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Business Strategy | Sample Assignment

   

Added on  2021-06-14

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BUSINESS STRATEGY Lecturer: Dr. Pham Hoang Hien Written by: Pham Quynh Tram ID Number: B180031 2ndAssignment of Business Strategy
Business Strategy | Sample Assignment_1

1Table of Content Introduction .................................................................................................................................... 2 Learning Outcome 3: Evaluate and apply the outcomes of an analysis using Porter’s Five Forces model to a given market sector. ........................................................................................ 3 I.Toyota’s brief profile ........................................................................................................... 3 II.Applying Porter’s Five Forces model evaluate the competitive forces of a given market sector for an organization. ......................................................................................................... 4 1.The importance of understanding the competitive environment in order to successfully implement the strategies. .................................................................................. 4 2.The most significant groups of Toyota’s stakeholders ................................................... 5 3.Using Porter’s Five Forces model and analyze the factors in the industry that influence on business and business strategies that give impact to its stakeholders. .......... 6 III.Applying the Ansoff Matrix to product/market strategy to devise different strategies to improve competitive advantage and market position. ...................................................... 11 IV.Evaluating those strategic directions and recommend the most appropriate strategies................................................................................................................................... 13 Learning Outcome 4: Apply models, theories and concepts to assist with the understanding and interpretation of strategic directions available to an organization .................................... 14 I.Applying a range of theories, concepts and models, interpret and devise strategic planning for a given organization. ........................................................................................... 14 1.Porter’s Generic Strategies............................................................................................ 14 2.Vertical/ Horizontal Integration .................................................................................... 16 II.Produce a strategic management plan that has tangible and tactical strategic priorities and objectives. .......................................................................................................................... 17 Conclusion .................................................................................................................................... 18
Business Strategy | Sample Assignment_2

2Introduction This report provides an explanation of the multitude of forces that impact on businesses in general and Toyota Motor Corporation in particular by one specific model called Porter’s Five Forces. Moreover, Ansoff Matrix is a great strategic planning tool in order to help executive, senior managers of Toyota devise strategies for future growth. This assignment also illustrates the theoretical for growth for Toyota Motor Corporation in order to explain the concept of strategic planning and gives the assessment of strategic directions and the most appropriate proposal.
Business Strategy | Sample Assignment_3

3Learning Outcome 3: Evaluate and apply the outcomes of an analysis using Porter’s Five Forces model to a given market sector. 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 Headquarter in Japan (ONLINE)
Business Strategy | Sample Assignment_4

4II.Applying Porter’s Five Forces model evaluate the competitive forces of a given market sector for an organization. 1.The importance of understanding the competitive environment in order to successfully implement the strategies. Figure 2: Competitive Environment (ONLINE) There is a multitude of forces that impact your business, an early indication of how these forces could affect you will help you adapt and maintain your competitive edge. It is importance to understand your business environment as it will dictate the strategies that you will adopt. If you work in a predictable business environment, you are one of the lucky few and a classical strategy may work for you. If you, like most other businesses, face a more unpredictable business environment, you may need to build adaptive strategies base on how the marketplace is behaving (Anon., 2018). Here are 9 reasons why the competitive environment is important for companies: -Provides Reassurance -Reveals your secret sauce -Enhances a good online presence -Helps customers more quickly identify you
Business Strategy | Sample Assignment_5

5-Builds loyalty -Breeds brand evangelists -Allows for market research -Open your eyes to improve -Teaches new skills. (McCormick, 2016) ➔The influence of competitive environment should not be underestimated. 2.The most significant groups of Toyota’s stakeholders (ROWLAND, 2017)❖Employees: Toyota considers employees as its most significant stakeholders. This stakeholder group aims for job security, career development and fair employment practices. Toyota’s corporate social responsibility strategies address the interests of these stakeholders through satisfactory salaries and wages and a career development program for advancing employees.❖Customers: Customers are the second-priority stakeholders in Toyota’s corporate social responsibility strategies. The interests of this stakeholder group are high quality automobiles and service, along with reasonable pricing. Toyota addresses these interests through rapid innovation based on The Toyota Way and The Toyota Production System (TPS), which aim to maximize efficiency, quality and innovation.❖Investors: Toyota considers investors as another major stakeholder group. These stakeholders are interested in business profitability. Toyota addresses these interests through emphasis on global business strength. The company experienced a decline because of the recession in the late 2000s and massive products recalls that started in 2009 due to safety issues like the sticking pedal problem. However, following its reorganization in 2013, Toyota now highlights improved business resilience as a priority over rapid expansion. Thus, Toyota’s corporate social responsibility strategies address the interests of investors as stakeholders.❖Environment: Toyota has corporate social responsibility strategies targeting environmental goals. The main interests regarding the environment as a stakeholder include business sustainability and environmental conservation. The company addresses these interests through the Toyota Environmental Activities Grant program. Through this corporate social responsibility program, the firm donates automobiles and funds for environmental conservation.
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