Toyota. Background and Company History Essay Example | Topics and Well Written Essays - 1000 words

Toyota. Background and Company History - Essay Example It enjoys a market share of about 45% in Japan alone. Cho was the executive officer who catapulted Toyota into its current state due to his hard work and determination. Cho derived management experience and skills from Taichi Ohno who was the founder of legendary Toyota Production System. Toyota is known to be producing numerous models of cars that ranging from Corolla, Lexus to the Scion xB (Bremner & Dawson, 2003). Toyota enjoys huge revenues and profits from various parts of the world. The company has thousands of employees across the world. The company’s success is attributed to the fact that they build on every challenge and maximize on every opportunity that comes across. Toyota has relaxed her flexes by being able to adapt to any positive change without being too rigid (Bremner & Dawson, 2003). The company has had booming sales across the globe especially in areas where they have bigger market shares. Toyota’s share in the U.S market is 11.2% where they made sale s of 1.94million and 756, 000 sales in Europe where they have market share of 4.4%. Toyota’s model leaders in North America are Lexus while in Europe the leading models are Yaris and new Avensis. In Southwest Asia, Toyota made sales of 268, 000 where their durable Qualis suv was a big hit in India. In Southeast Asia the company made sales 455, 000 where they assemble cars in seven countries with an intention of expanding their operations in Thailand and Indonesia. Some other markets where Toyota is doing exceptionally well are South America, Africa, China and Japan where they made sales of 97, 000, 140,000, 58, 000 and 1.68 million respectively (Bremner & Dawson, 2003). Cho’s positive attitude towards the company has seen it surviving amid fierce competition from other companies such as General Motors. He initiated adaptation of cost competitiveness in the 21st century that is currently used in the company. Frugality is an important aspect that has contributed to the s uccess of Toyota (Bremner & Dawson, 2003). Toyota usually minimizes cost of production in various ways such as reducing of prices on the major constituents of the new models by around 30%. The company concentrates on how to reduce wastage of time and money as much as possible. Also Toyota pays close attention to the customers’ demand as a way of coming up with car models that are consistent with what the customers want (Bremner & Dawson, 2003). Customer/Target market Toyota Company is working on better ways of enhancing their economy, market share and maintaining a sustainable and stable world market. As a tool of global expansion the company creates and invests in various strategies. The company tirelessly works on a number of strategies to enable it reach her set goals and objectives over a given period of time (Bremner & Dawson, 2003). Toyota enjoys a wide range of expertise assisting it in carrying out research and development which are essential in the growth of the glob al market. R&D has ensured high class delivery of products and services. The company also has an extensive array of distribution network globally that enables it to reach a bigger share of the market. Toyota’s customers are really diverse and they comprise of low income earners as well as high income earners who are widespread globally. The company successfully caters for the needs and wants of their customers by creating a wide range of motor vehicles stretching from small sports cars, vans, large family vehicles and trucks. The high class customers are provided with classy and elegance cars while the low income earners also enjoy an opportunity of having a basic mode of transportation which sufficiently satisfy their needs and income (Capon & Hulbert, 2007).Toyota enjoys a good share of North