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Contemporary Development in Business and Management PDF

   

Added on  2021-02-19

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ContemporaryDevelopment in Businessand Management

Table of ContentsContemporary Development in Business and Management.......................................................................1Introduction.................................................................................................................................................3Task 1...........................................................................................................................................................3Influence of External environment on Toyota .......................................................................................3Task 2...........................................................................................................................................................8Technological disruption and disruptive innovation................................................................................8Effectiveness of Toyota’s response to disruptive technological innovations...........................................9Recommendations.....................................................................................................................................13Conclusion.................................................................................................................................................14APPENDIX 1................................................................................................................................................14COMPANY PROFILE................................................................................................................................14References.................................................................................................................................................16

IntroductionBusiness development involves processes as well as tasks for development andimplementation of growth opportunities within as well as in between organizations. Basically, itis a subset of fields’ commerce, business and organizational theories. It denotes long term valuesfor organization in the form of relationship with market along with customers. It is aaccumulation of initiatives, activities and ideas which aims forward for enhancing overallbusiness (Alvarez, 2016). This report is based on Toyota; it is a sixth largest organization in theworld by revenue and largest automotive manufacturer. It is a Japanese multinational automotivemanufacturer which was founded on August 28, 1937 by Kiichiro Toyoda and is headquarteredin Toyota City, Japan. This report deals with manufacturing of motor vehicles, trailers as well assemi-trailers. It furnishes overview of external influences along with their significance toorganization. Moreover, it also provides details about technological disruption as well asdisruptive innovation and way in which policies & decision making impacts organization.Effectiveness of response of organization is also illustrated and enhancement in this. Task 1Influence of External environment on Toyota Toyota is the market leader within sales of hydrogen fuel cell vehicles and hybrid electricvehicles and it is largest organization to inspire mass market through the adoption of hybridmethodology within their services. They furnish their services around the world and deals withfinancing, banking and leasing with around 3, 70,870 employees. It is a leading player withinautomobile with an aim to build better communities for an enhanced society. Influence of theToyota on automobile industries cannot be avoided (Amin, 2014). For this, it is essential thatToyota takes into consideration external environment by usage of Pestle analysis. By taking intoaccount these factors, executives of organization can formulate strategies as well as policies fordeveloping their position within a evolving market. The Pestle analysis has been illustratedbelow: Political FactorsToyota has expanded in different countries for meeting the demands of their existingcustomers. Political stability of Government has crucial role within the ways organisation carry

out their operations and sustain in the market. This stability will minimise the pressure onorganisation while they are rendering their operations and will lead to growth. Toyota is carryingout their manufacturing in all most every country; therefore government of United Kingdomneeds to formulate free trade agreement in between Japan as well as other nations where they arefurnishing their services. This will lead to improvised opportunity in form of market penetration.Toyota has faced decline in their operations, in 2017 after United States of America governmentwithdraw from Trans-Pacific partnership trade. Depending on uncertainties with respect to Brexit Negotiation along with development ofHung Parliament, the results obtained will lead to huge impact on manufacturing of Toyota UK.As per Campbell (2017), investments within car industry of UK has declined by £322m whichshows that organisation will cancel any kind of spending after exit from EU. According to Jack(2019), cars which were manufactured in United Kingdom dropped by around 45% in April 2019with respect to last year. Around 90% of cars are manufactured by Toyota in United Kingdom. IfEU does not agree upon free trade with United Kingdom then it may lead to increased cost alongwith tariffs and decline in efficiency. Management of Toyota is open to expand themselveswithin other countries where there is political stability. This will lead them to have better resultsas there will be least intervention of government in their services (Baron, Warnaby and Hunter‐Jones, 2014). Economic factorsIn 2008, due to financial crisis car industry has been a leading industry within UnitedKingdom. The UK has recorded around 1.3 million exports of car within 2015 which denotesaround 12% of total exports are carried out by auto mobile industry in UK. At present scenario,Brexit is the major problem as per SMMT (Society of Motor Manufacturers and Traders) forautomobile industry and it will also impact sustainability as well as growth of economy of UK.Another factor which contributes in economic factors is interest rates, inflation andeconomic growth. They have a significant impact within economy of country as demands ofproducts are dependent on this specific factor. If economy is growing in a faster pace then it willlead to higher demands of services as well as products but if opposite happens then there will bedecline in needs and requirements of services (Barnes and Hunt, 2013). This means that marketis not able to attract more number of buyers as well as investors. Free trade which been occurredin between UK and EU has provided them with great opportunities for development and growth

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