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Toyota and Its Recall Policy

In: Business and Management

Submitted By tanveerazmi
Words 1915
Pages 8
UMS
University of Modern Sciences

Project: Toyota’s Business Environment and its Recall Policy

Toyota Motor Corporation is Japan’s number one carmaker. Toyota has international presence in over 170 countries worldwide. It manufactures cars, pickups, minivans, and SUVs include models such as Camry, Corolla, 4Runner, Land Cruiser, Sienna, the luxury Lexus line, and full-sized pickup trucks. It has huge financial strength, a sales turnover of 131,511 million for 1997 and sales growth of 29.3%. It is the second largest car manufacturer in the world, after General Motors.

Some of the key reasons for its success include:

Successful brand - Toyota has developed a trusted brand based on quality, good performance and for being environmentally friendly.
Innovation - Toyota is at the forefront of car manufacturing innovation. It was the first car manufacturer to embrace lean manufacturing (known as Toyota Production System) which is a faster, more efficient process which leads to less waste compared to the traditional batch and queue method of manufacturing. It also applied JIT (Just in Time manufacturing) and smart automation.
Product Development - Key to the success in the car market is new models which stimulate demand and loyalty to the Toyota brand. Toyota has reputation for producing cars which are greener, more fuel efficient, and of good performance. Toyota has sought to meet government requirements (for reducing the impact on the environment), economic changes (as prices of fuel - oil continues to rise) through the development of hybrid fuels. Toyota was the first car manufacturer to market hybrid (gas and electric) fuel, with the launch of Prius model, ahead of competitors.
It successfully entered markets and penetrated them with both manufacturing and sales subsidiaries. Toyota gained first mover advantages by presence in globally...

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