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Strategic Management: Toyota - Case Study Example

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Toyota recently called millions of cars due to brake problems. This has turned into a major crisis and people are losing confidence in the brand. This problem will be explored keeping in mind strategic management and suggestion will be made to Toyota…
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Strategic Management: Toyota
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"Strategic Management: Toyota"

Download file to see previous pages There are many areas of opportunity for strategic management in Toyota. First of all it is important for the company to focus on its deteriorating reputation in the market. Toyota is losing customers due to its recent brake problems and worldwide recall (Welch, D. 2011). The brand image of Toyota was always of a reliable car that can be used by consumers who wanted durability. The recall of millions of cars by Toyota has hurt that image of the company badly. Lower sales are stopping the company from achieving its growth plan. This is the first area of opportunity for strategic management. It is important to enhance the brand image of Toyota in the eyes of stakeholders.
The second opportunity for strategic management in Toyota lies with increasing the cost effectiveness of its cars. It is extremely important in today’s competitive world to reduce costs. Financial difficulties are staring firms and customers alike and this why sales are getting adversely affected. In order to maintain profits it is essential that cost effective cars are produced and sold. The damage done by the Toyota brake problem has also affected the market share of the company therefore winning back customers is essential (Welch, D. 2011). This can be done through cost effective strategy because the target market of Toyota will appreciate lower prices. This is another opportunity for strategic management.
Another opportunity for Toyota is to innovate. In today’s competitive markets it is vital that firms come up with new ideas. ...Download file to see next pagesRead More
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