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 the early strategy of Toyota was focused on becoming the low cost leader in the market niches they worked to carve out. However, in the late eighties the company added a luxury fleet to its product lineup under the brand name Lexus. Toyota has always been tremendously market driven; the company has constantly redefined themselves in terms of a changing market. This has been the company's primary strength over the years.
Toyota's Strategy and Current Strategic Fit
Today, Toyota is one of the world's largest manufacturers of automobiles in both unit sales and in net sales (Toyoland, N.d.). Toyota has become a modern industry giant primarily because they have had a long history of being a global innovator in manufacturing. Apart from the company's revolutionary manufacturing technics that were developed internally, the company has also upheld a customer oriented approach to product development. Toyota is constantly scanning the external environment and tailoring its approach to meet evolving consumer expectations in regard to quality, value, and innovations through engineering (Hauser, 1988).
Toyota has developed a large number of consumer niche segments over the years. One of the best examples of a recent niche that Toyota has worked to develop is the hybrid market. Toyota's breakthrough model, the Prius, was driven by revolutionary gains fuel efficiency which exemplifies the company's dedication to innovation through engineering. Toyota has recently announced plans to further develop this market by rolling out 21 new or redesigned gasoline-electric powered vehicles by the end of 2015 and playing down the near-term outlook for other alternative-fuel technologies such as all-electric vehicles (Dawson, 2012).
The Toyota Prius is an innovative vehicle that has focused on the needs of the environmentally aware consumers. Not only has the Prius made significant gains in regard to fuel economy in the hybrid segment,...
Toyota Strategic Management Assessment Toyota's dominance in the global automotive industry is the result of their ability to orchestrate many potentially conflicting priorities into a common strategic direction. The Toyota Production System (TPS) is a case in point, which is one of the most advanced planning, scheduling and supply chain management (SCM) systems and architectures globally (Fane, Vaghefi, Cheryl, Woods, 2003). Despite these strengths however, Toyota struggled with the areas of
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Toyota That Toyota has come a long way is a well documented fact. Initially, the Company had a reputation as a firm that largely concerned itself with the manufacture of cheap automobile models and it was not until the 1960's that Toyota managed to shake off the cheap Japanese importer tag to a brand revered by customers across the world. In this text, I concern myself with the various strategies that
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Toyota Analysis Comprehensive Case Analysis An Analysis of Toyota Motor Company JANE A TUCKER 490 Business POLICY, PROFESSOR RICHMOND Toyota's Objectives and Strategies Toyota is an industry giant and has been known as a global innovator in the manufacturing industry. The company has upheld a customer concentrated orientation that has allowed them to be responsive to their target markets. The company is constantly monitoring consumer needs and wants and develops their product mix respectively. One development
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