The paper 'Challenges in International Management' is a wonderful example of a Business Case Study. Toyota Motor Corporation is a multinational corporation founded in 1937 by Kiichiro Toyoda, a subsidiary of the Toyoda industries belonging to his father. Its first production was in 1936. After it was fully established in 1937, its name changed to Toyota; a symbol of home and ease in pronouncing it. Its first establishment was in 1938 when it opened a factory and was affected by World War II to the extent of not going on with their production (Assenmacher, 2012). Toyota Motor sales were established in 1950 beginning with BX trucks, BJ Toyota Jeep, and SG trucks.
Toyopet chain was further established in 1956; Toyopet SA being its first one to be sold bearing the name. It stopped n the 1960s. Afterward, Toyota opened a new Research and development center at the same time; they build another station in Thailand. They had achieved a 10 millionth model and they were celebrating it in this period (Daniells, 1993). Both the Toyota Motor Company and Toyota Motor Sales merged together to form one company with a common interest and was named Toyota Corporation. Toyota entered a joint venture with New United Motor Manufacturing Incorporated.
Being its deal, Toyota was lucky to have a manufacturing plant at California and Fremont. Lexus was launched in 1989 as part of its luxury products. During the whole of 1990s, they were working on the luxury models (Gooderham & Nordhaug, 2003). Toyota Motor Corporation is currently regarded among the largest corporations that develop hybrid vehicles meant for the commercial market. Apart from motor manufacturing, Toyota Motor Corporation has been seen in the aerospace and robotic developments which are a technological cutting edge.
They have also involved themselves in educational philanthropy activities such as a Toyota Technological institute which was established in 1981 (Sinkovics & Ghauri, 2009). Toyota Motor Corporation being Multinational Corporation has led by missions and visions which has made it emerge among the competitive multinational corporations in the world market. The mission statement of Toyota Motor Corporation is to attract and attain customers with high-valued products and services and the most satisfying ownership experience of the world. " Their mission is aimed at satisfying the world market and not small markets as others may operate.
Although the success of a business enterprise usually starts from a step, Toyota Motor Corporation has moved forward and is now focused on the entire market of the world ( Scullion, 2006). The reason is that most of its competitors are Multinational therefore it will not be logical for them to focus on the local market. Vision, on the other hand, has made Toyota Motor Corporation achieve its success.
Its vision, therefore, was set as “ To be the most successful and respected car company of the world” . Since it has specialized in vehicle production, it will be easy for them to achieve this since they have enough time and specified resources with skilled personnel who can push Toyota Motor Corporation to higher achievements. The success of Toyota Motor Corporation has been monitored through a number of goals out of which they expect to meet. The goals at Toyota Motor Corporation act as timed targets. The company is aiming at achieving a 15% market share, making it the globe’ s largest auto company.
Previously, the company has been working on a smaller percentage and is determined to increase from 8 % - 15 % in the international market (Root & Visudtibhan, 1992).
Assenmacher, K. (2012). The Challenges of International Human Resource Management Within Multinational Enterprises. GRIN Verlag.
Daniells, L. M. (1993). Business Information Sources. University of Calofornia Press.
Gooderham, P. N., & Nordhaug, O. (2003). International Management . Blackwell Pub.
Hosn, Y. A., & Khalil, T. M. (2004). Management of Technology: Opportunities and Challenges for Developed and Developing Regions of the World : Selected Papers from the Eleventh International Conference on Management of Technology. Internet economy. Emerald Group Publishing .
Luthans, F., & Doh, J. P. (2009). International management: Culture, Strategy, and Behavior. McGraw-Hill/Irwin.
McFarlin, D. B., & Sweeney, P. D. (2010). International Management: Strategic Opportunities and Cultural Challanges . Taylor and Francis.
Root, F. R., & Visudtibhan, K. (1992). International Strategic Management: Challenges And Opportunities. Taylor and Francis .
Scullion, H. (2006). Global Staffing. Routledge .
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