Strategic Management: Mission, Vision and stakeholders



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Strategic Management: Mission, Vision and stakeholders

Introduction

Mission and vision serves as a base for Strategic Management of an organization. These pillars reflect an integrated approach shared by all the members of the organization, highlighting what the organization is and where it wants to be. Toyota is a Japanese multinational automaker having its headquarters in Aichi, Japan. In terms of production, Toyota enjoys a status of second largest automobile manufacturer according to the rankings provided in the year 2010 (Flynn, 2012). Apart from being the largest automaker in the globe, a number of challenges were faced by the company in last few years. The mission of the company is questioned on the basis of the actions that were taken by Toyota's management. This case assignment is based on a thesis that the strategies and actions that the company adopts should be in alignment with its mission, vision and the needs as reflected by its stakeholders. In this assignment, the global vision of Toyota Company will be evaluated, an alignment of Toyota's strategies with its stakeholders needs will be assessed and recommendations will also be provided.

Discussion

Toyota's origin provide basis for its management philosophy. The terms “Lean Manufacturing” and “Just in Time Production” reflects the beliefs of the organization.

Toyota's mission and vision and its analysis

Toyota announced its Global Vision in the year 2011 that reflects what kind of company Toyota wants to be. “We want Toyota to be a company that customers choose and brings a smile to every customer who chooses it” (Toyota, 2012) is a reflection of the values the company wants to deliver to its stakeholders.

The mission of Toyota is to remain dedicated and committed in providing the range of quality vehicles, parts and accessories to meet the requirements of the market it serves.

The present scenario indicates that the Global Vision as employed by the company will be beneficial only if the proper implementation steps are taken to fulfill the promises that are made to various stakeholders. At the time of the formulation of the global vision, the company management even got a signal that the gap exists between the perspectives of the company and the attendees. The corporate philosophy and approach of Toyota is not well communicated to the stakeholders, and thus the explanation provided regarding the 2010 quality issue is also insufficient (Toyota, 2012). In the year 2010, the stuttering handling of the 8 million Prius hybrid cars by Toyota is also a justification that no crisis management approach is used by the company for “bringing smile to every customer who chooses it”.

For Iconic brands, such as Toyota, innovation proves to be a fundamental building block. However, the company failed to recognize that innovation is not only limited to coming up with new products in the market. Rather it also includes innovation in communication with the stakeholders specifically at the time of crisis (Roll, 2010). Toyota misled its investors by failing to disclose to them the major ...