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Essay on Toyota Corporation's Use of Just in Time Philosophy
The Toyota Philosophy and Its Effects
The rise of the Japanese car manufacturers to positions of global dominance in the decades following the Second World War is well known. In recent years, despite the well-publicized troubles of some companies such as Nissan, other Japanese car makers, most notably Toyota, have sustained and even increased their global competitive advantage. This competitive advantage is based on a corporate philosophy known as the Toyota Production System. The system depends in part on a human resources management policy that stimulates employee creativity and loyalty but also, importantly, on a highly efficient network of suppliers and components manufacturers.
In October 2000, Fortune published its annual rating of the most admired car makers in the world. Toyota was ranked first in the list, which included 14 manufacturers such as Ford and General Motors. This article investigates the factors that have been instrumental in advancing the productivity of such companies as Toyota, Honda and others in an industry that touches so many lives. The fundamental reason for Toyota’s success in the global marketplace lies in its corporate philosophy - the set of rules and attitudes that govern the use of its resources.
A corporate philosophy, in the words of Fred J. Borch, former chief executive of General Electric, ’is the umbrella policy that guides all of the decisions and activities of the organization.’ The Toyota philosophy is often more generally known as the Toyota Production System.
Toyota and other foreign car makers have successfully penetrated the US market and established a world-wide presence by virtue of its productivity. Toyota’s philosophy of empowering its workers is the centerpiece of a human resources management system that fosters creativity and innovation by encouraging employee participation, and that likewise engenders high levels of employee loyalty.
Although Honda and Nissan have earned a reputation for building high-quality cars....
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