Toyota Strategy Essay

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Introduction Toyota Motor Corporation, abbreviated TMC, is a multinational automaker headquartered in Toyota, Aichi, Japan. In 2010, Toyota employed 317,734 people worldwide, and was the world's largest automobile manufacturer in 2010 by production. The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still a department of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its first passenger car, the Toyota AA. Toyota Motor Corporation group companies are Toyota (including the Scion brand), Lexus, Daihatsu and Hino Motors, along with several "non-automotive" companies. TMC is part of the Toyota Group, one of the largest conglomerates in the world. Vehicles were originally sold under the name "Toyoda", from the family name of the company's founder, Kiichirō Toyoda. In April 1936, Toyoda's first passenger car, the Model AA was completed. Since "Toyoda" literally means "fertile rice paddies", changing the name also prevented the company being associated with old-fashioned farming. The newly formed word was trademarked and the company was registered in August 1937 as the "Toyota Motor Company". Since it entered to American car market in 1967, Toyota has developed a diverse business portfolio with its existing line of cars as well as brands such as Lexus and Scion. It became a successful car manufacturer by having an effective marketing process that allowed it to attract customers and expand its product range to other market segments. When Toyota and other Japanese carmakers entered the American market, they were not considered a threat to the American auto industry because it was believed their cars had no appeal to American consumers. However, in the 1970s, due to problems such as the 1973 Oil Embargo, environmental

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