SWOT Analysis of Toyota (6 Key Strengths in 2022)
This Toyota SWOT analysis reveals how one of the most innovative automotive companies used its competitive advantages to become the dominant player in the automotive industry.
It identifies all the key strengths, weaknesses, opportunities and threats that affect the company the most. If you want to find out more about the SWOT of Toyota, you’re in the right place.
For more information on how to do a SWOT analysis please refer to our article.
Keep reading.
Company Background
Toyota Motor Corporation (further Toyota) is the world’s leading automaker (often tied with Volkswagen for 1st-2nd place) based in Toyota City, Japan. In 2012, the company was the first automotive company to produce over 10 million vehicles in a single year.
The company operates 4 different brands: Daihatsu, Hino, Lexus and Toyota. Toyota’s brand is the world’s 7th most valuable brand in the world and the most valuable automotive brand, worth US$50.291 billion.
The main Toyota’s markets are Japan, United States and China, where the company sells over 50% of its vehicles. The company produces the best-selling hybrid vehicle Prius.
You can find more information about the business in Toyota’s official website or Wikipedia’s article .
Toyota SWOT analysis
1. Strong focus on research and development (R&D) leading to some of the most innovative vehicles in the world
Toyota is famous for its innovative culture. The company’s goal on being ahead of its competition by introducing some of the most innovative vehicles in the market has proven to be a successful strategy.
Toyota’s R&D initiatives, especially in producing environmentally friendly vehicle technologies, vehicle safety and information technology, provide it with some of the best strategic advantages.
The company operates one of the largest research facility network among the automotive companies to achieve the best possible results from its R&D expenditure. In total, 15 research facilities in 8 different countries, including Japan, United States, China, Thailand, Australia, Germany, France and Belgium, focus on 3 key R&D areas: [1]
- Basic research. This area researches basic vehicle technology.
- Forward-looking and leading-edge technology development. Development of newest technology and components that surpasses rivals’ technologies.
- Product development. New model development and upgrades for existing ones.
Toyota’s focus on innovation has resulted in one of the highest automotive R&D spending. Toyota’s R&D expenditures were approximately JP¥1.064.2 billion (US$9.613 billion) in fiscal 2018, ¥1,037.5 billion (US$9.579 billion) in fiscal 2017, and ¥1,055.6 billion (US$8.787 billion) in fiscal 2016. [1]
Figure 1. Toyota’s and its competitors R&D spending (US$ billions)
Source: The respective companies’ financial reports [1][2][3][4] (Toyota’s latest fiscal year only runs for 3 months in 2018. Most of the company’s financial year is in 2017, so we compare fiscal 2018 with other companies’ 2017 financial year as it is more accurate.)
Among the automotive companies, only Volkswagen spends more on R&D than Toyota. Nonetheless, Toyota uses its R&D budget the most effectively, spending just 3.6% of its total revenue on R&D, while Volkswagen spends 6.7%.
This means that Toyota needs to spend less on R&D to generate the same amount of revenue than its key rivals.
Huge, efficient R&D spending has allowed Toyota to gain a competitive advantage over its competitors and to become one of the largest automotive manufacturers in the world by researching and introducing the leading-edge technology and vehicles to the consumers.
2. The most valuable and one of the most recognizable automotive brands in the world
Toyota Motor Corporation was incorporated in 1937 and since then, has become one of the most recognizable brands in the world.
According to Interbrand [5] and Forbes [6] , Toyota’s brand is the world’s 7th and 9th most valuable brand worth US$50.291 billion and US$44.7 billion, accordingly. In both lists, it is the most valuable brand out of all automotive companies.
Figure 2. Automotive brand ranking by Interbrand
Source: Interbrand [5]
Brand value is closely related to brand reputation and recognition. Toyota, which produced and sold 8.964 million vehicles in 190 countries in 2018 alone, has one of the widest consumer reach in the world.
Manufacturing, research and sales operations worldwide, combined with a huge number or vehicles sold, as well as advertising spending has helped the company to create one of the most recognizable brands in the world. Brand recognition helps the company to introduce new products to the market more easily and with fewer costs.
Toyota brand is also one of the most reputable brands in the automotive industry. Over its 75 years’ history, the company received hundreds of awards accolades in vehicle design, safety, environment-friendliness and manufacturing operations. [7]
In 2018 alone, the company has received 7 IIHS (Insurance Institute for Highway Safety) Top Safety Picks 2018 awards (more than any other automotive company) for its Toyota Corolla, Prius, Camry, Avalon, Highlander and RAV4 vehicle models as well as 4 other Top Safety awards for Lexus models. [8]
The company received more 2017 J.D. Power Vehicle Dependability Awards than any other brand. [9] In addition to the awards for its vehicles, the company ranks the 2nd on the Carbon Clean 200 List, which ranks the companies according to their efforts to transition to clean energy. [10]
Toyota’s brand and recognition provides the company with a competitive edge over competitors as few other automotive brands are so well-known and reputable.
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Toyota’s Strategic Plan & SWOT Analysis
Introduction: toyota’s strategic management.
SWOT analysis can be used for strategic planning for almost any kind of companies (Simerson, 2011). In this paper, it is going to be applied to the current situation of the Toyota Company that is still recovering from the major crisis that began in 2007. Although SWOT analysis cannot be used to provide a detailed description of the company’s expected strategies, it can offer a generalized interpretation of the current situation along with the possible opportunities for future business growth.
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Toyota Motor Corporation: Case Study
The Toyota Motor Company (Toyota) was established in 1933 when it used to create trucks for military purposes (Heller & Darling, 2012, p. 157). Since the end of WWII, Toyota started to produce non-military cars, both cheap and elite versions. It entered the world market in the mid-1950s and by the end of the 1960s it possessed manufacturing facilities in the USA, Brazil, South Africa, Thailand, and Malaysia (Heller & Darling, 2012, p. 157). Apart from that Toyota started to acquire car manufacturing companies back in Japan (for example, Hino) as it expanded rapidly.
The key points of Toyota’s international marketing included adapting its products to suit the needs of the local customers and paying particular attention to the suppliers. It was the chain of suppliers and its effective management that allowed the rapid growth of the company. Still, in the end it was the mismanagement of the chain that led to the infamous Toyota crisis of 2007 (Andrews, Simon, Tian & Zhao, 2011).
Toyota Supply Management
One of the most prominent Toyota’s achievements is the supply chain it has established. There are four tiers of suppliers in Toyota, the fourth including more than 40,000 entrepreneurs (Andrews et al., 2011, p. 1068). Toyota’s supplier association was the tool used by the company to unite the partners and encourage knowledge sharing between them, to coordinate, supervise them, and to ensure the high quality of the supply. Toyota has always aimed at a long-term partnership, and the association aided achieving this.
Fast Growth
In 2000, the program named the “Construction of Cost Competitiveness in the 21st century” (CCC21) was launched by Toyota (Andrews et al., 2011, p. 1069). It was aimed at decreasing the price of the products by 30 % which was achieved through the expansion of the chain of suppliers (among other improvements). This lead to the increase in sales and Toyota started to grow rapidly. In April 2007, Toyota excelled General Motors and became the largest car manufacturer in the world (Heller & Darling, 2012, p. 159).
Toyota Crisis
The fast pace at which Toyota developed did have its drawbacks. As the chain of suppliers was increasing, it was becoming harder to control. New suppliers were not supervised enough and as the result the quality of the product decreased.
This problem was officially admitted to the public in 2006, but it was not fixed. Since 2007 Toyota car owners started to report having accelerating problems (Andrews et al., 2011, p. 1070). Still, even then Toyota did not appear to direct enough efforts at changing the situation. The displeasure of customers increased, and in 2007 Toyota had to recall 55,000 automobiles, but the problem persisted (Heller and Darling, 2012, p. 159).
It should be pointed out that other large car manufacturers, including the main Toyota rival General Motors, have also recalled their vehicles (Rankin, 2014). Still, the 2007 Toyota recall cost the company more than 2 billion dollars along with its reputation (Andrews et al., 2011, p. 1065).
Toyota was admittedly slow to respond to the crisis and became notorious for it. The first significant effort at rectifying the situation was made in 2010 when the Automotive Center of Quality Excellence was created (Heller and Darling, 2012, p. 166). However, the damage to the company’s reputation was immense, and part of it was caused by the company’s neglect of customers’ needs and its failure to meet its own promises.
The Toyota Way is the code of conduct that the company adopted in 2001 (Heller & Darling, 2012, p. 157). It consists of a number of philosophical guidelines that included, for example, an instruction to continuously improve the quality of the product, to thoroughly test new technology before implementing it, to learn by reflecting on the past experience, to make decisions slowly but implement them rapidly, to respect the stakeholders. In general, the Toyota Way includes 14 principles that appear most reasonable and, above all, ethical.
The problem lies in the fact that Toyota seems to have failed to implement these principles, and the 2007 crisis proved it. The quality of the products was obviously deficient; the company kept denying its responsibility and, therefore, failed to analyze its actions and learn from its experience (Heller & Darling, 2012; Andrews et al., 2011). The way the company neglected the safety of its customers aggravated the damage dealt to Toyota’s reputation.
In general, one may say that the company is still struggling with the crisis which is not over but instead is in its chronic stage. In order to create a sound strategy for the growth of the business, this fact must be taken into account.
Current Positioning in the Market
According to Andrews et al. (2011) the car manufacturing industry is an oligopoly, and Toyota is one of its most influential participants along with other giants like General Motors, Ford, and Honda. The survival on the market depends on the price, the quality of the products, and the brand loyalty. Apart from that, fuel pricing and local or worldwide economic situations also have their impact on the market (Andrews et al., 2011).
Since the beginning of the century, Toyota’s cars had stayed competitive due to their quality combined with relative low costs; however, the crisis situation has severely damaged the image of the product. Apart from that, it appears that Toyota has had a significant impact on the market in general by setting off the trend of developing cheaper cars. As a result, other car manufacturers have also faced the problem of quality standards as they kept searching for inexpensive materials (Rankin, 2014).
SWOT Analysis for Toyota
The SWOT analysis is a tool of strategic planning that involves characterizing the strengths, weaknesses opportunities and threats of the company; apart from that, the trends existing in the market are described in order to define the possible directions of development.
Therefore, SWOT is devoted to a short summary of the external and internal factors that may determine the future growth of the business (Simerson, 2011). The previous sections include a detailed description of the internal and external factors influencing the company. An attempt at classifying the factors and integrating them in the process of strategic planning will be made in the following section.
Toyota’s Strengths
Among the main Toyota’s strength are its size, power, and impressive market share. Apart from that, the suppliers’ chain that was so extensively investigated in the previous sections is another significant advantage. The company has spent more than fifty years in the market, and it had time to create proper relationships with its partners including other car manufacturers. The experience its managers possess can also be considered an advantage, especially in case the company proves that it is able to learn from its mistakes.
Toyota’s Weaknesses
It is apparent from the information given above that the main weaknesses of Toyota are the persisting quality problems, the difficulties connected with faulty crisis management, and the reputation issues. As it has been mentioned, Toyota is still struggling with the crisis and this point is proved by the fact that last year the company performed another massive recall due to the variety of problems detected in the models that were built before 2010 (Rankin, 2014). While attempts at rectifying the situation are apparently being made, the problem is far from solved.
Market Opportunities
Many of Toyota’s opportunities stem from its advantages. For example, the size of the company results in a better access to all the necessary resources which in turn opens up the opportunities for further development. The relationships with other firms have been used by Toyota, for example, to conduct collaborative research (Agence France-Presse in Tokyo, 2015). Apart from that, a number of opportunities that Toyota may use could be better described as the modern market trends.
Market Trends
Technically, market trends or tendencies can be parts of both the opportunities and the threats existing in the market. It is obvious that adopting the technologies or strategies that have become a trend in the market may allow the company to develop, but any innovation is at least partially a risk. At the same time, a neglected trend very often ends up adopted by a competitor firm and provides it with an advantage.
Therefore, it is not surprising that trends are regarded as an opportunity that has to be taken. Apart from that, trends can also be “trendy”, popular, and adopting those means attracting customers. An example of such a trend is the “green” technology which has been extensively researched by Toyota on its own and in collaboration with other manufacturers, for instance, Mazda (Agence France-Presse in Tokyo, 2015).
This kind of technology is supposed to be both more efficient and less harmful to the environment. Given the growing public concern with the future of the planet and the environmental issues along with the economic crisis that makes cost-saving technologies particularly alluring, participating in this trend should be beneficial for Toyota.
At the same time, the trend of attempting to create cheaper cars that was described above can be less beneficial. This is a challenge that can hardly be turned down since it is already typical for the market; at the same time, with the quality is a priority for Toyota nowadays, which means that the company may follow this trend only to a limit. This particular market tendency can become a threat for Toyota’s future.
Market Threats
The greatest threat existing in the oligopolistic market is the competition. While Toyota’s size and power are an advantage, the fact that several other competitors have equally big market shares and similarly famous brands is much less helpful. At the same time, one should take into account that the competitors are also capable of making mistakes.
For example, General Motors’ faulty ignition switches may have caused 13 deaths and resulted in a massive recall in 2014 (Rankin, 2014). While the reputation of Toyota has been damaged by the 2007 crisis, it is still a competitive and powerful player in the market.
The Essential Areas of the Strategic Plan
It is hard to deny the fact that the company’s weaknesses are crucial. The crisis of both quality and reputation demands consistent efforts aimed at eliminating them. At the same time, the company’s strengths are providing it with enough resources that may assist in fighting the company’s weaknesses. Finally, the trends existing in the market are extremely hard to ignore.
Being one of the major competitions, Toyota cannot help but respond to the challenges offered by other market players and create challenges of its own.
Toyota’s Strategy Analysis: Method and Evaluation
The strategic plan of the future development of Toyota must be based on the fact that the current state of the company needs to be improved. This may be achieved by increasing the quality of the products (with the help of the Automotive Center of Quality Excellence) which will slowly lead to improving the company’s reputation.
It is obvious that the company has all the resources needed to improve its production process. However, restoring the reputation of the business is going to be a more challenging task. It could be completed by a more extensive and aggressive promotion of the Toyota Way which it includes most ethical and reasonable suggestions (Andrews et al., 2011).
Unfortunately, it is impossible for the company to stabilize first and then proceed to grow the business. The competitiveness of the market would not allow it, which means that in addition to eliminating its flaws, the company should continue to develop new products and implement new technologies in order to keep expanding the business. The existing trends should be used to the company’s advantage albeit carefully since the current issues Toyota has should not be aggravated.
It could be useful to point out that SWOT is a truly widespread but extremely criticized methodology. For example, throughout its existence the method has been characterized as vague, oversimplified, elusive, superficial, non-prioritized, and generalized (Helms & Nixon, 2010).
At the same time, all these drawbacks can be used for the benefit of the strategic planning. As such, the generalized and simplified character of the method allows concentrating on the big picture and general view on the positive and negative factors and their potential interaction. As a result, it cannot provide detailed information about the company’s future but it may be useful for preliminary analysis and may give insights regarding the future of the business which was the aim of this paper.
Conclusion: Toyota’s Future Strategic Plans
Toyota’s SWOT analysis has allowed us a glimpse into the main factors that may affect its further development. Despite the fact that the methodology can only provide generalized results, we have found out that one of the main Toyota’s concerns is its current weaknesses caused by the 2007 crisis.
Apart from that, Toyota seems to be using the current trends existing in the market in order to keep expanding and developing. The possible plan for the future growth of the business should be aimed at restoring the position of the company after the crisis along with responding to the market’s challenges in order to keep up with the competitors. Despite the fact that Toyota is experiencing a crisis, it cannot afford any kind of respite.
Agence France-Presse in Tokyo. (2015, May 9). Toyota and Mazda reportedly cooperating on green car technology . The Guardian.
Andrews, A., Simon, J., Tian, F., & Zhao, J. (2011). The Toyota crisis: an economic, operational and strategic analysis of the massive recall. Management Research Review, 34 (10), 1064-1077. doi:10.1108/01409171111171474
Heller, V., & Darling, J. (2012). Anatomy of crisis management: lessons from the infamous Toyota Case. European Business Review , 24 (2), 151-168. doi:10.1108/09555341211204017
Helms, M., & Nixon, J. (2010). Exploring SWOT analysis – where are we now?. Journal Of Strategy And Mgt , 3 (3), 215-251. doi:10.1108/17554251011064837
Rankin, J. (2014, April 9). Toyota recalls more than 6.5m cars over steering and seat problems . The Guardian .
Simerson, B. (2011). Strategic planning . Santa Barbara, Calif.: Praeger.
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Strategic Management Assignment Evaluating Strategic Decisions Taken By Toyota
Task: Strategic management assignment brief is to evaluate strategy in AMAZON or TOYOTA MOTOR organization under following headings:
- Eight different Mintzberge and Waters strategic behaviours: discuss with examples of your chosen organization.
- Emergent or Deliberate organization’s strategic behaviour: drawing on your previous answer of strategic behaviour, discuss whether your chosen organization exhibits more emergent or deliberate strategic behaviour.
- Emergent or Deliberate environment’s strategic behaviour: Discuss with supporting evidence, whether of your chosen organization’s operational environment (industry and local and/or international markets.
- Overall performance: Drawing on your answers to the previous answers, critically assess with supporting evidence of strategic behaviour of your chosen organisation.
Background Of Strategic Management Assignment The current business environment is witnessing intense competition. Thus, corporate leaders of firms across the world are focused on developing strategies that can help firms overcome challenges in the volatile market. Moreover, effective strategic decisions also help firms to understand the opportunities in the global market and how these opportunities can be further utilized in order to grow within the sector. Effective strategic leaders focus on developing strategies on the basis of employees’, client and financial perspective (Terziev and Georgiev, 2017). There is no exception in case of Toyota. Toyota is one of the renowned firms operating in the automobile industry for a longer time period. The aim of this report is to evaluate strategic decisions undertaken by the strategic leaders of Toyota in order to strive in the competitive business environment.
Mintzberg and Waters strategic behaviours In the year 1985, 8 different strategies were researched and presented by two researchers named Mintzberg and Waters. According to these researchers, strategies are mostly unplanned but it tends to emerge from practice (Neugebauer, Figge and Hahn, 2016). Strategic leaders of firms across the world tend to choose from these 8 strategies according to their business position and condition. There is no exception in case of Toyota.
Planned strategy When organization can predict changes accurately it is known as planned strategy. The plan is imposed by authorities. The authorities of Toyota emphasized on advanced management. The managerial leaders of Toyota have focused on forming a mobile society by changing the business environment by 2030 (Toyota, 2017).
Ideological strategy When members of organization focus on sharing common vision it is marked as ideological or deliberate strategy. It is found that both deliberate and emergent strategy is growing within the business environment and this strategy is also strong (Kopmann, Kock, Killen and Gemünden, 2017). Toyota’s strategic leaders have analysed the need for environment-friendly strategies. This gave rise to the EV strategies that aim at reducing carbon emission.
Entrepreneurial strategy When owners impose their vision on the employees and the employees themselves cannot share their vision it is known as entrepreneurial strategy. Toyota has a top-down organizational structure and most of the decisions of the firm mainly price reductions or price rise, salaries and many more are taken by the top managers.
Umbrella strategy It can also be marked as emergent strategy. The organization is also known for adopting new strategies that can establish a connection between technology and people (Toyota, 2022a). The product integration team decided to change the structure of the organization that further aims at coping with the change in the need of the environment.
Process strategy When managers do not have any direct control on the decisions undertaken within the firm is known as process strategy. Integration of advanced technology within the core activities of the organization is a part of process strategy because in this case top level managers are not directly involved in decision making.
Unconnected strategy When sub-group in a workplace takes control of various decisions within the workplace it is known as unconnected strategy. For example, the product integration team of Toyota decided to have separate. legal and HR teams for the sales and marketing divisions, manufacturing divisions. This decision has been completely undertaken by the product-integration team and not by the main managers.
Imposed strategy When external group has an influence on the strategic decisions of a firm it is known as imposed strategy. Environmental decisions undertaken by Toyota are slightly imposed by customers and vendors.
Source: Schühly, 2022
Pendulum metaphor The strategic behaviour of firms that contain emergent and deliberate strategies are considered as pendulum behaviour. Toyota operates in the international or global markets. It can be said that Toyota is more intrigued towards deliberate strategies. The strategic leaders of Toyota have always focused on analysing the conditions of market. The organizational leaders of Toyota have found out how the interest and need of stakeholders are changing. After rigorous research, they have concluded that external stakeholders of firms across the world are intrigued towards strategies that aim at having a positive impact on the environment. In previous year, the president of Toyota organized a media meeting and declared the EV strategies that the company is going to adopt. The objective behind adopting this strategy is to reduce the emission of Carbon-di-oxide in order to control the rise in global warming (Toyoda, 2021). Thus, to satisfy stakeholders across the world the organization’s production team is focusing on manufacturing “carbon-reducing” vehicles.
In addition to this, the strategic leaders of Toyota also focus on undertaking strategies that can meet the needs of the employees within the workplace. The strategic team of the organization analysed the market and understood that Toyota should witness a structural shift that further can reduce the turnover rate of employees within the workplace. Previously, the management team of Toyota was facing employee redundancy. Corporate leaders were finding it difficult to leverage the skills and abilities of employees within the workplace so that the firm can gain competitive advantage. Therefore, officials of Toyota decided to open new campus that aims at distributing workers. Furthermore, the organization decided to form HR and legal team for the sales and marketing department, production department separately (Schweinsberg, 2017). This strategic adoption can also be marked as deliberate because the corporate leaders of Toyota have focused on analysing the market trends before adopting strategies.
On the contrary, if the strategic adoption activities of Toyota are looked at it can be said that Toyota has slightly adopted emergent strategies along with deliberate strategies. The organization is constantly focused on launching innovative or unique product in the market. It is found that Toyota have always taken unplanned and abrupt decisions of integrating new and emerging technology with the core product of the firm. Toyota also has a product integration team that aims at integrating new and emerging aspects in various products of Toyota (Yamamoto, 2021). The objective of this team is to cope up with the change in the need and demand of customers across the world.
Critical analysis The primary mission of Toyota is to attract customers by offering them with high-quality and highly-valued products as well as services. The mission of Toyota makes the company more than just a “car production” firm. The mission of the organization has been structured in such a way that further has an influence on key strategic decisions of the firm. Toyota is marked as one of the “high-performing” company in the global market because the organization is known for combining technology along with the product design and the purpose of the firm. The strategies adopted by Toyota is also mobile that is further helping the company to expand in the global market (Mainwaring, 2018). On the contrary, Toyota has faced allegation regarding product design strategies. Customers accused that the organization is primarily focused on adopting environment-friendly strategies rather than concentrating on the actual design and aspects of the product. Despite, adopting cost-curbing strategies, Toyota experienced a huge decrease in sales because of faulty-air bags. This has further decreased the rate of satisfaction of large number of customers (Connell, 2018). The stock of Toyota also got affected due to this strategic decision of the firm.
In addition to this, the corporate team of Toyota believes that efficiency alone cannot bring major success within the workplace. Furthermore, the organization considers employee as one of the driving forces behind the excellent performance of the firm (Toyota, 2022b). Toyota believes that constant development of employee within the workplace is of utmost importance because it can further add value to the firm. Thus, Toyota invests a huge amount of money in training and developing workforce within the firm. On the contrary, Toyota still follows hierarchical organizational structure. The top-down flow of information within the workplace is known as hierarchical organizational structure (Krackhardt, 2014). This structure is generally followed by individuals who are autocratic in nature. It is also slowly becoming obsolete because organizational leaders are currently working towards decentralized organizational structure. Therefore, this aspect of Toyota’s strategic decisions must be changed by the strategic leaders in order to strive in the global market.
Conclusion The aim of this report was to critically analyse the strategic decisions undertaken by one of the renowned organizations operating in the automobile sector. The organization that has been chosen is Toyota. From the report, it can be concluded that deliberate strategies are generally adopted by the strategic leaders of the selected organization. The strategic leaders of Toyota emphasize on market research before undertaking any actions. Deliberate strategies helped the firm to develop skills and abilities of employees within the workplace and it has also resulted in increases in the rate of customer satisfaction. Apart from deliberate strategies, Toyota also focuses on adopting emergent strategies in order to cope up with the constant changes in the global industry. In the final part of the report, a critical analysis has been done that focused on describing the pros and cons of strategies that have been adopted by the strategic leaders of Toyota over several years of operation.
Reference List Connell, 2018. Pros and Cons to Buying Toyota Motor Corp (TM) Stock. [online]. Available at https://finance.yahoo.com/news/pros-cons-buying-toyota-motor-140000039.html#:~:text=On%20the%20downside%2C%20Toyota%20was,4.1%20percent%20to%20521%2C000%20vehicles. (Accessed 22 February 2022).
Kopmann, J., Kock, A., Killen, C.P. and Gemünden, H.G., 2017. The role of project portfolio management in fostering both deliberate and emergent strategy. International Journal of Project Management, 35(4), pp.557-570.
Krackhardt, D., 2014. Graph theoretical dimensions of informal organizations. In Computational organization theory (pp. 107-130). Psychology Press.
Mainwaring, S. 2018. Purpose At Work: How Toyota Is Driving Growth, Innovation And Impact. [online]. Available at https://www.forbes.com/sites/simonmainwaring/2018/11/13/purpose-in-action-how-toyota-is-driving-growth-innovation-and-impact/?sh=d5176aa47fbc (Accessed 22 February 2022).
Neugebauer, F., Figge, F. and Hahn, T., 2016. Planned or emergent strategy making? Exploring the formation of corporate sustainability strategies. Business strategy and the environment, 25(5), pp.323-336.
Schühly, A.M., 2022. What Is Strategic Management and Why Do We Need It: Theoretical Foundations of Strategic Management. In Cultural Influences on the Process of Strategic Management (pp. 33-135). Springer, Cham.
Schweinsberg, C. 2017. Toyota Vows Better Speed to Market, Employee Retention. [online]. Available at https://www.wardsauto.com/industry/toyota-vows-better-speed-market-employee-retention (Accessed 22 February 2022).
Terziev, V. and Georgiev, M., 2017. Highlights of the evolution of the'Balanced Scorecard'idea as a model for managing strategy development and control. Strategic management assignment IJASOS-Internationale-Journal of Advances in Social Sciences, 3(8).
Toyoda, A., 2021. Video: Media Briefing on Battery EV Strategies. [online]. Available at https://global.toyota/en/newsroom/corporate/36428993.html (Accessed 22 February 2022).
Toyota, 2017. The Changing Business Environment and the Expansion of Mobility Value. [online]. Available at https://www.toyota-global.com/pages/contents/investors/ir_library/annual/pdf/2017/ar17_2_en.pdf (Accessed 22 February 2022).
Toyota, 2022a. Toyota Global Vision. [online]. Available at https://global.toyota/en/company/vision-and-philosophy/global-vision/ (Accessed 22 February 2022).
Toyota, 2022b. Employees. [online]. Available at https://global.toyota/en/sustainability/esg/employees/ (Accessed 22 February 2022).
Yamamoto, K. 2021. Toyota's Discerning Approach to Car-making and Challenges for the Future. [online]. Available at https://global.toyota/en/newsroom/corporate/35891478.html (Accessed 22 February 2022).
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- STRATEGIC MANAGEMENT FOR TOYOTA
STRATEGIC MANAGEMENT FOR TOYOTA - Essay Example
- Subject: Management
- Type: Essay
- Level: Masters
- Pages: 7 (1750 words)
- Downloads: 2
- Author: vernieortiz
Extract of sample "STRATEGIC MANAGEMENT FOR TOYOTA"
In effect, the strategic management option is being undertaken for the sake of helping the company gain competitive advantage over its key competitors (Pollard, 2009). Pirttimaki (2007) has stressed that even though the annual revenues of Toyota Corporation could be said to be greater than any of its competitors, the company does not lead in all aspects of the industrial competition. This is because the car making industry in itself has several divisions, all of which must be competed for to gain global dominance.
Some of these competitive components that the company engages in with its competitors include luxury vehicles, automobiles, commercial vehicles, motorcycles, and engines (Gilad & Gilad, 2008). Generally, the selection of the strategic management option shall be undertaken while critiquing against a specific model to justify why it is the best that the company can have. The model to be used in the critique is made up of three major sections namely suitability, acceptability and feasibility. Under each of the sections, there shall be sub-components against which the strategic option shall be tested with.
The model to be used has been simplified below. The Differentiation Strategy The strategic management option selected for Toyota Corporation is the differentiation strategy. . As the R&D takes place, it is important to also ensure that there is massive innovation that is directed at the need to meet consumer request and demand with style and flex. This is because as all competitors identifies the needs of consumers, it is he that has innovation with the needs that catches the eye of the consumer most (O’Hara, 2008).
Secondly, it is important for companies undertaking the differentiation strategy to have the ability to deliver superior quality products and or services (Gilbane Report 2005). This is indeed a very centralized aspect of the strategy because quality remains a very crucial measure for competitiveness in contemporary global market and for the undertaking of competitive global engagements (Pirttila, 1997). This is because according to Ghoshal & Kim, 2006), the consumer behaviour of most people is changing of cost consciousness to quality consciousness.
It would therefore take companies to set their quality apart be gain competitive advantage. Finally, companies that desire to pursue differentiation strategy must be ready to undertake effective sales and marketing. The reason for this is that on a competitive market such as the one that Toyota finds itself in, almost all other competitors also engage in R&D and the delivery of high quality products and services. In effect, it is those who can effectively market and sell their quality and innovative products and services that really get to the customer (Alvesson & Skoldeberg, 2000).
Application of the Model to the Differentiation Strategy Suitability Suitability generally refers to the question of whether or not the selected strategic management option is the right one for the company
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Strategic Issues At Toyota – A Case Study
Disclaimer: This is not a sample of our professional work. The paper has been produced by a student. You can view samples of our work here . Opinions, suggestions, recommendations and results in this piece are those of the author and should not be taken as our company views.
Type of Academic Paper – Assignment
Academic Subject – Management
Word Count – 4500 words
Introduction
In the contemporary business environment, businesses are continually facing strategic issues that have resulted in either loss of market share and performance, or even liquidation (Freeman, 2010). One of such leading companies is Toyota, which is renowned for being the world’s largest automaker company headquartered in Japan (Hill, Jones and Schilling, 2014).
Even though the company has offered its customers, across the globe, a variety of vehicles, it has surely faced a variety of issues ranging from more car recalls than any of its competitors (Fan, Geddes, and Flory, 2013, p. 101), marketing challenges, pricing strategy, as well as stagnated sales in the home market. Considering all these aspects, the purpose of this study is to evaluate and investigate the overall strategic issues faced by the company, followed by offering a variety of solutions to the business like total quality management, improved marketing activities, competitive advantage based on design and quality, and international expansion.
Toyota, the leading car producer, is amongst the leading automobile companies offering the customers a wide variety of products ranging from mini-sized cars to trucks as well as buses, which are sold in both developing and developed nations (Piotrowski and Guyette Jr, 2010, p. 89).
Considering the overall operations of the business, the company has continually hired hundreds and thousands of employees, even in the financial and economic downturn, where the companies were laying off their permanent and contract-based employees; however, the company overlooked what their competitors were doing and avoided termination of employees based on ethical and cultural values (Connor, 2010).
The company is known for having the strongest car manufacturing facilities, where they have continually believed in offering the customers improved and customised cars that could represent their customers’ lifestyle (Krishnan et al., 2013, p. 417). The multinational company has factories and facilities operating in developing and developed nations and is responsible for assembling and producing vehicles. According to the company’s website, the company has manufacturing facilities located in France, Poland, the United Kingdom, and the Czech Republic (Despeisse, Oates, and Ball, 2013, p. 34). All of these facilities have played an influential role in the success and growth of the business while increasing the overall market share and competitive advantage of the multinational company.
Existing Sources of Competitive Advantage
With respect to competitive advantage, Toyota has implemented a variety of strategies and techniques to increase its overall market share in the industry. For instance, the company’s production process has been argued to be quite strong in comparison to its competitors, which is both efficient and effective in terms of cost (Hesterly and Barney, 2010). Considering this strategy, the company has been able to increase its overall competitive advantage.
More importantly, the business has capitalised upon its cost-saving strength in order to reduce the price of the vehicles offered to the customers in comparison to other competitors operating in the same industry. This implies that the strategy to reduce cost and optimal utilisation of resources has resulted in the creation of a competitive advantage for Toyota (Kindstrom, 2010, p. 486).
Strong cultural advantage has also resulted in the creation of competitive advantage for Toyota. In particular, the devotion of employees in their job, and their desire to improve the company has resulted in the optimal level of performance (Liker and Franz, 2011). Since employees are treated equally and fairly, it has created a legitimate sense of loyalty and respect.
More importantly, the way in which employees value their work is significantly different from American brands, which can even be reflected in the quality of the vehicles offered (Wilhelm and Kohlbacher, 2011, p. 78). As a result of empowering employees, Toyota has ultimately created a strong competitive advantage, which has also encouraged the employees to respect the hierarchical authority that results in quick decision-making and the implementation of the strategic plans in an agile manner.
Strategic Issues at Toyota
Even though Toyota is regarded as the world-leading automobile manufacturer, it has experienced a variety of strategic issues ranging from product recall to marketing issues. Following are some of the most common strategic issues at the multinational company;
Product Recall
In the intensely competitive industry, Toyota has been found to recall more vehicles than any other competitor operating in the same industry, which can even be considered as inappropriate management or lack of interest from the company’s side (Andrews et al., 2011, p. 1071). Even though the company has a reputation to maintain being the largest automobile manufacturer, the lack of ability to assure the quality of products to its customers portrays incompetency of the entire strategic management layer (Liker and Ogden, 2011).
In particular, the company had to recall more than 5.8 million vehicles from both local and international markets due to potentially faulty installation of airbags inflators (Reuters, 2016). The brand recall was primarily due to the pressure from the US authorities, where more than 50% of the airbags installed within the Toyota vehicles were defective.
The brand recalled by Toyota included one of its bestselling models; Corolla, as well as Vitz. As a result of brand recall, the company is in constant financial assistance to pay the huge liabilities associated with the brand recall and has been in meetings with the customers as well as the potential sponsors to discuss the options of survival in the contemporary business environment (Kumar and Schmitz, 2011, p. 244).
From the case of brand recall, it is evident that lack of management’s interest and faulty installation of airbags have become a strategic issue, which can even result in loss of market share and brand image; thus leading to a significant decline in the competitive advantage of the brand against its competitors.
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Marketing Strategies
Marketing has also become a rising concern for multinational companies. Since the company has been continually recalling brands for a variety of issues, the consumers have shifted their attention from the purpose of Toyota over others available in the marketplace (Hurst, 2011).
Considering this, the company’s marketing team has found it extremely difficult to convince the existing and potential consumers to purchase the vehicles (Feng, 2010). Since the company’s brand loyalty has been continually but into question, the company has adopted a variety of marketing strategies, which can be argued to be ineffective in changing the mindset of the consumers.
In particular, the company has embraced a variety of marketing initiatives ranging from traditional television and radio marketing to the hiring of public relations specialists to help the company revamp its strategic position in the automotive industry (Bernstein, 2010). Moreover, the company has continually bought advertisements on search engines available over the internet to change consumers’ mindsets when they use the search engine to look for information related to automobiles.
However, all the strategies have not produced any significant results that the company can call an achievement in the intensely competitive marketplace (Bernstein, 2010); therefore, the overall marketing strategies and techniques can be considered to be ineffective, and the company must focus on effective marketing strategies and tactics to change the overall perception of the brand across the global consumers.
Pricing Strategy
Over the years, Toyota has pursued a cost leadership strategy for its competitive advantage in the automotive industry (Cusumano, 2010). In particular, the company has remained focused on reducing the costs and its associated elements from its entire operations ranging from suppliers to the logistics and delivery of the final products to the consumers (Kohli and Suri, 2011, p. 569). This is also evident in the case of Europe, where the company has adopted a low-cost leadership strategy to remain ahead of competitors while increasing the brand’s competitive advantage.
However, the low-pricing strategy has become a strategic issue for the company for a variety of reasons. For instance, the low pricing strategy has encouraged the company to purchase low-quality airbags and accelerators, which ultimately resulted in brand recall from across the globe (Hurst, 2011). Though consumers prefer low-cost automotive in the economic uncertainty, they have overlooked the company for the use of sub-standard materials. This has ultimately become a rising concern for the business, which eventually reduced the loyalty and devotion of the consumers with respect to the brands offered by Toyota.
Stagnated Sales
In the year 2016, the sales of Toyota remained stagnated, and even the management expected the sales to remain flat in the year 2016 at 10.11 million vehicles (Reuters, 2017). Moreover, the recent decision of Britain to leave the European Union further decreased the company’s sales figures resulting in the loss of global sales title to Volkswagen.
In particular, VW sold a total of 5.04 million vehicles in the initial 6 months, whereas the company was only able to sell 5.02 million in the same quarter; however, the company was able to record an outstanding operating revenue and profit. In particular, the company’s net income for the first quarter increased by 10 percent (i.e. $5.27 billion); meanwhile, the revenue increased by 9.3 percent to approximately $56.94 billion (Reuters, 2017).
Despite the stagnating sales, the company was able to increase its profitability, which could be argued as the offset from favourable currency rates. In particular, Yen’s increase in comparison to the US resulted in an increase of the operating income by $1.43 billion (Greimel, 2015); otherwise, the company would have experienced a rapid decline in its operating income (AutoNews, 2016).
The stagnated sales can also be associated with the company’s negative reputation for using sub-standard materials in the vehicles offered, which has ultimately reduced the interest of the customers with respect to purchasing the brand in comparison to other alternatives available in the marketplace.
Industry Related Factors and Toyota
With respect to the industry, Porter’s Five Force model has been applied as it focuses on depicting the overall effect of the external factors on the company as well as the industry in which the company operates. Following is a brief analysis of the industry factors and their overall effect on the strategic issues of the company;
Competitive Rivalry
The foremost industry factor relates to the intensity of competition within the industry, where it was found that the automotive companies are aggressive against their competitors with respect to innovation and marketing (Laudon and Laudon, 2011). Moreover, the company has to compete against a variety of firms, which have differentiated their offerings based on quality, fuel efficiency, costs, and other variables. Considering this, the company has been in competition with only a handful of firms, which implies that the company must focus on increasing its competitive advantage by addressing the company-related strategic issues (Zapata and Nieuwenhuis, 2010), which could help in improving its overall strategic position in the industry.
Bargaining Power of Customers
The customers of the company have a direct impact on the revenues of the business. This aspect of the model focuses on determining the influence of buyers on the overall business. In this regard, it can be stated that the company’s consumers can easily switch from Toyota to any other firm competing in the automotive industry with no additional costs with respect to the purchase of new cars.
Since a variety of substitutes are available in the marketplace and consumers have access to information through the internet, the consumers can easily determine the vehicle that they want to purchase (Cole, 2011, p. 29). In this regard, Toyota has differentiated its products based on convenience and price factors, which has resulted in making the brand quite prominent across the globe (Danes and Lindsey-Mullikin, 2012, p. 296). However, the company must continually remain focused on ensuring that the vehicles are in accordance with the expectation and preferences of the customers across the globe.
Bargaining Power of Suppliers
The availability of suppliers and their overall ability to provide the company with the required materials can have a significant impact on the performance of the business. In the case of Toyota, it is evident that the company has a vast number of suppliers to work with based on the global reputation of the business (Marksberry, 2012, p. 281). Since the company has the available supply that is used in the manufacturing of products, it has significantly reduced the bargaining power of the suppliers.
Moreover, the suppliers of the business do not have much impact on the business as factors like forwarding integration or ownership are rarely to be seen in the suppliers operating in the global automotive industry (Matsuo, 2015). Considering this, the overall impact of the bargaining power of the suppliers, in the case of Toyota, is moderate.
Threat of Substitutes
In the majority of the cases, customers have a wide variety of options with respect to substitutes available in the marketplace. Considering this, the substitutes available for Toyota include public transportation and bicycles; however, their availability in the sub-urban areas has created a superior demand for Toyota based on price and convenience factors (Litman, 2014). Since the company has differentiated its products based on the aforementioned factors, customers can readily purchase from a variety of vehicles offered by the company; thus reducing the overall impact of this factor on the performance of the company. However, the company must readily address the threat of substitutes by making its products more durable, convenient, and affordable for the customers (Litman, 2014).
Threat of New Entrants
Since the company operates in the automotive industry, the threat of new entrants has significantly decreased as the costs associated with establishing, maintaining, and growing are significantly higher (Cusumano, 2011). Moreover, the new entrants are required to follow the industry standards, which further reduce the threat to a significant extent. Considering this, the overall threat of new entrants in the case of Toyota is significantly low.
Solutions for Strategic Issues
From the aforementioned discussion, it is evident that the company i.e. Toyota, has faced a series of strategic issues, which have resulted in the loss of competitive advantage and reputation of the business in the intensely competitive business environment. For instance, the company had to recall millions of its vehicles based on defective airbags installed, which ultimately resulted in the loss of loyal customers. Considering the strategic issues discussed earlier, the following are some of the most important solutions that the business could take into consideration to revamp its overall image and competitive advantage in the contemporary business environment;
Total Quality Management
Total Quality Management (TQM) has always remained the foremost priority of Toyota in the automotive industry throughout its 75-years history and has been widely appreciated for its lean production system. However, the recent product recall indicates that the company is somewhat lacking in ensuring the quality of the products that are available in the marketplace.
Considering this, the company must reintegrate and re-evaluate its total quality management approach with respect to continuous improvement and total participation, where the employees must be encouraged to share their opinions and feedback regarding the strategies that could be undertaken by the company to reduce the quality issues (Anvari, Ismail, and Hojatti, 2011).
Moreover, the company is also recommended to implement an emergency protocol with respect to brand recall. Since the company has recalled more than millions of its vehicles, the company failed to set a predefined procedure that ultimately resulted in inconvenience for the customers as well as the management. The convenience factor could also help the company to regain the lost trust of customers while helping them to understand that the company is doing its best in ensuring that the vehicles offered to them are safe and in accordance with their preferences and requirements (Zink, 2012).
The re-evaluation of the total quality management and lean management would allow the company to improve its overall operations while reducing the level of defects in the vehicles offered to the customers. This could further help the business in changing the mindset of the customers with respect to the recent product recall. Moreover, it could also help the business to regain the trust of the customers, which could result in improved performance and profitability; thus increasing its overall competitive advantage in the automotive industry.
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Improved marketing activities.
The company has been using traditional marketing activities and initiatives being the largest automotive company across the globe; however, the use of traditional marketing activities can be considered to be ineffective with respect to the stagnant sales (Shirouzu, 2010). Considering this, the company must consider modern means of advertising i.e. the use of social networking platforms to increase customer awareness about the low-cost vehicles offered by the business.
For instance, the company can capitalise upon its resources with respect to the use of Facebook and Instagram. Since social networking websites has become the priority for millennial, the use of both the aforementioned platforms can help the business in influencing them to purchase the vehicles in accordance with their needs and demands (Berthon et al., 2012).
Moreover, the use of social networking platforms would allow the business to reach global customers, which implies that it could not only be used for marketing purposes but can also be used by the company to ensure that the customers remain updated about the newly introduced products and services offered by the business.
Moreover, social networking platforms can also be used for brand recall. Since the company has continually been recalling their brands in the international marketplace, the social networking websites can help the business to publically apologise for the inconvenience and could inform where the customers could take their cars for maintenance (Weinberg and Pehlivan, 2011, p. 278).
This could help in regaining the trust of the customers while influencing them to purchase the brands more frequently in comparison to others available in the marketplace. More importantly, the social networking platforms could become the foremost priority of the business based on the fact that advertising through social networking platforms is cost-efficient, and has a global reach; thus resulting in increased sales and profitability of the business.
Improved Design and Quality
Design and Quality, though, have remained the foremost area of interest in the case of Toyota; the company must also focus on increasing the environmental performance of its vehicles, which implies that the company must focus on highly fuel-efficient engines that are in accordance with the corporate social responsibility standards (Rutledge, Xu, and Simpson, 2010).
Considering this, the company must leverage its position in the market for improving the fuel efficiency improvements over the vehicles offered by the competitors. Since the customers are more interested in purchasing vehicles that are fuel-efficient and offer superior quality, Toyota can capitalise on its years of experience in this matter resulting in improved brand reputation and loyalty amongst the customers.
The company can further improve the design and quality of its vehicles by employing Atkinson Cycle in its engines, which could result in the reduction of waste heat and increased expansion ratio; thus resulting in superior thermal efficiency. Moreover, the company can further improve the overall fuel efficiency in the vehicles through the use of Variable Valve Timing-intelligent Electric technology (VVT-iE), which could help in improving the combustion, while reducing the loss (Siczek, 2016).
Moreover, the company must ensure that the vehicles are eco-friendly; otherwise, customers might overlook the vehicles offered by the company, which is evident from the case of Volkswagen, where the customers banned the purchase of the vehicles based on the fact that it had negative environmental footprints (Hu et al., 2012). Taking this into consideration, the company can increase its competitive advantage by focusing on eco-friendly designs and superior fuel efficiency.
International Expansion
Over the years, the company has expanded its manufacturing facilities in developed nations, which has helped in satisfying the demands and requirements of the customers in the most effective manner. Considering this, the company can expand internationally by focusing on the development of manufacturing facilities in India. India is amongst the most developing nations in the Asian region, and the direct presence of the company would present the business with an opportunity to better meet the demands and requirements of the customers in the most profitable manner (Arnold et al., 2016, p. 22).
This would also help the business in improving its sales based on its years of experience in the automotive industry. Since the customers in India are price-sensitive, the presence of the brand would increase Toyota’s appeal in the region, and the company would be in a better position to meet the external demands as the labour in India is relatively cheaper than in developed nations. This implies that international expansion of the business can also help the business to revamp its stagnated sales while allowing the business an opportunity to increase its overall competitive advantage.
Toyota follows a low-cost pricing strategy and has focused on the cost-leadership generic strategy for the attainment of competitive advantage against its rivals in the automotive industry. Considering this, the company has successfully developed a loyal customer base; however, the recent brand recall has become problematic for the business and its overall competitive advantage (Yan, 2010, p. 515).
Considering this, it would be recommended for the business to focus on changing its pricing strategy, which could provide the business with sufficient capital to work on its defects and issues in the existing models offered to the customers. In particular, it would be recommended to use a competitive pricing strategy, where the price of the vehicles should be in accordance with its fiercest rivals.
Since the company has a loyal customer base and years of experience in the industry, customers are more interested in the purchase of vehicles based on the convenience and quality of the products (Yan, 2010, p. 515). Therefore, the company is in the perfect situation to change its pricing strategy in the contemporary business environment.
The change of pricing strategy from low-cost to competitive pricing would help the business with its focus on continuous improvement and superior quality vehicles. More importantly, it could help the business in increasing its profitability and revenues generated from the sales of vehicles across the globe (Hinterhurber and Liozu, 2012).
Though the change in pricing strategy can influence the immediate sales of the vehicles, it would help the company to improve its sales in the forthcoming years as the majority of the companies that Toyota competes with, have relied on either premium pricing strategy or competitive pricing strategy; thus the change in the pricing strategy could help the business to be at par with the closest rivals.
Conclusively, Toyota is amongst the world’s leading vehicle producers across the globe, with manufacturing facilities in both developed and developing nations. The company offers a wide range of vehicles, where the priority remains of the convenience and accessibility of the vehicle to the consumers. However, the company has faced a series of strategic challenges resulting in the loss of business profitability and sales.
The most prominent challenges faced by the company included; brand recall, marketing challenges, pricing strategy, and stagnated sales in the home market. Through the analysis, it was found that the company has 75 years of experience in the industry, yet the company had to recall millions of its vehicles based on the quality of material used within the vehicles.
Considering this, it was proposed that the company must focus on re-evaluating its total quality management practices, and must encourage the employees to share their opinions and feedbacks while developing an emergency protocol for its brand recall. This would allow the business to improve its standards, which could help in convincing the customers that the vehicles are safe and convenient for their usage.
Moreover, the company failed to address the issue effectively through its marketing initiatives. For instance, the company used traditional television and radio advertisement for convincing the customers to purchase the vehicles, yet the company saw stagnated sales across the globe. With respect to marketing initiatives, the company also hired public relations specialists, but it failed to change the perception of the customers with respect to the automobiles offered by the company.
In this regard, the company was recommended to consider the use of social networking platforms to reach global customers without bearing the extra cost. The use of social networking platforms like Facebook and Twitter can also help the company in creating awareness related to the newly introduced vehicles, which could ultimately result in improved performance of the business.
Pricing has also become a strategic issue for the business. The company has focused on the use of cost-leadership strategy, which has offered the business a competitive advantage over its rivals in the automotive industry; however, the changing business environment has presented a series of strategic issues for the company with respect to its pricing strategy.
With respect to the pricing strategy, the company was presented with a solution of changing its pricing strategy from low-cost to competitive pricing as it would present the company with an opportunity to increase its level of revenue generated from the sales of the vehicles, and would offer the company with an ability to improve its overall quality and design of the products offered in the automotive industry.
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Strategic management (MNC analysis)
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Toyota: Operations Management, Logistics and Supply Chain
Reference this
Part of: Supply Chain Management
Introduction
Managing quality.
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- Number of product units per time (manufacturing plant productivity)
- Revenues per dealership (Toyota dealership productivity)
- Number of batch cycles per time (supply chain productivity) (panmore.com)
Just in Time
References:.
- Taylor, D. Brunt, D. Hines, P. (2002) Benchmarking Toyota’s supply chain: Japan vs UK. Cornwall: Thomson Learning. p.66.
- Rushton, A et al (2014) The Handbook of Logistics & Distribution Management. (5th ed.) New Delhi: Kogan Page. p.8.
- Porter, S. (14/02/2018) Car industry: Who's the biggest of them all? Available at: https://www.bbc.co.uk/news/business-43028005 (Accessed at: 20/08/2019)
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Toyota’s approach to strategic management of knowledge and organisational learning.
Analysis of Toyota Strategic Planning
Strategic plan (687), plan support.
Bibliography
Toyota Company is the largest car manufacturer in today’s world. This company, founded in 1937 by Kiichirro Toyoda, is developing rather fast. 2007 brought $15.09 billion to Toyota as annual revenue. However, the modern world sets new tasks for market players, and Toyota has also to take into account the modern conditions and especially the world financial crisis. Drawing from this, the following key issues can be singled out as those demanding urgent and strategic planning of the solution (Viljoen, J. and Dann, 2000).
The first, and the most important issue that Toyota face today is the world financial crisis and the cuts of sales that are conditioned by it. Thus, for example, the total sales in the first quarter of 2008 declined by 673, 000 cars and amounted only to 8, 24 million vehicles sold worldwide. Moreover, only at the markets in the Northern America Toyota suffered $352 million of losses, while last year the same period brought record profit of $2, 8 billion. Accordingly, the company’s production plans for the end of this fiscal year tend to be on decrease as well amounting to the forecasted cutting of production by 230, 000 items only for domestic markets.
Consequently, the shortage of money supply resulting in the necessary wage cuttings and firing of employees is another burning issue. For instance, in the US Toyota plans cut the numbers of their employees and organize their work in one shift instead of formerly used two-shift production process. Together with the recently identified law technical quality of new Toyota concepts like Tundra, these issues are the points that demand urgent measures to be taken to settle them.
To solve the above-mentioned current issues faced by Toyota Company this very strategic plan has been created. Its main focuses are the financial performance of the company, the employment policies of Toyota, and its work with its client base. The major steps proposed for settling the issues faced by Toyota can be limited to the following points. As far as strategic planning is a means of successful management over a company for a considerable period of time (Lewis et al., 1999), it is first of all necessary for Toyota to indicate the most important directions of its further development, especially under the conditions of world financial crisis and permanently growing competition in the market of automobiles. The second step to be taken is the defining of people responsible for reaching the outlined company’s goals, and the third step is the identification of the means to achieve this or that goal under present conditions and in respect of possible future changes of the market (Miller, A. and Dess, G., 1996).
Thus, to successfully carry out the first step of the proposed strategic plan, Toyota has to assess its main strengths and weaknesses in the market. As far as the domestic market of automotive suffers little losses, and even vice versa is on the rise due to the increase of yen prices, the bulk of the urgent activities should be directed at international markets and foreign subsidiaries of Toyota in the United States and Europe. Thus, the major priorities for Toyota in these directions should be the ability to increase sales through successful advertising campaigns and new offerings, stop the firing of employees and balance the correlation of the company’s incomes and expenses. This can be executed by offering cheaper concepts to the markets and by keeping to the strategy that allowed Toyota to overcome General Motors in sales over the recent years.
As soon as the priorities are defined and seen clearly in their achievement, Toyota should take time to single out the people responsible for carrying this strategic plan out. Moreover, specially trained people should be employed by Toyota to compensate for the lack of qualified staff in the fields of economics and human resources management. Also, special committees are to be established to deal exclusively with certain points of the problematic areas for the company’s activities (Robbins, S.P., Millett, B., et al., 2001). This can be something of the kind of the Emergency Profit Improvement Committee that has already been established by Toyota’s President Katsuaki Watanabe. The major assignment set for this committee is the reduction of costs that the company has and the increase of sales benefits in different markets. Similar committees and other bodies can be established by Toyota executive management to deal with the areas of staff management, regional employment policies, local sales strategies, etc. The heads of these committees should be freed from any other tasks and deal only with their specified areas to ensure the highest rates of efficiency of their work.
Further on, the identification of means to fight the above-outlined issues faced by Toyota should be considered. For example, all the innovative suggestions of management staff and outside observers should be examined in respect of their usefulness (Robbins, S.P., Millett, B., et al., 2001). This is true for the strategies of money accumulating, diverse ways to use the funds of Toyota with the highest levels of efficiency and profitability. For example, the initiative by Senior Managing Director Takahiko Ijichi could be followed who proposed to redirect the company’s funds from the purposes of development of new directions to the creation of new concepts that could exercise more demand on the market due to their originality, low prices, and innovative opportunities. These are hybrid automobiles like Toyota Pius or Toyota Volt that are rather controversial, but they conform to the demands of the situation, i. e. they are risky but fast and promising concepts. Thus, such initiatives as the introduction of new concepts to the market, redirection of major funds of the company to the areas hurt by the crisis most of all, etc. should be welcomed by Toyota’s officials. Thus, if properly considered and carried out, this plan is an effective instrument of fighting the current financial and human resources issue faced by Toyota (Robbins et al., 2000).
On the whole, the plan proposed for fighting the urgent issue of Toyota is directed at the financial aspects of the company’s performance, but human resources management should not also be left without attention (Haines, 1995). Thus, for example, the issues of unemployment that rise from the staff cutting in Toyota can be solved in a somewhat different way, i. e. by giving unpaid holidays to employees in turn so that to reduce the pressure on the company’s budget. Another way can be the introduction of the shift system of work when a part of employees is changed by another part after a weak of work which will also allow for less severe expenses from Toyota’s side and leave all the employees with their jobs. So, the strategic plan proposed is an effective means of solving urgent and long-term problems for Toyota Company, and the only condition of its success is the proper conduct t by Toyota officials.
- Viljoen, J. and Dann, S. 2000, Strategic Management – planning and implementing successful corporate strategies (3rd edn.) Frenchs Forest, Pearson Education Australia Pty Ltd., NSW.
- Haines, S.G. 1995, Successful Strategic Planning: Building a High-Performance Business. Crisp Publications, California.
- Lewis et al. 1999, Australian and New Zealand Strategic Management – Concepts, Context and Cases (2nd edn.) Prentice Hall, Australia. pp. 426-434.
- Miller, A. and Dess, G. 1996, Strategic Management (2nd International edn.) McGraw-Hill, New York.
- Robbins, S., Bergman, R., Stagg, I. and Coulter, M. 2000, Management (2nd edn.) Prentice Hall Aust Pty Ltd., Sydney.
- Robbins, S.P., Millett, B. et al. 2001, Organisational behaviour, leading and managing in Australia and New Zealand (3rd edn.), Pearson Education Australia Pty Ltd., Frenchs forest, NSW.
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Toyota Strategic Planning Assignment
General Questions
Just need these sections, plus reference list:
Environmental Volatility Analysis &Current Competitive Position
1-3 paragraphs each about presentand future of Tesla, Ford, and GM EV technology
We should probably have a pageabout EV startups (most exciting companies, Soft Banks activities in thisspace, etc.)
Factors of Influence (Years 1-5) — I wouldthink we want 1-2 paragraphs on each of these areas
Political environment
Economic environment
Social environment
Technological environment
Legal environment
Stock Performance Impact
Probably 1+ paragraphs each aboutTesla, Ford, GM, and Toyota
Impact on Competitors
Probably 1+ paragraphs each aboutTesla, Ford, and GM
Current Performance Issues
Key financial trends
Current Competitive Position
We need to talk about all fourcompanies of focus, but special attention should probably be given to Tesla,which is basically setting the pace for everybody
Specific Targets for Improvement/Development
Probably 1-2 pages about newproducts/new vehicles in each category, possibly with a level of comparison toother companies
This might also be a good placefor a paragraph about startups working on specific types of vehicles and wemight want to mention possible acquisitions (in addition to our ownmanufacturing)
We need to be sure to addresssolid-state batteries and fuel cells
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Just need these sections, plus reference list: Environmental Volatility Analysis &Current Competitive Position 1-3 paragraphs each about presentand future of Tesla, Ford, and GM EV technology We should probably have a pageabout EV startups (most exciting companies, Soft Banks activities in thisspace, etc.) Factors of Influence (Years 1-5) — I wouldthink we want 1-2 […]