Please write a short reflection for the text below, overall, choices made over this, what learning and growth has occurred, thoughts about this project in developing a professional understanding, and competency in the world of international business. How does it influence your thinking about international business.

Toyota Corporation

Toyota is Japans history, Toyota is presence in most parts of the world and it is currently second largest Automobile Manufacturing company in the world. Toyota in ranked 1^st in top Automobile Brands in world. The brand is also known for 1^st automobile brand to produce more than 10 million vehicles in a year (2012). Toyota is a market leader in sales of hybrid electrical vehicles and also in hydrogen fuel-cell vehicles. They also now have more locations in about 170 countries over the world which is more than McDonalds.

Ownership

Toyota is publicly traded on stock exchanges of Tokyo, Osaka, Nagoya, Fukuoka and Sapporo under the company code TYO: 7203. It is also listed on The New York stock exchange under NYSE: TM and on London Stock Exchange under LSE: TYT

History

It is founded by Kiichiro Toyoda. Three year earlier to its official founded date in 1934 Toyota Industries (It became Toyota Motor Corporation in 1937) creates its first product, the Type A engine.

Earlier the company was name after the last of its founder Toyoda which literally means fertile rice paddies but later it change to Toyota Motor company to prevent the companys association with old fashion farming. Toyota entered in US market in 1957 with crown but did not receive well. In early 1960s US had placed 25% tax on imported vehicles so in response to that Toyota began building plants in the US by early 1980s.

By 1980s Toyota Corolla was one of the most popular and best-selling cars in the world. In 1984 Toyota entered into joint venture with GM to called New United Motor Manufacturing, Inc (NUMMI). At the end of 1980s the company focused on starting new brand, then Lexus a luxury division of Toyota launched in 1989.

In 1990s company decided to produce larger and luxuries vehicles in their line up by adding Tundra, Camry Solara, MR2, Celica and Supra. In the same era the company very well established itself in the European market and set up its base in the United Kingdom

Subsidiaries under Toyota Motor Corporation

It produces Vehicles under 5 brands

• The Toyota
• Hino
• Lexus
• Ranz
• Daihastu

The Presence in the World

• Australia from 1983
• Bangladesh from 1974
• Europe from 1960s
• India from 1970
• Indonesia from 1984
• Japan Home of Toyota
• Malaysia
• Philippines
• Singapore
• South Africa in early 1970s
• South Korea
• Thailand
• United States 1950s

Revenue (US$)

265.398 Billion (2018)

33.3% increase over 16.906 Billion (2017)

4Ps of Toyota

Product Mix

It has a diverse set of products, product line of Toyota are as follows;

• Toyota Automobiles
• Lexus Automobiles
• Welcab Series
• Marine Products
• Spare parts and Accessories
• Engines

• Dealership
• Retailers

The assembled car is send to dealership and then to retailers to sold those to final costumers

• Personal Selling
• Advertising
• Public relations
• Sales promotion
• Direct Selling

Toyota utilizes individual selling through dealerships business work force, who elevate items to potential buyers. The organization also utilizes promoting on different media, for example, TV, papers, and sites or social media. What's more, the firm advances its items through advertising, for instance, the Toyota Together Green program that bolsters ecological activities, and the Meal Per Hour program that gives nourishment to Food Bank. These advertising exercises make a positive brand picture for Toyota. Then again, rare deals advancement is utilized through uncommon arrangements. Additionally, the organization here and there utilizations direct selling for corporate customers. This piece of Toyota's showcasing blend demonstrates that the organization has a complete technique for advancing its business and items.

Pricing Mix

• Market-Oriented Pricing
• Value-Based Pricing

Toyota uses the market-oriented pricing strategy to determine prices based on market conditions and the prices of competitors. This pricing strategy is notable in the vast majority of Toyota products, such as sedans and trucks. However, the firm also uses the value-based pricing strategy, which sets prices based on the actual and perceived value of the product. The company uses value-based pricing for high-end or more expensive products, such as the Prius and Lexus cars. This part of Toyotas marketing mix shows that the company determines price levels based on market conditions and customers perceptions.

SWOT Analysis.

Strengths

1. Strong R&D- Toyota is known for its famous innovative culture
2. Known for leading the Top 10 Automobile brands in the world.
3. Advance Technology Toyota is consider as innovative brand in car manufacture.
4. Strong Diversified Portfolio Large and diversified products among globe

Weaknesses

1. Dependent of suppliers to increase sale the company had dependency on suppliers.
2. Negative Publicity In history Toyota has recall large number of vehicles.
3. Poor Brand Recognition Toyota and Lexus are recognised but other like Hino, Daihatsu are not.

Opportunity

1. Green Vehicle Technology Toyota is among the 1^st to develop and promote it,
2. Developing Nations growth countries are developing which can market for Toyota.

Threats

1. Number of Competitors Tuff and Number of Competitors are increasing
2. Labour Cost Labour cost is increasing which will increased the ultimate price of product
3. Higher-priced Raw materials Raw Material costing is being the major threats for many companies as it been continuously increasing these days.

• Competition: Toyota are different that other competitors by providing good reliable product and services. Reasons why Toyota is better and different than others:
  • It is known for their solid safety.
  • They have an acceptable resale value which makes it better for customers when they want to sell their care or trade it in.
  • The company has environment friendly models and hybrid systems and they also focus on recycling and reusing about 90% of their waste from previous quarters.
  • All their cars are at an affordable price for the consumer even their luxury cars are not as expensive.
  • Most Toyota cars have very high reliability, some of their cars that launched 15 years ago are still on the road and some of their cars can drive up to 300,000 miles.
  • Major Competitors of Toyota are: Ford, Hyundai, General Motors, Nissan and Infinity.

• Demographics of consumers: Toyota target towards certain type of consumers, they include:
  • Woman or Men of age 35-55,
  • Full time employed
  • Have their own house
  • Have income of $50,000 or more
  • Have children of age 12-18 years

• Organization structure: Toyota's old organization structure had some issues in the past because of safety issues were slow and corresponding models recalls back in 2009 because:
  • Japan headquarters made all the decisions
  • Lack of communication between business units and communication through headquarters

Toyota has reorganized its structure in 2013 aimed for the best:

1. They made major changes in their power and managements where business units have more decision-making powers and their employees are now more satisfied working their where they have their own opinions and views.
2. They divided their organizational structure as per products to help then in development and create different product lines other than cars
3. They also divided structures in different regions so each region can focus on the target market they have there so they have a better understanding of that region to improve their products and services. Different regions have different needs, for instance, United States and Europe, they have to have different cars and models here vs there.

• Entrance and exit strategies:
  • Toyota has built different units in North America, China, Europe for better efficiency in the company and satisfy customer needs
  • They created a "Customer First" Training center to improve qualities according to customers preferences
  • Targeted Electric and hybrid Cars
  • They are also growing in less known markets

• Government structure and economic indicators:

• Fluctuation of currency rate has affected Toyota's revenue in different countries
• High inflation rate in India has affected the sales volume by more than 50%
• Toyota made a dedication to take care of the environment safety and the pressure they were put on by governments both local and global

There are some marketing strategies of Toyota starting with:

1. Huge dealership network across the world where it makes it a lot easier to advertise their new cars and products at a global level
2. They spend a lot of money on advertising. They spend about 43 billion Japanese yen on advertising and sales promotions. It is one of the top ten largest advertising spending in the United States.
3. Toyota manufacture and selling its products as per the customer segments and try to increase the level of their customer satisfaction.

Pricing Strategies:

• Market oriented pricing strategy where price is determined on the basis of market conditions from recession, boom, different markets, and the prices of competitors.
• Value based pricing, where they set the value of the product on the actual value. Toyota uses this pricing strategy on expensive products and luxurious cars.

Global operation and supply chain of Toyota:

• Toyota uses TPS (Toyota production system) This system provides best quality and the lowest cost possible for Toyota as well as short lead times and elevation of wastage. Toyota tries to be as effective as possible by understanding the customer needs and wants and try to provide their product with quality and value.
• Toyota uses low cost supply chain to reduce cost to the minimum level. Low cost does not mean compromise the quality but place the right product at the right store or market. For instance, certain countries have different models of Toyota that we do not have in the United States.

Toyota provides a safe and secure working environment for its employees. They provide their employees with a variety of health benefits and they also make proper health checkups prior to joining the company. They also provide a healthy relation of employee and employer or supervisor. They also try to maintain an atmosphere of mutual trust.