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Toyota Company is a global manufacturer of a diverse line-up of vehicles and is globally known for its mass-market hybrids and its management philosophies. The main strategy for the Toyota Company is to expand its global sales and manufacturing, and also to decrease the costs of its vehicles while still maintaining its vehicles quality through the increment in the operational and production efficiencies. Toyota Company wants to be a world leader in the automotive industry.
A successful organization should have a well-defined far-sighted stand and, above all, a good leadership management which is innovative enough to be able to pursue the objectives of the organization. The outcome of a good strategic plan is the goal setting of a company which is purely based on its mission statement and its vision. A goal is an endeavor to achieve something during a specified period of time and it is supposed to be realistic and specific. Such goals the company sets are then translated by its leaders into activities and objectives. The main aim of the executives of Toyota Company is to move the organization into attaining a high performance through the operational planning and making it a global visionary company.
The mission statement of Toyota Company is "To Sustain Profitable Growth by Providing the Best Customer Experience and Dealer Support". The Global Vision of the company is “Global Vision for Those We Serve”. The main aims of the Mission and vision statements of the Toyota Company are to communicate its organizational purpose to all its stakeholders, to give information about its strategy development, to develop and come up with goals and objectives which are measurable so as to be able to gauge the organization’s strategy success.
The stakeholders of Toyota Company all have influence on the company and its future endeavors. Some of the major key stakeholders of Toyota Company are employees, customers, the government, investors, institutions, shareholders, and suppliers. Customers of Toyota Company are all the people who purchase the company’s products. Customers are very essential to a company since for a business to be successful, it has to produce the goods, and the customer has to purchase or buy the products so that selling can take place. The customers of Toyota Company have their needs and expectations from the Company because they expect the company to be able to satisfy all their needs when it comes to the production of vehicles. The Shareholders are also commonly known as the stockholders of a company. These shareholders of Toyota Company are the people who own stock shares of the company and they have the voting right when it comes to some matters of the company and the rights to dividends.
According to my own opinion, Toyota’s mission and vision does not take its stakeholders into account. This is because it has been reported of several issues like the recalling of its faulty vehicles due to accelerator problems. This shows that the company has been producing some faulty vehicles which may lead to customer dissatisfaction. This shows that the decision making at the company needs to be revised because if the company has to be making recalls for faulty vehicles, it makes an impression that the company will still continue commiting more mistakes in the future. The number of consumer complaints have been on the rise which shows that the consumer needs and goals have not been met by the company. The recall of the faulty cars was delayed by the executives of the company, thus, being an evidence of negligence which shows that the company does not prioritize the customer satisfaction (Vance, 2010).
The shareholders of Toyota Company have also not been spared because the company is accused of having hidden important information from the shareholders in an effort to increase the company’s bottom line. This is because the company’s executives have been accused of knowing more about all faults in the vehicles which have been reported . The company’s securities have drastically fallen from $91.78 to 73.49 in the year 2009 which was a result of the decreasing total sales, and the increasing recalls rate of the faulty vehicles. This has greatly affected the shareholders since they have invested quite large amounts of cash into the buying of the Toyota Securities (Ceniceros, 2010).
I would recommend to the executives of Toyota Corporation that they came up with a good decision making process and maintained very good leadership qualities which would enable them to lead the company towards attaining its set goals and objectives. Leadership in any organization starts with a vision of the goals of the company, and a good leader is the one who is aimed at scoring big successes for his/her organization.
Leadership is a process of effecting and stimulating the execution of the organization’s strategic plan. For Toyota Company to be able to survive in the competitive world, it has to have good leadership management since leaders visualize, strategize, implement, evaluate, and review all the desired projects and programs so as to be able to achieve their set goals. This information gathering performed by leaders helps in the decision-making processes, which shows the importance of leadership in any business. Good leadership of a company can facilitate the success of its performance through a proper strategy planning which is initiated by the leaders of the organization through the utilization of the available resources, which, in addition, might be limited within a challenging environment, so as to be able to meet all the expectations of the stakeholders.
The management responsibilities of the executives in the Toyota Company include activities like training and management of staff performance, customer interface management, risk reduction in the company, and the engagement of the stakeholders of the company. These executives of Toyota Company should act like role models and they should be aimed at the achievement of the goals and objectives of the company. In a majority of the cases, the company has been accused of consumer frauds for many times. This frauds have been associated with the executives of the company, thus, it builds a very bad name for the company which calls for good leadership qualities in the executives such as practicing good communication skills, honesty, visionary, alertness in taking quick actions in the protection of the stakeholders of the company, and motivating (Patton & Estep, 2010).
The company’s sales have dropped a great deal and the number of customers has reduced greatly. The executives who are the leaders of Toyota Company have to come up with better decisions regarding the production of the vehicles which has been dropping at a very fast rate because if nothing is done about it, then it can lead to the collapse of the entire company (Vlasic & Fackler, 2008). This is because of the lack of attention when it comes to customers complaints and the recall of faulty vehicles which has caused a heavy loss of customers for the company.
The Mission and statement of a company relates to company’s aspirations and purposes and are in most cases communicated in very brief statements . The mission statement of a company helps in the communication of the company’s main reason for being what it is and how it can aspire to serve all its key stakeholders. The vision statement is usually a much narrower declaration which is declared towards the company’s main purpose and all its aspirations.
The identification of the stakeholders in a company is very important. The customers play a very important role in the existence of the company since no matter how good the company’s products are, it needs the customers who are to purchase the products. Customer satisfaction determines the profitability of the company and it also determines the total sales that a company makes because the better the customer satisfaction is the better consumption of the products by the customer is . The shareholders, on the other hand, are also very important to a company since they contribute to the existence of the company and influence major decisions through activities like voting (Ceniceros, 2010).
For a company to be successful in the competitive market, it has to have good leaders who are very innovative and also very good in the decision making of the company. Executives of some companies are blamed for the failure of the businesses and the companies that they manage because they prioritize the profit goal ahead of the customer satisfaction goal which is the case with Toyota Company where the executives fail to recall the faulty vehicles immediately so that the company can benefit at the expense of the customer which leads to a reduction in the sales because of the loss of the customers who have been lost in the process. Customer satisfaction is very important because without the customers to consume the products would mean that the company would not make any sales at all.