Describe about the Identification of High Impact Lean Production Tools?
The main aim of the research is to make a detailed analysis of the automobile industry. In this section, the learner is going to discuss about the two automobile companies namely Ford and Toyota. In the next sections, the different aspects of the automobile companies will be discussed like their promotions strategies, strategic pricing decisions that has been made by the companies and the mediums with the help of which they promote their products (Arunagiri & Gnanavelbabu, 2014).In this case both of the companies are the manufacturers of cars.
Toyota is being considered as one of the leading automobile manufacturers which have it’s headquarter in Japan whereas on the other hand, Ford has been considered as one of the largest producer of the automobiles and it has its headquarter in USA (Bansal & Malik,2015).
The strategy that has been followed by Ford is that they produce the quality cars and it follows the global marketing strategies in order to develop the good communication with the customers. It has been considered as one of the popular manufactures, as in this case, the middle class family can also be able to afford their spending on this company (Coulter & Krishnamoorthy, 2013). On the other hand, Toyota makes the proper use of the advanced technologies in order to beat the competition with the other competitors in the competitive market.
Dimitriou et al. (2014) have critically analyzed the fact that both of the companies have been considered as one of the renowned automobile industries. However, the management of Ford has engaged themselves in the development and the innovation of the new products in order to get the better products and also in the same way, meeting the demands of the customers. On the other hand, it has been observed Toyota make some of the advanced strategies in order to handle the crisis and makes a huge investment in the manufacturing of the spare parts. For these strategies, Toyota has been considered as one of the leading manufacturers as compared to Ford. On the other hand, Toyota designed the cars in a very stylish manner in order to gain the attention of the customers. They also engaged themselves in different types of the advertisement campaigns and in different channels (Garud & Karnoe, 2013).
The management of Ford needs to adapt the low cost strategy in order to sale their cars at a huge amount to the customers and by this way they can also be able to gain a competitive advantage in the global market. They need to focus on the manufacturing of the cars rather than only focusing on the production and the engineering criteria. On the other hand, in the same way, the management of Toyota also needs to focus on the cost leadership strategies so that all of the resources can be fully exploited (Hammami & Lindahl, 2013).
They also need to focus on the different type of segmented groups with the help of which they can be able to meet the basic needs of the customers. On the other hand, it is to be recommended to the management of Ford to develop the smarter cars with the latest interior designs and the latest features in order to gain the attention of the customers. This will help the management to gain the better revenues and by this way, they can be able to achieve the higher market share in the economy. It has been observed that the company has already adapted a technology, which has already been used by its competitors. Therefore, in that case, the sync-equipped vehicles need to be used by the management of Ford. On the other hand the management of Toyota need to refocus on the fact what they have previously done at the time of the production of the cars and redesign the features in order to gain a position in the market and need to respond quickly to the feedbacks of the customers (Kasap et al. 2013).
The management needs to make a proper adaption of the quality function so that the Toyota can be able to be one of the leaders in terms of the quality basis. The management of Toyota needs to make the proper analysis of the policy management where they need to define the actions properly to achieve the long targets.
The management of the companies needs to make the proper customer focused designs and they need to focus on the different aspects of the collaboration with the help of the proper CRM tools. They also need to make the proper use of the customer based metrics in order to make the good communication in between the employees and the staffs. The management of the organizations also needs to make the face-to-face communication with the customers so that they can be able to understand the queries and the sufferings of the customers. By this way, they can also be able to make a proper change in their products and can b able to make the products different from the other competitors (Kim et al. 2015).
There are different types of pricing objectives. The company needs to lower done the price so that the sales can be enhanced properly in order to manage the short-term losses. The sale oriented pricing decisions will also help in the increase of the sales and by this way, the market share of the company can be increased properly. The management also need to give the adequate discounts and the allowances on the cars so that they can be able to generate their sales and also can be able to attract the attention of the customers at a wider level. They also need to drop the price in order to enhance the additional sales in the market and by this way; the good brand image can be created in the minds of the customers. The sellers also need to announce the cheaper prices in order to fetch more customers in the market. They also need to make some of the adjustments n their prices in order to compete with the other competitors in the automobile industries (Lin et al. 2013).
The companies can also be able to use the product pricing strategies with the help of which the companies can be able to offer the different products and the services in order to generate more revenue. The seller also needs to consider the psychology of the customers before fixing the prices and in many of the cases they also need to sacrifice the competitive market position by reducing the prices in such a low price so that they can be able to capture the attention of the customers at a vast level.
In some of the cases, they also need to fix the premium prices that will be higher than the normal prices in order to attract the high profile customers. In most of the cases, they also need to adjust their base price in order to solve the difference of the customers , location and the products. In order to do that the management need to make the proper segmentation of the markets and need to diversify their products in the other markets so that the customers can be attracted at a huge pace. The by-products need to give the proper value to the customers so that they can be able to make the proper savings (Tsai et al. 2013).
The price advertising has been considered as one of effective advertising medium with the help of which the potential consumers can be attracted to the organization. This kind of advertising has been made with newspapers, radio, television, etc. In many cases, the television has been considered as the expensive medium while advertising the products. Therefore in that case, the online facilities has also been considered as one of the effective medium to communicate with the customers (Yang et al. 2015).
In many cases, the industries with the help of the videos can able to attract the customers with the attractive designs and the colors in order to gain the attention of the customers. They also need to make the proper use of the geo technologies in order to share the relevant information about their latest applications and the features to the customers. It is considered to be one of the best location intense technology which has been used in order to bring the creativeness in the product (Lin et al.2014).
Conclusion
The entire chapter highlighted the fact that the main component of the automobile car manufacturing industries is the colors. Therefore, in order to attract the attention of the customers, they need to add the attractive colors in the vehicles and by this way they can also be able to generate more revenue and also can be able to gain the competitive position in the market. By this way they can also be able to gain the good position in the market.
Reference List
Arunagiri, P., & Gnanavelbabu, A. (2014). Identification of High Impact Lean Production Tools in Automobile Industries using Weighted Average Method. Procedia Engineering, 97, 2072-2080. doi:10.1016/j.proeng.2014.12.450
Bansal, S., & Malik, G. (2015). The Impact of Factors Influencing and Promotion Strategies of Automobile Companies on Consumer Purchase Decisions. ANVESHAK-International Journal Of Management, 4(1), 164. doi:10.15410/aijm/2015/v4i1/59899
Coulter, B., & Krishnamoorthy, S. (2013). Pricing strategies with reference effects in competitive industries. International Transactions In Operational Research, 21(2), 263-274. doi:10.1111/itor.12051
Dimitriou, P., Peng, Z., Wang, W., Gao, B., & Wellers, M. (2014). Effects of advanced injection strategies on the in-cylinder air-fuel homogeneity of diesel engines. Proceedings Of The Institution Of Mechanical Engineers, Part D: Journal Of Automobile Engineering, 229(3), 330-341. doi:10.1177/0954407014540900
Garud, R., & Karnoe, P. (2013). Path Dependence and Creation. Hoboken: Taylor and Francis.
Hammami, Y., & Lindahl, A. (2013). Estimating and testing beta pricing models on industries. Journal Of Economics And Business, 69, 45-63. doi:10.1016/j.jeconbus.2013.05.003
Kasap, N., Sivrikaya, B., & Delen, D. (2013). Optimal Pricing Strategies for Capacity Leasing Based on Time and Volume Usage in Telecommunication Networks. Decision Sciences, 44(1), 161-191. doi:10.1111/deci.12000
Kim, N., Ha, S., Jeong, J., & Cha, S. (2015). Sufficient conditions for optimal energy management strategies of fuel cell hybrid electric vehicles based on Pontryagin’s minimum principle.Proceedings Of The Institution Of Mechanical Engineers, Part D: Journal Of Automobile Engineering. doi:10.1177/0954407015583408
Lin, Y., Yeh, R., Lin, H., Yang, G., & Yang, C. (2013). Pricing policies for services by facilities with Weibull lifetimes. The Service Industries Journal, 33(2), 218-235. doi:10.1080/02642069.2011.613935
Lin, R., Chen, R., & Huang, F. (2014). Green innovation in the automobile industry. Industr Mngmnt & Data Systems, 114(6), 886-903. doi:10.1108/imds-11-2013-0482
Tsai, C., Hu, Y., & Lu, Y. (2013). Customer segmentation issues and strategies for an automobile dealership with two clustering techniques. Expert Systems, 32(1), 65-76. doi:10.1111/exsy.12056
Yang, C., Trimi, S., Lee, S., & Yang, J. (2015). A Survival Analysis of Business Insolvency in ICT and Automobile Industries. International Journal Of Information Technology & Decision Making, 1-26. doi:10.1142/s021962201550011x
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