Toyota Origins Paper Term Example | Topics and Well Written Essays - 1000 words

Toyota Origins - Term Paper Example(Piotrowski & Guyette, 2010, p.89) It was Mr. Toyoda Sakichi, who provided the original impetus to the young company. This entrepreneur and inventor par excellence translated some of the creative ideas he employed in the textile industry to the fledgling automobile industry. Under the mentorship of Toyoda Sakichi, his intelligence Toyoda Kiichiro applied the proven methods of efficiency from the textile looms to automobile manufacturing. In mid-twentieth century, Ford and General Motors had a significant market share of the Japanese car industry, and competing with them was near impossible. Yet, based on the visionary aspiration of the deceased Toyoda Sakichi, his son took upon the challenge of competing with the bigger firms. Apart from the founders vision, some practical necessities in the form of Japanese military missions also facilitated the growth of Toyota Motor kitty in its early days. And then when the legendary Ohno Taiichi joined the company after the Second World War, his incisive engineering inputs helped transform the company into a esteemed global player. (Price, 1997, p.14) In 2001, Toyota issued a document titled Toyota Way 2001, which highlights some of the core principles and values espoused by the management and the workforce. Some of these principles also serve as strategically important in distinguishing Toyota from other companies. For example, principles such as Respect for People, Continuous Improvement, etc are inculcated into the workforce right during times of prosperity and distress. The automotive market in the world is said to be highly competitive and volatile. Moreover, demand in this market is affected by a number of factors such as social, political and general economic conditions launch of new vehicles and technologies and expenses incurred by customers to buy and operate vehicles. These factors can make consumer demand to vary substantially from one category to another across market g eographies and for different types of automobiles. Yet, in spite of such uncertainties and still competition, a recent annual report of Toyota shows increasing unit gross sales from 2006 to 2008, based on the total unit sales of its products all over the world. But, based on the unit sales per geographic segment, there was a spurn in theToyota unit sales in Japan, from 2,364,000 units in 2006 down to 2,188,000 units in 2008. Despite the decline in the unit sales ofToyotas products in Japan,Toyotas market share (including Daihatsu and Hino) including min-vehicles, andToyota and Lexus market share excluding mini vehicles, remained at a high level close to prior fiscal year reflecting the sales efforts of interior(prenominal) dealers (Cortez & Penacerrada, 2010, p.113). One of the key driving forces behind the continued success of Toyota is its embrace of Lean Manufacturing and Just-In-Time Production techniques. Then there is the overarching set of philosophies and values brought u nder the line the Toyota Way. The Toyota Way can be further broken down into 4 components. First is a long-term approach to management decision making second is a systematic approach to problem-solving third is value addition to the company and fourth is to focus on solving persistent problems facing the company. These principles and procedures add up to form the formidable