Toyota aims to consolidate market leadership into the future. A motivated workforce, the Toyota Way organisational culture and formidable research and product development are the main strengths towards achievement of this, while product quality is a main concern…
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Strategic Management: Toyota Strategic Analysis and Strategy Formulation
First, the company’s global vision is to “lead the way to the future of mobility, enriching lives around the world with the safest and most responsible way of moving people” (Toyota-global.com 2011). Further, this vision is based on the commitment to quality, high innovativeness and respect for the earth. From the company’s vision, it is clear that Toyota seeks to be the industry leader way into the future. The company’s mission statement is “To sustain profitable growth by providing the best possible customer experience and dealer support”. The mission and vision statements reveal that the company’s current and future are pegged on sustainability, quality and customer satisfaction.
The company’s range of guiding principles involve honouring the every nations law to be a true global corporate citizen, respecting customs and cultures around the globe, production of cleans and safe products, outstanding products through technology, fostering individual creativity and teamwork through an appropriately enabling corporate culture, harmonious growth with the global community and healthy cooperation with stakeholders. From these objectives, it can be discerned that Toyota seeks to remain within the law at all times, provide quality and safe products, respecting the environment and the community while balancing this with stakeholder interests. These principles also indicate the time-tested ethical inclination of Toyota; sustainable development and respect for environment and harmony in the company’s work environment. Internally, the company not only seeks to comply with all labor and employment laws and regulations but goes a step further and establishes a culture for its employees based on mutual trust and mutual responsibility (Toyota Motor Corporation 2006, p. 8). The company’s values are integral in attainment of its objectives as it seeks to fulfill its mission and drive towards the established vision. Internal Analysis of Toyota The review of Toyota’s internal resources will follow the format of first establishing the strengths of the company and then the weaknesses. This will then be followed by an analysis of Toyota’s product development and a value chain analysis of Toyota’s operations. Strength: Organisational- The “Toyota Way” Toyota has successfully implemented their widely recognized “Toyota Way” strategy in all its global business operations. This strategy is based on operational excellence through a 4-P model; philosophy, process, people and problem solving. Philosophy is anchored on long-term thinking; process on waste elimination; people on respect, growth and challenge; and problem solving through the concept of continuous improvement. The resultant effect of this strategy is organizational performance excellence due to sustenance of high quality that not only attracts customers but also makes them loyal (Liker 2004, pp. 1-2). The “Toyota way” is a clear strategic strength since it is tailor-made for the company as evidenced by the fact that most of the other operational excellence strategies pursued by organizations around the world were developed from it, including the popular “
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Toyota Company has been a leading name in vehicle making for quite a lot of decades. Regardless of the nationalistic movement in the United States to “buy American”, the business has held its own, staying a leading and persistently developing company within the ‘corporate world of transportation.
The major business undertaken by Toyota is Motor Vehicle Production and Sales. It has been estimated that around 320,808 employees working at present in Toyota and its affiliated companies all over the world as of March 31, 20091 In the automobile industry Toyota do not need any introduction.
A systematic approach is brought through the calculated ratios where liquidity, Activity, solvency/ leveraged, profitability and shareholder’s returns index are summarized. Industry indicators are also used to give a comparison to this motor corporation.
Strategy formulation can be defined as making the right choices in any business organization. It is the formulation of a business strategy that gives an organization a competitive advantage over another organization. This leads to a competition in business to ensure that one organization stays on top of the other.
According to Day (1986), strategy formulation refers to the process undergone to choose the most appropriate course of action so that the organizational goals and objectives are realized hence the achievement of the organizational vision and mission. In our case, a decision has to be made on whether a brand new product should be developed for competitiveness at the market place or just produce the version that already exists at the market place by the competitors.
The researcher of the paper will begin with the overview where history of the company will be described. The paper performed the SWOT analysis of the NIKE Company to find the internal and the external environmental situation of the company. The paper also makes appropriate recommendations for NIKE to meet the current market demands and competition in the industry.
Motor vehicle production is one of the biggest multi-national industries in the world. It contributes to the income of many countries in terms of taxes and foreign exchange. With that in mind, this paper is meant to carry out a SWOT analysis of two members of the larger Motor vehicle manufacturing fraternity.
When starting any business, it is paramount to gather enough information in relation to the business being started (Robert, 2004). The strategy formulation process involves a lot of information which must be managed and organized well.
It is the largest automobile maker by production and sales.
The company was founded in 1937 by Kiichiro Toyoda .The production system of Toyota is based on lean philosophy which implies that production considers the way
The factors that might contribute to the failure to take phone messages are as follows: (1) importance of noting phone messages were not appropriately understood (presentation and completeness); (2) heavy workload (channels); (3) inability to multi-task (prioritizing); and (4) communication barriers (medium and mode) (Root, 2015).
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