THE INNOVATIVE BUSINESS

MANAGEMENT OF TOYOTA MOTORS

Introduction

Companies focus towards adoption and implementation of innovative concepts as a tool to increase an
extra benefit against its rivals in this highly competitive market at the international stage. The
innovative and unique creations help the corporate firm to earn more recognition in the targeted
customers segment. New innovations and creative productions at Toyota Motors have been described
in this assignment, covering its history of innovation, augmented performance and its abilities.
Additionally, the new trend which has introduced by the automobile industry until the year 2019 has
been discovered as well.

The History of Innovations and Its Industrial Summary

The specialties of Toyota Motors comprise of various diversities, some of them being the
breakthroughs in the services of automobile industry. With a capacity of more than 360000 employees
all over the world, Toyota introduces itself as the sixth largest automobile corporation capital wise. As
per production, the organization holds the world record of manufacturing over 10 million cars per
year and became the second-largest vehicle producer in the international market by 2012. As per the
market share, Toyota is considered to be the leader in manufacturing and selling hybrid electronic
vehicles, thereby contributing to the major market adaptability of the hybrid vehicle throughout the
global market as well as the leading seller of hydrogen fuel-cell cars. Thus the company has
established itself as the manufacturer of futuristic automobiles, ensuring sustainability and growth of
the company in years to come.

Over the past years, the corporation has been looking for the innovative concepts which can help to
create unique and elegant offerings to achieve disruptions and evolution in automotive industry. In the
automotive industry, this effective strategy of innovation helps the organization to occupy and retain
leading position. The organization always tried to emphasize the transformation of existing
technologies and products, besides innovation, which helps to increase the productivity, output along
with efficiency. Design is always a valuable part of strategic innovation for Toyota Motors. It helps in
boosting these strategies of design for innovation. This corporation tries to carry on the procedures of
designing the choices of consumers in mind. The strategies keep up the organization’s design for
looks real and optimistic. The corporation has the realization about the changes in innovation and its
facts that helps it to transform its growth. the corporation always wanted to appreciate the needs of
consumers’ emotions and functions and tried to make designs as per them.

From past years, the corporation tried to give healthy competition with its creation and make the
transformational changes to the company. The corporation has given its people the freedom to think
and express their concerns and always encourage the flawless creations. The stores of Toyota motors
compete with each other to generate more profits. The recent innovation of Toyota Motors to
redesign cars to decrease fuel consumption. Also, the corporation introduced aerodynamic facilities in
its design to develop the current features of vehicles. In addition, the corporation has introduced some
features such as air turbulences, the shape of wheels, reducing oil ingesting weight as well as power
system actions. The corporation has also developed a model that can run on battery for 10 minutes on
the power model and also develop the models which can run by solar power. Toyota always believes
in the concept of regular improvement of the requirements and preferences of consumers. The prime
motive of the corporation has to develop additional comfort, luxury, innovative and efficient vehicles
that can gain interest and more desire of any consumer.

Current Abilities And Innovation Acts

With the aim of the current performance of innovation and abilities of the corporation analyzes the
macro-environmental aspects which are required for the organization as given in below mentioned

Political

The corporation runs its operation in high radical constancy which helps it for informal service
movement and goods through the economical merged conditions globally. Apart from this, trade
contracts between circumstances, talented manpower, protection of properties and profitable taxation,
along with the structural incentives, would help to stabilize the corporation’s operation.

Economic

Till 2015, the economic report announced that the industry of automobile has contributed moreover
9.8% of the entire economy of the nation. Apart from this, as per the Society of Motor Manufacturers
and Traders report, the industry of automobile accounts has crossed over 4% of the GDP.

Social

The structure of the high-income of the nation creates chances to apply any kind of innovative
presentation to attract consumers. The trends of social background are to buy diverse hybrid cars and
gain the level of interest in the products of Toyota Motors.

Technological

The advanced technologies which are used by the organization have given tough competition to
competitors like BMW, Suzuki, Nishann, Hyundai. Apart from this, innovations in technologies have
an impact on the products offered to consumers. Its impactful influence reduced the structural cost of
the corporation accompanied by the presence of technology distribution.

Environmental

The benefits of the environment always play a valuable part in for automobile industry. It is necessary
to take a look at developing eco-friendly cars. Because of the changes in climate, it provides an
opportunity for the organization to introduce new and advanced technologies in the market which can
help to reduce ecological negativity.

Legal

The legal influence can make a difference in the performance of Toyota Motors. There are several
kinds of laws like Anti-trust laws, Discrimination laws, Health and Safety Laws, consumer protection
laws, Data protection laws, intellectual property laws, and employment laws. Apart from this, various
environmental laws and values of the environment need to maintain in this section.

Conclusion

The expectation of the automobile sector that it has to experience opportunities for growth along with
the encounters which have the potentiality to transform the industry in the future. It has quite expected
that the transformation would ultimately advantage to the Toyota organization. Still, It concluded that
in the global market, Toyota has a solid good place and as well as the improvement of innovative
production would add a modest advantage for a solid vehicle association.