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introduction of toyota motors corporation
background of toyota
introduction of toyota motors corporation
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Toyota Motor Corporation
1. Introduction
Toyota, which is known as Toyota Motor Corporation is one of the most exciting names in the automobile industry today. Toyota is one of the most competitive companies globally and has enjoyed a record setting success in the last few years. In the most recent years, the global automobile industry has been plagued by high gas prices, and tougher environmental protection laws. Like all automobile manufacturers, Toyota has had its work cut out for them, but to no avail they have been one of the most successful companies to date. Toyota has also been one of the industries leaders in developing new and innovative technologies that take advantage of the industries current hurdles. One of the most impressive things about this company is the scale, and the global footprint that they currently manage. "
Toyota Motor Corporation is one of the world's representative automobile manufacturers, producing vehicles in 26 countries and regions and marketing vehicles in more than 170 countries and regions. In fiscal 2006, on a consolidated basis Toyota provided close to eight million vehicles to customers around the world under the Toyota, Lexus, Daihatsu, and Hino brands. Toyota had more than 280,000 employees at the end of fiscal 2006" (Toyota Motor Corporation, 2006). One of the most challenging problems the industry has faced in the recent years has been stable sustainable growth, and Toyota has taken this challenge to heart. Toyota has plans to manufacturer, "
cars that reflect the needs of customers and society, Toyota will target sustainable growth and contribute to the development of the automobile industry" Toyota Motor Corporation, 2006). There is no doubt that this company will achieve these goals in the future, and it is expected that they will do it with record success just as they have done in the last decade. (Toyota Motor Corporation, 2006).
1.1. History
Toyota Motor Corporation was officially established in 1937 as Toyota Motor Co, even though the company had produced its first vehicle, the G1 truck in 1935 and their first production model, the AA model passenger car in 1936. (Toyota Motor Corporation, 2006) Toyota dates back all the way to 1918 when, "Sakichi Toyoda established Toyoda Spinning & Weaving Co" (Toyota Motor Corporation, 2006). The original name was Toyoda, but the name was changed before the company went public, because Toyota was believed to be a luckier name than Toyoda. (Toyota Motor Corporation, 2006) By 1947 Toyota had produced more than 100,000 vehicles domestically, and the production of their second model hit the assembly lines.
Henry Ford and his engineers designed several automobiles, each one designated by a letter of the alphabet: these included the small, four cylinder Model N (which sold for $500), and the more luxurious six-cylinder Model K (which sold poorly for $2500). In October 1908, ...
With this differentiation, Toyota Motor is able to compete with its competitor in term of price, because Toyota’s production system leads to efficiency and low-cost production. This manufacturing system has created the differentiation of Toyota, which it produced the vehicle with high quality and low prices. Some concepts that Toyota has been adopted are Lean Manufacturing concept, Just In Time, Kaizen and Six Sigma. This competitive advantage is something that no other automaker can do it as well as Toyota
(5) Liker, Jeffrey K. The Toyota Way: 14 Management Principles from the World's Greatest Manufacturer. New York: McGraw-Hill, 2004. Print.
bills when they are due and to take care of unexpected needs for cash, while
In 2011 Toyota appeared to be headed for the corporate graveyard; however a refocus in strategy precipitated a financial turnaround in 2012. This turnaround continues and has Toyota on track to post record earnings in 2014 (Tabuchi & Vlasic, 2014). There have been a number of factors leading to Toyota’s resurgence. The primary being Toyota’s pursuit of cost cutting. Cost cutting measures such as part standardization, emphasis on buyer power and a reduction of management wages have laid the foundation for Toyota’s improvements. These measures have resulted in lowering expenditures nearly 25% from 2007 levels (Daltorio, 2012).
Toyota Motor Corporation (TMC) has been the world’s largest automaker (2015) offering full range of models from mini-vehicles to large trucks. Worldwide production was 10.084 million (8.929 million for Toyota and Lexus brand vehicles) in 2015. Toyota currently own 12 plants and 11 manufacturing subsidiaries and affiliates in Japan, and has 53 overseas manufacturing companies, in 28 countries and regions worldwide. Its vehicles are sold in more than 170 countries and regions. It is a Japanese company found in August 28th, 1937 by Kiichiro Toyoda. In 1937 Toyota Motor Company was becoming globalized and multiple production plants were being established in Japan. In 1964, the Toyota Corporation reached North American soil and plants were established in Canada.
Consumers are more likely to buy Hybrid and electric cars that do not have carbon emissions in the air. Increase in fuel prices has opened up new markets for Toyota due to their manufactured Hybrid cars and consumers are shifting towards Hybrid cars from conventional cars (Richardson et al., 2010). Customer needs are changing and they are demanding new car models. Toyota has achieved continuous growth by acquiring other car companies in the UK and around the world and they are continuously growing their network around the globe.
Toyota Motor Corporation is one of the bigger automobile industries in the world, located in Toyota, Aichi, Japan. This corporation was founded in 1937 by the Toyoda family. Toyota has a subsidiary that has known as Toyota Australia. Toyota Corporation itself have been doing their business in almost all around the world with 50 manufacturing firms abroad in 26 countries and regions.
Toyota found an opportunity to re-enter the U.S. marketplace during the fuel shortage of the 1970's. For the first time, American consumers were looking for fuel efficient vehicles and Toyota had the answer. In 1965 foreign auto groups held just 5% of the U.S. auto market. This share has steadily been increasing with foreign auto manufacturers currently holding 40% of the market. With its foot in the door of the U.S. market, Toyota developed a reputation for designing simple, fuel efficient, reliable, affordable vehicles.
After General Motors (GM), Toyota Motor Corporation is the second largest automotive maker around the globe; although, Toyota ranks in first place in profit, revenue and net worth. Toyota was established by Kiichiro Toyoda in 1937, as a by-product of Sakichi Toyoda's Toyota Industries Company, to produce Toyota automobiles. Headquartered in Bunkyo Tokyo, Japan (as well as Toyota, Aichi); Toyota offers pecuniary services with their Toyota Financial Services division. Toyota Industries, along with Toyota Motor Corporation, make up the Toyota Group. The Toyota Group consists of Daihatsu Motors, Scion, Lexus, Fuji Industries, Yamaha Motors, Isuzu Motors and of course, Toyota Motors. Toyota Motor Corporation operates globally with the automobile industry, which includes 522 worldwide subsidiaries (Toyota, 2010) (Sagepub, n.d.).
2. What is the difference between a.. We noted that SSM Health Care learned from manufacturing companies in their quality journey. What can nonmanufacturing companies learn and apply from Toyota’s philosophy and practices? Suggest specific things that education and government might learn.
Toyota- focused differentiation, medium pricing, breadth of product line is low. Company is known for quality products, and nice styling.
Toyota’s uses both differentiation and low cost as generic strategies to try and gain a competitive advantage over their competitors in the automotive industry. The market scope that Toyota uses is a broad one that encompasses nearly every type of customer that is in the market to purchase an automobile. Toyota is able to target such a large market because they have something for everyone. Toyota has four wheel drive trucks and SUVs for the outdoor types or those who live in areas that face severe weather conditions, hybrid models like the Prius for the eco-friendly customers that are interested in saving the environment, along with the standard cars for general, everyday use. Additionally, Toyota provides vehicles for all price ranges.
Toyota Motor Corporation is one of the largest automakers in the world. At its annual conference in Tokyo on May 8, 2008, the company announced that activities through March 2008 generated a sales figure of $252.7 billion, a new record for the company. However, the company is lowering expectations for the coming year due to a stronger yen, a slowing American economy, and the rising cost of raw materials (Rowley, 2008). If Toyota is to continue increasing its revenue, it must examine its business practice and determine on a course of action to maximize its profit.
Toyota has adopted an expansion strategy aimed at increasing the company’s market share through sustainable growth. This will be done based on the delivery of high quality, and safe cars, at an affordable price. As the company seeks to expand to new markets, focus will be on maintaining an organizational culture that allows optimum efficiency in the ever dynamic global market.