Question

For the company Toyota write a brief organizational history including products and services.  

Answer 1

Toyota is a Japanese Automobile manufacturing company founded in 1937 by Kiichiro Toyoda. The company is the 5 largest company in the world by revenue and the world's largest automobile manufacturer. The company have more than 360,000 employees around the world and they have a revenue of 28 trillion dollars. Toyota is headquartered in Toyota City, Aichi in Japan and the CEO of the company is Akio Toyoda.

The business started when Sakichi Toyoda built automatic looms to make the looms stop when they encounter a problem in weaving. His son Kiichiro Toyoda started the company Toyota Automobiles in 1933 and became an independent company in 1937. in 1940's and 1950's the company started building light trucks along with cars and entered the American market. The company faced the problem of import tax in the North American market so it decided to start its manufacturing unit in the US in the mid 1960's.

The company mainly targeted the middle-class families in the 1980's and built only small family cars. The company collaborated with General Motors and helped them in rebuilding their business and this led to the entrance of Toyota into the luxury car segment with Lexus in 90's.

The carmaker entered the European market with a strategic alliance with the French car makers like Citreon and Peugeot. It started manufacturing cars and Europe and began to capitalize on the support from the French carmakers. This allowed them to enter the Formula One arena as well and worked with some big names in the business.Like any other developed company, Toyota has decided to invest a lot of money in machine learning, robotics and artificial intelligence.

The company has been manufacturing and providing textile machinery and materials handling equipment. They have been known for maintaining excellent quality standards and they also introduced concepts like Kaizen and Just in Time methodology into supply chain management to reduce the inventory and overheads. The company has set a benchmark for all the other automobile manufacturers in the world to follow and they keep innovating to produce excellent products like Toyota Corolla, which is one of the largest selling cars in the world.