In order to explore the provisions in Competition and Consumer Act 2010, we have considered the example of Toyota Australia, one of the leading automotive company in the world. Toyota is one of the largest vehicle manufacturers and has almost 50 oversees companies in 26 countries. The company operates the following strategies to promote the perfect competition in market.
Toyota considers the quality of the product as strategic importance so they have implemented Kaizen strategy in executing its operations. It facilitates continuous improvement and a commitment to deliver quality product to its customers (Moden, Hamad). Further, they have also implemented a lean manufacturing strategy which reduces the wastages in manufacturing process and promotes quality at initial stage (Toyota Motor Corporation Australia Limited, 2016).
Safety is one of the major factor in automobile industries, so in order to build safe cars, they analyze the actual cause of road accidents to implement a real safety measures in its manufacturing. Toyota conducts an extensive road crush test which helps them to design a safe car. In order to facilitate this, they also research on driver’s behavior which may lead to accident and which helps them to design and develop a car which supports the safety of the driver first (Toyota Motor Corporation Australia Limited, 2016).
Toyota operates in a Kaizen strategy where they give strategic importance to continuous improvement. The company believes that the environment is more complex and innovation could help the company to promote its brand and maintains a key position in automobile market. In order to facilitate this, they have developed advanced injury stimulation software to measure the injuries during accident. Further, they have also moved towards a hybrid structure which promotes an energy saving strategy (Toyota Motor Corporation Australia Limited, 2016).
Toyota have properly documented all the policies in SOPs and have published it on company’s website so that the consumers would have enough idea about the company’s strategy and how it adhere to international standards to satisfy their customers. Apart from a formal documentation, they have also implemented a culture of quality, safety and innovation where all the staff work together to achieve continuous improvement.
In order to protect the rights of consumer, it is very important that legislation shall promote a prefect competition strategy where all the companies in industries work together to provide a cost-effective innovative product to the normal consumer (OECD, 2010).
Toyota adopts quality, safety and innovation to promote the competition in industry. It will tend other organizations in the same industry to adopt quality, safety and innovation to retain and attract customers. If other organizations fail to adopt this strategy then it will threaten the survival of the company. On the other hand, Toyota attract executive class customers because the price of its vehicles are comparatively higher than other providers in the industry, so in order to survive in the market, Toyota shall exerts its focus of cost minimizing strategies to achieve a substantial market share.
Toyota strongly focus on the quality, safety and innovation of the product which is quite expensive and tends the consumers to bear higher prices for the product, so it is necessary that the organization shall focus on cost reduction strategies which reduce the cost of the product and enable them to offer a quality product at reasonable price to their customers. Toyota shall bifurcate its costs into two categories; the first one shall focus on major areas, i.e.; innovation &safety, and shall not adopt cost cutting strategies on such areas because of their strategic importance. Further, the second area would be administrative activities where the company can implement cost cutting strategies
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