Marketing
Marketing encapsulates the activities, resources and programs that are put in place by a company to ensure behavioral change is impacted for commercial gain.
Human resources
It includes the group of individuals that make up the employee or the workforce arm of a business or organization.
Finance and accounting
It entails the analysis, summary and reporting of financial transactions that relate to the business operations and sales of a company.
Leadership
It is often defined as a skill and ability that a person or group of people possess in regards to guiding, managing and organizing activities in an organizations (Needham and Dransfield, 2002).
Technology
It entails the enhanced techniques, skills and ideologies that are employed in the production of goods and service more efficiently and effectively.
International Trade
International trade involves the exchange of goods and services across international borders. It involves an exchange of commodities between individuals, companies or governments (Czinkota, Ronkainen, Moffett, Marinova and Marinov, 2009).
Pricing
Pricing involves the process of setting the value of selling a given product based on a myriad of factors. It involves the setting of a given price based on the perceived value of a product or the market dynamics.
Organizational structure
It includes coordination, supervision and allocation that are involved in the attainment of the aims of an organization (Needham & Dransfield, 2002).
Relationship between the Core Departments
The departments of an organization are in charge of running various organizational activities. It is important, therefore, that the departments develop a mode of communication to allow for efficiency in an organization.
Basic Laws of Economics
The basic laws of economics can be summed up as supply and demand and detect the operations of the markets.
Products
A product can be described as any item that can be offered to the market to meet a given need or want.
Marketing
The Toyota Corporation uses the 4Ps marketing mix when marketing its goods and services. The 4Ps include Promotion, Place, Product, and Price. Its products are designed for specific target groups. There are small, high speed and two- seat model vehicles for young and single individuals who makes the primary target of Toyota. Demographically, individuals in rugged off and rough road terrain are also targeted. In addition, Toyota provides career opportunities for graduates and professionals that include economists, IT experts, engineering and many more.
Human Resources
The human resources at Toyota are the most qualified. The reason for their high quality is that the organization relies on the right selection. To mobilize the employees’ creativity and productivity, they are given incentives. Besides the incentives, they provide career opportunities and a healthy working environment for their workers.
Finance and Accounting
Financial service and automotive operation are some of Toyota’s business segments. The most significant part is that of automotive operations. This segment is the most profitable, for example, it accounted for 90% of Toyota Corporation revenue in 2013(Toyota Annual Report 2013, 2013). The improved profit is because of Toyota’s ability to improve their relationship with their suppliers.
Relationship between the Core Departments
For the success of the business, there must be a close link between the finance and the human resource departments. Toyota has a good functional system because of the coordination provided by the human resource department. The human resource selects the best-qualified workers to ensure that the finance department does not pay what is not supposed to. The finance department liaises with the human resource department to ensure the right numbers of employees are selected to prevent ghost workers.
Leadership
While the Organization structure of Toyota Corporation is very flat, the leadership style applied in this organization is inspiring. The organization insists that every employee in its surroundings should collaborate irrespective of the responsibility and leadership position that each might be assuming. The organization has been adhering to process improvement technique that has ensured that its products are free from defects.
Technology
The evolution of technology has brought a tremendous impact on Toyota. The company has been able to generate electricity power from hydrogen. Because of this, the fuel cell cars of Toyota are more energy efficient and environmentally friendly. The technology, in turn, increases the market share of the Toyota Company improving the profits and reducing the costs of the company.
Basic Laws of Economics
The basic laws of economics are two particular laws; the law of demand and the law of supply. When the petrol dealers sell petrol at lower prices, more vehicles are bought and vice versa, which is the law of demand and supply. When automobile users are willing to buy at higher prices, Toyota is motivated to produce more vehicles and vice versa, this being because of the law of supply.
International Trade
International trade is that business activity involving the exchange of services and goods between countries (Akdeniz, 2015). Involvement of Toyota Corporation in this trade has brought both positive and negative impacts; it has been able to diversify its risk, increase profit margin, and reduced competition. However, the company has not been able to communicate effectively with its partners.
Products
Toyota Motor Corporation engages in both financial and automobile business. Automobile part is involved in designing, manufacturing, and selling of vehicle products. The vehicle products include minivans, trucks, passenger vehicles, and accessories. The financial segment provides financial services that are related to company product sale.
Pricing
The prices of Toyota vary depending on the product model and the product line. It combines two pricing strategies to set prices; Value- based pricing and Market-oriented pricing. Toyota applies a market - oriented approach to come up with prices based on competitor’s price and the market conditions. On the other hand, Toyota uses value- based pricing method to set prices that are based on the perceived and actual value of the products.
Organizational Structure
Toyota is currently working under Divisional Organizational Structure. The structure has been viewed as faster in addressing issues of safety compared to the old central organizational structure. Global hierarchy, Product- based divisions, and Geographic divisions are considered to be the main characteristics of Divisional Structure.
Career
References
Akdeniz, C. (2015). International Trade Explained. Can Akdeniz, 2015.
Czinkota, M. R., Ronkainen, I. A., Moffett, M. H., Marinova, S., & Marinov, M. (2009). International business (Vol. 4). Dryden Press.
Needham, D., & Dransfield, R. (2002). Business studies for you. Cheltenham: Nelson Thornes.
Toyota. (2013). Annual Report 2013. (2013) (1st ed., pp. 46- 47). Nagoya, Japan.
