Toyota Company was founded by Kiichiro Toyoda as a by-product of Toyota Industries in 1937. In terms of sales, Toyota is known to be the biggest or largest automobile manufacturer. This multinational company has given employment to roughly 320,000 people, not just in Japan, but worldwide.
During the oil crisis in the early 1970’s, U.S. market had turned their heads to small, fuel efficient cars. And it was when the U.S. car manufacturers thought of considering small and economic cars. Because of the taxes place on imported vehicles, Toyota and other Japanese brand car manufacturers started to build plants in the U.S. during the 1980’s.
The objective of Toyota Company is to improve the people’s way of living, the society and economy. Because of this objective, the way the company projects and plans its management and marketing strategy is almost always successful. Thinking and keeping their employees or the people’s needs one of their priorities was one key for them to move forward and succeed in the industry.
“Toyota’s fundamental mission is to contribute to people’s lifestyles, society, and the economy through automotive manufacturing. In upholding this mission, we have always focused on the future of the automobile industry when deciding how best to position our company (Hiroshi Okuda, 2003).”
Putting what the people need and the company’s mission abreast, Toyota’s marketing or strategic planning will follow the 4P’s of marketing. These are: Product, Price, Place and Promotion (NetMBA, 2002-2007). Through their Research and Design Department and team, Toyota comes up with their product—automobiles. The company continuously upgrades and improves their products. Because Toyota considers the satisfaction and the
needs of the people, configuring and setting their prices is also something that the company evaluates. Is it affordable and reasonable? Toyota also cares about the economy and how to help it rise one way or the other, as well as how to make the company grow and succeed in terms of revenue and costs, choosing and to come up with a decision as to where to put up their plants and offices is a factor to consider. And since, this is a business and selling is involved, promotion or promoting a specific product is one of the things that a company spends much effort on. Thinking of ways to entice and persuade the public why the product is the best choice for them.
Toyota is now one of the largest and most successful companies in the world. And they won’t have achieved that for themselves had they not followed a certain code or philosophy. These are as follows: Respect for the Law, Respect for Others, Respect for the Natural Environment, Respect for Customers, Respect for Employees (Toyota Industries Corporation, 2010).” Respecting and considering the needs and wants of not only your company but what will benefit everybody as well is one reason and factor for the success of Toyota in the automobile and manufacturing industry.
Toyota Industries Corporation. (2010). “Corporate Philosophy.” Retrieved May 26, 2010 from http://www.toyota-industries.com/corporateinfo/philosophy/
NetMBA. (2002-2007). “Marketing Mix (The 4 P’s of Marketing).” Retrieved May 26, 2010 from http://www.netmba.com/marketing/mix/
Toyota Co. (July 2003). “Chairman’s Message.” Retrieved May 28, 2010 from http://www.toyota.co.jp/en/ir/library/annual/pdf/2003/chairmans_message_e.pdf