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(Doc) Contemporary Development in Business and Management

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Added on  2020-12-09

(Doc) Contemporary Development in Business and Management

   Added on 2020-12-09

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CONTEMPORARYDEVELOPMENTS INBUSINESS ANDMANAGEMENT
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Overview of the primary external influences to Toyota.............................................................1TASK 2............................................................................................................................................41. Analyse cultural change of Toyota and its influence on policies and decision making. ........42. Critically evaluate the effectiveness of the organization’s response.......................................73. Areas for improvement in Toyota...........................................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
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INTRODUCTIONBusiness development refers to potential improvements in various functions andemployees working in an organisation. Along with advancement in technology or businessoperation it is very important to develop each and every individual within a company. In thispresent report Toyota has been chosen for assessment. Toyota is a Japanese Multinational automobile company whose headquarter is situated in Toyota, Aichi, Japan. Organisation has morethan 600 subsidiaries. Establishment is involved in manufacturing of vehicles and is world's sixthlargest company in terms of revenue. This present report will focus on External factors whichinfluence the establishment. It has high contribution in every sector like political, legal,economic, social and environmental. In addition to this, it will also cover recommendations forimprovements in Organisational culture of Toyota. Furthermore, cultural change of Toyota andits influence on policies and decision making will be described in brief. Critical evaluation on theeffectiveness of the organization’sresponse will also be done.TASK 1Overview of the primary external influences to ToyotaPESTLE AnalysisToyota is the third largest car manufacturer in this entire world. It plays a major role inautomotive industry. PESTLE analysis of Toyota will be done to know the impact of externalenvironment factors on the company. PESTLE analysis is a concept in marketing principles. Thisanalysis is made to know the effect on new product launch or current operations. 1
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Political While dealing in cars and vehicles, Political factors has significant role inknowing the factors that affect Company's in a particular nation or market. Toyota operates inmany nations, so it has to deal with many political environment of different countries. Toyotaanalyses all such majors in order to earn profits and stability of the company. Market should bestudied by the company before entering in any market (Bansal, Shrivastava and Nguyen, 2018).Political stability in a country helps in determining the working environment that organisationneeds to follow for running business in that nation. Stability in political environment of a countrymeans calm culture that is favourable to run a business. Frequent changes in government policieshas a great impact on profits of the business. To earn growth and higher income in a business,policies of country related to taxes and imports exports should be friendly. It helps theorganisation in earning more easily. Toyota deals in cars so it needs support from government for eco-friendly products. Itwill help the establishment in grabbing opportunity and improving its product in a way that it cansatisfy expectations of environment. In the year 1992, Toyota has planned to set up its operationsin United Kingdom because all tariffs related to domestic cars manufactures has been abolished.2Illustration 1: PESTLE Analysis(Source: PESTLE Analysis, 2017)
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