What Are the Main Objectives of Toyota’s Business Strategy?
According to Toyota Global, the company’s business strategy is to remain competitive, produce quality cars and enhance technologies for green-energy cars. Toyota also stresses the need to improve the lives of people around the world. It also promotes the idea of corporate citizenship.
Other mission statements from Toyota Global state that the idea of corporate citizenship means contributing something worthwhile to a host country. This is an idea that stemmed from the company founder, Sakichi Toyoda, who believed that companies should make positive contributions to any nation. This ties into Toyota’s overall business strategy, which is making more of an international imprint with jobs, cars and community involvement.
Toyota’s main goal, however, is to improve fuel efficiency and designs for its vehicles. An article from Fox Business notes that Toyota is manufacturing more appealing cars, while cutting costs by 30 percent through the use of shared parts. This is all an effort to remain ahead of competing companies that are catching up in terms of quality cars and fuel consumption.
This strategy also ties into Toyota’s core mission, which is to instill the same level of quality in all its cars around the world. According to Toyota, the company promotes “Made by Toyota,” instead of “Made in Japan” or “Made in the USA.”