Download Corporate Purpose

Number of page: 317
Author: Shankar Basu
Publisher: Taylor & Francis
Rating:
Category: Business & Economics

Toyota's spectacular performance in the competitive and mature auto industry has been attributed to many factors. They are: Toyota's corporate culture, Kaizen philosophy of continuous improvement, Kanban and Just-In-Time (JIT) production systems, zero defect goal, a lean production system, fast product cycle, ringi or consensus bottom-up decision making, pursuit of highest customer satisfaction, and high quality products. This research suggests that although all these measures contributed to the outstanding performances of Toyota over the decades, the real driver of Toyota's decisions and actions is Toyota's purpose.The study concludes that Toyota is driven by corporate purpose. At Toyota, purpose is clearly understood and internalized by its senior management. The ideologies embodied in purpose provide a strong and unifying mechanism that stimulates the energies and efforts of its employees, and provides a moral compass to attain that meaningful, value-laden purpose of the organization.Toyota's purpose is crafted in its stakeholders power structure, its environment, and its cultural values and assumptions. Toyota's purpose is to be a well-balanced global corporation that is a contributing member of the local communities. It strives to attain this by taking care of its employees, suppliers, and local communities, and by improving the quality of life of people in these communities. The main drivers behind Toyota's strategic key decisions are pursuit of harmonious growth and enhancement of profitability. Toyota's strategic decisions are linked through its key objectives to its operative purpose, which also is its stated purpose.

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