Innovation management Essay Example | Topics and Well Written Essays - 2500 words

Innovation management - Essay Example Therefore, the following discussion is an analytical approach to denote the various business attributes that ensure that the company ranks as the third most successful company through evaluation of its business strategies and organizational structure to acquire competence, profitability, and clientele value perceptions in the industry. Rationale for the choice of the company Since the early years of the founding, the company has been adapting to the best approaches to ensure the development and strategic production of vehicles that fit different purposes of the consumer rather than the company’s ideology to produce automotive in accordance to its forecasts of the models that will likely sell effectively. The main reasons to choosing Toyota as the best option for the study reflects on accurate execution of strategies to ensure global leadership in production and delivery to the clientele (Rosen, 2007:4). Mainly, perceptions are that the fast company operates a private market se gment on a global platform, and that it is a monopoly, however, the presence of other similar competitors producing cheap priced vehicles for developing economies and the majority middle class of the global society eradicates the notion of monopoly and implements the ideal presence of oligopoly in the market (Azar, Maurer, and Beck, 2010:4). The company establishes long-range plans and strategies and ensures that all the performances in the organization aim at achieving the established framework of executing duties in accordance to the set framework and adapting to the Just-in-time phenomenon, which aims at ascertaining and ensuring continuity in production of at a profitable rate against the competitors (Rafinejad, 2007:125). All departments in the company adapt to performance of duties in accordance to the company’s plans and the idea of motivation serves as intrinsic in stimulating growth as the unified teams engage in positive competence to ensure a continued rate of inno vation and new product development in the company (Hu?Lsmann, and Pfeffermann, 2011:45). Further, Toyota produces almost all-time cheap priced cars but exceeds Ford, which currents survives a $12.5 billion deficit, as GM stocks lag behind at a 10:1 ration in the global stock markets. Other companies like Chrysler, Peugeot, Bavaria Motor Works (BMW) suffer a similar fate of incompetence in execution of their obligations against those of the Toyota Company. Critical analysis Techniques Mainly, Toyota ensures that all the workers understand the importance of undertaking performances that reflect on the company’s long-range objectives and the fact that quality by design and specification is of the essence and poses as a necessity in the multinational corporation. The plans and motivational approaches of the company serve as intrinsic approaches to engaging the personnel into unstoppable performance and worker flexibility. Incorporation of technology serves as the integral in prod uction as the Andon devices regulates and signals employees on faulty production and ensures corrective measures are adapted precisely. The techniques applied in relation to workers to ensure that all jobs are undertaken promptly and in accordance to the specifications, also Toyota regulates approaches to ensure that a