SWOT Analysis Term Paper Example | Topics and Well Written Essays - 1750 words

SWOT Analysis - Term Paper Example At that time the start of the company was poor and it managed to manufacture a car which was known as Toyopet. However, Toyota Company came back strongly into the market in 1965. At that time they manufactured the 90-horsepower Corona sedan which became popular in the market. Since then, the company has been able to manufacture different brands which include; the Corolla, Camry, Toyota trucks, the Lexus luxury brand, Scion and the first gas and electric hybrid Prius (Hino, 2006). Prius was the first worldwide and was manufactured purposely for the 21st century. Among the many consumers of the company, Americans have remained supportive to the company. According to Kurtz, (2008), they have been attracted by the company car’s quality, dependability and its reliability. The company’s mission statement is to be able to sustain growth which is profitable through the provision of perfect customer experience and support in dealership. Toyota Company has several strengths and w eaknesses. The strengths include; Company’s High financial strength; the investment of the company in several factories located in the US and china resulted in increased profits in 2005. This was unique from the well known worldwide trend in the motor industry. The net profits of the company rose rapidly and higher sales were also witnessed. This outstanding performance of the company resulted from Toyota’s right mix of products for all the markets served by the company. The company’s segmentation, targeting and positioning is well focused in several countries worldwide (McCraw, 1997). The second strength of Toyota Company is its popularity as an Industry leader in manufacturing and production. In 2003, Toyota Company became the second largest carmaker in the world with a total of 6.78 million units. The company surpassed its top rivals like Ford which was in the third position. Toyota Company came second after the General Motors’ which had a total of 8.5 9 million units during that period. According to Bohm, (2009), several factors have contributed greatly to the company’s strong position in the industry. These include the range of the company’s product which has remained diversified; the company’s marketing which is well targeted and the continuous commitment of the company to remain lean in its manufacturing business and observation of quality. The company specialty is to make different vehicles of a wider range both for the private customers and other different commercial organizations. Its products include Yaris which consists of both the small and the large trucks. The company is also able to identify and meet different needs of customers through utilization of different marketing techniques. The brand of the company is considered to be a household brand. In addition, different manufacturing approaches which are efficient such as Total Quality Management (TQM) has enable the company to fully maximize its pr ofits. Toyota Company also has certain weaknesses which include; Just in time system, Even though the company’s JIT system is among Toyota’s competitive advantage it can also be classified as a weakness. The JIT depends largely on other systems and this requires all the suppliers to follow what company wants. In case a given supplier fails to meet the quality standards of the company, the whole production process will be interfered with. The company’