Thompson — Frank B. Gilbreth's independent work on "motion study" is on record as early as ; after meeting Taylor in and being introduced to scientific management, Gilbert devoted his efforts to introducing scientific management into factories. Harrington Emerson — began determining what industrial plants' products and costs were compared to what they ought to be in
While the end of economic recession has led to rising sales and profits, there are other factors too affecting the automobile industry. Self-driving technology is already creating lots of excitement and Toyota, like Ford and others is investing heavily in this area to lay its hands first on the prize.
Global economy, politics and several other factors affect the business of Toyota. The Japan based company is now overtaken by Volkswagen as the biggest car maker in the world. Apart from these things, competition is also a significant factor and the increased interest of customers in EVs is also affecting vehicle makers.
However, this will be an area of opportunities for Toyota. Political factors have kept growing in importance with globalization. Whether the environment of a country is good for business or not depends a lot on the level of political stability there.
It depends upon the government and its policies that how well the international brands will be able to do business in a country. Political stability means a calm environment suitable for business. Countries that are in a state of political turmoil are not as suitable. Political havoc can result in business disruption and disruption of the supply chain and distribution network.
Business friendly environment requires friendly policy environment. The political turmoil in Europe during the recent years has affected the business environment there. The relationship between economic factors and market conditions is well known.
The better the economic conditions globally, the better the situation of the world market. The economic recession is now past and the world economy is growing fast.
Particularly, the Asian region is leading in this regard. Most of the vehicle makers are focusing on this region for faster growth and higher profits. The situation is not even globally, as some countries are still trying to emerge from the economic slowdown. Economic situations affect the condition of employment in any country.
Better economic situation means higher level of employment which in turn means higher purchasing power of the customers. Higher the purchasing power of the people, the better will be sales and profits of the global brands like Toyota.
Better economic activity also means higher dispensable income for people, which means people will feel more inclined to make big ticket purchases. The level of economic activity has an important effect on business in any given market.
However, to withstand the effect of economic forces, brands like Toyota and Ford have focused on building small cars that come for lower prices. Social and cultural forces and trends have a major impact on the sales of international brands.
The global market is made of smaller markets where social and cultural factors can become barriers. It is why brands focus on localization to connect with local customers in regional markets.
Social trends like changing preferences etc also have a direct impact on the business of the brands. Now-a-days, environment friendly and electrical vehicles are getting more and more popular.
Their sales have increased fast over the past few years. It is heard that Toyota is planning to jump into mass production of electric vehicles by It has already produced a hybrid vehicle Prius. Technology has kept growing important in every area of business in the 21st century.
Businesses are using IT everywhere to grow their business and to manage it better. The automobile industry is completely based on technology. Brands like Toyota cannot do without investing heavily in technology. Consumers too like to buy from technologically innovative brands. Cars that are low on fuel consumption and environmental impact are considered better and have grown in popularity.
Technology has grown important in marketing too where social media is being used to connect with the customers and to engage them. Environmental concerns are now all the more important for brands and customers alike.New York Times Population Debate.
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