Strategic Statement: Strategic Analysis Of Toyota Motor Corporation
Strategic Statement “Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people. Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile. We will meet our challenging goals by engaging the talent and passion of people, who believe there is always a better way.” It should be noted …show more content…
Consumers’ expectations rise and they are always looking for lower prices, which also provokes rivalry to increase. Toyota production system caused other manufacturers change the way the work.
Threat of Substitutes: Moderate Toyota has the ability to cut cost more efficiently than its competitor, it has also reduced the price difference between the new Toyota car and used automobile. So compared to its peer, the threat is rather mild. Also, cars are substitutable by public transportation but convenience can still be a problem. However this could be half true if we take into consideration suburbs areas or some other parts of the world where public transportation are …show more content…
The new fuel cars are the future trend, but Tesla is dominant in developing the battery-electric cars. With the straighten in innovation and research and development, Toyota are one of the best in hybrid cars, but if they want to keep that position they will continue working hard on it otherwise other companies such as Tesla will stay in front of them and be more competitive. From the feedback of customers, the Toyota Mirai is strange looking, not particularly fast and quite pricy. What’s more, Toyota need to do better on the design and adjust the price to be competitive.
The recall of the products from the suppliers requires Toyota to regulate the suppliers and reinforce the security of components and other parts of the products. There is already a success of recalls of Toyota products, if this situations continues, it is risky to have this kind of recalls in the future as the suppliers are not regulated and locally different. Toyota need to take actions to gradually develop departments for some important components instead of the suppliers and forbid the possibilities for others to be accessible to the same products from suppliers.