"The Humbling of Toyota" Magazine Review of Business Week
Toyota’s Challenge
Toyota has been the top car maker in Asia, and had a big market Share globally. Not until its car has gone berserk, and many people had experienced an accelerating numbers of accidents, which brought a global exposure of an accident which caused many buyers to get other brands other than Toyota.
Bloomberg Business Week reveals how Toyota started off from high quality cars and how by cutting costs it almost created a wide array of accidents, not only in North America but the world over.
Kichiro Koyoda had been true to his word and quick to admit the mistakes by cutting on the number of spare parts and the suffering of car quality, just to make sales. Toyota is now facing the challenge, how to regain the confidence of its loyal customers.
Many businesses have suffered mishaps, catastrophes and all sorts of business challenges, if Toyota can face up with this challenge and regain market share of a once stable market, they had to ensure quality and accident free cars.
Corporate Ethics does not redound only to ensure that workers are fully compensated, but it also goes to the customers. Customers are the life blood of any market, and thus they have to be protected by having quality products at all times. Competition is not an option. Innovation is.
Business Week is a magazine that is published every week by Bloomberg L.P. covered Toyota’s humbling experience lengthily. It was useful for any businessman to think things through before cutting on costs to increase profit.
Businessmen at the onset of the financial crisis had to balance production, cost, and market demand however, it shouldn’t loose sight that the real purpose of business is service to real human persons, whose dignity first and foremost has to be top priority. This means that fair wage, fair trade and quality products with reasonable profit, and proper market identification should synergism in any business.
The magazine focuses on business and finance news, but those who are in the dark and know next to nothing about it need not worry about picking up this magazine. It keeps you thinking and be on top of your line. The articles are what you expect from a magazine made by professional business writers, authors and analysts, and there is something about the way the magazine has been designed that caters to both hardcore businessmen and to the casual reader who is just reading something to pass the time.
That the magazine is able to strike that perfect balance between informative and creative is also something that shouldn’t be taken lightly. This means that the people behind the publication is constantly trying their best to come up with topics that are both pertinent to our business and creative enough for casual readers to at least flip through their pages. The pages keep you thinking, identify market and face the challenge.
There are several parts or sections of the magazine that readers can find interesting. There of course is the finance section, which updates the reader about the latest in business and finance; Strategy and Competition is also an interesting portion, something worth reading especially because of the cutthroat nature of handling a business; Innovation and Technology without missing the most important part of business: people.
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