Sample Paper on Business Strategy
Added on 2021-06-14
23 Pages5887 Words257 Views
|
|
|
BUSINESS STRATEGY Lecturer: Dr. Pham Hoang Hien Written by: Pham Quynh Tram ID Number: B180031 1st Assignment of Business Strategy Let’s go places
1 Table of Contents Introduction ............................................................................................................................... 2 Learning Outcome 1: Analyze the impact and influence which the macro environment has on an organization and its business strategies........................................................................ 3 I.Toyota’s brief profile ................................................................................................. 3 II.Applying appropriate frameworks analyze the impact and influence of macro environment on Toyota and its strategies ................................................................ 4 1.The approach of Toyota to achieve business objectives, goals, strategic intent and different strategic direction.......................................................................... 4 2.Evaluate planning technique of Toyota Motor Corporation – BCG Matrix .......... 5 3.Analyze the analytical frameworks of the macro environment of Toyota...........6 3.1 Stakeholder Analysis ..................................................................................... 6 3.2 Toyota PESTLE analysis ................................................................................. 8 3.3 Toyota’s Five Forces Analysis........................................................................ 9 3.4 Ansoff’s Growth Vector Matrix ................................................................... 12 3.5 Benchmarking Toyota ................................................................................. 14 Learning Outcome 2: Assess an organization’s internal environment and capabilities ........ 15 I.Analyze the internal environment of Toyota company ............................................. 15 Value chain analysis .............................................................................. 15 II.Analyze capabilities of Toyota using appropriate framework ................................... 18 1.VRIO framework of Toyota ............................................................................... 18 2.Analyze capabilities of Toyota based on SWOT ................................................ 19 Conclusion ............................................................................................................................... 20
2 Introduction The object of this assignment is to illustrate knowledge and understanding related to business. The investigation and explanation of macro environment – How it impacts and influences on Toyota company. Besides, this report will mention organizations’ strategies how this company formulates and implements its strategies. This paper also candidates the evaluation of an organizations’ internal environment, strategic and benchmarking strategic capabilities that Toyota using suitable frameworks. The background knowledge in this paper will assist in analyzing environmental and strategic growth management which could be used in an operational, tactical in order to enhance one’s professional career in the future.
3 Learning Outcome 1: Analyze the impact and influence which the macro environment has on an organization and its business strategies I.Toyota’s brief profile -Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota, Aichi, Japan founded in 1937 by Kiichiro Toyoda. -Mission Statement: “To attract and attain customers with high- valued products and services and the most satisfying ownership experience in America.” (Toyota, n.d.) -Vision Statement: “To be the most successful and respected car company in America” (Toyota, n.d.) -Objectives: To enhance customer satisfaction by providing high quality service and value for money.To maintain market share of Toyota in Yemeni market.To service the Nation and the upliftment of society.Ethical approach towards customers and foster the need of the customers. (Toyota, n.d.)Figure 1: Toyota's headquarter
4 II.Applying appropriate frameworks analyze the impact and influence of macro environment on Toyota and its strategies. 1.The approach of an organization to achieve business objectives, goals, strategic intent and different strategic direction. 1.1 Strategy Strategy is a set of goal- directed actions a firm takes to gain and sustain superior performance relative to competitors. Toyota’s generic strategy determines the company’s overall approach in the global automotive industry. Generic strategy is a combination of the cost leadership and the broad differentiation. Cost leadership entails minimizing cost of operations and selling prices. The company does so through the just-in-time (JIT) manufacturing method, which is also known as the Toyota Production System (TPS). This method addresses Toyota’s generic strategy by minimizing waste, inventory cost, and response time. On the other hand, Toyota has the strategic goal of innovation to address the broad differentiation generic strategy requires developing business and product uniqueness to ensure for all market segments. (THOMPSON, n.d.) 1.2Strategic intent -Market penetration: This intensive strategy supports business growth by reaching and attracting more customers in the firm’s current markets, so Toyota offers products for every market segment. This intensive growth strategy supports the cost leadership component of Toyota’s generic strategy by enabling the company to maximize sales volume, which ensures profits despite relatively low selling prices. (THOMPSON, n.d.) -Product development: Toyota uses this intensive growth strategy in the form of rapid innovation by attracting customers to new products. (James M. Morgan and Jeffrey K. Liker, n.d.) Toyota establishes customer-defined value to separate value-added activity from waste. Create a leveled product development process flow Develop a chief engineer system to integrate development from start to finish. Fully integrate suppliers into the product development system. 1.3Different strategic direction Driving towards increasing the sales of this market seven to ten percent, Toyota campaign is formulated on a positioning strategy that considers competitors, offers opportunities that build brand awareness in company target market through optimized tactics and remains measurable. To increase company reach, they focus on brand building opportunities in frequency- or the number of times they can put the message and the Corolla in the way of
5 the consumer on a regular basis through integrated media channels. ( (Rahman, n.d.) 1.4The approach of Toyota to achieve business objectives and goals The communication process is very important to understand objectives and goals and implement different strategies to achieve the specific objectives. Toyota Motor Corporation also improve manufacturing techniques and processes and enhances their competitive advantages so that they able to achieve their objectives through effective implementation and evaluation. (Anon., n.d.) 2Evaluate planning technique of Toyota Motor Corporation – BCG Matrix Figure 2: BCG Matrix of Toyota (ONLINE) As can be seen from the picture, Prius – Product of Toyota classified as star having a relatively large market share in high growth sector. This product has the advantage of being competitive and has many opportunities to develop profits and grow in the long run. Prius are evaluated for profitability and self-sufficient. But while forming, a larger amount of investment is needed to maintain the leading position. For Supra classified as question mark having competitive position and relative low market share. But this product is high growth sector and very promising in profit and long-term growth. Supra can be growth as Prius if paid attention to
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Business Strategy | Sample Assignmentlg...
|21
|6420
|83
Analyzing External and Internal Environment of Toyota Motorslg...
|19
|5958
|99
Business Strategies of Toyota: Impact of Macro Environment and Internal Capabilitieslg...
|18
|5104
|86
UNIT 32 BS : Business Strategy assignmentlg...
|15
|4579
|138
Analysis of Macro and Internal Environment of McLaren Automotivelg...
|15
|4971
|78
Business Strategy Sample Assignmentlg...
|15
|4151
|109