Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Toyota Motor Corporation Company Background
Introduction about Toyota motor corporation
Introduction about Toyota motor corporation
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Toyota Motor Corporation Company Background
Toyota Motor Corporation: Business Innovation and Philosophy
Kiichiro Toyoda founded the Toyota Motor Corporation. Toyota is one of Japan’s largest automakers entered the US market in 1957 with economical and reliable compact cars. (“From 1957 to 21st Century Toyota Moving Forward with America”) Toyota is one of the leaders in hybrid, fuel-efficient vehicles, and long lasting vehicles in the industry. They have a diverse product line that ranges from subcompact to luxury, sport utility vehicles, truck, minivans, and buses. (“Toyota Motor Corporation Company Profile – Yahoo! Finance”) Toyota luxury lineup is under Lexus brand and the Scion lineup, appeals to generation Y buyers in the US Market.
There are five main principles of Toyoda created
…show more content…
N.p., n.d. Web. 6 Feb 2014. http://www.toyota-global.com/company/vision_philosphy/guiding_principles/>.
Harris, Amexia. E-mail Interview 25 January 2014
"Toyota Lawsuit Cost May Exceed $3 Billion." CBS New.com. Associated Press, 12 Apr 2013. Web. 6 Feb 2014. <http://www.cbsnew.com/2100-500369_162-6281207.html>.
"Toyota Market Share Graph 2013." Google search Toyota market share graph. N.p., n.d. Web. 6 Feb 2014. <http://www.google.com/search=toyota=market=share=graph 2013>.
"Toyota Mission Statement." Toyota.com. N.p.. Web. 6 Feb 2014. <http://www.toyota.com/toyotaSearch/search?keyword=mission statement&locale=en>.
"Toyota Motor Corporation Company Profile - Yahoo! Finance." Top News Archive - Yahoo! Finance. . N.p., 19 Nov 201. Web. 6 Feb 2014. <http://biz.yahoo.com/ic/41/41889.html>.
"Toyota Motor Sales." Wikipedia. N.p., n.d. Web. 6 Feb 2014. <http://en.wikipedia.org/wiki/Toyota_Motor_Sales_U.S.A._inc>.
"Toyota's Troubles in rear view mirror." CNN Money. N.p., 9 May 2012. Web. 6 Feb 2014. <http://mone.cnn.com/2012/05/09/news/companioes/toyota-earnings/ind>.
"Vision & Philosophy." Toyota Motor Corporation. N.p., n.d. Web. 6 Feb 2014.
The company’s core values constitute - Creativity (new ways of doing things), Honesty (guided by high moral standards), Respect (accept and abide by the law, social standards and principles of nature), Solidarity (Friendly work environment), Laboriousness (Labor is the powerful force for transformation), Responsibility (Accept consequences of our actions).
Evaluating a large company such as Wal-Mart against these nine principles can give eye opening clues to how much of a leader they are in meeting the needs of their current stakeholders, as well as forecasting and preparing for the needs of their future stakeholders. Many of the principles are entangled within one another, but each is equally important.
Toyota- focused differentiation, medium pricing, breadth of product line is low. Company is known for quality products, and nice styling.
As one of the leading automobile manufacturers in the world, Toyota ranks within the top three worldwide. Due to their unique business model, they are now have a market share of 14% in the first four months of this year. That is an astonishing 2.3% jump from the previous year. According to Autodata.com, the Toyota City based automaker ranks fourth in United States sales.
(5) Liker, Jeffrey K. The Toyota Way: 14 Management Principles from the World's Greatest Manufacturer. New York: McGraw-Hill, 2004. Print.
Organizational slack, by Lawson’s definition, is that “cushion of actual or potential resources which allows an organization to adapt successfully to internal pressures for adjustment or to external pressures for change in policy as well as to initiate changes in strategy with respect to the external environments.” As efficiency has been considered a primary principle in business over the past twenty years, this slack, necessary resource that are important for the future in terms of flexibility, innovation, and learning have been eliminated. These resources or slacks, however, are often essential to the survival of businesses providing the value. Therefore, let us examine the significance of this organizational slack and learn about how they can be adopted and maintained in a business through the example of Toyota Principle.
Toyota’s uses both differentiation and low cost as generic strategies to try and gain a competitive advantage over their competitors in the automotive industry. The market scope that Toyota uses is a broad one that encompasses nearly every type of customer that is in the market to purchase an automobile. Toyota is able to target such a large market because they have something for everyone. Toyota has four wheel drive trucks and SUVs for the outdoor types or those who live in areas that face severe weather conditions, hybrid models like the Prius for the eco-friendly customers that are interested in saving the environment, along with the standard cars for general, everyday use. Additionally, Toyota provides vehicles for all price ranges.
Toyota has adopted an expansion strategy aimed at increasing the company’s market share through sustainable growth. This will be done based on the delivery of high quality, and safe cars, at an affordable price. As the company seeks to expand to new markets, focus will be on maintaining an organizational culture that allows optimum efficiency in the ever dynamic global market.
Throughout the course, I have discussed numerous aspects of Toyota Motors Corporation. This company is very successful within the automotive manufacturing industry, despite their numerous issues based on product recalls and unethical standards. Although these were serious setbacks, Toyota still remains the number one automaker in which they produced 10.08 million units in 2015 (Schmitt, 2016). In addition, the corporation has numerous strategies, practices, and policies that attributes to their success.
Toyota Motor Corporation is one of the largest automakers in the world. At its annual conference in Tokyo on May 8, 2008, the company announced that activities through March 2008 generated a sales figure of $252.7 billion, a new record for the company. However, the company is lowering expectations for the coming year due to a stronger yen, a slowing American economy, and the rising cost of raw materials (Rowley, 2008). If Toyota is to continue increasing its revenue, it must examine its business practice and determine on a course of action to maximize its profit.
Lexus (Toyota Motor Corp) is in the automobile industry. The United States has one of the largest automobile markets in the world and is home to 13 auto manufacturers. As of this month, the consensus forecast amongst 27 polled investment analysts covering Toyota Motor Corp advises that the company will outperform the market. The previous consensus forecast advised investors to hold their position in this company. The analyst offering twelve month price targets for Toyota have a median target of 7,975 with a high estimate of 9,000 and low estimate of 6,100.
Toyota Motor Corporation is a very successful automobile manufacturer that is recognized globally. They have continued to obtain and retain a competitive advantage over their counterparts, despite recalls over many years. Regardless of recalls, Toyota has been quick to rectify their shortcomings and continue to lead within the automotive industry with their innovative measures. In this essay, I will discuss key internal factors for Toyota. Within those factors will include Toyota’s core competencies, which are what they do really well in comparison to their competition, three of their strength’s, which will include their posture within the automobile market and their heavy focus on research and development, and two of their
Applying business principles and running organization with values. 2. Knowing nature of our business and improving.
The nonmanufacturing companies can learn and apply from Toyota’s philosophy and practices as listed below:
These principles are aimed at facilitating the transition of efficient managers to Common Sense leaders. Before exploring these cornerstones, I want to take a moment to talk about feedback. In most organizations today there is a very well defined process for delivering and receiving feedback, whether a person is in a management position, or an entry level employee. Many organizations are still striving to master, or at least get a working handle on utilizing feedback strategies in a way that ensures positive results. It is highly important that and effective leader is skillful in this area, understanding that the contributions of his team directly feeds into his success as a leader, and keeps the team focused on its overall objectives.