: The core values of the company that are evidenced in the corporate culture and
the general work ethic.

The Toyota Way 2001 defines shared values of Toyota and how the people of Toyota
perform and behave to deliver these values. It functions as the autonomic nervous system for
Toyota organizations and expresses the beliefs and values shared by all Toyota employees.
Toyota Way 2001 is supported by two main pillars. They are “Continuous Improvement” and
“Respect for People”.

Continuous Improvement:

Challenge: Forming a long term vision and meeting challenge with courage and creativity.

Kaizen: Improving the business continuously and always and always driving for innovation and
evolution.

Genchi Genbutsu: Going and seeing; go to the source to find the facts to make decisions, build
consensus, and achieve goals at the best speed.

Respect for people:

Respect: Taking responsibility to do our best to build mutual trust.

Teamwork: Maximizing the personal and professional growth and performance of both the
individual and the team.

Style: The style of leadership adopted.

Toyota follows a Servant Leadership Style. That is, the organization structure shown
above will be in the reversed- pyramid. What it means is that, the value adding end worker gets
importance and the leaders believe that they serve the employees. Leaders coach, teach, and
support the members of the work force that are doing the value added work. They do this by
clarifying and reinforcing common goals, specifying and integrating team roles and job tasks,
articulating standardized work, providing training for required competencies, scheduling regular
team meetings for supplying timely information, assisting in resolving issues, and ensuring
earned recognition.

9
Staff: The employees and their general capabilities.

Toyota believes in selecting employees for lifetime. The focus is on selecting the right
amount of employees in the right form at the right time. The recruitment, selection and initial
orientation programs are designed to achieve these objectives.

Skills: The actual skills and competencies of the employees working for the company.

The pyramid below shows the skills that Toyota builds in its employees at different
levels5. It provides these skills through a combination of Classroom training and On-the-job
development. In addition to it, opportunities and motivation are provided to employees for
continuous self improvement.

General Manager and VP

Level: Business Planning
and Policy Development

Manager Level: Shop floor and

systems improvement

Team Leader and Group Leader: Managing

standardized work, process improvement and
Problem Solving skills

Team Member: Focus on fundamental skills (assembly) and

standardized work

Skills required by Toyota Employees at different levels

Thus, we can understand from McKinsey 7S model that the different elements of the
company complement each other and work towards achieving the common goals.

5
Toyota Culture, Liker, Jeffrey K. & Hoseus, Michael, Page 138

10
THE ENVIRONMENT ANALYSIS OF JAPAN AND USA
USA

During the past two decades, particularly in the 1990s, the U.S. economy experienced the
most sustained spending on big-ticket items ever. Real spending on durables increased from a
5.7percent annual rate of growth in the 1980-90 period to 6.3 percent per year between 1990 and
2000.

During the 1990-95 period, consumer spending grew at 2.6 percent per year, following a
3.4-percent annual growth rate over the 1980-90 period. 6 Beginning in 1996, with consumers
buoyed by a number of factors, including the thriving job market, steady incomes, low interest
rates, low inflation, and increased wealth from rising asset prices, spending accelerated to its
fastest pace in more than a decade. Consumption expenditures grew by 4.6 percent yearly from
1996 to 2000, although consumers turned cautious in late 2000, due largely to losses in wealth
from stock price declines. Nevertheless, the personal consumption expenditures share of GDP
increased by 0.8 percentage point within just 4 years, from 67.0 percent in 1996 to 67.8 percent
in 2000. Mirroring the expansion in consumption, the annual savings rate dropped to 1.0 percent
in 2000, the lowest ever in history.

6
http://money.cnn.com/magazines/fortune/fortune_archive/2006/03/06/8370702/

11
SPENDING ON LIGHT VECHILES:

From 1995 to 2000, consumer spending on light vehicles grew an average of 7.9 percent
per year. Over the next decade, the robust gain in auto sales is expected to ease, but remain
strong. Spending on light vehicles as a whole is projected to grow at a rate of 3.5 percent yearly
between 2000 and 2010, while consumer spending on light tracks is still anticipated to be well
above spending on cars.

EMPLOYMENT:

The unemployment rate fell for eight straight years, from 7.5 percent in 1992 to 4.0
percent in 2000, the lowest reading in 30 years.

JAPAN

Deflation in Japan started in the early 1990s. Japan went through one of the worst
recessions seen in the history of the world and has till date not completely come out of it. The
period from 1990 to 2000 is infamously known as the lost decade. This period had banks lending
at zero interest rates and many companies ending up bankrupt in Japan, thus the economic and
social conditions in Japan was completely on the downside compared to the rest of the world.
Despite the gradual recovery towards the late 1990s the conspicuous consumption of the 1980s
on cars didn’t return.

TECHNOLOGY:

The technology to make a Hybrid car didn’t exist. The engineers in Toyota were well
versed in the mechanical aspect of the cars, but to integrate it with electronics provided a new
challenge altogether.7

Challenges faced :

7
http://www.conceptcarz.com/vehicle/z7021/Toyota-Prius.aspx

12
  A large battery pack was needed, the existing ones simply shut down when they
became too hot or too cold
 The technology was actually only tested in computers on simulation, such a thing
was never attempted earlier.
 The entire software and electrical approach towards the car had to be different
 A new technology which helped store energy while breaking helped further in
making the car a reality. This was outsourced.
 To reach 100% mileage improvement over the other cars in Toyota
 They had to come with a new engine, an electromechanical one.

GAS PRICES AROUND THE WORLD:

One important aspect that led to the inception of the idea of a hybrid car is the fluctuating
gas prices and the need of an alternative to gas.

13
 Real consumption expenditures on gasoline and oil increased at 1.9 percent yearly
between 1990 and 2000, compared with a 1.8-percent average annual growth rate for the 1980-
90 period.8

We can see , the average world barrel price is $35.59 and that of U.S is $32.36, which is a
lot of money.

As one can see that gas prices increased substantially in late 1990s which would later
help set up the mindset of the people for an alternative for gas.

GOVERNMENT EMISSION STANDARDS:

JAPAN:

On-Road Engines and VehicleJapan introduced fist new engine emissions standards for
on-road vehicles in the late 1980’s. The Japanese standards, however, remained relaxed through
the 1990’s.

USA:

Two sets, or Tiers, of emission standards for light-duty vehicles in the United States were
defined as a result of the Clean Air Act Amendments of 1990. The Tier I standard was adopted
in 1991 and was phased in from 1994 to 1997.

The major emission categories were:

 TLEV – Transitional Low Emission Vehicle

 LEV – Low Emission Vehicle
 ULEV – Ultra-Low Emission Vehicle
 SULEV – Super-Ultra Low Emission Vehicle
 ZEV – Zero Emission Vehicle

8
http://www.wtrg.com/prices.htm

14
AUTOMOBILE INDUSTRY ANALYSIS

Geography-wise Analysis
In the 1980s, the global automakers started assembling vehicles around the world. This
trend was accelerated in the 1990s with the construction of overseas facilities and mergers
between multinational automakers. This global expansion gave automakers a greater capacity to
infiltrate new markets quickly and at lower costs. The increased product offerings in many
markets led to consumers having a greater variety of vehicles from which to choose. Consumers
desired vehicles that were less harmful to the environment, which led to the introduction of
hybrid vehicles by Japanese automakers in the late 1990s.

Through the 1990s the focus was on the fluctuation of power relations within the global
supply chain, the evolution of the lean paradigm of industrial organization, and the challenges of
balancing social, economic, and environmental sustainability.

North American Automotive Market

The Big Three U.S. automakers makeup approximately 76 % of U.S. passenger vehicle
production, while Japanese automakers, Toyota, Honda, Nissan, Mitsubishi, Subaru, Isuzu
represents 18 %, and European automakers, BMW and Mercedes (division of Daimler-Chrysler)
make up nearly 2 %.9

The U.S. auto trade relies mostly on its own domestic market, and to some degree on the
Canadian market.

Japan's Automobile Industry

The automotive industry represents a significant portion of Japan's economy, representing

13 % of its total manufacturing output and 10% of employment. Japan is home to 11 automobile
manufacturers consisting of: Toyota Motor Corp., Honda, Nissan, Mazda Motor Corp.10

9
http://en.wikipedia.org/wiki/International_Motor_Vehicle_Program
10
http://en.wikipedia.org/wiki/International_Motor_Vehicle_Program

15
 Japan is also the third leading producer of motor vehicles after the U.S. and the EU. The
U.S. is the largest market for Japanese vehicle exports, however, automobile production has
fluctuated downward over the last several years in Japan

Trade barriers on foreign automotive imports in Japan have often created problematic
trade relations with U.S. automakers and U.S. trade policy officials.

Automotive Industry Life Cycle

This section addresses the automotive industry in the US. The potential customer base is
large and broad and ranges from individual private buyers, to corporations and small businesses.

The car industry has reached maturity in the US. Cars have been around for more than a
century (so has GM) and almost all adult Americans own one or more cars.

There are just a few players which command the majority of the US automobile market.
GM, Toyota, Ford, and Chrysler comprise more than 60% of the US market.

Being so consolidated, and with high barriers to entry, means that it is mature and
developed.

The red X in the industry life cycle chart below represents where the industry is in the US
today. It has already reached a saturation level.11

11
http://www.carfreaks.info/automotive_industry_life_cycle

16
 One point which demonstrates the type of shakeout that has already happened in the US
market is that there have been approximately 1,800 automakers in the US during the 20th
century, and by the 1980s there were only three major brands: The Big Three.

17
COMPETITOR ANALYSIS
Toyota has just been named the new automotive leader in sales for the Camry for the first
time since Ford stole it away from the Honda Accord in 1992. Unlike Ford's Taurus before it,
Toyota never set the goal for the Camry to outsell the competitors, but rather quality was truly
"job one."12

Ford Motor Co. is pursuing a global makeover, while General Motors Corp. is piecing
together an assembly-and-parts network in Southeast Asia. In China, where Toyota lags behind
its rivals, Volkswagen boasts a 55% market share. And Korean carmakers are adding plant
capacity from Kazakhstan to Indonesia.

Toyota’s current global share is around 9.5% and which puts it behind General Motors'
17% and Ford's 13%.

Pricing incentives and aggressive sales to car-rental fleets helped in U.S. sales of Toyota's
Camry sedan have vaulted 46% so far this year, making it the best seller through February. It
could beat the Chevrolet Cavalier, Ford Taurus, and Honda Motor Co.'s Accord for top-selling
honors by yearend.13

12
http://findarticles.com/p/articles/mi_qa3616/is_199803/ai_n8803428/pg_3/
13
http://www.businessweek.com/1997/14/b35211.htm

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SWOT ANALSIS

Strengths Weaknesses
 Good Brand name  Less Global Presence (in 1990s)
 Strong Supply Chain  Perception as a good quality but low
 Operational Efficiency cost car
 Focus on Research and Development  Poor looks of cars
 High Employee Engagement and
Retention
 Surplus Cash Reserves
 High Quality
 Effective Leadership

Opportunities
 Untapped Global Markets
 Need for fuel-efficient cars
 Growing consciousness about eco-
friendly vehicles
 Boom in Automotive sector
 Increase in Customer spending in US
Threats
 Recession in Japan – Lost decade
 High Competition
 Hybrid Technology in development
 Rising Fuel Prices
 Increase in emission standards

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NEED FOR THE LAUCH OF PRIUS

Toyota has utilized its strengths like R & D, Cash Surplus and Future oriented leadership in the
launch of Prius hybrid car. It has strategically converted the threats it faced like rise in fuel prices
and emission standards with the idea of launching Prius. Prius, being a hybrid car, is fuel
efficient as it utilizes electric batteries along with gasoline. This reduces fuel consumption and
also the emissions. The Prius also utilizes the opportunities at that time like growing customer
requirement for a fuel efficient and environment friendly car. Thus, the launch of Prius is a great
strategy to be adopted by Toyota. We as CEO of Toyota, give a green signal to develop and
launch Prius, first in Japan (around 1997) and then in US and other parts of the world.

Competition Analysis for Prius

As of now in the automobile sector, hybrid technology is still an untapped segment.
Many companies like Honda, Nissan, and General Motors are doing research on that technology
to come up with a car. In future they might come up with a hybrid car. Till now there is no
competition for Prius. It will be the first mass produced hybrid vehicle, so it will have pioneer
advantage in the market.

This does not mean there is no competition for Prius. As conventional cars are ruling the
market, how far buyers are ready to accept this hybrid car, is a question that cannot be answered
now. Toyota’s own cars like Corolla, Camry or other cars can also compete with the new car as
they have strong association with Japanese.

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Porter’s Five Force Model for Prius

Bargaining Power of Suppliers:

The term 'suppliers' comprises all sources for inputs that are needed in order to provide
goods or services.

In the case of Prius, Supplier bargaining power is likely to be low. Why because

 The product is differentiated one and cannot be replaced by substitutes easily.

 Over a period of time Toyota has established good relations with suppliers.

Bargaining power of Buyers:

The bargaining power of customers determines how much customers can impose pressure
on margins and volumes.

Prius is not falling in any of the existing segments. It is going to serve a special segment
and there is no competitor for it, so buyers won’t have much bargaining power.

Threat of New Entrants:

The competition in automobile industry is higher, the easier it is for other companies to
enter this industry. In a situation like this, new entrants could change major determinants of the
market environment (e.g. market shares, prices, customer loyalty) at any time. There is always a
latent pressure for reaction and adjustment for existing players in this industry. The threat of new
entries will depend on the extent to which there are barriers to entry.

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 In the case of Prius

 Honda and Nissan are also doing research to come up with a hybrid car.

Threat of Substitutes:

Threat from substitutes exists if there are alternative products with lower prices of better
performance parameters for the same purpose.

But in case of Prius as of now there is no mass produced hybrid car in the world. So there
is no threat of substitute for it as of now.

Competitive Rivalry between Existing Players:

This force describes the intensity of competition between existing players (companies) in
an industry. There is high competition pressure among Japanese companies themselves (like
Toyota, Honda, Nissan and Suzuki), this results in pressure on prices, margins, and hence on
profitability for every single company in the industry. Competition between existing players is
high because

 There are many players of about the same size (though Toyota is a leader, Honda
and Nissan also have good competitive market share)
 There is not much differentiation between players and their products, hence there
is much price competition.
 Barriers for exit are high. Each company has millions of employees and billions
of investments, so they cannot exit easily.

22
Toyota Prius: A Blue Ocean Strategy14
At the end of 20th century, the automobile industry needs something new to reinvent and
revitalise itself. Toyota Motor Company will be the first to take a step in this direction by
launching the 'Prius'. Unlike the gasoline-only-powered vehicles, the Prius will be a hybrid
automobile with a dual power source and ultra low emissions. People will be initially hesitant on
buying the hybrid car because it is a new concept and cost will be on the higher side as well but
when this is weighed against factors such as the continuous rise in fuel prices and increasing
environmental concerns, the sales of the Prius will increase in due course of time and it will gain
popularity amongst the general public

The Toyota Prius a full hybrid electric mid-size car will be first launched officially in
Japan. This will be the first hybrid car with a five seater. This car can be used to target families.
The USP of this car will be its fuel efficiency which is much more when compared to the cars of
similar size till date. Besides this it will also help in reducing air pollution and CO2 emissions.
Based on the response here, we can launch the Prius worldwide.

Companies including Toyota have long engaged in head-to-head competition in search of

sustained, profitable growth. They have fought for competitive advantage, battled over market
share, and struggled for differentiation. Yet in today’s overcrowded automobile industry,
competing head-on results in nothing but a “Red Ocean” of rivals fighting over a shrinking profit
pool. All our competitors have cars in various segments and compete head with our product
offering. Hence we are not able to grow in terms of market share.

The Toyota Prius can be considered as a Blue Ocean Strategy in the Automobile Industry
because none of the competitors had a given a thought to this revolutionary idea of a hybrid car.
Therefore it is a Blue Ocean strategy as it creates and captures new demand in an uncontested
space which in this case is the hybrid car segment, it will generate higher margins and renders
competition irrelevant. Rather than compete against an existing standard for limited

14
www.wikipedia.org/toyota prius
www.blueoceanstrategy.com

23
differentiation, create a new standard and own it. Hence the Toyota Prius will be a benchmark
for this segment and we will also have the first mover advantage.15

The Toyota Prius will be the car for the future. With the limited oil resources available
and growing concerns about the environment, the general public will appreciate this concept car
and also the reason as to why this car was designed. We cannot stop just with the launch of the
car, we will have to bring further improvements and advancements to the car with time so as to
meet the need of the customers and also ensure we are ahead of competition whenever it comes
during the due course of time.

15
www.wikipedia.org/toyota prius
www.blueoceanstrategy.com

24
SKELETON FOR FINAL STRATEGIC MEMO
RECOMMENDATIONS

Corporate strategy:

Business Strategy:

Global strategy:

Functional strategy:

Finance, Marketing, Production, HR, Systems and Other functions:

Execution of Strategy – Structure of Control Systems:

25
REFERENCES

Guide for Strategic Marketing in Customer Service, Toyota Motor Corporation

http://www.mindtools.com/pages/article/newSTR_91.htm

The Toyota Way, Liker, Jefrey K., Page 6

Toyota Culture, Liker, Jeffrey K. & Hoseus, Michael, Page 321

Toyota Culture, Liker, Jeffrey K. & Hoseus, Michael, Page 138

http://money.cnn.com/magazines/fortune/fortune_archive/2006/03/06/8370702/

http://www.conceptcarz.com/vehicle/z7021/Toyota-Prius.aspx

http://www.wtrg.com/prices.htm

http://en.wikipedia.org

http://www.carfreaks.info/automotive_industry_life_cycle

http://findarticles.com/p/articles/mi_qa3616/is_199803/ai_n8803428/pg_3/

26