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Key Topics
Requirement
Toyota Motor Corporation-International Business
Solution
Introduction
In this present paper, we will discuss the competitive advantage of Toyota Company. The paper also discusses the business details, values, costs and feedback from the manager. The company is a multinational corporation in Japan. It is the thirteenth-largest manufacturer according to its revenue across the world. The company lies in the automotive industry, and the total employees of the company are 338,875 worldwide. It is the largest listed company in Japan according to its market capitalization. The company serves various products such as automobiles, commercial vehicles, luxury vehicles, engines, and others.
Business detail
Business Name: Toyota Motor Corporation
Nature of the business: Automobile Company
Manager’s Name: Kyoichi Canada
Date of Consultation: 24/11/2016
Competitive advantage
Toyota production system is the unique competitive advantage of the company which helps to distinguish among the competitors within the same industry. The company is using five strategies that help to differentiate its products from its competitors. Differentiate and cost leadership strategy seeks a competitive advantage in a broad range of the market. The company has successfully combined the differentiation and cost leadership strategy which helps to meet the consumer demands and expectations with the meeting of price expectations (Suri et al., 2016). The company has an effective production system in the global car industry which is the unique competitive advantage that helps to stand out among its competitors. Another competitive advantage is VRIO framework which is an internal framework that helps to build competitive advantage among the competitors. The corporate strategy of the company is helping to manage the resources in the most effective manner (Barney et al., 2012). Another competitive advantage is to improve the management platform which is not explored by the company. The rival business is responding to the competitive advantage by providing innovative products.
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Value
The customer values the quality of the product and price in the business products. The value to the customer can be maximized by satisfying the needs and demands of the consumers by providing the high quality of innovative products with affordable prices. The value to the customers can be increased through providing innovative products by analyzing the customer taste and preference which helps to promote the brand in the eyes of the consumers. The details analysis of customer behavior is required to develop the marketing strategy which helps to increase the value of customers (West et al., 2015). The product evaluation needs to be done by the company in order to maximize the value to the customers which helps to build a brand image through satisfying the customer needs and demand.
Costs
The production cost can be minimized by applying various cost reduction strategies which help to maximize the profit margin of the company within a particular time period. The cost-minimization analysis method can be used by the company which helps to minimize the cost of production by examining the various factors which impact on the cost of production of the company. For example, the procurement of raw material must be done effectively by purchasing the raw material with the minimum cost by with the best quality. The further efficiencies that could be made by the company include maximum utilization of resources which helps to add competitive advantage to the company. The cost-benefit analysis must be done by the company in order to analyze the benefits in relation to the cost. The inventory management of the company needs to be effective which helps to boost the sales volume of the company by the availability of products on time.
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The company is having high competitive pressure because the company has to meet the expectations of the consumers in order to maintain the brand image in the eyes of the consumers. The company should continuously produce innovative products in order to maintain the brand image of the company. The competitive pressure forces the company to continuously innovate the product through market research in order to understand the customer's taste and preference. The company has a good brand image in the eyes of the customers which needs to be maintained through various marketing strategies such as an advertisement, product positioning, and others which helps to retain the brand image in the eyes of the customers.
References
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Barney, J. B. (2012). Purchasing, supply chain management and sustained competitive advantage: The relevance of resources?based theory. Journal of Supply Chain Management, 48(2), 3-6.
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West, D., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating a competitive advantage. Oxford University Press.
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Suri, R. (2016). It's about time: the competitive advantage of quick response manufacturing. CRC Press.
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