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Toyota long Term Objectives

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Write 1 page thesis on the topic toyota. Long Term Objectives: Suggestions to Toyota Strategic planners typically establish long term objectives mainly on areassuch as profitability, productivity, competitive position, employee development, employee relations, technological leadership, and public responsibility. As Kim reports, presently, Toyota has developed a new long term strategy under which it aims to double profits by launching more hybrid models into emerging markets. Kim, Chang-ran. “Toyota aims to double profit under new strategy”. livemint.com. web 14 July 2011 In my opinion, the firm must give more emphasis on product quality rather than profitability since Toyota’s profit margins are currently weaker than other Japanese automobile manufacturers. The company has developed a separate system called Toyota Production System (TPS) in order to manage its production operations. This system gives more focus on avoidance of over production and this strategy may sometimes adversely affect the expansional notions of Toyota. Hence, it is recommendable for the company to engage in more large scale production. Similarly, the Toyota must improve its competitiveness by introducing effective long term promotional strategies as the company economically lags behind Japan’s No.2 Nissan Motor Co Ltd and third ranked Honda Motor Co Ltd. The company must design a well structured employee development program that would establish a balance between an individual’s personal interests and organizational goals. Likewise, it is advisable for the management to make interpersonal relationships with employees so that it can ensure effective information flow between the organization’s top level to bottom level and vice versa. For this purpose, the firm may arrange for periodical meetings or appoint unit supervisors. It is obvious that technological leadership must be the foremost quality of a company for operating in automobile manufacturing sector. Therefore, the Toyota must establish an efficient research and development department that can adequately vie with rapidly developing technologies. The company has already designed ranges of public responsibility programs. However, appointing a special management team is beneficial for the company to ensure that the proposed programs would be completed within the stipulated period. Works Cited Kim, Chang-ran. “Toyota aims to double profit under new strategy”. livemint.com.

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