Toyota and Why It Is So Successful

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During the 2000s Toyota continues to come out with new models: Opa, Kluger. V, Allex, Allion, Voxy, Brevis, Verossa, ist, Alphard, Succeed, WISH, Sienta, …

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Toyota and Why It Is So Successful
Robert B. Austenfeld, Jr.
1) As of May 2006 GM was still struggling to stay out of bankruptcy.
(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…