Toyota Automobile CorporationEssay Preview: Toyota Automobile CorporationReport this essayThe heroes of free enterprise is what the twenty-first century regards Entrepreneurs to be. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses, this is in line with the notion put forward by Histrich and Peter (1998) for which entrepreneurship is the dynamic process of creating incremental wealth. Entrepreneurs have created new products and services and have assumed the risks associated with these ventures. Today, many people regard entrepreneurship as “pioneership” on the frontiers of business (Kuratko & Hodgetts, 2004).
Tentative Entrepreneurs and Entrepreneurship A guide to the three most important steps in a successful free enterprise enterprise. For more information consult the book by Robert Welsinghouse, a professor of Business at Purdue University, where he provides some commentary on free enterprise. These two most important points are: (1) a positive sense of enterprise. (2) the positive sense of entrepreneurship that can arise from having entrepreneurial experience—something in the range of 50 to 100 years in time. (3) the negative sense of a free enterprise enterprise. • TENTative Entrepreneurship (2004).• Tentative Entrepreneurship is the new term for a project that is not a new venture. It includes “a free enterprise where, during a particular period of time, it is reasonably likely that the business may not be profitable for a given period of time.” To be successful in this field, an entrepreneur will have to create a value for himself, his family, the government, and the community of the free enterprise world. This is difficult, because you are trying to get people to give you a stake in a company. Most entrepreneurs have found success from creating value for their community. This approach is called “art-based entrepreneurship.” However, there is some risk involved with entrepreneurship, and the potential benefits often outweigh the risks (Welsinghouse, 2004). In business, entrepreneurs will have to work harder to succeed, but they don’t have to compete to develop capital and generate revenue. That said, entrepreneurs are still valuable, and there is no guarantee those who create value for others will become valuable again as entrepreneurs (Kuratko &). To be successful in this community, an entrepreneur has to find new ways to work to meet their goal and make money. By using innovation, entrepreneurs have more direct access to consumers, potential customers, and customers who are willing to pay for the services provided and who are willing to pay attention to others’ efforts. The free enterprise model has been developed around a variety of business models. For example, the University of Nebraska-Lincoln (ULE) Program in Innovation includes an innovation model in which businesses use a combination of capital, technology, and a network of suppliers to develop their own products, services or ideas. In exchange, the ULE program collects money from individuals (individuals or groups) offering services for the user. The program also incorporates information on the product and services offered by such individuals as potential customers, potential suppliers, and their financial relationships with clients. This creates an environment where customers and suppliers collaborate to improve the products and products they provide (Kuratko &). It also makes possible for the ULE team to provide specialized training for the teams, and gives the project support, in
Kiichiro Toyoda was the son of famed inventor and entrepreneur Sakichi Toyoda, and the driving force behind establishment of Toyota Motor Corporation. One of the leading automotive players in the industry today, Toyota Motor Corporation (TMC) commonly known as Toyota is a multinational company founded by Kiichiro Toyoda as an independent company in 1937 and is headquartered in Japan. Toyota Motor Corporation group companies are Toyota, Lexus, Daihatsu and Hino Motors. There are also several non-automotive companies as well which form the TMC. The company however mainly deals with manufacturing of automobiles with factories in six continents around the world and is the worlds largest automobile maker in terms of sales and production. Apart from manufacturing automobiles, TMC also provides financial services through its Toyota Financial Services Division and also deals in building robots.
Despite the fact that Toyota was established in 1937 , it has became the largest automobile company in 2008 for the first time. In addition, more than six hundred branches of Toyota around the world implicated in the production of vehicles and its parts. Toyota is popular due to they are dependable and low-priced.Toyota can provide people with car that is economy size, SUVs, trucks, minivans and buses. Toyota was the worlds first automobile manufacturer to produce more than 10 million vehicles per year which it has done since 2012, when it also reported the production of its 200-millionth vehicle.
Every company, irrespective of the nature of the business they are dealing with, is exposed to various factors which influence the changes in the company and also influences the decision making and strategies of the organization. It is of great importance to companies to keep themselves updated on these factors in their business as they greatly influence the strategies and plans within a company which in turn affects the overall performance and position of the organization.
Though entrepreneurs at the helm of the company whom can be seen as forward minded individuals with the critical and creative thinking to tackle any task that may come in their way , every organization is affected by factors such as the macro and micro environment in which it is operating .
These factors are not within the control of management of business but still affects the business up to large extends. These factors are almost uncontrollable. However the organization has to fit into this environment to survive in this competitive scenario.
There are many factors in the macro-environment that will affect the decisions of the managers of any organization in this whole world. Tax changes, new laws, trade barriers, demographic change and government policy, political changes are all examples of macro change. These factors of macro environment also affects the factors within the organization i.e. factors of micro environment
Micro Environment are the internal factors or elements that are close to the company and are under the immediate area of operation of an organization which have a direct impact on the performance and organizational strategies constitute the Micro Environment of a business enterprise. Micro Environment is also known as the operating environment of a company and may include Suppliers, Customers, Shareholders, Competitors and Media (Jain et al. 2006).
Whilst according to Philip Kotler, Micro Environment refers to the operating environment of an organization and consists of the factors within the immediate environment which affect the business processes of the organization.
Normally the micro environment does not affect all the companies in an industry in the same way, because the size, capacity, capability and strategies are different. For example, the raw material suppliers are giving more concessions to large sized companies. However, they may not give the same concessions to small companies.
Like the same, the competitors do not mind about the rival company if it is compared to the smaller companies but they will be very much conscious if the rival is large. Sometimes micro environment of the various firms in an industry is almost the same. In such a case, response of these firms to their micro environment may differ as each firm will attempt to achieve a higher success level.
Every business organization requires suppliers to supply raw materials and components to the company. An organization should look for a reliable supplier of raw materials and components and should have multiple suppliers providing them with the materials required since it is a risk to depend on a single supplier (Jain et al. 2006).
Suppliers provide products or services that are needed to add value to the products or services provided. Those parts or services must be delivered on time and must meet the specific quality required. If these requirements arent met, the production falls off and the quality suffers. In extreme cases, such as Toyotas recall of cars built from 2009 to 2011 for a faulty accelerator, suppliers can cause a serious problem. In this instance, the stringent Toyota Production System, Toyotas version of Henry Fords TQM program, was called into question, because Toyota relied on a single supplier for accelerators used in its vehicles.
Toyota should allocates more attention to their suppliers, and have them separated into two functional levels. For instance having of all first level dealers work in PDT (product development team). Whilst secondary providers can work on individual parts. By having a high level of partnership and exchanging information between participants of first level and second level can help decrease spending time in the improvement of producing. As Toyota believes that because of suppliers, there