Emerging Market Strategy of Toyota
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Case Code: BSTR443 Case Length: 15 Pages Period: 2010-2013 Pub Date: 2013 Teaching Note: Available |
Price: Rs.400 Organization: Toyota Motor Corporation Industry: Automobiles Countries: Global Themes: Globalization, Emerging Markets Strategy, Strategy Implementation |
Abstract Case Intro 1 Case Intro 2 Excerpts
About Toyota
Toyota was founded by Kiichiro Toyoda in 1937. In subsequent decades the company took the automobile industry by storm by coming up with its famed Toyota Production System which enabled the company to come out with many innovative models in a cost-efficient way. The company started its globalization in the 1950s and entered the US market in 1957. It established its first overseas production unit in Brazil in 1959. It entered the European market in 1963.
The Corolla, which went on sale in 1966, became Japan's most popular family car. By 1974, Corolla had become the largest selling car in the world, and a decade later, Toyota ranked second only to GM in the total number of cars produced. By the end of the 1980s, Toyota began building new brands and the luxury division, Lexus, was launched."
After some setbacks in the early 1990s, the company began to grow further by focusing on international expansion and localization of production. In 1999, besides increasing the number of manufacturing centers and expanding sales networks worldwide, Toyota focused on localizing design, development, and purchasing in every country. Toyota propagated the Toyota Production System and its unique corporate culture, ‘The Toyota Way', throughout its global manufacturing units.
During the 2000s, Toyota registered strong sales in the US and Japan. In 2001, the company started two new plants in Europe and in 2002 it established a plant in Turkey to manufacture Corolla sedans for export markets.In April 2002, Toyota announced a new corporate strategy ‘2010 Global Vision' to achieve a 15% market share of the global automobile market by early 2010. By mid-2003, Toyota had a presence in almost all the major segments of the automobile market that included small cars, luxury sedans, full-sized pickup trucks, SUVs, small trucks, and crossover vehicles. In the first quarter of 2007, Toyota replaced GM as the world's leading automaker, breaking the latter's 77-year reign. Based on market capitalization, Toyota was valued at almost 12 times GM's value. ...
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