Business Strategy of Toyota company - Report
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Added on 2020-01-07
Business Strategy of Toyota company - Report
Added on 2020-01-07
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BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION.....................................................................3Task 1..........................................................................................31.1 Strategic Contexts & Terminologies........................................................31.2 Issues Involved in Strategic Planning......................................................41.3 Different Planning Techniques................................................................5Task 2..........................................................................................82.1 Organizational Audit for Toyota..............................................................82.2 Environmental Audit of Toyota..............................................................102.3 Stakeholder Analyses............................................................................11Task 3........................................................................................133.1Appropriate Strategies for Toyota..........................................................133.2 Appropriate Future Strategy for Toyota................................................14Task 4........................................................................................154.1 Roles & Responsibilities for Strategy Implementation..........................154.2 Evaluation of Resources for Strategy Implementation..........................154.3 Targets & Timescales to be Monitored..................................................15Conclusion ...............................................................................16References.................................................................................17INTRODUCTION
All organizations face different problems due to the changes which take place in its External and Internal Environment. These changes bring together a set of opportunities and threats to the company's operations in the normal course. Thus, this study is undertaken to make readers know the implications of those internal and external changes which take place in relation to firms. Also from this report it will be easy for the reader to build the strategies which can minimize the effect of those changes on the company. Through this report, a reader will gain the knowledge of the concepts and procedures of Strategic Management and will be introduced to various techniques of evaluation and control. Present report will discuss the strength and weakness of Toyota. It will illustrate the significance of stakeholder analyses. Present report will discuss the several alternative strategies which can give optimistic results to organizations. In addition, it will suggest appropriate future strategy for Toyota which can help the firm in achieving its objectives. Moreover, report will also discuss the roles and responsibilities in strategy implementation with evaluating the resources, further monitoring the activities undertaken.Task 11.1 Strategic Contexts & TerminologiesEvery business has its own environment where it operates, environment influence firms and also through them gets influenced. No firm can function freely when it comes to interaction with external environment. A company's strategy is a combination of competitive moves and approaches which managers undertake to satisfy customers, which allows firms to compete successfully and move towards achieving organizational goals(Sala, Farioli and Zamagni, 2013). Strategy is both Pro-active and Reactive, as per the situations. A strategy ensures that always right fit is achieved between the firm and its environment. Talking about strategic management itrefers to the managerial process of forming a strategic vision, setting objectives to achieve that vision, crafting the strategy, Implementing & Executing the strategy and making corrective arrangements in all the above stages. In order to be successful in the automobile business Toyota needs to establish strategies which allows the firm to improve its competitiveness in the market. A sound strategy helps to avoid costly mistakes(Miani and et.al, 2014). When it comes to Strategies there are some terminologies which are helpful in understanding strategic implicationsWhich are:
Missions: Missions are formulated to regulate the present business of the company. This statement tells you the fundamental purpose of the organizations. It highlights the purpose of the existence of the organization.Visions: Vision is said to be the road which company has to undertake to achieve its long-term objectives. It provides insights about: technology, capabilities of the company(present and future), markets to be pursued, companies that management is trying to create. Objectives: Objectives are performance targets, results and outcomes a company wants toachieve. They should be SMART- Specific, Measurable, Achievable, Realistic, Transparent.Goals: Goals are close-ended elements of the company which are more specific than objectives. Goals are more precise in nature.Core competencies: Combination of various resources and strategies which gives a firm competitive advantage in the market place. Provides access to different markets(Saari, 2014). 1.2 Issues Involved in Strategic PlanningMain purpose of strategic planning is to establish a process which help an organization toachieve its desired objectives. Planning is a future oriented process, it is done to have a clear view of the future operations of business. Good planning leads to good management. A Strategic planning process is basically deriving the resources which will be needed to commence the operations, among them some may be available some may be not, how to obtained them, allocating responsibilities, etc. Issues that needs to be focused in an strategic planning process forToyota are:Developing a Strategic Vision: Toyota should determine its directional path towards achieving itsobjectives. Needs to strategize against the Changes which will impact the company in future and due to which they can improve market position. A Strategic vision is a road map for the organization.Setting Objectives: Objectives flow from mission and vision statement of the corporation. They shows the short-term desirability of the firm in a given time frame(Feller and Schanz, 2014.).
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