Company Strategy
Toyota's management philosophy has evolved from the company's origins and has been reflected in the terms "Lean Manufacturing" and Just In Time Production, which it was instrumental in developing. Toyota's managerial values and business methods are known collectively as the Toyota Way.
In April 2001 Toyota adopted the "Toyota Way 2001," an expression of values and conduct guidelines that all Toyota employees should embrace. Under the two headings of Respect for People and Continuous Improvement, Toyota summarizes its values and conduct guidelines with the following five principles:
- Challenge
- Kaizen (improvement)
- Genchi Genbutsu (go and see)
- Respect
- Teamwork
According to external observers, the Toyota Way has four components:
- Long-term thinking as a basis for management decisions.
- A process for problem-solving.
- Adding value to the organization by developing its people.
- Recognizing that continuously solving root problems drives organizational learning.
The Toyota Way incorporates the Toyota Production System.
Read more about this topic: Toyota
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