Categories: Strategic Management

Key Success Factors of Toyota

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Key success factors &lpar;KSFs&rpar; are those elements which persuade the potential of industry firms to boom in marketplace&period; On the basis of key success factors customers make a decision between the rival brands&period; Toyota is one of the largest global manufacturers of Vehicles&period; Some of the Key Success Factors of TOYOTA are given as&colon; <&sol;p>&NewLine;<h3 align&equals;"justify">&&num;160&semi;<&sol;h3>&NewLine;<h3 align&equals;"justify">Production and Manufacturing Facilities<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Toyota has manufacturing plants in most parts of the globe&period; It assembles or manufactures automobiles for local markets&period; Toyota follows the JIT Production and &quot&semi;Lean Manufacturing&quot&semi;&comma; which is one of the important key success factors&period; Its business methods managerial views are known together as the Toyota system&period; Toyota has long been recognized as industry leader in manufacturing and production&period; <&sol;p>&NewLine;<h3 align&equals;"justify">&&num;160&semi;<&sol;h3>&NewLine;<h3 align&equals;"justify">Extensive Research &amp&semi; Development &lpar;R&amp&semi;D&rpar;<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">R&amp&semi;D values of the Toyota are based on Quality&comma; durability&comma; reliability&comma; value for money&comma; environmentally-safe&comma; convenient&period; Toyota has initiated new technologies including first bulk-produced hybrid gasoline-electric automobile&comma; which had a sale of two million worldwide in 2010&period; Toyota has various facilities such as&colon; Advanced Parking Guidance System &lpar;APGS&rpar; &lpar;automatic parking&rpar;&comma; a four-speed automatically controlled with buttons for economy shifting and power&comma; and an eight-speed automatic conduction&period; It has produced Scion and Lexus vehicles&semi; renowned for reliability and quality&period; <&sol;p>&NewLine;<h3 align&equals;"justify">&&num;160&semi;<&sol;h3>&NewLine;<h3 align&equals;"justify">Management Philosophy<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p align&equals;"justify">Toyota&&num;8217&semi;s management values have developed from the firm’s beginning&period;&&num;160&semi; The company follows JIT distribution method and adopts the values specified from a &lpar;WWII&rpar; United States government training agenda&period; It is likely that all these and further is factual in spite of the origin the philosophy illustrated by Toyota&period; <&sol;p>&NewLine;<p align&equals;"justify">&NewLine;<h3 align&equals;"justify">Innovative Activities<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Toyota started the &quot&semi;Innovative International Multi-purpose vehicle&quot&semi; plan &lpar;IMV&rpar; to optimize worldwide manufacturing and supply method for multipurpose automobiles and pickup trucks&period; The company was also trying to gratify market demand in more than 142 countries globally&period; IMV labeled for gasoline engines in Indonesia&comma; diesel engines in Thailand&comma; supply to the countries stimulating with automobile manufacturing from Philippines and manual transmissions in India&period; For automobile assembly&comma; it would use facilities in Indonesia&comma; Thailand&comma; South Africa and Argentina&period; <&sol;p>&NewLine;<p align&equals;"justify">&NewLine;<h3 align&equals;"justify">Capable Workforce and Management Philosophy<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Toyota implemented the &quot&semi;Toyota Way 2001&comma;&quot&semi; an expression of principles and conduct guiding principle that all Toyota workforces should hold&period; The principles and beliefs are Continuous Improvement and Respect for People&period; It summarizes its principle values and accomplishes guiding principle with the subsequent five principles&colon; <br &sol;>•&&num;160&semi;&&num;160&semi;&&num;160&semi; Challenge <br &sol;>•&&num;160&semi;&&num;160&semi;&&num;160&semi; Genchi Genbutsu &lpar;go and see&rpar; <br &sol;>•&&num;160&semi;&&num;160&semi;&&num;160&semi; Kaizen &lpar;improvement&rpar; <br &sol;>•&&num;160&semi;&&num;160&semi;&&num;160&semi; Teamwork <br &sol;>•&&num;160&semi;&&num;160&semi;&&num;160&semi; Respect <&sol;p>&NewLine;<h3 align&equals;"justify">Distribution &amp&semi; Marketing Activities<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Marketing and distribution efforts of Toyota have focused on the positive experiences of ownership&comma; automobile quality&comma; Meeting diverse needs&comma; high quality sales and services&comma; and close involvement with customers&period; Based on the &OpenCurlyDoubleQuote;Toyota Way 2001”&comma; the global Marketing Division formed The Toyota Way in Sales and Marketing &lpar;TWSM&rpar;&period; The TWSM gives emphasis to the principle and values of placing the &OpenCurlyDoubleQuote;customer first” and the importance of integrated action by dealers&comma; distributors&comma; and Toyota&period; Distributors from across the globe met in Los Angeles to talk about the potential of implementing the key TWSM values around the globe&period;&&num;160&semi; Toyota established the Global Knowledge Center &lpar;GKC&rpar; as a platform for sharing and learning best practices from different regions&period;&&num;160&semi; &NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;

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