Change Management-Toyota Motors Corporation
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Change Management-Toyota Motors Corporation
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Toyota Motors Corporation is one of the Japanese companies that engage in manufacturing, designing, assembling, and selling locomotives and related parts across Japan, Asia, Europe, and America. Lexus, Hino, Daihatsu, and Toyota are the company’s major brands. Toyota is one of the leading manufacturers of cars and the eighth largest company globally. The company has thrived in the automotive industry despite encountering challenges, such as environmental concerns and skyrocketing fuel prices. For that reason, most consumers have changed their preferences from fuel-guzzling trucks to fuel-efficient cars. Following the changing demands in the market, automakers have embraced change by expanding small-car portfolios to hybrid electric motor vehicles. The shift in consumer preferences has influenced Toyota's operation from fuel-guzzling locomotives to small-car portfolios and hybrid locomotives.
Toyota Motors Corporation has outstanding technical capabilities based on a study of consumer’s demand for conventional cars. The company has encountered various product changeovers to have a competitive edge over other US-European rivals. Toyota’s competitive and customer-friendly prices have helped the company maintain its position as one of the most popular automobile manufacturing companies worldwide (Tadakuma et al., 2020). One of the drivers for its success has been the implementation of quality and efficiency. As a result of designing comfortable and efficient cars, the company has maintained its profitability. In addition, Toyota designs reliable and faster vehicles to maintain its dominant position in the market.
Key Deliverables and Related Activities
The first timeline for the launch of the Toyota Prius was launching the new product to the market. Following the launch of the Toyota Prius, most customers accepted it based on its unique features. Toyota Motors had a core objective of enlarging its market coverage. The new Toyota Prius improved performance, fuel efficiency, and styling. According to Shigeta and Hosseini (2021), Toyota Prius adopts an Asian design, including its wide range of colors. Inside the new car is a stubby switch to engage drive or reverse and a push button that turns on all the car components. Toyota Prius has a 7-inch monitor touch screen that displays battery charge level, outside temperature, and fuel consumption. Besides, the screen indicates if the car runs on electricity, gas, or regenerated energy. In addition, the car has a wide range of storage space, shelves, and cubbyholes to indicate its functioning.
The next step after product launch was promotion to create awareness about the new product. Toyota company spent 40 million dollars to spread its marketing strategy to various consumer-oriented televisions and magazines. The promotion was successful since the sales of Prius reached 28,000 units in 2004. One of the outstanding features of the new product was the relatively moderate price that would attract more customers following taxation relief. In addition, external incentives, such as an increase in the price of gasoline, influenced an overall increase in demand for Toyota Prius (Mokudai, 2020). It is at that point that the newly introduced product gained a positive reputation resulting in increased sales. Furthermore, the new Prius made hybrid cars familiar to the customers, thus attaining the overall objective of enlarging market coverage.
One of the success factors for Toyota Motors Corporation is bringing new features and products to the market. The top executives conduct effective research regarding the trends in the market to meet the demands from customers and have a competitive advantage over close rivals. Toyota Motors has adopted a strategy of learning from others and taking inspiration from companies such as Ford Motors (Tadakuma et al., 2020). Although its operations are based on the market trends, Toyota Motors utilize the cost differentiation factor to attract more customers and operate sustainably. The company provides similar luxuries at relatively lower costs than the close rivals in the market. For that reason, Toyota Motors has maintained its position as a dominant locomotive company from a global perspective.
Toyota makes various organizational changes as a way of having a competitive edge in the market. Such changes vary from changes of management objectives to a reevaluation of hierarchies in the management team. However, the company makes changes based on internal and external drivers. Increased competition is one of the critical drivers of changes to the operation of Toyota Motors. Technology is a significant factor that results in frequent changes in the operation of companies in the locomotive industry. Therefore, Toyota Motors keeps itself with the modern technology trends and related development. The company reviews its strategies, processes, systems, and actions frequently to expedite set objectives. The main reason for the frequent changes is to attain a competitive edge over close rivals in the locomotive industry. Following the emergence of modern forms of technology, Toyota has realized the need to keep up with the latest trends of globalization in expediting organizational changes.
Considerably, a change in consumer demand is a major contributing factor to the change from fuel-guzzling vehicles to fuel-efficient cars. Over the years, the cost has become one of the critical considerations among customers in determining their purchase decisions. For that reason, Toyota decided to manufacture hybrid vehicles that are more economical in terms of fuel consumption. One of the critical aspects of Toyota is opting for cost differentiation to enjoy a central position in the market. Customer satisfaction has emerged as a significant concern for change from the initial fuel guzzlers towards fuel-efficient vehicles. The top executives at Toyota Motors focus more on providing quality products that suit the demands of consumers to enhance brand loyalty. Over the years, customers have suffered from a prevailing shortage of resources. Therefore, one of the wise decisions is to offer products that will be economical for the customers to maintain. Hybrid vehicles can help customers to keep a tight leash of their resources. One of the outstanding innovations for Toyota Motors was the production of the Prius as a hybrid vehicle that would be fuel-efficient for the suitability of customers.
Similarly, numerous internal change drivers have influenced a significant change in the operations of Toyota Motors. However, the company has adopted the Kaizen principle that facilitates change in organizational structure. Toyota Motors focuses on improving themselves based on inspiration from major companies, such as FORD, and aggression in offering outstanding products. One of the vital internal drivers is the company’s growth as a desired outcome that facilitates attaining core set objectives. Top management develops strategies, such as manufacturing hybrid vehicles and setting goals to emerge as the best one in the market. A positive change in the operations of Toyota Motors facilitates its gro...