Toyota: Back to Basics after Crisis

Toyota: Back to Basics after Crisis
Case Code: BSTR448
Case Length: 21 Pages
Period: 2008 - 2013
Pub Date: 2014
Teaching Note: Available
Price: Rs.500
Organization: Toyota
Industry: Automotive
Countries: USA
Themes: Crisis Management, Organizational Learning
Toyota: Back to Basics after Crisis
Abstract Case Intro 1 Case Intro 2 Excerpts

About Toyota

In 1937, Toyota was established as a commercial vehicle manufacturer with a capital of US$ 0.12 million. In the 1940s, its then production chief, Taiichi Ohno (Ohno), introduced the Toyota Production System (TPS) to eliminate manufacturing inefficiencies. In 1958, Toyota entered the US market and followed it up with the opening of a plant in North America in Georgetown in 1988.

Industry observers opined that one of the secrets of Toyota's success since its inception was its culture. It emphasized 4Ps – philosophy, process, people and partners, and problem solving. Under the 4Ps, there were 14 principles which formed the beliefs and values of the Toyota culture and came to be known as the Toyota Way.

By 2008, Toyota had emerged as the largest automobile manufacturer in the world in terms of revenues, unit sales, net worth, and profit. In 2009, as a consequence of the global financial crisis, the automaker reported a loss of US$ 4.4 billion – its first-ever loss in 59 years – as against a US$ 17.7 billion profit in 2008. In June 2009, Akio Toyoda (Akio), grandson of the founder, became the President of Toyota. For the FY ended March 31, 2013, Toyota recorded net revenues of US$ 234.601 billion...

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