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Lexus Corporation
Impact of Lexus Corporation mission, vision, and stakeholders on its overall success
A company's mission and vision statements provide answers to questions regarding where the company is going, what the company values, and what it does Whitbred, Skalski, Bracken, & Lieberman, 2010.
They both relate to the company's main purpose and they communicate this purpose to the employees, customers, investors, and dealers who are its key stakeholders. A company that has a mission and vision that is clearly communicated, collectively shared, and widely understood perform better and are highly successful. Having a mission and vision statement that the company can refer to, has allowed the company employees who are its primary stakeholders to remain on track and they do not lose sight of the company's core competencies. This has greatly contributed to the company's overall success.
The mission statement for the Lexus Corporation has given all the employees from top managers to the line workers a clear direction. Since everyone knows what the company does, what it is, and where it is going, they can all focus their attention to achieve the company's success. For the Lexus Corporation, their mission statement gives focus, motivates, directs, and excites its employees, customers, and investors, which in turn has provided the necessary ingredients for the company's success. The company is committed to satisfying the customers by offering them high quality, excellent services, and value for their luxury cars. This statement has made sure that the customer who is one of the company's primary stakeholders, is treated with utmost respect and is always given the best quality regarding their choice vehicle. Serving its customers with pride, and respect the company has maintained good customer service as per its mission statement and this has ensured there is repeated sales, and good word of mouth. All this have impacted the success of the company positively.
Satisfied and happy customers will always recommend the company to other people. As the company is always endeavoring to satisfy its customers need and desires it has allowed the primary stakeholders to provide them with repeat sales and positive reviews, which contribute greatly to its success. The investors who believe in the company's innovations and support the company by providing funds for new developments have also contributed to its success since the company would not have managed to innovate without funds. These innovations allow Lexus Corporation to keep up with its rivals and serve its own niche market.
How the five forces of competition impact the Lexus Corporation
The Lexus Corporation competes in the luxury car industry. This market deals with automobiles that give desirable and pleasant features that are above the necessary automobile needs. The automobiles will provide comfort, design, performance, prestige, and status. To make sure it remains competitive the company will need to analyze the five forces of competition which are threats of new entrants, power of customers, threat of substitutes, power of suppliers, and competitive rivalry in the industry Hill & Jones, 2012()
1.0 Threat of new entrants
There is a minimal threat of new entrants to the luxury car industry. This is because of the huge amounts required for establishing manufacturing plants and other needed resources. Another reason for a low threat is the fact that the industry has brand equity. Majority of the customers in the luxury industry are willing to pay premium prices provided they get the brand the like and desire. This makes it difficult for new entrants to establish themselves in the industry as they would need to provide a vehicle that has features not offered by all the others. Well established companies in the automobile industry can enter this market by forming strategic partnerships. Lexus Corporation was formed by Toyota and it is the luxury car arm of Toyota. Having penetrated the market, the company should not overlook the low threats that new entrants can have to the industry.
2.0 Threat of substitutes
In the luxury car market, the threats of substitutes are relative. The other modes of transportation may not be suitable for the customers in this particular market. This is because the customers of the luxury automobiles are looking for specific convenience, utility, value, and independence that other modes of transportation or automobiles do not offer. The closest substitutes...
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