STRATEGIC MANAGEMENT: MISSION, VISION, AND STAKEHOLDERS

Strategic Management: Mission, Vision, and Stakeholders

Strategic Management: Mission, Vision, and Stakeholders

Introduction

The Japanese multinational company Toyota is one of the largest automobile manufacturers in the world and produces one of the most popular brands of imported cars in the United States. Toyota introduced the first mass-produced gas/electric hybrid car (the Prius) in 2000 and continued to be an innovation leader in developing energy efficient and alternate fuel vehicles. A bus shelter in Chicago with solar panels designed by Toyota, the panels help run fans and circulate air, similar to what Toyota offers in some Prius models, which have fans to draw in outside air to cool the car when parked in the sun.

Toyota was established in Japan in 1937 as the Toyota Motor Co., Ltd. and began doing business in the United States in 1957 as Toyota Motor Sales, U.S.A., and Inc. By 1967, Toyota was third in U.S. sales among imported brands of automobiles and in 1976 became the most popular import brand in the United States, aided in part by the 1973 gas crisis that encouraged many Americans to purchase smaller, more fuel-efficient vehicles. Toyota began manufacturing operations in the United States in 1972 and in 1986 began U.S. vehicle production. In the next section, we will examine whether Toyota's mission is aligned with the needs of their stakeholders, we will also evaluate the meaning of the phrase “Toyota wants to be”, and: finally, we will give recommendation to the executives of Toyota corporations regarding the manipulation in its mission or vision, if needed.

Discussion & Analysis

The phrase “Toyota wants to be?” refers to the company's ultimate desire to become the best in every domain they enter. Toyota wants to be one of the largest automakers with its commitment to its customers and its ...