Premium Essay

Biz Terms

In: Business and Management

Submitted By SolitarySilence
Words 18553
Pages 75
Toyota and Why It Is So Successful
Robert B. Austenfeld, Jr.
(Received on May 10, 2006)

1. Introduction
The purpose of this paper is to describe one of the most successful companies in the world and explain the reasons for that success. Fortune magazine’s February 20, 2006 edition featured this headline on its cover: “The Tragedy of General Motors” and a story of GM’s woes by Carol J. Loomis. Two weeks later, Fortune’s next edition on March 6, 2006 had this headline on its cover: “How Toyota Does It: The Triumph of the Prius.” This stark contrast is typical of the stories circulating in the media these days. At a time when a company that was once admired and for many years held the lofty position of the world biggest automaker appears on the brink of bankruptcy1), Toyota is about to overtake it in global sales this year (O’Dell, 2005). Why is Toyota continuing to thrive at a time when other carmakers are struggling to survive? At the outset I would like to acknowledge the main source for much of the information in this paper: The Toyota Way: 14 Management Principles from the World’s Greatest Manufacturer by Jeffrey K. Liker (2004). This paper is organized as follows: 1. 2. 3. 4. Introduction The history of Toyota The Toyota Way Summary and conclusion


As of May 2006 GM was still struggling to stay out of bankruptcy.

Papers of the Research Society of Commerce and Economics, Vol. XXXXVII No. 1

2. The History of Toyota
For organizational convenience I will discuss Toyota history as follows: • The start • The 1940s • The 1950s • Etc. The start. The Toyota Motor Corp. (TMC) had its beginning in 1933 when it was established as a division within the Toyoda Automatic Loom Works, Ltd. The founder of Toyota was Kiichiro Toyoda (1894–1952), the son of Sakichi Toyoda (1867–1930). The values that have underpinned Toyota success started with Sakichi who was…...

Similar Documents

Premium Essay

Biz Law

...the principal debtor 4, contribution: if one surety pays more, it is entitled to demand contribution from its co-sureties surety’s defense 1, ordinary contract defense (lack of capacity of parties, absence of consideration, fraud, mistake) 2, suretyship defense: a, when the principal debtor performs b, a creditor releases back to the debtor any collateral in the creditor’s possession(15-10collateral=5) no release of surety: 1, fraud, misrepresentation by the debtor 2, lack of enforcement by creditor 3, changes in loan terms—compensated surety 4, release, bankruptcy, insolvency, death, incapacity of principal debtor 5, creditor’s failure to give notice of default 6, failure of creditor to resort to collateral release of surety: 1, proper performance by debtor 2,release, surrender, or destruction of collateral(to the extent of value) 3,substitution of debtor 4, fraud/misrepresentation by creditor 5, change in loan terms—uncompensated party 6, refusal by creditor to accept payment from debtor 7 statute of frauds and limitations letter of credit is a three-party arrangement with a payor, a beneficiary and a issuer(draw the letter of credit) – international trade standby letter: letter of credit for a contractor ensuring he will complete the project as contracted a, issuer—customer of issuer b, customer of issuer—beneficiary of letter of credit(underlying agreement, contract of sale) c, letter of credit (issuer and beneficiary) duration:......

Words: 2016 - Pages: 9

Premium Essay

Biz Law Exemption Clause

...Contents Page 1 First Scenario ------------------------------------------------------------------------------------ 3 1.1 Was there a Contract Formed? 1.2.1 Existence of Offer 1.2.2 Existence of Acceptance 1.2.3 Existence of Consideration 1.2.4 Existence of Intention to be legally bound 1.2 Terms v Representation 1.3 Condition v Warranty 1.4 Remedies for Breach of Condition 1.5 Exemption Clause 1.6.5 Incorporation by Signature 1.6.6 Incorporation by Notice 1.6.7 Construction 1.6.8 Unfair Contract Terms Act Reasonableness Hire-Purchase Act Misrepresentation Act 1.6.9 Legal Advice 1.6 Misrepresentation 1.7.10 Materiality Test 1.7.11 Actual Inducement Test 1.7.12 Types of Misrepresentation * Fraudulent Misrepresentation * Negligent Misrepresentation * Innocent Misrepresentation 1.7.13 Remedies for Negligent Misrepresentation 1.7.14 Legal Advice 1 Second Scenario ----------------------------------------------------------------------------- 14 2.7 Fraudulent Misrepresentation 2.8 Remedies for Fraudulent Misrepresentation 2.9 Legal Advice 1 First Scenario In order to address if Will is legally bound to purchase the art piece from grace or whether he can sue grace for...

Words: 4699 - Pages: 19

Free Essay

The Terms

...These Terms of Service ("Terms") govern your access to and use of the services, including our various websites, SMS, APIs, email notifications, applications, buttons, and widgets, (the "Services" or “Twitter”), and any information, text, graphics, photos or other materials uploaded, downloaded or appearing on the Services (collectively referred to as "Content"). Your access to and use of the Services are conditioned on your acceptance of and compliance with these Terms. By accessing or using the Services you agree to be bound by these Terms. 1. Basic Terms You are responsible for your use of the Services, for any Content you post to the Services, and for any consequences thereof. The Content you submit, post, or display will be able to be viewed by other users of the Services and through third party services and websites (go to the account settings page to control who sees your Content). You should only provide Content that you are comfortable sharing with others under these Terms. Tip What you say on Twitter may be viewed all around the world instantly. You are what you Tweet! You may use the Services only if you can form a binding contract with Twitter and are not a person barred from receiving services under the laws of the United States or other applicable jurisdiction. If you are accepting these Terms and using the Services on behalf of a company, organization, government, or other legal entity, you represent and warrant that you are authorized to do so. You......

Words: 854 - Pages: 4

Free Essay

Biz Law

...issues in question are what rights does Tuf Tan has against the appointment of Lolli and whether such appointment of Lolli by the directors is in breach of the directors’ duties. Tuf Tan, as a member of the company, is not responsible for the management decisions of the company. By virtue of section 157A of the Companies Act, such rights to manage the company are conferred to the directors. Hence, matters such as appointment of employees are beyond the rights of the members. However, Tuf Tan may bring an action against the director in question (‘Director’) if certain duties are breached. Under section 157(1) of the Companies Act, a director has the duty to act honestly and use reasonable diligence in the discharge of his duties. The term "act honestly" covers a multitude of matters, such as that the director must act in the best interests of the company, must not place himself in a position of conflicts of interests, and must not use his powers for improper purposes. In order to determine if the Director has breached his duties, there is a need to first establish whether the Director is acting in the best interest of the company when he employs his mistress Lolli. If Lolli has the necessary qualities and is the most suitable candidate for the position, the Director may be said to have acted in the best interest of the company by employing her. In this case, Tuf Tan may not object to such appointment as a shareholder as it is a legitimate appointment. However, if......

Words: 5611 - Pages: 23

Free Essay


...University of Phoenix Material Week 4 Health Care Terms Worksheet Understanding health care terms is a prerequisite for both academic and professional success. This assignment is intended to ensure you understand some of the basic terms used in this course. Complete the worksheet according to the following guidelines: In the space provided, write each term’s definition. You must define the term in your own words. In the space provided after each term’s definition, use the term in a sentence as it applies to the health care industry. You may wish to consider the following: How has it influenced health care? What role has the term played as health care developed over the years? Save the completed worksheet as a Microsoft® Word document with your name in the file name. Submit the file to your facilitator. Submitted by: [Jonah Sleweon] Term | Definition | Use the term in a sentence as it applies to the health care industry. | Digestive System | The system that absorbs food into the body. | Our digestive system not only provide our body with absorbable nutrients it also excrete our body of waste products. | Obesity | Excess of body weight. | Obesity usually is the cause of overeating and laziness. | Circulatory System | Organs and tissues involved in circulating blood and lymph through the body. | The circulatory system is able to deliver nutrients and essential materials to our cells. | Hypertension | When blood pressure remains high. | Our......

Words: 474 - Pages: 2

Premium Essay

Biz Tort

...differentiates between economic losses, for which risk sharing is encouraged, and other losses, such as personal injury losses, where risk sharing is undesirable as a matter of public policy. B. The "Other Property" Exception to the Economic Loss Doctrine 1 21-The economic loss doctrine has been traced to a landmark decision by the California Supreme Court, Seely v. White Motor Co.. 63 Cal.2d 9, 45 Cal.Rotr. 17, 403 P.2c1 145 (1965), involving a defective truck The court allowed recovery for breach of an express warranty but refused to allow recovery on the basis of strict product liability. The court said that a manufacturer can be held liable for physical injuries caused by defects "by requiring his goods to match a standard of safety defined in terms of conditions that create unreasonable risks of harm. He cannot be held for the level of performance of his products in the consumer's business unless he agrees that the product was designed to meet the consumer's demands." id. 18 Tort law, unlike contract, does not permit risk sharing. It imposes obligations. Tort law is designed to "protect society against the unreasonable risk of harm from accidental and unexpected injury." Cease Elea. 276 Wis.2d 361, 39. 688 N.W.2d 462. When a product poses these types of risks to society, "public policy demands that responsibility be fixed wherever it will most effectively reduce the hazards to life and health inherent in defective products that reach the market." E. River. 476 U.S. at......

Words: 9531 - Pages: 39

Free Essay

Biz Law

...Lowest Level – Superior Court The only state where the Supreme Court is the lowest is New York Federal Top Level – Supreme Court Middle Level – Circuit Court Lowest Level – District Court Jurisdiction – the power of a court to hear a case The two bottom courts are trial courts and have original jurisdiction Top two have appellate jurisdiction. State jurisdiction 1. Subject –matter jurisdiction (apply to the CT) + (2-5 apply to the person you are suing) 2. Personal jurisdiction – domicile 3and4 relate to property 3. In Rem – dispute is about the property itself 4. Quasi in Rem – breach of contract (attach the prop to the dispute) 5. Long arm statute – minimum contact rule. Revenue 15% Example: purchased a toy from a biz in Indiana. Child got hurt and wants to sue the person. You can use the 5th rule. The judge will order and accounting and if the rev is equal to or higher than 15% the trail is heard in Cali if lower than the trail is heard in Indiana. Federal 1. Federal question – is a federal law an issue? Is a federal law violate? Federal property? Concerned with our federal city? 2. __Complete___ Diversity of Citizenship + $75,000 PI = Platiff Delta = Defendant Pi Delta Cal Nev Can go to fed court Wash NH ID CA Now they cant Venue A different location within the same jurisdiction Superior – many in diff districts CT of Appeals—major cities Supreme – Sac, SF, LA Although there are multiple courts in different districts it......

Words: 1759 - Pages: 8

Premium Essay

International Biz

...amount of taxes they pay each year. Simple strategies like deducting charitable donations are commonly known to individuals, while corporations often devise more complex plans to reduce tax liability in a state or country. The IRS defines tax avoidance as “one who avoids tax does not conceal or misrepresent, but shapes and preplans events to reduce or eliminate tax liability within the parameters of the law.” ( Tax avoidance by corporations has recently become a hotly debated topic because some companies are moving their headquarters overseas to avoid high taxes in the United States. The legality of these moves is currently not in doubt, but many debate the ethics of such moves. While technically legal and ethical, the short term benefits of some tax avoidance practices are not worth it in the long run. Tax planning is an important part of a corporation’s operations, and can greatly affect its bottom line. Professor James Hines explains “Corporate taxation increases the cost of producing corporate output, thereby raising output prices, depressing demand, and shifting output from the corporate sector of the economy to the non-corporate sector” (Hines 2001). Hines continues to explain why American corporations are looking at foreign countries to help ease their tax burdens. “Double tax relief is essential because a corporation’s home country claims the right to tax all of its income, including the income earned by its foreign affiliates, while host countries in......

Words: 2095 - Pages: 9

Premium Essay

Biz Eethics

...celebrities such as Ray Charles, Cindy Crawford, and Britney Spears. To appeal to sports fans, PepsiCo also tapped into the celebrity status of Shaquille O’Neal and racecar driver Jeff Gordon. In 2006 PepsiCo got a new CEO, Indra Nooyi, who began reorganizing PepsiCo to focus on several different initiatives. Under her leadership, PepsiCo’s goals included focusing more on countries outside the U.S., developing healthier snacks, having a net-zero impact on the environment, and creating a better working environment. PepsiCo has also begun investing heavily in the countries in which it does business. For example, in 2009 PepsiCo announced it would invest another $1 billion into Russia, which according to CEO Nooyi reflects Pepsi’s “long-term commitment” to the Russian market. The worldwide success of PepsiCo reflects the company’s dynamic and adaptable strategy throughout the company’s history, leading to its current revenues of over $43 billion. PepsiCo Divisions and Brands PepsiCo consists of four divisions: PepsiCo Americas Beverages, PepsiCo Americas Foods, PepsiCo Europe, and PepsiCo Middle East, Asia, and Africa. These divisions are further split up into different businesses, including Pepsi Beverages, Frito-Lay, Sabritas, SoBe, Tropicana, and more. The following are some of PepsiCo’s most well-known and profitable businesses. Pepsi-Cola Brands Over the years, Pepsi-Cola has gone above and beyond the original Pepsi beverage to incorporate a wide variety of......

Words: 8703 - Pages: 35

Premium Essay

Financial Terms

...Capitalize: An accounting method to delay the recognition of expenses by showing them as long term assets. If a company buys an asset with long lifespan, it can extend its cost over a long time in order to avoid showing negative revenue. Capitalization: Adding the cost of acquiring the asset to the cost of the asset. Acid Test Ratio: Purchase Accounting: Financial Terms Forward Bidding- When we invite bid from others for auction. The settled amount will reach maximum value here. Reverse Bidding- when we set the upper cap on price and the participants bid for lower prices. The settled amount can reach a minimum here. Private Placement- When a company issues shares/securities to a select grp of investors (<49). Two types- preferential issue, QIP. In this, less regulatory clearances are required. Preferential Allotment of shares/ Preferential Issues- Process by which allotment of securities/share is done to a select group of investors. This is done because raising capital from public issue often takes time and is expensive. QIP (Qualified Institutional Placement)- When the company issues to select......

Words: 838 - Pages: 4

Free Essay

Biz Plan

...|Packaging and Stationary |$8,500 | |Contingencies |$4,200 | |Total Start-up Expenses |$68,800 | | | | |Start-up Assets | | |Cash Required |$50,000 | |Other Current Assets |$0 | |Long-term Assets |$0 | |Total Assets |$50,000 | | | | |Total Requirements |$118,800 | Chart: Start-up [pic] 2.3 Company Locations and Facilities Fresin Fries locations will range in size from 50 – 70 meter square and will seat from 15 – 25 guests. Our first location will be on the larger end of this range. The location will feature its own originality in merchandise display and......

Words: 7528 - Pages: 31

Free Essay

Sm Biz Lv

...Business-level strategy defines an organization’s approach to competing in its chosen markets Major business-level strategic management responsibilities: Direction setting Establishment & communication of mission, vision, ethics, & long-term goals of a single business unit Creation & communication of shorter-term goals & objectives Analysis of business situation Compilation & assessment of information from stakeholders, broad environment analysis, & other sources Internal resource analysis Identification of strengths, weaknesses, opportunities, threats, sources of sustainable competitive advantage Selection of strategy Selection of a generic approach to competition – cost leadership, differentiation, focus, or best value Selection of a strategic posture – specific strategies needed to carry out the generic strategy Management of resources Acquisition of resources &/or development of competencies leading to a sustainable competitive advantage Ensuring development of functional strategies & an appropriate organizational design (management structure) to support business strategy Development of control systems to ensure that strategies remain relevant & that the business unit continues to progress toward its goals The generic strategy types proposed by Michael Porter are perhaps the most widely used & understood A sustainable competitive advantage is related to the amount of value a firm creates for its most important stakeholder, the......

Words: 1360 - Pages: 6

Premium Essay

Mcd Biz Plan

...July 22 1. The subject tenant has agreed to renovate the premises for the new tenancy term (5 years) and has signed back the renewal offer letters but requested amendment of the S & R clause so that the termination notice cannot be served by the Landlord within the 1st 36 months of the TCD & that the notice period shall be 6 months instead of 3 months. 2. After several rounds of negotiations, the tenant finally proposed the following terms: a) Renew for 2 years term at $78,000.00 / mth (exclusive) i.e. 7.23% > previous effective rent. b) No amendment for the S & R clause. c) No renovation work for the renewal term. 3. In order to retain this reputable chain store and to maintain the occupancy and rental income for the mall, we recommend RAC to accept the above offer. 4. Central A/C time shall be NIL since there is no A/C provided by the Landlord to the premises. We would like to seek RAC's approval for the following items : 1. A renewal term of 2 years at $78,000.00 / month (exclusive) or 10% GST whichever is the higher; 2. Total cash deposit shall be $308,496.00 ; 3. Central A/C time shall be NIL from Monday to Sunday for the notification form 30 Oct Offer letter is signed back. We seek your approval for converting into normal tenancy. 2. According to the previous T.A, the deposit should be HKD$218,212.50 Bank Guarantee + HKD$90,283.50 in cash,instead of all deposit in cash, we seek your approval for the above issue and converting into normal...

Words: 284 - Pages: 2

Premium Essay

Biz & Management

...Human Resource Competencies: Responding to Increased Expectations Dave Ulrich, Wayne Brockbank, Dani Johnson, and Jon Younger o one doubts that the bar has been raised on human resources. The HR profession began with HR professionals focusing on terms and conditions of work so that employees would feel fairly treated. Today, the business world faces enormous change, and HR professionals must do more than manage employee terms and conditions. As the bar has been raised on HR, some lament that HR professionals cannot meet these higher expectations, and HR should be discounted or downsized and its functions automated or outsourced. We believe that instead of denigrating HR, we should upgrade HR professionals and HR departments to meet the challenges that confront contemporary organizations. To respond to the raised bar, we propose how HR professionals can respond to increased challenges. We begin with a brief synopsis of the business context that raises new expectations of HR, and then we report the results of our research on over 10,000 respondents around the world that defines what HR professionals must know and do to deliver value. N BUSINESS CONTEXT In the world of business, familiar themes continually surface. Globalization has made the world a global village, and new markets (particularly in China, India, Brazil, and Russia) offer new challenges and opportunities. Global issues like trade barriers, exchange rates, tariffs, and distribution become important......

Words: 947 - Pages: 4

Premium Essay

Osler Doing Biz in Canada

...of Loans Third-party financiers typically offer a business an operating or term loan, or a combination of the two, which can be provided on an unsecured or secured basis. Operating or revolving loans are typically provided on a short- to medium-term basis and to finance the company’s and its subsidiaries’ working capital needs. This type of loan may be used to finance working capital requirements, acquisitions, recapitalizations and capital expenditure projects. Term loans are usually medium- to long-term loans available for a fixed period of time and repayable on the occurrence of prescribed events of default or on demand. They often are amortized over the term of the loan, with required periodic payments of principal and a bullet payment at the end of the term. Regularly scheduled interest payments are usually required. Loans will most commonly be made available in Canadian or U.S. dollars, with interest charged on the basis of a chartered bank prime rate/base rate, as well as LIBOR or bankers’ acceptances. Security Lenders often require a borrower to provide, at a minimum, security over the assets being financed and, in many cases, over all of the Page 15 Osler, Hoskin & Harcourt llp Doing Business in Canada borrower’s personal and real property, including after-acquired property. If a revolving facility is being provided to a company by a different lender than the term lender, the term lender may require a second lien on the primary collateral security of the...

Words: 29595 - Pages: 119