...Abstract: Key Words: Corporate Social Responsibility, Lean Accounting, Toyota’s sustainability effort I. Introduction 1. Definition of key terms 1) Corporate Social Responsibility CSR refers to operating a business in a manner that accounts for the social and environmental impact created by the business. CSR means a commitment to developing policies that integrate responsible practices into daily business operations, and to reporting on progress made toward implementing these practices. According to Business for Social Responsibility (BSR), corporate social responsibility is defined as“achieving commercial success in ways that honor ethical values and respect people, communities, and the natural environment.” 2) Lean accounting Lean Accounting is the general term used for the changes required to a company's accounting, control, measurement, and management processes to support lean manufacturing and lean thinking. II. Corporate Social Responsibility The field of corporate social responsibility has grown exponentially in the last decade. More than half of the Fortune 1000 companies issue corporate social responsibility (CSR) reports. A larger number of companies than at any time previous are engaged in a serious effort to define and integrate CSR into all aspects of their businesses. An increasing number of shareholders, analysts, regulators, activists, labor unions, employees, community organizations, and news media are asking companies to be accountable...
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...has only been finding ways to increase money which in turn would increase shareholder value. To put it differently, Corporate Financial Responsibility has been the driving force of most business, if not all. However, in the recent decade the driving force was redefined as Corporate Social Responsibility, which covers all social, financial and environmental responsibilities. 1.1 Corporate Social Responsibility Sir Geoffrey Chandler defines corporate social responsibility (CSR) as conducting transparent business practices that are based on ethical values, compliance with legal requirement, and respect for people, communities, and the environment. According to the Social Responsibility of the Businessman, CSR is defined as “the obligations of business to pursue those policies, to make those decisions or to follow those lines of action which are desirable in terms of the objectives and values of our society” (Bowen, 1953). 2.0 The potential of CSR in creating sustainable development The previous driving force had a great potential of exploiting the sustainability of this world at large. This is solely because when a company’s only purpose is to maximize profit at any economic, environmental or social cost. According to the Brundtland report sustainable development is interpreted as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. The definition given by Brundtland report is built under two main...
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...Toyota in Europe Kaizen “Continuous improvement. As no process can ever be declared perfect, there is always room for improvement.” From Looms to Cars: Toyota’s History Global Toyota Toyota in Europe The Toyota Production System 30 5. Customer First 34 6. Sustainability: Economic, Environmental and Social Stewardship 38 7. The Vehicle Line-Up 46 8. Motorsport & Formula One 58 9. The Toyota Work Experience 60 4 | Toyota’s European Network March 2008 edition | 3 Foreword Dear Reader, Since the early 1960’s, Toyota’s presence in Europe has grown and changed, keeping pace with the changing vehicle tastes and requirements of the European public. Since 1992, when the first of our European production facilities was opened in the UK, Toyota has invested almost €7 billion throughout Europe. We now employ approximately 80,000 people and have nine European manufacturing facilities. But the construction of vehicle and engine assembly plants is only part of the story. In 2007, we also expanded our technical centre in Belgium, investing an additional €75 million to ensure that Toyota and Lexus vehicles continue to meet the high engineering and design standards of European customers. Another major investment was the new European Global Production Centre in the UK, established for the training of production staff and supervisors from all over Europe. Toyota also continues to invest heavily in the training...
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...Performance Management in the Toyota India Company Name Institution Introduction In the recent past, most of the organizations have shifted their focus to the use of performance management as a method of ensuring their productivity and improved performance. Performance management has enabled the organization’s management understand their work and employees expectations, goals, identify development and learning issues, evaluate performance outcomes and provide the management with feedback on operations efficiencies. Some of the benefits associated with performance management to the organization include enhancement of continued improvement, adaptation of the employees to the organizational change, promoting creativity and promotes professional development among other benefits. Successful application of the performance management in an organization relies on the adoption of the performance management principles and process. This includes performance planning, daily coaching and feedback, quarterly performance and formal review of performance in an organization. Purpose of this report and scope of this report This report will analyze in detail the performance management system in the Toyota India Company. This will include providing an overview of the organization’s human resource approaches, goals and its structure. Additionally, the report will analyze some of the organization’s management policies and procedures, strategies, policies, tools...
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...companies, Apple Inc. and Toyota Motor Corporation are inspected with the theories. It is found that both companies involved in multiple activities in promoting and educating the publics about their operations as well as the ways to protect themselves and the nature. It can be concluded that both companies abide the framework and theories to disclose information to the stakeholders. 1.0 Introduction Corporate Sustainability Reporting is becoming more and more important in research and in practice lately, as the consumers are becoming smarter compare to the eras before. Companies have the responsibility to disclose details in financing and operations in order to gain support and resources from the world at large to survive in the market. There are three important system oriented theories that helps in measuring the degree of importance and explaining the methodology in disclosing informations to all types of stakeholders. Two multinational companies that provides annual report and sustainability report are reviewed to help understanding the reporting method. 2.0 Purpose of Corporate Sustainability Reporting Pursuant to the Global Reporting Initiative's (GRI) Sustainability Reporting Framework (G3.1), the Corporate Sustainability Reporting is vital to the whole economy and market as it has influences direct and indirectly to the economy and communities. The framework has an intention of helping entities to improve their organizational performance in order...
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...Phan Nguyen Thuy Trang 1132300348 MARKETING MANAGEMENT STUDY TOYOTA: BUILDING CLEANER, GREENER CARS 1. How does Toyota’s approach to social responsibility relate to the three concepts of social responsibility described in the text (profit responsibility, stakeholder responsibility, and social responsibility)? Profit responsibility: Several its car models became the best-selling passengers in the markets. According to the text, Toyota is the world’s largest automobile manufacturer nowadays, ranking eighth largest corporation by Fortune magazine. Stakeholder responsibility: Toyota values the improvement and respect for through business practices: setting long-term vision and meet challenges with courage and creativity; improving business operations and always stimulate innovation and evolution; building consensus and expeditiously achieve goals; encourage personal growth, maximize individual and team performance. Social responsibility: the company aims “to contribute to society and the economy by producing high-quality products and services.” Along the growth of Toyota, it has also played a large role in society. For example, a $10 million Toyota USA Foundation use to support programs that focus on the environment, education, and safety. Since 1991 Toyota has contributed over $500 million to philanthropic programs in the United States. Toyota also pursuit an sustainable mobility due to its environmental vision. 2. How does Toyota’s view of sustainable mobility contribute to...
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...To what extent is CSR beneficial to a company’s performance? Corporate social responsibilities (CSR) and its influences on business success has been a controversial topic over the last few decades but it is not until 1988 was CSR officially stated in the Malcolm Baldrige Criteria for Performance Excellence (Foote, Gaffney & Evans, 2010). Proponents point out that socially-responsible company will be more likely to be financially successful, while critics contend that CSR is contradictory to the most innate characteristic of business, which is to strive for profit. In fact, there are numerous approaches to CSR, but the term is generally defined as the sustained commitment to pursue business growth ethically while generating comprehensive improvement on the living standard of society (Holme & Watts, 2000). This paper is going to uncover the impact of CSR on business performance by examining its potential benefits on sustainability, revenue generation and feasibility for corporations in various scales. First of all, implementation of CSR tends to make the company more sustainable. According to the World Business Council for Sustainable Development, “CSR contributes to the long-term prosperity of companies and ultimately its survival” (Holme & Watts, 2000, p.3). For example, Toyota, being one of the world’s leading car producers, has committed to environmental responsibility in many areas. In particular, having anticipated the finite nature of fossil fuels and with the...
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...Business Insurance Examples Capital Structure Samples Case Study Examples Change Management Programs Samples Change Process Examples Child Abuse Case Samples Civil Service Commission Case Studies Coca Cola Samples Collection Strategy Examples Company Supply Chain Relationship Comparative Analysis Examples Comparing Issues Competition Competitive Advantage Compulsory Education Examples Computer Science Sample Studies Conclusions Conde Nast Traveler Conflict Management Examples Consulting Consumer Confidence Contrasting Issues Corporate Governance Systems Corporate Law Corporate Social Responsibility Costa Coffee Case Studies Critical Study Crown Entity Culture Curriculum Vitae Examples Customer Satisfaction Customers Debt Decision Making Dell UK Different Strategies Dissertation Samples Ecurrency Trading East Asia Economic Forces Economic Plausibility Examples Education Egypt Eliminate Racial Discrimination Employee Employee Performance Employee Well Being Employment Endorsement Strategy Environmental Forces Equity (finance) Euromonitor Example Case Summary Examples Expert Witnesses Experts Examples Extension Strategy External Assessment External Auditing Examples Fair Work Australia Fast Food Restaurant Chain Film Finance Financial Position...
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...and conduct attempt to be provide guidelines for human behavior that will preserve a society’s. a group’s or an individual person’s notion of morality. 1.0.2 Why Ethical Practices Are Important? Ethics involves trust and fairness. Ethics is a code of demeanor that dictates an individual's or group's actions. Numerous triumphant business owners comprehend the significance of ethical practice for the reason that failure is plausible devoid of it. The consequence of a business that employs ethical practices are customer loyalty, and finding a corporation that you can reliance is forever in demand. Additionally, ethical deeds and corporate social accountability can attract significant benefits to a business. Moreover, people who work in business will be protected by their high ethical performance. Business would reap many rewards in the form of high morale and improved activity by treating the employees with dignity and integrity. It’s beneficial to all situations for the firm, its employees and society. Nevertheless, the last reason for promoting ethics in business is a personal one. Most of the employees would like to act in a consistent ways with their own sense of right and wrong. By pressured the employee to contradict their personal values, it would creates much emotional stress. Employers...
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...Name: Institution: Course: Tutor: Date: Commercial Benefits of Corporate Social Responsibility Chapter 1: introduction Following the increase in the discoveries of corporate scandals in emerging and developed countries, there has been a rapid growth of concern in ethical and socially responsible business behaviour over the past two decades. The World Business Council for Sustainable Development has taken many initiatives to advance public’s concern about energy, climate, environment, sustainability, and corporate responsibility (Marrewijk, 2003). It defines CSR as “the commitment of business to contribute to sustainable economic development, working with employees, their families and the local communities”. As highlighted by Jamaliand Mirshak (2007), the fundamental idea of CSR is that business organizations would have an obligation to fulfil the needs of various organizational stakeholders (Waddock, Bodwell, & Graves, 2002) Corporate social responsibility (CSR) practices or initiatives have been performed by many corporations, particularly as a large number of researchers have demonstrated the benefits of being socially responsible (Berens, van Riel, & van Bruggen, 2005; Luo & Bhattacharya, 2006; Nan & Heo, 2007; Vaaland, Heide, & Gronhaug, 2008). In general, previous studies in Western developed societies have shown a positive relationship between CSR associations and corporate product evaluation. In order to really understand CSR we must root it...
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... Its primary markets based on vehicles sold Japan (30%), North America (29%), Europe (12%), and Asia (14%). Since the global economic crisis and litigation, sales have significantly decreased in North America and Europe. Toyota sales are influenced by the quality, safety, reliability, design, price, performance, economy and utility of the vehicle. Majority of Toyota marketing depends on the geographical demographic and demand. Toyota is a brand that needed little marketing efforts until 2009. Their name said it all. Toyota’s timely introduction of new and redesigned vehicles also makes up for a number of sales. Most of their marketing effort happens during the unveiling or redesign of vehicles. Toyota does not stop short of bring their most artful designs to auto shows to boost consumer sales. Their new market is in India where they are in demand to produce quality vehicles at an affordable price. Finance Toyota Motor Corporation sales are at an all time low. Their revenues have decreased even more since 2009. The revenue received by other Financial Services and other segments are decreasing due to consumers inability to pay or provide sufficient collateral to cover debts. The foreign currency fluctuations is causing exchange rate to rise. Though Toyota has had some financial setbacks, they have lowered operating cost and cost of production. Human Resources Because people make our automobiles, nothing gets started until we train and educate our people." As seen in...
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...Title Page Number Definition of CSR------------------------------------------------------------------------------------- 3 The 4 strategies---------------------------------------------------------------------------------------- 4 The Toyota Example as Proactive Corporate Social Responsibility --------------------------- 6 References --------------------------------------------------------------------------------------------------- ----------- 8 Definition of Corporate Social Responsibility Corporate social responsibility (CSR) is known under various terms used in the industry such as corporate responsibility, corporate citizenship, responsible business, sustainable responsible business or corporate social performance. In spite of some variations in some cases, they basically share the same philosophy and aim towards the same goal. The primary function of Corporate social responsibility is to act as a corporate self-regulating mechanism which in integrated entirely in the business model of a company. The role of this mechanism is to monitors and ensures the company’s compliance to law, ethical standards and international norms. The companies and business bodies would endorse and acknowledge the responsibility for the impact of their activities on consumer and employees, communities...
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...caused a difficulty for Toyota to export its cars overseas, Toyota has made an announcement that it will stop manufacturing cars in Australia in 2017 following Ford and Holden’s move (Wallace & Ferguson, 2014). The closure of Toyota’s car manufacturers in Australia will affect numerous people including the shareholders and stakeholders of the company. Also, this decision will affect the car making industry as well as the country’s economy. The purpose of this essay is to identify both the negative and positive consequences that will appear when Toyota stops manufacturing cars in Australia. The essay will also point out the responsibility bear by Toyota and the Australian government for these consequences. In this essay, the shareholder and stakeholder theories of corporate social responsibility are used to analyse and evaluate the decision made by Toyota. Background of Toyota Toyota Motor Corporation was first established in Japan in 1937. It is one of the largest car makers in the world, with numbers of factories which manufacture or assembly motor vehicles worldwide. It can be said as a most successful and most profitable car manufacturer in the world. Vehicles produced by Toyota Motor Corporation are divided into five brands which are Toyota, Lexus, Hino, Ranz, and Scion. The vehicles produced under these brands are sold in more than 170 countries (Toyota, n.d.). Toyota Australia is a wholly-owned subsidiary of Toyota Motor Corporation. In 1963, Toyota started to assemble...
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...Abstract The following report focuses on four areas of Toyota’s marketing plan. It provides a description of the pricing strategy that Toyota will use when establishing product prices. The report further gives a detailed explanation of two distribution channels that Toyota will use to supply products to customers. These channels include the dealership and retail channel. Toyota will also use a promotional strategy that will use various components of the marketing mix: Advertising, public relations, personal selling and sales promotions. The marketing implementation plan of Toyota covers various concepts, which include, structural issues and tactical marketing activities. The final part of the marketing plan is an evaluation and controls. It covers formal and informal controls, marketing implementation schedule and an explanation of a market audit. Pricing Strategy The pricing strategy that the Toyota company applies should fit the financial preferences of their target emerging markets such as the Asian countries and other potential international markets. The pricing objectives of the company will be: * To increase the profit margin by 50% in the next one 12 months * To increase sales volumes by 20% in the next two years Toyota will apply various pricing methods, in order to achieve the above pricing objectives. According to Shefer (2007), marketing managers use various pricing methods to achieve their pricing objectives. Besides using the price methods, they may also...
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...Ch. 8: Toyota's Production System: Life in the Fast Lane? Overview: The Toyota Production System has long been hailed and admired as the source of Toyota’s outstanding performance as a manufacturer. TPS aims to eliminate waste, reduce defects and maximize flow. TPS aims to increase efficiency and productivity by employing a unique production system that cuts costs through continuous improvement. Long term goal is to yield sharp reductions in product development and manufacturing lead times. Toyota want to be the industry best and they stand behind their culture to share the wealth of how they do it. 1. What is the relationship between Toyota’s organizational strategy and Toyota Production System? TPS is viewed as the benchmark, the top of the top in manufacturing and products development & Toyota’s strategy is to enhance its corporate value by maintaining its position as a market leader in the automotive industry. The strategy is to continuing its growth through global operations and through products. 2. What organizational and behavior factors need to be considered to effectively duplicate or imitate TPS? Job designing and approach ie job rotation, job enlargement, job enrichment, work teams, autonomous work groups & quality circles. As for behavior, factors would be training, technology, leadership, teamwork, and communication among the workers. 3. How does Toyota use the team approach? The team approach is through job rotation, cross training and assembly-line...
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