Toyota is highly regarded as a leader in the automotive industry. Because Toyota is an industry leader, the company is held at much higher standards than most car manufacturers. With that said, Toyota’s latest "faulty accelerator" crisis has not only hindered the company’s profits, but Toyota’s reputation too.
According to the company’s website, Toyota is always willing to lend a philanthropic hand to neighboring communities. In addition, the company is very environmentally aware and constantly exceeding industry standards. The Toyota way is cleaner, greener and full of innovation.
However, Toyota’s good values and environmental friendly behavior could not prevent the company’s annual sales from plummeting. This past August, Toyota announced that sales were down approximately 34% since last year (read more here).
The skeptical voice inside me questions what or who is to blame for Toyota’s financial deficit and tarnished image. Faulty accelerators? Toyota’s CEO Akio Toyoda? Or doubtful customers? Furthermore, I wonder if Toyota is exemplifying its motto “moving forward” in order to piece back together its once reliable reputation.
Throughout this semester I will be looking at Toyota’s company values, decision making skills and crisis management tactics, through a quantitative and qualitative lens. I will also take a deeper look into the company’s ethics and values. To better understand Toyota’s current crisis situation, I will look at the company’s financial and reputational status within the automotive industry at the macro level. Additionally, it will be important to consider international relations, as Toyota is a Japanese company manufacturing in the United States.
Until next time...
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