Pest Analysis Toyota

Decent Essays
Introduction A Product Innovation Chart (PIC) is an effective device used during the new product development process. The PIC is also known as a mission statement and is used to remind organizations about strategies that are there for products and processes. We will cover four stages of the PIC process as it relates to the automobile industry. A market analysis will be done for Toyota. For a company to be successful, they must recognize consumers’ demands and needs that the competitors are not catering to and capitalize. Improvements in technical development are opportunities which can increase efficiencies in production and increase goal results in a positive manor. Berry stated the PEST and SWOT method is presented using PIC (Berry, 2016). A Product Innovation Chart (PIC) will be developed to show the company’s new product strategy. To do so, a PEST or SWOT analysis will be conducted.
Background and Focus The automobile industry is all over the world and it
…show more content…
Toyota has various global branch offices in the world and it supports the company by having a strong market position. Toyota’s markets for two most recognized brands Lexus and Toyota and could be considered as great market share in different regions such as in North America, in Asia excluding Japan, in Europe, in China, and etc. This helps Toyota have a better competitive advantages and opportunities of growing in global marketplace. Toyota also concentrates on Research & Development in the global facilities in order to enhance quality of service and product functionality, thus increasing product safety. A good strength is based on the innovation of current products, development of new products and manufacturing process. This strength supports Toyota in incorporating modern attributes such as technology to current range of products and other related fields, maintaining technical and innovative leadership in its automotive
Get Access