Sunday, November 3, 2019

Strategic Analysis on Toyota Assignment Example | Topics and Well Written Essays - 4250 words

Strategic Analysis on Toyota - Assignment Example The paper tells that the history of Toyota can be traced back to humble beginnings in 1930 as a research initiative into gasoline-powered engines at Toyoda Automatic Loom Works, before the registration of Toyota Motor Corporation Ltd. in 1937. The company’s timeline is characterised by major breakthroughs involving careful business partnerships with other players in the car industry and launch of activities into foreign markets. The first formal exports were to the USA in 1957. The company then entered with Hino Motors Ltd. in 1966 and Daihatsu Motor Co. in 1967, before launching the very successful Lexus brand in the USA. Production in the UK began in 1992, and the company saw the launch of the world’s first mass produced hybrid car, the Prius. Production in France began in 2001, with Toyota entering Formula 1 in 2002. Recent highlights include the introduction of the Lexus in Japan in 2005 and establishment of a strategic direction for the firm towards industry leader ship into the future. Toyota has grown into a giant global car maker, surviving a decade of poor performance by the industry to continually post profits and growth nearly all the time. In 2010, the company was ranked first in terms of units moved (8,557,351) and thus market share (11%). The latest figures however indicate that the company has fallen into third place behind GM and Volkswagen especially following the recent devastating earthquake in Japan. (Business Week 2011). Company Purpose Through analysis of Toyota’s vision, mission, objectives and company principles it is possible to gain important insight on Toyota’s current position in the global market and the strategic direction the company is taking. The company’s global vision is to â€Å"lead the way to the future of mobility, enriching lives around the world with the safest and most responsible way of moving people† ( 2011). The company bases this vision on commitment to quali ty, 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 â€Å"To sustain profitable growth by providing the best possible customer experience and dealer support† ( 2011). The mission and vision statements reveal that the company’s current and future are pegged on sustainability, quality and customer satisfaction. The management at Toyota has generated a set of principles that have brought the company the success it now enjoys, and still look to work with these principles into the future. These guiding principles involve honouring every nations law in order to be a good global corporate citizen, respecting customs and cultures of the different peoples around the globe, production of cleans and safe products, production of outstanding products through innovative technology, fostering individual creativity and teamwork through an appropriately enabling corporate culture, harmonious growth

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