Â· Company: Toyota, an automotive firm.
Â· Issue faced by company: High competition and COVID-19 crisis
Toyota is facing intense competition from automakers in the markets it operates in. Although the world economy will slowly rebound from the COVID-19 crisis, uncertainty in the automobile sector will escalate further in the light of the broader potential business conditions. Competitive considerations while decision-making include the nature and functionality of the company, safety, durability, fuel efficiency, the amount of time required for innovation and development, pricing, customer service and financing. Increased competition results in lower vehicle unit sales, resulting in more downward market pressure, and adversely affecting Toyota’s financial position and operating performance. The ability of Toyota to effectively use various decision-making tools and techniques to deal with current dramatic changes in the automotive market and to retain its competitiveness will be integral for its future success in new and existing markets.
Initial action plan:
Evaluate decision making systems and techniques using class modules, provide recommendations on three decision-making techniques for Toyota and their interdependencies, Write report (600 words), Report formatting