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Toyota Success Recipe

The Toyota sales figures were skyrocketing, even their competitors were losing out in almost all markets. It is a matter of concern for all the automobile companies to regain their lost market share. Market capitalisation says it all. Toyota is worth more than the American Big Three put together, and more than the combination of its successful Japanese rivals, Nissan and Honda.
The Toyota way of production was discussed throughout the world, with lots of research being undertaken. The company's success is mainly due to the implementation of the following: -

1. Toyota Production System
2. Re-engineering
3. Superior Technology & Quality
4. Hybrid Vehicles
5. Employee Welfare Costs
6. Employee Satisfaction

1. Toyota Production System

Toyota Production System, also read as Thinking Production System, makes use of the following vital elements, namely,