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 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