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(1a) Strategic management is evolution and a destination as it requires organizational learning. There are new experiments with new approaches to management. As destination, it is where the company aims to get in the next couple of years with good management Porter (2008). Three examples of strategic management are Strategy consulting, when laying down strategies it is better to consult. Business planning this includes having an elaborate picture of what needs to be done. Service operation improvement is upgrading the current services to serve customers effectively.
(1c). The vision of Toyota company is;“To attract and attain customers with a highly valued products and services and the best satisfying ownership experience in America.
(2a) To select the CEO of the Toyota Company they discuss and elect the chairman of the company democratically since they use votes to select. They maintain a high performance on the board itself members are critically scrutinized by measuring their performance. They respond to external pressures and unforeseen events the board is responsible for making crucial decisions regarding the company. They have the power to lay off employees as a way of cost cutting or introduce new policies as a strategy to remain competitive in the market Jack & Suzy (2006). Urgent governance issue impacting the team company’s board is Strategy development The Toyota company is growing and it is facing competition from other firms from other countries especially China. To compete effectively in the market Toyota has opted to adverse marketing on the products emphasizing on originality and quality of the products. (2b) Major philanthropic initiative in which the Toyota team company contributes is the Toyota Scholarship Program. Members contribute to the program and sales from the products are given to the program (Michael, pg. 34)
(3a) The ability to diversify the products and services which are offered customers get incentives like free car servicing. Secondly there is partnering with other industries in promotions insurance motors are partnered with Toyota to give subsidized insurance for Toyota vehicles.
(3b) supplier power; Toyota has good suppliers to the market because it has long experience in automobile industry. Many suppliers believe in the genuine Toyota products to satisfy the customer demand Buyer Power; the Toyota products are strategically placed in different areas in suburbs they are in stores with fixed prices while in other average earners estates they are negotiable this maximizes the power of the buyer. The rich do not bargain while middle class people do bargain for the products they buy. Threat of substitutes; the threat of substitutes in the market has been minimized by offering quality Toyota products which are genuine the company has also gained a good reputation because of selling genuine products. Rivalry; the rivalry in the existing competitors has been diversified by offering services to customers with Toyota products. Toyota has partnered with motor insurance companies to offer insurance to Toyota products at a lower price when buying new products. Threat of new entrants; the threat of new entrances is minimized by partnering with other industries to offer promotions in our products. Relevant Industry; as time goes by things change the firm must remain relevant to attract more customers. (Suzy, pg. 56.) . Toyota has remained relevant in the industry by giving their customers technology based products like attaching emergency devices on our cars. These devices are like alarms which can be used to get help in case of emergencies like accidents.
(4a). The business model of the team members is the customer related there is efficiency and stability and innovation and risk 4b. The CEO of the company governs the control of input material and operations. The profit margin of the company is large the rationale supporting this margin is the diversification of products.
(5a)The corporate strategies for the company are externally oriented and forecast based planning. (5b)The strength of the strategy is inclusiveness of professionalism the weakness of the strategy is that it requires legal consultants who have to be hired.(5c) Investing Toyota shares in the global market to gain global financial profits in all Toyota offices. This will make the company remain competitive internationally hence maximize profits.