Key Factors Influencing Economic Growth

Toyota mission statements mission statement of Toyota pertains its strategic actions. In expanded form, Toyota’s mission statement includes some strategic actions which describes the scope and purpose of its present business by reflecting the “who we are, what we do, and why we are here” questions. Toyota’s mission statement includes some strategic actions (Greenspan, 2015), which includes; provide world-class safety as to protect the lives of its customer, provide optimization of energy or infrastructure to local communities by sustained the environment through its eco-friendly, put high priority on safety and promote product development with the ultimate goal of “completely eliminating traffic casualties” in the product development stage, deliver cars that stimulate and even inspire the customers, address employees’ education under “Genchi-genbutsu” philosophy, which can be refer as one way to find the source of the problems to make correct decisions, build consensus and achieve companies goals at best speed through true mutual trust with business partners, contribute to the development of new technology and improved expertise in the firms, and lastly, ccontributes to economic development of local communities as the research and development (R&D) operations functioning effectively in each

The amount of output in an economy, to a great extent, depends on the number of inputs, labour, land and capital, which are three elements of factors of production. It can also be determined by changes in productive capacity—the ability to produce goods and services. When there are unemployed resources, adding more inputs is likely to achieve actual economic growth that can be measured by real Gross Domestic Product (GDP). If factors of production are fully employed, it means the economy is working at full capacity and on the production possibility frontier (PPF), which combines the different levels of capital and consumer products together (Hearn, 2000:119). At this point, potential economic growth, referring to an increase in potential capacity, is considered to attain long-term rate of growth. Therefore, governments might apply supply-side policies to expanding productive capacities and pushing long run aggregate supply (LRAS) curve to the right. According to classical views, the AS, total output of domestic industry, is depicted as a vertical line in the long run. Essentially, either a rise in quantities of inputs or an increase in qualities of factors of productions is necessary to shift the LRAS curve. This essay will focus on three policies, privatisation, education and technology investments and income tax cuts, as well as their positive and negative effects are discussed.

It is crucial to analyse the economy and specific markets due to the significant role it plays on individual businesses. Toyota is an organisation that aims produce excellent quality products and to be the “most respected and admired company.” They also encourage diversity as a part of their company culture and expect employees to abide by their code of ethics. In addition, they follow four core values; “customer first”, “respect for people”, “international focus” and “continuous improvement and innovation”.

In this book, Dr. Liker explains the management systems, thinking, and philosophy behind Toyota’s success, providing valuable insights which can be applied to any business or situation. Professor Liker has uniquely explained the broader principles at work in the Toyota culture. The Toyota Way is divided into three parts. Part one introduces the present success and history of Toyota. It describes how Toyota Production System evolved as a new paradigm of manufacturing, transforming business across industries. In part two it covered 14 principles of the Toyota

Toyota Motor Corp. is a company that produces vehicles and possibilities. Toyota was a trusted company till a defect in the gas petals was detected. This led to some massive recalls. In this paper I evaluated Toyota’s corporate governance and the relationship to the firm’s strategic plan.

Economic growth: The increase of economy is to some extent attributed to consumer culture as it drives the courage to spend more. In most of the consumer's oriented cultures, we have today, spending is seen as a need for satisfaction and happiness, and this perception helps economies during recession times (The Conversation, 2013). Developed world economies and manufacturing sectors culturally have embedded themselves to consumption ethics on ever increasing pace on high demand commodities that meet the development growth plans of increasing profits, wages, and employments. These factors spur the economic status of developed countries exponentially .as such developed economies have perfected the art of adopting and embedding consumption culture for growth (Sheth, Maholtra & Arnould).

At the same time, there are some people who still believe in the maxim of Milton Friedman (1970) that the only objective of a corporation is to increase profits and to build wealth for investors, with reputation seen as something that is “nice to suffer”, merely an expendable cost.

TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automobile business and financial business. The Company operates through three business segments. The Automobile segment is engaged in the design, manufacture and sale of car products including passenger cars, minivans and trucks, as well as the related parts and accessories. The Finance segment is involved in the provision of financial services related to the sale of the Company's products, as well as the leasing of vehicles and equipment. The others segment is involved in the design, manufacture and sale of housings, as well as information and communication business.

Toyota is positioned in the automotive manufacturing sector. The President and Representative Director is Akio Toyoda. Its main business activities are Motor Vehicle Production and Sales. As of March 31, 2015, Toyota had 344,109. Ever since it was founded, it has been using its guiding principles to produce vehicles that are reliable and sustainable through innovative and high quality products and services “reference” .Its global vision is to lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people. Toyota’s Corporate Social Responsibility Policy is to contribute towards Sustainable development, which interprets and explains Toyota guiding principles by taking into CONSIDERATION the relationship Toyota has with its stakeholders. Toyota is positioned both close to the end customer and original suppliers, as it has to be within close proximity to its suppliers for components and has to be near its

Economic growth is the most influential tool for decreasing poverty and refining the value of life in evolving countries. Both research and case studies over different countries provide overshadowing signs that speedy and continued growth is crucial to making faster progress towards the MDG (Millennium Development Goals) and not just the first goal of splitting the global share of people living on less than $1 a day.

High and sustainable economic growth is the main condition for the sustainability of economic development and increase prosperity. As the population increases each year, the consumption is also increasing. Further more, demand, supply and population growth also require employment growth as a new source of income, because if not so then economic growth will lead to poverty. Many economics literatures review the correlation between income inequality and economic growth and the results show that inequality negatively affected economic growth (Boushey and Price, 2014). Moreover, Ravallion (2014) argued that, particularly in developing countries, initial inequality and changes in inequality in the period of economic development influence economic growth. Economic growth can be derived from the growth in aggregate demand and aggregate supply. For that reason, income inequality should be at the forefront of many developing countries’ policy agenda, and this essay, on the other hand, focuses on how inequality in income affects economic growth, particularly in the aggregate demand side.

Ever since the company was founded in 1937, The TOYOTA MOTOR CORPORATION and their subsidiaries (“TOYOTA”), have continuously strived to contribute to the sustainable development of society and the earth through the manufacturing and provision of high-quality and innovative products and services. Through these continuous efforts, they have established a corporate philosophy that has been passed down from generation to generation throughout the company and which has come to be known as the “Guiding Principles at Toyota” (originally issued in 1992, revised in 1997; the “Guiding Principles”. they have also put TOYOTA’s values and methods in written form,

Aside from its increasing global presence however, Toyota has also been characterized by strong business models, decreasing incomes or public perceptions problems. Toyota is a highly structured company, basing its business operation on strict strategies, such as sustained investments in technology, global expansion efforts or the support of the communities in which it operates. Despite these strong business strategies, 2012 has brought about a decrease in the company's financial results, and this decrease can be attributed to two specific issues.

From the founding of Toyoda Loom Works in the 1920s, to the creation of Toyota Motor Co. in the 1940s, its leaders believed that the key to success was investment in its people (Liker, 2004). The Toyota culture has evolved since the company 's founding and is the core competence of the company. It is the reason why operations are lean, cars hit the market on time and on budget, chief engineers developing cars deeply understand the customer, company executives anticipate long-term trends and have clear strategies, and every employee (called a team member) is vigorously working on achieving the annual plan of

Higher incomes, lower unemployment, decreased government borrowing, increased investment, and improved standard of living, generally accompany economic growth. Developing countries strive to foster effective strategies that will allow them to achieve economic growth. South Korea has been known as the model for economic growth. They transformed themselves from an underdeveloped country to one of the world’s most thriving economies. Many countries have tried to imitate the South Korean model as a means of having rapid growth. This paper will show, that a good base for economic growth can be formed through an export oriented led strategy, an improvement in the labor force, and slight involvement by the government.