The success story of Toyota Motor Corporation (TMC) is becoming a world famous school example for every business owner that wants to grow its company to a global level, take it through difficult times and make it number one in the world. Toyota which was founded as a public company in 1937 entered in 1957 the US market for the first time. At that time it seemed almost impossible for Toyota to compete with the world leading car manufacturer General Motors and the number one importer Volkswagen. However, by 1970 Toyota managed to become the fourth largest car manufacturer in the world and by 1975 it jumped over Volkswagen to become the largest car importer in the U.S.. In the late 80’s Toyota started to develop new models and decided to enter the luxury market by the foundation of Lexus in ’89. Because of its success a further branching of the portfolio was maintained during the 90s by developing larger and more luxurious models (e.g. pick-ups, sport models, suv’s). Toyota also began production of today’s world-bestselling hybride car, the prius, in 1997. While many car manufacturers were struggling due to difficult times in the early years of 2000, Toyota managed to continue its growth and became the world’s biggest car manufacturer in 2007. An overview of the results of the three biggest car manufacturers is given for 2010. How did a Japanese car manufacturer managed to overthrow GM, Ford and Volkswagen and become the world’s biggest car manufacturer in a time of crisis? Top 3 Automakers Global, OICA, 2010
| % Share
A succesfull strategy
It is definitely Toyota’s unique strategy, often referred to as the toyota way, that made Toyota the greatest. There are 14 principles based on 4 guidelines that form the base of the Toyota way. The philosophy penetrates all the company levels, ranging from top management to R&D, production and...
Please join StudyMode to read the full document