Business Assignment Operation Management
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Added on 2020-06-06
Business Assignment Operation Management
Added on 2020-06-06
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BUSINESS OPERATIONS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. About Toyota Motor Corporation...................................................................................................12. Identify and evaluate key operational issues.................................................................................23. Operational marketing issues Toyota faces...................................................................................34. How should Toyota address above Issues?....................................................................................45- Marketing model used by Toyota...................................................................................................56- Making market model more efficient in order to solve its issues...............................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONIn competitive era of today’s period, companies are not involved in a single activity andcarry out multiple of activities and functions to expand their presence and attain commendablesuccess. All the day-to-day activities that a firm execute are the part of their key operational area.With the changing period, now-a-days, marketing has become an essential part of the corporateoperations which is primarily concerned with establishing connection between organization andusers to convey them information about their product quality and value. Despite its advantages,in practical world, firms face number of challenges in marketing practices. Toyota MotorCorporation is a Japanese automotive organization that operates at multinational level all aroundthe globe. It produces luxury vehicles, engines, commercial vehicles and automobile productsand serve worldwide. The present report aims at examining key operational issues that theorganization is facing in the area of marketing. Owing to this, solutions will be recommendedabout resolving the issues. 1. About Toyota Motor CorporationToyota Motor Corporation is a public limited company founded in 1937, headquarteredin Japan and operates in automotive industry. Its product portfolio consists of luxury vehicles,engines, commercial vehicles and automobile products. Hino, Lexus, Ranz, Daihatsu and ToyotaBrand are some of the popular brand name of Toyota Motor Corporation. It is world’s topautomobile manufacturing company that produces above 10 million vehicles every year. Thecompany also earned market leadership in the hybrid electric vehicle sales. It is primary listed onTYO while secondary listing includes LSE and NYSE. It has a worldwide presence as it operatesin North America, Europe and Australia. In 2017, Global Fortune Ranking, Toyota is ranked at5th position by having revenue of $254,694m with the employee base of 364,445 in worldwideoperations (Toyota Motor Corporation, 2017). Mission: “To attract and retain maximum customer base by offering highly valued goods andservices satisfying users requirements”Vision: “To become the most successful company by championship in the automotive industry”Business segments:1
Automotive segment: manufacturing and selling passenger cars, vehicles and associatedparts and accessories Financial service: Loan and financing services to the buyers Other: Industrial vehicles Strategic operational objectives To maximize wealth of shareholders and deliver increased return on money invested. To take actions to control cost and maximize profitability To make appropriate allocation of utilization of resources manpower, funds, assets etc.To deliver top quality products with that meet consumer specification To use the best technology in vehicle designing and manufacturing for quality productionTo create sound corporate image in the market by delivering increased value to thebuyers To maintain high level of honesty, professionalism and integrity by ethical workingpractices To undertake corporate social responsibilities program to satisfy all the stakeholders i.e.customers, employees, community and others 2. Identify and evaluate key operational issuesToyota is engaged in production of number of vehicles, cars and its components i.e.engine, accessories and others. Therefore, it is important for the organization to oversee thedesigning and other operational function to undertake sound operational management. Currently,poor quality is the main challenge that the organization is suffering from and resultant defects(Zanjani and Nourelfath, 2014). Company’s production system and guidelines are not properlyfollowed as many consumers are dissatisfied due to material flaws and missing components orvehicle parts. . The quality issues have a huge impact on its brand equity and reputation resultingloss of its competitive strength (Buchanan, and Huczynski, 2010). Due to defects inmanufacturing, many clients switched and starting using rivalry’s goods resultant loss ofToyota’s market share. However, in current times, attracting and retaining new consumers is notonly tough but also very costly (Converse, 2010). Due to ineffective designing and flaws,company’s sales in its domestic country survive through stagnation phase. Instead of this, self-acceleration problem due to use of faulty electronics can be seen as its example. Thus, firm needto implement immediate measures for quality control and assurance. Besides this, in the area of2
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