Essay Example on Chart PIC is an effective device used during the new product development process









Introduction A Product Innovation Charter PIC is an effective device used during the new product development process The PIC is also known as a mission statement and is used to remind organizations about strategies that are there for products and processes We will cover four stages of the PIC process as it relates to the automobile industry A market analysis will be done for Toyota For a company to be successful they must recognize consumers demands and needs that the competitors are not catering to and capitalize Improvements in technical development are opportunities which can increase efficiencies in production and increase goal results in a positive manor Berry stated the PEST and SWOT method is presented using PIC Berry 2016 A Product Innovation Chart PIC will be developed to show the company's new product strategy To do so a PEST or SWOT analysis will be conducted Background and Focus The automobile industry is all over the world and it has several large brands that are competing in the marketplace It is a significant part of the world's economy The Toyota Corporation is one of the world leaders in automobile manufacturing They currently operate in several countries from the United States to Japan Toyota was started by Kiichiro Toyoda in 1933 and was named in 1937 

The first vehicle was released in 1935 After several recalls it is important for Toyota to show their consumers that all Toyota brand vehicles are produced with care and safety in mind Toyota is still one of the more innovative automobile companies giving the consumers exactly what they want Some individual producers reduce their prices by using low cost production techniques and materials The Toyota Corporation needs to strategically plan how to conquer the competition in the manufacturing of the vehicles Goals and Objectives Toyota promises quality safety and innovation Toyota uses elements to contribute to the company's success The first element is quality Quality is the key principle that helps Toyota to keep their commitment to their customers The second element is safety In this element Toyota collects information from actual vehicle accidents to analyze their cause as well as the degree and description of the injuries sustained to pursuit real safety The third and final element is innovation Toyota is the first to market a hybrid and sell over 3 million worldwide

This shows that Toyota is thinking ahead SWOT Analysis Strengths Toyota is recognized as a well known brand and has several different strengths Toyota has various global branch offices in the world and it supports the company by having a strong market position Toyota s markets for two most recognized brands Lexus and Toyota and could be considered as great market share in different regions such as in North America in Asia excluding Japan in Europe in China and etc This helps Toyota have a better competitive advantages and opportunities of growing in global marketplace Toyota also concentrates on Research Development in the global facilities in order to enhance quality of service and product functionality thus increasing product safety A good strength is based on the innovation of current products development of new products and manufacturing process This strength supports Toyota in incorporating modern attributes such as technology to current range of products and other related fields maintaining technical and innovative leadership in its automotive market Weaknesses The Toyota Corporation weaknesses points out the possible internal deficiencies that hinders its growth One weakness of Toyota is that the global hierarchical structure prevents its flexibility to the regional business flow due to the reduced response time The culture pf secrecy also hinders quick response to issues within the organization The massive recall system that was introduced in the year 2009 by the management also consumes the capacity of the business that could be available for product distribution Thompson 2015 Opportunities

The key opportunities in the Toyota Corporation are the technological advancement and the economic trends The opportunities include the growing markets in the developing nations the high demand for the fuel efficient cars the increasing interest in the advanced electronics in automobiles and capitalizing The growing market presents an opportunity for increasing revenues through the market penetration Thompson 2015 Threats The competitive market presents the greatest threat to the Toyota Corporation The main threats include the competition with the low cost vehicles from the Chinese Korean and the Indian automobile manufacturers which are on the increase in the global market Another risk to the company is the rapid innovation from competitors like Honda GM and Ford Therefore Toyota needs to ensure competitive advantage through innovation Thompson 2015 Conclusion A SWOT analysis of Toyota was conducted to develop a PIC Toyota is one of the world s largest automobile manufacturing industries Toyota is successful because recognize their customers demands and needs and builds vehicles with the care and safety of their customers in mind Toyota conquers their competition in the automobile industry by taking their strengths weaknesses opportunities and threats to continue to deliver the promises of quality safety and innovation to their customers

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