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Toyota - a Visionary Company:
Since its inception, Toyota Company has continued to use its guiding principles to develop reliable vehicles and sustainable development of the society through the use of innovative and high-quality products and services. One of the major goals of the firm is to develop products that exceed the expectations of customers with regards to quality and safety. Moreover, Toyota is currently working towards the achievement of zero traffic-related injuries and fatalities, which is the eventual objective of the mobility society. However, the company has faced numerous legal troubles in the recent years, especially in 2010, that were mainly characterized by probable class-action lawsuits filed across the country. In attempts to avoid such legal troubles, Toyota has established its global vision that outlines the kind of firm it seeks to be and the values to cherish. Therefore, the main concern is whether the Toyota Company is currently moving towards its global vision and whether its strategic direction is aligned with the needs of its stakeholders.
Toyota's Global Vision:
Toyota's global vision is primarily geared towards the contributing to the achievement of the ultimate goal of mobility society, which is the realization of zero traffic-related fatalities and injuries. Through this vision, Toyota Corporation seeks to lead the way to the future of mobility by enriching lives across the globe with the most responsible and safest ways of moving people. In order to ensure that this vision is realized, Toyota is committed to quality, ongoing innovation, and respect for the environment as part of exceeding expectations....
These vital components are accomplished through involving the talent and passion of people who always believe in a better way ("Toyota Global Vision," n.d.).
The global vision clarifies the kind of firm Toyota seeks to become and its goal of realizing regional initiative structure for sustained growth and development. Generally, the company aims for co-prosperity and co-existence with customers and the society through developing better cars and building good communities and society. As part of its contribution towards realization of the ultimate goal of the mobility society, the company has introduced three major perspectives. The three perspectives that seek to provide the highest level of safety worldwide include Toyota's basic safe philosophy, use of leading-edge technologies for developing safer vehicles, and the future direction of safety technologies ("Annual Report 2011," 2011).
Toyota's global vision strategy was adopted after the company experienced challenging circumstances in efforts to improve earnings and profits. The strategy was coupled by the revamping of the management structure to help in achieving the new mission through prompt management decisions. As previously mentioned, the challenging circumstances included the numerous legal troubles that were probable class-action lawsuits filed throughout the country (Patton & Estep, 2010). This was the first time that Toyota Corporation had experienced such legal troubles in its history.
Since establishing this vision or strategy, Toyota has made significant steps in realizing the vision through undertaking several measures. First, the restructuring of…
Toyota Strategic Management For decades, Toyota has been one of the most admired companies in the world. They were able to turn their image in the 1960's and 70's from cheap Japanese import to the car of choice for millions of consumers worldwide. Toyota's strategy has varied significantly over the years. The company began by primarily imitating many of its competitor's designs and even used some of its components. Much of
However, certain elements of the Toyota Production System must be re-evaluated, particularly the conception of waste. If the principles of CCC21 and Value Innovation were based on the concept that production materials could be halved because they amounted to waste, those initiatives should be discarded. Ideally, Toyota should utilize 100% of the materials that it used prior to CCC21, when all of its quality issues began. The cost-benefit analysis of
Toyota has a few strengths on which to build competitive advantage and exploit opportunities in the marketplace. The company has two strong brands in Toyota and Lexus that are internationally recognized, allowing Toyota significant leverage when entering new markets or even negotiating with suppliers. Another strength that Toyota has is a strong global distribution network. Takahashi (2010) notes that even as Japan and the U.S. saw weakness in 2010, the
Kaizen is so engrained in the Toyota culture and the corresponding House of Quality that internally when planned results are not achieved it is considered more of a failure of process and execution (Gong, Wang, Lai, 2009). This is where the TPS varies significantly from American-based approaches to managing variation in results and failure to attain results as well. The Kaizen approach systematically analyzes why a process did not
Toyota) Strategic Implementation The implementation of a strategy is one of the most important parts of the strategic management process. Most of the strategies tend to fail because of the poor implementation. In this case, we will be looking at the top management team at Toyota and analyze how they use structure, controls, and culture to implement their strategy and fulfill their corporate mission. Toyota and Strategic Implementation Toyota has adopted 7 principles
This process improvement is implied in the manufacturing and the upper-level management changes, and should be prioritized as such. Another manufacturing process that Toyota needs to address and which is implicit in the previously mentioned manufacturing process is its increasing propensity to utilize parts suppliers outside of its keiretsu, which loosely translates into headless combination (No author, 2009). Keiretsu is a Japanese term for the tiered hierarchy of additional companies