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Toyota is a Japanese automaker that competes with the likes of General Motors and Ford on a global scale. In general, the purpose of this project is to provide an overview of the company's operations. This study plans to detail the measures that Toyota will take to adopt a company-wide strategy for operational improvement. It will also discuss why this strategy is important. This study has incorporated a variety of strategies and instruments for quality control into the introduction to the plan. It has also provided recommendations regarding the operational strategies that Ford and General Motors can implement in order to compete with Toyota for market share over the long run. This research will center primarily on quality management, its associated concepts, and the processes of putting those concepts into practice. It is hoped that the content of this paper will meet all of the educational and skill objectives that have been set for this section.
Toyota Motor Corporation is an automobile manufacturing firm that was established in 1937 in Toyota City, Japan. It is a Japanese multinational corporation. On August 28, 1937, Kiichiro Toyoda laid the foundation for what would become the Toyota Corporation. At the moment, Toyota is the tenth largest corporation in the world, which places it as the most significant automobile producer on the planet (Madoh et al., 2019). In a nutshell, the total number of employees at Toyota across the world is 364,445 people. In addition, Toyota has 67 production plants spread over 28 different nations. Because of the robust and all-encompassing global sales network that has been developed around the motto "Let's Go Places" for the Toyota brand, the company's position as the market leader has been strengthened in more than 170 different nations and territories. Aside from the automobile industry, Toyota is involved in a wide variety of other businesses, including the manufacturing and design of homes, the financing and leasing of vehicles, the leasing and sale of commercial vehicles, and the financing and leasing commercial vehicles (Wang, 2021). These are just some of the many businesses that Toyota is involved in. Automobiles are produced by Toyota under a variety of brand names, including Toyota, Hino, Lexus, Ranz, and Daihatsu (Nkomo, 2019).
Additionally, it has a financial stake in Suzuki and Subaru, two additional Japanese automobile manufacturers. The BMW Group, Volkswagen, Ford, Nissan, and Hyundai are the key competitors of Toyota in the automotive industry, and all of them are rapidly expanding their operations (Bhattachara, 2021). Because of Toyota's well-earned reputation as a manufacturer of high-quality, high-value automobiles, vans, and trucks that have a long life span and a high resale value, the company's primary target market consists of wealthy individuals, individuals who partake in risky activities, corporations, and businesses that use its products for industrial or transportation purposes.
When it comes to ensuring the efficient and uninterrupted operation of a business, the significance of taking precautions against potential dangers cannot be understated. It is largely focused on identifying, analyzing, and managing the most serious risks that could affect Toyota's business operations in terms of profitability, market share, and capital structure (Jiang, Rigobon and Rigobon, 2021). This is done in order to identify the most serious risks that could affect Toyota's business operations, analyze them, and manage them. The terrible disaster that has taken lives and inflicted a severe blow on Japan's economy is currently negatively influencing Toyota. This disaster has also dealt a significant hit to the Japanese economy (Schmidt, 2020). It is essential to point out that Toyota's ability to fulfill orders on time has been significantly impacted as a result of the fact that twenty percent of its manufacturing components are manufactured in the region that was ravaged by the disaster. Consequently, financial planning is of the utmost significance in determining the actions that Toyota can take to reduce the risks that it is exposed to.
It is necessary to do a comprehensive analysis of the internal business environment at Toyota in order to determine which risk management strategies would be most advantageous for the company to put into practice. The capacity of Toyota to create automobiles at prices that are competitive while also guaranteeing that the quality of the materials used is of the highest possible standard is one of the company's key competencies, making value for money an essential component of Toyota's success (Durst and Henschel, 2020). This guarantees that customers have a positive experience and that market share is maintained consistently. As the cornerstone of Toyota's core competency, quality not only helps to foster the development of forward-thinking manufacturing methods but also serves as a control platform for the company's efforts to maintain its cost leadership position. In addition to Toyota's specific competency, the Toyota Production System, a phenomenon related to the Lean manufacturing philosophy, is significant. This system is frequently referred to as the "Toyota Production System." In order to accomplish this, conventional medical practice will need to incorporate cutting-edge methodologies such as Kaizen, Six Sigma, and the Just in Time Principle. The only foundation for lean business concepts is the tenets developed by Toyota in response to the company's mission and goals. These tenets are known as the Toyota Production System (TPS) (EL MASRI and Matkó, 2022). It is essential to stress that the entirety of the organization is responsible for developing and implementing a wide array of risk management techniques. The maintenance and improvement of Toyota's positive reputation and image in the eyes of its clientele should be Toyota's number one business objective. It is imperative that this be brought up given the recent spate of product recalls, which exceeds the total number of recalls issued in the three months prior combined. As a result of the product recall, there is a possibility that customers' opinions of the brand would be severely influenced, which may lead to ineffective management of the brand (Abuzarqa, 2019). Because Toyota may not have perfect control over the firm and any unforeseen changes may have unintended repercussions, risk management is an essential component of the company's branding strategy. It is possible that a prosperous performance on the part of the supplier is essential in preventing any catastrophes. But more importantly, it is clear from this example that other rivals such as General Motors and Ford are planning to enter the market at a time when Toyota's productivity has been drastically decreased due to the catastrophe in Japan, which raises concerns about the real economy's exposure to the risk of its financial assets. As a result of the current state of the company's operations, Toyota is in a position to guarantee that the asset can be utilized and that its influence on costs, labor availability, and other potential risks can be accurately evaluated (Oehmen et al., 2020).
Toyota, a firm that is renowned all over the world for its ability to manufacture high-quality products, has utilized and will continue to utilize a wide variety of risk management methods. The risk management tools that Toyota should be using include (but are not limited to) the following:
Brainstorming: The first step that Toyota takes in completing every project is to formulate a plan to overcome a particular obstacle. Everyone's thoughts are taken into consideration by holding a brainstorming session starting at the lowest level of management and working the way up. In Toyota's process for coming up with new ideas, some of the activities that are included are reading publications that are specific to the automotive industry and evaluating the degree of competitiveness that exists in the market. Other activities include going back through historical data and identifying current financial problems as well as potential solutions.
Trend Analysis: For a significant number of years, Toyota's success was founded on the company's foresight. The company improved its operations' efficiency by conducting trend analysis on the data collected from its customers and its financial transactions. The company was better able to plan and develop as a result of projecting future sales and costs; as a result, they were able to create new goods that their clients would find to be of value. Through trend analysis, Toyota was also able to compare the amounts planned for the budget with those that were actually produced (variance analysis). The organization was able to determine, as a result of conducting an in-depth investigation, which aspects of its operations were both useful and detrimental to the company's achievement of its goals.
SWOT analysis: Since the beginning of Toyota's business activities in 1933, the SWOT analysis has been one of the most often utilized approaches to the examination of data. This type of analysis looks at Toyota from a variety of perspectives, including its advantages, disadvantages, opportunities, and dangers (market competition from other car manufacturing brands). According to the results of the SWOT analysis ((Oehmen et al., 2020), Toyota is one of the most competitive automobile manufacturers and dealerships.
IT Assessment: In view of the fact that the Internet and social media are used by such a large percentage of the population, Toyota had no choice but to raise the amount of attention it devoted to its online advertising. As a direct result of this realization, Toyota has taken measures to guarantee the security of all of its online transactions as well as its documents. Toyota conducts frequent information technology audits in order to deter malicious actors from breaking into the company's websites and gaining access to sensitive data. The company made the encrypting of client data and safeguarding the confidentiality of any information submitted by customers two of its highest priorities.
An organization's ability to efficiently and effectively convert raw resources into high-quality services is critical to its success. This contributes to the organization's goal of realizing the most possible profit. In order to implement companywide development plans, Toyota might adopt the following tactics to boost their growth.
Organizational growth may be better managed with the use of an inventory system called "Just in Time." With this technique, suppliers' orders are aligned with the manufacturing schedule (Batth, 2021). There's a direct connection. The "Just in Time" method improves manufacturing efficiency and ensures that the product is delivered on time. When a result of this method, there is less waste in manufacturing and the items are delivered as needed. This is a modest approach to reducing waste since they don't use too many items. Having a smaller number of items reduces inventory expenditures. The Just-in-Time approach necessitates manufacturers to make precise forecasts about how they will satisfy demand. Just-in-Time (JIT) inventory management stands in contrast to Just-in-Case planning. In this instance, manufacturers have adequate stock on hand to meet the market's demand.
Thus, if Toyota employs this technique, the company will be able to reduce its losses in a short period of time. In reality, the Toyota Production System is known as Just in Time since it was initially used by Toyota in 1970. As a result, it's clear that they rely on this approach to maintain a continuous output of high-quality work while avoiding overcapacity. In addition, the system has a low failure rate and dependable suppliers. Toyota stands to gain from the lower manufacturing costs and lower raw material expenditures. In this way, the corporation may improve its quality and profit margins at the same time (Girish, and Panigrahi, 2018).
Supply Chain Management
As a management approach, supply chain management aims to improve the flow of products and services (Iyer, 2019). There is a change from raw resources to finished goods in this process. Efforts are being made to streamline the company's supply chain. Customers' value is maximized and the company receives a competitive edge.
Due to the emergence of Ford and GM in the market, Toyota has lost its earlier grandeur and profit-making capabilities. In order to boost their profit, Toyota has been compelled by Ford and GM to use supply chain management, which has resulted in reduced profits in recent quarters. Supply chain management has been implemented by these firms in order to obtain an edge over their competitors.
According to Fujimoto et al., (2019), this management approach is aimed at developing and implementing a supply chain that is both efficient and economically viable. Production as well as product development are covered under this approach. It is imperative that Toyota use this method so that it can better oversee the manufacturing, shipping, and distribution of products. An efficient supply chain helps organizations control their surplus costs while also ensuring that their goods are quickly consumed. It is developed based on the results of several organizations’ attempts to adopt inventory management in the market. Planning, acquiring raw materials, manufacturing efficiently, distribution, and eventually the return system are all part of the supply chain's role in the logistics of a firm. Improved operational performance is both immediate and long-term.
Total Quality Management
Detecting and reducing mistakes in streamlining, manufacturing, and production is a continuous effort (Soliman, 2020). This helps to improve the client experience and guarantees that all personnel are up to the standard in training and production. The TQM aims to ensure that all stakeholders engaged in the manufacturing process are held accountable. Toyota is one of the most popular companies to employ this method to enhance sales and assure product quality. The company's name and renown will return, and the company's share price is likely to rise as a result of this. Internal process rules are an important part of this as well, since they help keep mistakes to a minimum.
Toyota's goal is to develop automobiles that are the best in the industry and the best in quality. As a way to ensure that the company's operational strategy meets its aims and goals while also exceeding consumers' expectations, the management philosophy of overall quality management is put into effect. As the first principle of comprehensive quality management, putting the needs and desires of customers first and coming up with new solutions to those demands is an important part of the process. Increasing income, improving operational efficiency, and increasing customer loyalty are just a few of the advantages of putting the needs of the customer first. Total quality management's second tenet is that the company must always strive to enhance its internally and externally environments. Because the environment is always changing, it is necessary to make improvements to the product on a regular basis. The Plan-Do-Act cycle must be used by the organization to monitor the execution of improvements in the companies (Ohno, and Bodek, 2019).
People play a critical part in comprehensive quality management by providing ideas and input and making choices. Employees have access to high-quality tools and training that will help them grow and develop. Providing workers with quality tools helps them understand the difference between accessing quality or quality control. Designing products that meet or exceed consumer expectations is a critical part of overall quality management, and in the automotive industry, these expectations are assessed by factors like as safety, ruggedness, and a sleek appearance. In order to turn generalist items into particular needs, the technical aspects must be accurately measured. The quality of the supplier is the least significant part of complete quality management. Suppliers are the company's major point of contact with the outside world, and their performance is critical in ensuring the excellence of the final product, even if the manufacturing technology is state-of-the-art (Fundamentals, 2022).
Businesses are vulnerable to climate change, natural catastrophes, cyber-attacks, power outages, and other types of interruptions that might disrupt operations. As these occurrences are unforeseen and have the destructive power to be handled, they cannot be postponed or denied; only managed and recovered. Damage to a company's reputation, financial losses, and dissatisfied customers are just a few of the consequences of a disaster. As a result, Toyota plans to devise a disaster recovery strategy that would minimize the damage done to its company in the event of a calamity (Chiarini, Baccarani, and Mascherpa, 2018). For instance, the tragedy in Japan harmed the firm in different ways, such as the disruption of supply chain, unhappiness with customers, revenue loss, etc. When it comes to disaster recovery, the communication strategy is the most critical part. Employees need to know who to contact and where to report in the event of an emergency as part of the disaster recovery communication strategy. All workers will need to be aware of any changes in their roles or compensation during a natural catastrophe, which must be made explicit in the company's communication strategy in order to avoid confusion.
Re-establishing the duties of workers during and after a catastrophe recovery may be done, as well as announcing additional tasks such workstation settings and determining whether or not data has been lost. Data Continuity; cyber-attacks are a prevalent issue in today's world when data is of paramount significance. In the event of a power outage or power breakdown, the power supply should have backup alternatives. Before making a large investment in a power generator or other technology, the return on investment (ROI) should be examined. Additionally, an accredited engineer is needed to deal with a power outage of this magnitude (Sakurai, and Murayama, 2019).
One of the most critical stages in product development is product development in operations management. This is critical in raising awareness and exerting effort in the development of a new service. This has a positive impact on the company's bottom line. Steps one and two are critical to the product design process:
The goal of the product's development was to make it useful. Toyota, for example, can make judgments based on the size, materials, and types of finished goods that are required by its customers. At this point, the designer is focused on the final product, its quality, and the manufacturing process. Functionality, client attractiveness, and manufacturing cost and convenience are the most important issues (Chiarini, 2020).
At this point, the designer considers making the alterations necessary for the company's growth. Standardization, modular design and simplicity are only a few of the steps in the idea.
With the use of the JIT system and the implementation of training as well as development activities based on overall quality management, it can be stated that the improvement approach may be increased. Quality marketing tactics, such as low cost pricing and innovation, may be used to achieve the company's goals in the second question. In order to consistently enhance product quality, the Kaizen concept has been applied in this sector. Customer-centric and corporate initiatives may help improve the performance of customers, according to this study. It's possible that a JIT system plant is essential to raising the standard of goods and services.
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