01-08-2012, 02:54 PM
PROTECTION AND DEVELOPMENT OF CORPORATE REPUTATION OF TOYOTA
PROTECTION AND DEVELOPMENT OF CORPORATE .docx (Size: 19.56 KB / Downloads: 25)
DIGITAL AGE:-
The Information Age, also commonly known as the Computer Age or Digital Age, is an idea that the current age will be characterized by the ability of individuals to transfer information freely, and to have instant access to knowledge that would have been difficult or impossible to find previously. The idea is linked to the concept of a digital age or digital revolution, and carries the ramifications of a shift from traditional industry that the industrial revolution brought through industrialization, to an economy based on the manipulation of information, i.e., an information society.
TOYOTA
It will be many months before we can objectively assess the long-term impact of Toyota’s recall situation on the company’s reputation and its future success as a business. For now, perceptions of the company’s communications approach undoubtedly are somewhat different in the US and in Japan. Unfortunately, from any perspective, what began as a drama has turned into a crisis, which we define as an event or series of events that threaten the company’s ability to carry out its business strategy and achieve its goals .
Today, in the US and elsewhere, consumers often reject the controlled environment of corporate and brand communications. Many US companies have adapted by treating consumers, employees, investors, and other audiences as potential advocates, rather than marketing targets. Today, US companies of all sizes have multiple blogs, affinity group websites, and participate actively in social media like Twitter and Facebook. Even some of the most conservative companies use these voluntary, interactive communications for official announcements, as well as ongoing discussion.
. What effect has this had on corporate business strategy?
Ans. corporate business strategies of the Toyota company includes looking for anything that enables them to stand-out from the competition based on management's direction. For example, they were pioneers in producing popular hybrid cars. Corporate business strategies of Toyota includes customer relations, a social responsibility platform and anything else that the leadership believes is worthwhile. In order to identify the Toyota corporate business strategies we must incorporate looking at how they increase revenues, cut costs and captivate their customers.
Instruction -
1 - Research Toyota company background by reviewing the company website. Read the company values to help determine the direction the company desires to go. For instance, philanthropy is a part of the corporate business strategy of Toyota. It allows the company to give back to the community and look good in the eyes of customers. This corporate business strategy can be identified as a way to satisfy customers.
2- Read company press releases from Toyota. These will detail information that the company wants to be recognized for as industry leaders. For example, Toyota is a leader in the hybrid car market with the Prius model. The unique efficiency standard and ability to cut costs for the consumer and benefit from tax rebates makes this an attractive corporate business strategy. Identify corporate business strategies of Toyota by reviewing all media news regarding the brand to see what they are highlighting as the next big item.
3- Watch Toyota TV commercials and car shows that are designed to entice new customers. There are always clues found in marketing campaigns for the perception the brand desires to portray. Typically, corporate business strategies of Toyota will include reliability and popularity as selling points. Therefore, looking for what is repeated often will lead to identifying corporate business strategies of Toyota. This is geared to be a revenue increasing strategy with visual appeal.
Q. What are the biggest issues facing by companies today?
Ans. Social media, such as Face book and Twitter have added new meaning to spreading news and information. While the traditional information channels such as newspapers, radios, and TV, are one-way mediums, the dawn of the Internet and social media have made communication a two-way extravaganza. The lack of any official control, supervision, or regulation has fueled a social media frenzy, which has proved to be a very effective method of rallying around a mass on any significant or even not so significant issue.
The recent banning of Facebook, and others alike, by certain governments is proof that social media cannot be ignored. Though authoritarian governments can resort to such drastic methods, public corporations cannot afford to do so. Corporations have no other way than to live with social media phenomenon -- either countering effectively, when a crisis starts brewing or suffering the consequences when it grows out of proportions.
Under this light, it is interesting to explore how the recall-troubled Toyota has handled the social media and what options are available for Toyota in order to prevent the situation go out of control and harming the worldwide reputation it has strenuously built over the decades as a top quality auto maker.
Toyota’s recall has exposed a bit of “digitization in automobile” industry as well. The digital technology in music and video industry, along with its exploitation by Apple using Internet and social media, basically pushed the old industry heavyweight Sony to the sideline. Could the same thing happen to Toyota? Can a new comer exploit the digitization in automobile, in conjunction with Internet and social media, to dethrone an established giant such as Toyota?