Toyota, Resources Analysis

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TOYOTA Brief Company Overview Toyota Motor Corporation is a Japanese multinational corporation, and is considered the world’s largest automaker of automobiles, trucks, buses, robots, and providing financial services. The company adopts a philosophy in terms of its production system, which is named The Toyota Way. Its philosophy in production involves a list of fourteen principles that are implemented in the company, and serve as guides to the operation of the company Resources Tangible resources Financial Resources Toyota is the largest and the most profitable automobile manufacturer in the world. The company reported annual sales of $202 billion and net profit of $ 2.4 billion in 2010. The company has cash equivalents of $43.3…show more content…
Toyota has been able to churn out products at rapid pace as it pioneered the use of platform system whereby multiple models can be formed on a same platform (chassis) by slightly modifying the platforms. This has helped to cut down the R&D costs drastically and bring the models to the market at quicker pace. The Just in time (JIT) lean manufacturing system was first adopted by Toyota and gives it a huge competitive advantage in terms of inventory management and production capabilities. Due to this, the company has been able to drastically reduce cost of inventory management. Intangible resources Human Resources Toyota is building both tangible (a new learning facility) and intangible (course content) structures relating to team member development that ensures a secure and steady flow of qualified human resources to conduct Toyota's global business in the 21st century. Innovation Resources Toyota has always been a front runner in bringing innovative products and implementing new work processes. Being a proactive player has helped it to stay ahead of the competition. For e.g., it was first to bring electric vehicle ‘Prius’ to the market and the competition is still catching up after a long time. There have been very few companies who have been able to implement “lean manufacturing system” as efficiently as Toyota. Reputational Resources Toyota enjoys a great reputation with the customers which has been based on trust developed
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