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Toyota Strategic Management

   

Added on  2020-11-12

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Strategic Management

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Strategic direction followed by the organisation in past........................................................1TASK 2............................................................................................................................................3Detailed analysis of industry..................................................................................................3TASK 3............................................................................................................................................6Internal analysis of organisation.............................................................................................6TASK 4............................................................................................................................................8Strategic choice model to sustain competitive position of the company................................8TASK 5..........................................................................................................................................11Resource implication of the selected strategy......................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONStrategic management refer to activity conducted by administration to formulate goalsand objectives which are used to design system. It is essential that management of each andevery organisation frame vision and mission statement which define information about outcomesto position firm requires to be in future time. For this, internal and external environment areacknowledged by company to make initiatives for expanding, diversifying and growth ofbusiness (Morden, 2016). Present report is based on Toyota, is automotive firm which providecommercial vehicles, automobiles, engines and luxury cars to people. It is multinational firmwhich has branches in different countries to have large customer base and market reach toenhance sales volume and profitability. Along this, company also provides banking, financingand leasing services to customers. This assignment defines different types of strategies which areused by firm in past. Management asses internal and external environment to make changes insystem and enlarge business for growth purpose. Along this, competitive forces are also analysedby top personnel to select appropriate strategic choice models. TASK 1Strategic direction followed by the organisation in pastStrategic management refers to the process of utilising all the resources in effectivemanner for achieving goals and objectives. Under this, top management of the organisationmakes effective strategies for the purpose of business growth and development. It is theresponsibility of the to analyse internal as well as external environment in order to identify themodification area. Strategic management is considered as the continuous process which helps theorganisation to appraise its market position. In relation with Toyota, this organisation is optingvarious strategies in order to compete its competitors and grab desired position across world. Itis multinational automotive manufacturing company of Japan which manufactures 10 millionvehicles every year and serves all over the world. Business of Toyota includes vehicles, carcompressors, engines, car electronic element, textile machinery and material handling equipment(Bryce, 2017). Toyota have used various schools of strategies in the past years that have supportedorganisation in setting their desired objective for success at market place. Mintzbergs have given1

various school of thoughts which helps the managers in formulating their strategies for achievingbusiness goal and objective. Some of them are evaluated as below:The Planning school: In this, top management of the organisation makes complete planfrom starting to end. In addition to this proper document is formulated which will help thebusiness manager in future decision making process and also provides clear direction forbusiness growth. The cognitive school: This thought states that business can grow in smooth manner byunderstanding the needs and wants of the customers. In context to Toyota, its manager have toconcentrate on the perception and thoughts of the customers in order to understand theirrequirements. This organisation can take advantage of this thought by introducing new productsaccording to customers wants (Frynasand Mellahi, 2015). The learning school: In this, management of the organisation observes its previousstrategies and the strategies of its competitors in order to understand most effective one. Whileformulating strategies manager of Toyota should go through the past strategies and analyse itoutcome. As a result non profitable strategies will not be implemented in future. Thisorganization have formulated its past five year strategies on the basis of observance and learningof its previous strategies and other strategies of competitors. The environmental school: This school of thought more emphasize on the environment.Management team of Toyota should concentrate nature in their strategies formulation process. Italso depends upon the situation as it environmental factors are involved in decision making.Toyota should more more emphasize on introducing produce at market place to attract morenumber of customers (Barney, 2012).Strategic direction of company developed within five yearIn the previous years Toyota have opted various strategies which have helped inincreasing in its market value worldwide. These strategies were based on several principleswhich are introducingenvironmental friendly cars. Its another principal emphasize onmanufacturing products with high quality that will satisfy the needs of customers. In addition tothis, Toyota will always produce new and innovative designing of the car to meet customerrequirement. .2

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