Global Business Management Assignment Sample
1.0 Introduction
1.1 Introduction
The business world is rapidly changing its way of managing and operating business and it has taken its pace soon after the emergence of globalisation. Globalisation allows the organisations to be stable with their offering along with not completely depending on the home country. The more the organisation will expand their business in the host country, the more it will be able to grab a variety of opportunities and customer loyalty. In this context, the report is being projected with a reflection about Toyota and its business operations in the UK. However, there are certain opportunities and issues in managing a global business that will be reflected in this report. Furthermore, a brief understanding of international business, its strategies, and management will be identified in this study. Apart from this, foreign direct investment, marketing analysis and several different factors that were interlinked with global business are going to be analysed further.
1.2 Context of International business
Toyota is a Japanese corporation that has been operating in the automotive industry for several years. The organisation is found to be providing services regarding banking and financing leasing along with manufacturing automobiles. The firm’s net income is registered to be ¥2,282,378 million and revenue is calculated to be US$ 256.7 billion. Furthermore, recently the organisation is found to be responding to the worldwide covid-19 pandemic by making several donations and collaborations (Toyota Motor Corporation, 2022).
1.3 Global economy and country competitiveness
Due to the rapidly changing business environment because of globalisation, digitalisation and deregulation, the traditional economy has evolved. In order to understand and analyse the business market and competitiveness of the UK economy, Porter’s 5 Forces is required to reflect the level of sustainability in the marketplace.
Figure 1: Porter’s five forces
(Source: Bruijl, 2018)
The automotive industry of the UK has recently witnessed a huge decrease in sales with about 27% and the production of cars has also fallen by 28.7% (MarkLines, 2022). However, the threat of new entrants in the UK market is weak as there is a requirement of large capital for establishing a company with automobile requirements. There are several legal barriers as well which are protecting the existing companies from the new entrants. In the UK, there are several large enterprises that have already established their brand reputation which will be a threat for the new entrants (Weill and Woerner, 2018). Adding to this, the bargaining power of suppliers is also considerably weak because there are numbers of suppliers in the UK markets which makes every single part easily accessible. Moreover, the buying behaviour of the consumer is witnessed to be high because there has been an increase in car registration from the year 2017-2018. The approach of consumers is reaching towards electric vehicles as there is a concern of climate and environment (Law Business Research, 2022).
Apart from this, the threats of substitutes are also considered to be strong. Although, Toyota has a unique brand reputation by its customised approach towards the customer and its efficiencies in the other marketplaces. There are several other organisations such as Jaguar, Land Rover, Bentley, Vauxhall, and many more who have been operating in the same industry for years. This statement can also be interlinked with the industry competition, the more there are renowned and world-class organisations operating in the same industry the competition will be strong (Qamar et al. 2021). The customers who are utilising any significant brand product will surely be loyal towards them and this will be hard for Toyota to crack the loyalty of the consumers. The following figure will reflect how the UK automotive industry is competitive.
Figure 2: Competitiveness of the UK automobile industry
(Source: SMMT, 2020)
1.4 Key economic trends
The United Kingdom had the most automobile, transport, and tractor-trailer industrial companies of any part of Europe, with around 3,500 corporations. Conversely, just about 10.2% of enterprises had a yearly turnover of more than £ 5 million (Wagner, 2021). The automotive sector of the UK is a major part of the UK economic system, with a volume of much more approximately £ 78.9 billion as well as a worth of £ 15.3 billion. It has been reported that almost 18,000 individuals are being employed by the manufacturing industry along with accessing the 13% of the export of the UK which is valued at about £ 44 billion (SMMT, 2020). Furthermore, the consumer is mostly preferring electric vehicles due to the greenhouse gas emission and are willing to pay more if they are following all the ethical and sustainable standards. Apart from this, the automotive industry of the UK is found to be investing around £ 3 billion in research and development which is one of the huge opportunities for Toyota to expand in the UK marketplace. Moreover, one of the leading companies of the UK is acknowledged to be Ford, which has recently produced the model “Nissan Qashqai” (Wagner, 2021). Hence, based on these aspects the strategies for the global business will be briefly analysed in the next succeeding segment.
2.0 Strategies for global business
2.1 Strategic analysis
Based on Ansoff Matrix it can be seen that the organisation heavily relies upon two main strategies that are market penetration and product development. The market imitation strategy allows the organisation to improve their existing line of other vehicles in the markets of the UK for instance making upgrades to the engine exhaust systems for safety functions (HTUN et al. 2019). While on the other hand, the product development strategy allows the organisation to develop and invest in R&D for the development of new vehicles.
Figure 3: Development of new vehicle platforms
(Source: Toyota, 2021)
Making better cars is one of the most important goals and motives of the organisation which has led to the development of numerical platforms and new powertrain components. As a part of the organisation’s market penetration strategy, the company has invested quite extensively in the improvement of the production systems. Moreover, the organisation has also revamped its R&D operations which have led to the decline in investment by 50% for the development of new vehicle models (Toyota, 2021). The organisation also heavily relies upon the Kanban strategy under which Toyota adopts lean manufacturing which greatly reduces the company’s waste generation from the production process (Lu and Bodek, 2018).
2.2 Strategic development
Figure 4: TNGA cycle
(Source: Toyota, 2021)
Under the strategic development of the company, the integrated Toyota New Global Architecture (TNGA) strategy can be taken into consideration which aims to increase the overall streamlining of the production process and leads to the development of better cars that suit the needs and demands of the customers (Toyota, 2021). Furthermore, this strategy of the organisation is supported by the Total quality management (TQM) strategy adopted by the company that not only helps Toyota to achieve continuous quality improvements in their vehicles but also helps to achieve consumer satisfaction (Toyota, 2021).
3.0 Stakeholders in the international business
Toyota is one of the largest automotive manufacturers in the global market and has a number of various international business stakeholders. The organisation pays equal importance to each stakeholder as they play a major role in determining the company’s success and competitive position in the market.
Customers
The customers of the organisation are the first and most important external stakeholders of the organisation according to whose needs and demands automotive manufacturing is done. In this regard, the organisation conducts regular market service to identify the current trends among the target customers based on which changes are made to their existing line of vehicles (Bohorquez, 2020). Based on the market operations of the organisation it has been seen that the organisation has achieved new heights in the car market of the UK in 2020 even during the covid-19 pandemic. As of 2020 Organisation was able to achieve an increase in market share by 5.9% in the UK however in the global market the company’s sales fell short (Toyota, 2021).
Figure 5: Toyota globally sold units
(Source: Statista, 2021)
The Organisation was able to successfully 79.5 million units in 2020 which is a significant field as compared to what it sold in 2019 which was 10.7 million units (Statista, 2021).
Dealers
The dealers of Toyota are another important stakeholder who is responsible for selling the cars directly to their target customers (Bohorquez, 2020). The dealers are the direct touchpoints of the company with the customers hence play a major role in providing customer service and, engagement and sales
Figure 6: Toyota dealership across the UK
(Source: Toyota, 2021)
At present, the organisation has around 150 dealers located across the UK (Toyota, 2021). This reflects the organisation has a strong presence in the market and this has been only successful due to the presence of a wide network dealership located throughout the country.
Suppliers
Suppliers of the organisation also play a major role in determining the competitiveness of the organisation as an external stakeholder. The effectiveness of the suppliers in terms of ensuring the procurement of raw materials is done by the organisation at the right time to determine how quickly the company can produce vehicles.
Employees
The employees of the organisation are also internal stakeholders of the organisation and ensure that their employees of the organisation are productive and motivated to achieve the objectives of the organisation. At present, the organisation has approximately 3,000 employees working in the UK (Toyota UK. 2021).
Community
The community is another important stakeholder of the organisation in the global context and this comprises each and every individual upon whom Toyota can have a positive impact. In this respect the organisation’s CSR activities play a major role in improving the living conditions, providing jobs and opportunities to individuals to fit the requirements of the organisation. One of the most important CSR activities of the organisation is towards the development of making better cars that are sustainable and do not harm the environment with emissions (Toyota, 2021). Toyota was one of the first companies to introduce hybrid electric cars Toyota Prius also reflects the organisation’s aims to minimise carbon emissions.
4.0 Cross-cultural management and leadership
4.1 Country or regional culture comparison
Culture has an extensive role in the operations of the internal management and leadership of any organisation. Therefore, for managing a cross-cultural base it is essential to evaluate the cultural differences to operate efficiently, driving growth in the company of Toyota. It needs to be said that Japan is the home country of Toyota, therefore the operational pattern of that country needs to be different from the operational pattern of the United Kingdom (UK). It has been estimated that the cultural difference in terms of power distance is quite high. The index of Japan can be seen at 54 whereas for the UK it is only 35 (Hofstede Insights, 2022).
Figure 7: Country comparison of Japan and United States
(Source: Hofstede Insights, 2022)
Therefore, the management and leadership in Japan would be more rigid than that of the UK, which would be far more flexible and transformational. In addition to that, Japan is a country that is driven by collectivism and from the index as well it can be seen that Japan is at 46 whereas the UK is at 89 (Hofstede Insights, 2022). This reflects that the management and leadership and Jan need to operate and provide more collective goals which in the UK needs to be more individualistic in order to bring success and profitability to the firm. Therefore, it can be said that the operation of the management and leadership needs to be quite different in both countries for attaining overall benefit.
4.2 Managing the cross-culture organisation
The culture which the company of Toyota follows in its home country is very much slow and a rigid hierarchical system is being carried on. However, different countries have different bases of cultures and therefore, the company needs to mould itself as per the culture of the other country. In this regard, Toyota has been criticised extensively as the company had been following the Japanese style of public relations and was unprepared to face the differences of culture (Roberts, 2016). Therefore, Toyota had to encounter several crises which turned into a firestorm in the lights of the media. There was another point of viewpoint with the public relation as well which became another point of difficulty for the company. However, these can be mitigated through the flexible handling of the company with the other countries and also by maintaining transparency.
5.0 International trade and investment
5.1 Foreign direct investments of Toyota
The foreign direct investments of the organisation have helped the company to consistently increase the overall scale of its operations in the markets of the UK. The organisation has investments of around £2.75 billion in two of the most sophisticated manufacturing plants (Toyota UK. 2021). The foreign direct investments done by the organisation in the markets of the UK has not only helped in scaling up the overall productions of the company but has also helped the organisation to employ several individuals in the country. Among these two plants of the company Burnaston, Derbyshire has the vehicle manufacturing plant while the plant located in Deeside, North Wales manufactures the engines (Toyota UK. 2021).
5.2 International Trade
Comparing the company’s FDI in the USA it can be seen that the organisation has invested much more in the United States with investments amounting up to $13 billion which has been systematically done since 2017 (Business facilities, 2019). Therefore, it can be expected that considering the opportunities of the UK marketing the FDI in the UK can also see future investments. However, with the onset of Brexit, such intentions of the company might require sound judgement and decision making as Brexit has led to a challenging business environment for several UK automotive manufacturers (UK and EU, 2021).
Figure 8: Decline in automotive manufacturing due to Brexit
(Source: UK and EU, 2021)
The above figure reflects a decline in the production of vehicles in the UK which is mostly due to the fact that many automotive manufacturers have a shutdown in their manufacturing operations to avoid risks linked with supply chain disruptions that can occur due to Brexit (UK and EU, 2021). Therefore, the decision to invest further in the markets of the UK can only be determined after the uncertainties arousing due to Brexit settles down and the company is able to identify specific opportunities that can be derived after Brexit.
6.0 International marketing
6.1 Market intelligence and analysis
Market intelligence is referred to as the external data which can be utilised by Toyota in order to gain competitive advantages over the market. In this regard, Toyota needs to gain insights about its competitors, market share, consumer base and others for analysing the present situation. It can be analysed that the company has a vast range of competitors such as Mercedes Bez, BMW, Ford, and others (Bhasin, 2018). Adding to that, it has a market share of 7.9% in the UK (Toyota, 2021). This information can assist the company in understanding its present scenario and help in formulating future strategies. From the figure below, the sales of the company can be observed in the UK.
Figure 9: Toyota car sales in the UK from 2014 to 2019
(Source: Statista, 2020)
6.2 Market segmentation
Segmentation
Toyota has been known to be using a mixture of Geographic, psychographic and demographic strategies of segmentation in order to understand the various groups of consumer base (Bhasin, 2018). In addition to that, these are also used for customer profiling. Furthermore, segmentation is also done on the basis of B2B and B2C. B2B can be said as a crucial part of market segmentation as it helps in selling huge quantities of automobiles whereas the segmentation of B2C helps in gaining the consumer base and vehicles get sold in limited quantities per person or family. However, both the segmentation, B2B and B2C, plays a very vital role for the company for gaining market reputation and also for increasing profitability.
Targeting
Targeting of the market segmentation is analysed on the basis of the average income of the consumers and long with the needs of the consumers. It can be said that Toyota can target middle-aged people of age ranging from 30-50 years (Bhasin, 2018). The main focus lies on the middle-income group of people for successfully targeting audiences and increasing their revenues.
Positioning
The positioning strategy of Toyota is extensively effective and has made the company successful in the present competitive market. Through the advertisement, the main positioning of the company has been seen to be done where it gets portrayed that the vehicles of Toyota fits everywhere and every individual (Avetisyan, 2021). This makes it more desirable for people as they are innovating their products in such a way, which can quench the thirst for different demands of the huge consumer base of the company.
6.3 Marketing mix
Toyota’s marketing mix of 4Ps assists in determining the strategies of the company in regards to its product, place, promotion, and pricing.
Product
Toyota has diversified its product into various ranges. From the analysis of the market, it can be said that various consumers have different types of demands and in order to fulfil those demands and needs, different varieties of product sets need to be manufactured. Toyota has been seen to be diversifying its products into Toyota automobiles, Welcab series, Marine products, Engines, Spare accessories, and Lexus automobiles (Rowland, 2017).
Place
The main places which Toyota relied upon for its majority of sales are dealerships. This part of the marketing mix determines where the customers can get the first glimpse of the company’s products. The two main places for such a distribution strategy of Toyota are Dealerships and Retailers (Rowland, 2017).
Promotion
Toyota has adopted different varieties of promotional strategies for bringing forward its presence in the market such as personal selling, direct selling, promotion of sales and others. Advertisements are also used by the company for expanding its presence into a vast range of consumer bases (Rowland, 2017).
Prices
The pricing strategy of Toyota varies widely, depending on the types of products and the product line. Toyota has been seen to be using a combination of market-oriented pricing based on the conditions of the market and value-based pricing which is done on the basis of the consumer’s perceptions (Rowland, 2017).
7.0 Global business operations
7.1 Value chain
The value chain analysis of Toyota can be segmented into different activities including primary and support activities.
Primary activities
These activities include inbound and outbound logistics, marketing and sales, operations and services and others. Operating as a renowned global automotive manufacturer, Toyota has paid attention to empower its logistics as an integral part of achieving operational flexibility. Inbound logistics in Toyota is responsible for transporting raw materials from suppliers to production plants. Outbound logistics is helping them with the distribution of vehicles from assembly plants to dealers.
Different promotional strategies are undertaken by Toyota for increasing their sales volume. The concept of traditional advertisements through radio and newspapers, TV and billboards can be noticed in this case. Moreover, digital marketing is eventually preferred by the company for optimising customer engagement and retention (Simão and Lisboa, 2017).
The organisational production operations are managed through the “Just in Time” inventory system. It has been adding a greater value to the organisational services with profound sustainability.
Support activities
The support activities of Toyota UK highlight the organisational infrastructure, human resource management, technology development, and procurement.
The organisational HRM approach has highlighted the consideration of performance appraisal for potential employees with greater transparency and fairness on the basis of their staff performance. In this regard, the company has created a supportive environment for allowing employees to work with vitality along with including a promotional framework for constant and autonomous reforms (Toyota-tsusho, 2022).
Distinctive technological advancement has been maintained by Toyota in their UK operations. For evidence, the conceptualisation of fast-track disruptive tech can be noticed with Toyota AI ventures (Clifford, 2017). Moreover, successive inclusion of autonomous mobility and robotics, data and cloud technology are also noticed within Toyota that has been supportive for disruptive innovation in their operations.
An attractive procurement strategy has been undertaken by Toyota by empowering its interrelation with UK suppliers. The procurement policy of Toyota highlights green purchasing and responsibility guidelines along with the requirement of supplier registration for ensuring sustainable procurement (Toyota UK, 2022).
7.2 Supply chain
The supply chain management operations of Toyota are usually confronted with advanced capacity planning. A milk-run service is afforded by Toyota in the UK for obtaining parts from multiple supplier locations. Parts and material suppliers are. Around 800 suppliers are eventually associated with Toyota that supplies and provides site services to the organisational UK planets (Toyota UK, 2022). Close and wide-ranging communication is emphasized by Toyota with their potential suppliers in the UK.
The entire supply chain management of Toyota UK has eventually highlighted clear expectations of both social and environmental responsibilities. Along with developing green purchasing guidelines, Toyota UK has preferred supplier registration as a subsequent part of ensuring sustainable supply chain management operations.
7.3 Managing quality
Quality management has been highly emphasized by Toyota UK. As an integral part of improving product quality, Toyota head focused on a lean manufacturing system within their production control operations. The attributes of continuous improvements are eventually supported by Toyota based on a couple of concepts including jidoka and just-in-time (Toyota, 2022). Both these concepts are helping the Toyota production system to produce sound quality vehicles efficiently and quickly for satisfying customer requirements. Moreover, quality improvement is eventually considered by Toyota through these concepts and the shape of waste elimination, reduction of unreasonable requirements on the production line, and others.
8.0 Technology and the international business
8.1 Technology and the international business
a. Enterprise business, information systems and iMobile Platform
Toyota has already succeeded in the marketplaces where they already exist, however, the organisation has witnessed to be having an effective information system due to its high interest in innovations and technologies (Bogers et al. 2019). The advancement in their administrative system allows the organisation to be more adaptable and efficient with its business operations. Furthermore, the organisation has developed their own digital connected mobility intelligence platform which is Cloud bases that has several services like Location based services, Point of Interest, Route guidance and many more. Along with this, it is identified that Toyota has collaborated with rental car sharing companies such as Uber, DiDi, Getaround and Grab (Stehlin et al. 2020).
b. Use of Social media impact and effect in global business
Social media is one of the most essential parts of global business as it allows the organisation to present their products in front of the consumer. In this relation, Toyota has found to be having the presence of several different social media sites such as Facebook, Twitter, Instagram, and many more through which the corporation tries to engage their customer. Moreover, it has helped the organisation in their global business by understanding the consumer insight and their preferences along with asking their feedback. It has been identified that the organisation has spent approximately 1.39 billion on its brand advertisement and the corporation has been listed on top 5 in advertisement (Statista, 2021).
c. IS Robotics and impact on human resources in the global organisational context
Toyota is highly efficient when it comes to technology and innovation. All the automotive industry is taking advantage of robotics which has heavily impacted human resources. However, the case of Toyota is different, the brand is totally committed to its human workforce (Yamamoto et al. 2019). Recently, the brand has replaced robots with humans in several jobs such as metalworking. The organisation feels that craftsmanship is devalued by the presence of machines and by the culture of Japan it is not what is pleasant in a workplace. In a global context, Toyota wants to move back to that approach, allowing their workers to learn new capabilities which will help them produce more efficiently.
8.2 Cyber security initiatives and business policies
a. Risks, control, and mitigation
The consequences of cyber security breaches are profoundly associated with the operations of Toyota. The topmost concern in this context highlights the consideration of fear of cyber-attacks that ultimately left ransomware-shaped dents. The organisational engine design partners Daihatsu Diesel reported problematic concerns regarding simplified access to their file server in the internal system earlier in 2021 (Sharwood, 2021). A brief investigation was considered by Toyota in this case which highlighted the implication of a cyber-attack by unauthorised access. The prospects of valuable financial and customer data were exposed and exfiltrated by hackers. The reason behind this hacking highlighted the tactics utilised by ransomware purveyors as an integral part of gaining leverage for financial demands.
Toyota also experienced data breach issues during 2019 in the UK. Potential hackers were able to obtain valuable access to the organisational IT systems that included valuable sales information for around 3.1 million consumers (Ingham, 2019). In order to address these kinds of security breaches and cyber security attacks, Toyota looks forward to acknowledge Tencent Keen security labs initiatives as a subsequent part of developing their automotive cyber security. Relational exploitation of the security breach-related vulnerabilities required the inclusion of adequate expertise is having profound knowledge of the multimedia system software. In this regard, Toyota depended on an extremely sophisticated security system developed by Keen Lab (Toyota, 2022). However, the overall process did not include the consequences of control steering and braking, throttling and others. In this manner, Toyota highlighted prolific reliance upon the Keen Lab in terms of efficiency in identifying vulnerabilities in specific Toyota vehicles equipped with multimedia units and Bluetooth functions.
b. Research development agenda for global business expansion
A profound focus has been maintained by Toyota concerning their research and development operations throughout the global as well as the UK market. The company has been efficiently coordinating and integrating with entire development faces concerning basic research to forward-looking technology advancement (Toyota-global, 2022). These attributes have been supportive regarding the consequences of product development in Toyota with a rapid and continuous focus upon high quality and appealing vehicles production.
Figure 10: Research and development operations of Toyota
(Source: Toyota-global, 2022)
The aforementioned figure has been demonstrating both basic researches along with forward looking and leading-edge technology development within Toyota that has been playing a significant role in product development. A new company has been established by Toyota in this concern namely Toyota Research Institute INC (Toyota, 2015). This is recognised as a research and development enterprise providing an initial focus upon the usage of robotics and artificial intelligence.
Figure 11: Research and development structure
(Source: Toyota-global, 2022)
Increasing focus of Toyota research and development structural empowerment can also be noticed in this concern. The above-illustrated map has been highlighting the organisational research and development centres throughout the globe in different countries and markets (Toyota-global, 2022). From this viewpoint, a prolific focus of Toyota can be certified upon the research and development agenda that has been adding a greater value in the organisational global expansion with profound product quality.
9.0 Conclusion and Summary
9.1 Recommendation
A set of recommendations are provided below for Toyota regarding further improvement of their services and offerings in the UK market as well as their global business management.
Arrangement of financial support
Profound financial funding is likely to be arranged by Toyota as an integral part of further modifying and developing their product and service quality through extended research and development operations. In this regard, the company is suggested to conceptualise regular interaction with their potential investors and creditors as a subsequent part of ensuring financial requirements as needed for the improvement of organisational product quality.
Inclusion of independent ombudsman
Toyota is highly recommended to appoint an independent ombudsman in their UK as well as global operations. The ombudsman is likely to be provided with the responsibilities of reporting and investigating the issues experienced by Toyota across their cyber security concerns, customer relationship management, product and service quality, technological advancement, and others. In this manner, Toyota might also be able to fulfil the requirement of advanced software implementation and others through the reports of independent ombudsmen that can be highly supportive of its future growth.
Along with these mentioned aspects, Toyota should also pay attention to the below mentioned initiatives-
- The company will have to look for empowering their business policies regarding the mitigation of cyber security risks
- Toyota management should be attentive to further empower their capacity planning and analytical approach as an integral part of understanding the latest industrial and market trends
- The organisational research and development operations are likely to be supported with the inclusion of more IT expertise
9.2 Conclusion
The overall report has highlighted valuable attributes concerning the business management aspects of Toyota in the UK as well as the global market. Greater competition across the UK automobile industry has highlighted explicit growth opportunities for potential automotive manufacturers like Toyota and others. Customer centric approach is undertaken by Toyota in the UK that has eventually empowered their globally sold units. Despite experiencing huge competition, Toyota UK has been able to maintain profound sales growth in the recent past.
The organisational value chain has been empowered through prolific logistics and promotional strategies, advanced technological implications like fast-track disruptive tech, sustainable procurement strategy and others. Distinctive green procurement guidelines were eventually established by Toyota along with jidoka and just-in-time concept that has been empowering their product quality. Different cyber security initiatives are eventually undertaken by Toyota in their UK as well as Global operations as an integral part of eliminating data breaches and cyber security issues. The association of Tencent Keen security labs can be observed in this case. Prolific focus is eventually maintained by Toyota regarding their research and development agenda across the globe and the UK market. The establishment of the Toyota Research Institute INC can be highlighted in this concern that might be highly supportive for the organisational future growth with profound service quality.
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