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Importance of performance objectives for the company

Identify the component activities for an organisation of  Toyota then evaluate the performance objectives used by each and critically examine and suggest ways in which the performance could be improved?

Every company aims to work towards rendering quality and satisfactory customer services. This is done by handling the customer requirements and providing dependable services in a cost effective manner. The services rendered by the suppliers are evaluated, so as to improve the quality of services offered by the companies. This report has been prepared on Toyota, one of the leading companies in the UK. For successfully approaching and selling goods and services to the clients, the management work towards improving the performance.  For this, the objectives are highlighted and the tasks involved with the same are analysed. In this method, the quality, speed, flexibility, dependability, employees, and cost factors are evaluated. Such factors are considered to be essential for the successful business operational activities. Toyota is one of the leading companies that have been known for rendering quality and reliable services to the clients. The quality of the products are analysed on a continuous basis. This has been done to analyse the areas that needs to be worked upon, without increasing the costs for the services (Ackman, 2002)

Strategies for operational and performance management helps the company to integrate different production and operation activities. This has been done by analysing the plan for business conduct and analysing the objectives. Operations functions are important as this would help the company to improve the quality for services, and reduce on the costs related to operations. Toyota is a leading company and has been rendering reliable and cost effective services.  The company has introduced effective strategies for improving the quality of the production activities. New and improved production strategies are introduced so as to improve the quality for the production activities (Armstrong, 2006).

The importance of the performance management is quite similar to the objectives that have been set forth by the company. It offers intangible goals that are considered to be essential for the business. Through this process, the management of the company determine the responsibilities of different departments and assign the tasks to the staffs. Different departments that functions in Toyota are –

  1. Production (Locke & Latham, 2002).
  2. Research and development
  3. Sales
  4. Manufacturing
  5. Marketing
  6. Human resource management
  7. Speed (Barsky, 2007)

The performance of the management has to be correlated to the objectives that have been set forth by the company. Through an evaluation of the performance management system, the company would be able to analyse the challenges that are associated with the production and sales process. For instance, the company aims to sell fuel efficient cars to the clients. In order to do so, the management needs to plan and introduce new methods for improving the sales. Objectives of the performance depend upon the speed for conducting the operational activities. Speed for the production process can be improved by introducing better plans and technology that would enable the company to cater the needs of the clients in the best possible manner (Bartov, Givoly & Hayn, 2002).

Performance management

Time gap between the order placement and making the product available to the clients has to be analysed. Introducing changes in the technological aspects can be expensive, and thus the management needs to plan and introduce better methods for improving the production activities, without increasing costs. The actual time required for carrying put the manufacturing process, and making the product available for the customers has to be analysed. Longer time frame, could impact the sales for the company. Thus, Toyota has introduced effective methods that would record the information and provide the details to the clients. The steps involved in the process have been evaluated, as this helps the management to make the corrective steps (Bazerman, & Chugh, 2006).

The staffs of the company are quite important for the successful business operational activities. Performance done by the management has to be measured, as this helps the management in deciding the changes that has to be introduced for improving the performance.  The target assigned to the staffs has to be realistic, as this would help the management in achieving the set target or objectives. In this process the expectations of the company from the employees has to be analysed, and the same needs to be communicated.  In order to measure the performance for the company, effective timeline has to be drafted. Staffs of the company need to be motivated, as this will improve the performance for the management (Lobo, Cochran, and Duda, 2000). For this, the management need to provide the staffs with enough resources that would help in improving the performance, and introducing corrective steps immediately. For example, the company introduce performance oriented tasks for the staffs. Through this process the management evaluate the quality of performance and reward the best performing staffs. Employees with the research and development department are expected to work towards the product improvement and introducing new products for the staffs.  In this process, the management of the company has to introduce better methods for encouraging the staffs to work better. Impressive pay structure and recognition method can be introduced for encouraging the staffs to work better and improve the productivity (Cheng, Subramanyam, & Zhang, 2005).

In order to improve the quality of the product and services, the management of Toyota work towards improving the value chain system. Through this process, the company attempts to gain over the competitive edge over the other companies, and aims to render the best possible services to the clients. Toyota believes in developing value chain management system that would help in distributing the goods to the clients (Locke & Latham, 2006). In this method, the company attempts to reduce the wastages that are involved in the production activities. For this, the below mentioned factors are analysed-

1. Inbound logistics – The raw materials are procured from the suppliers in the right quantity. The management of Toyota buy quality and reliable raw material from the suppliers and constantly evaluate the quality of the products. This has been done to maintain the same level of competition and provide the clients with the best possible services. The company practices just in time or JIT method. Through this process, the relationship with the suppliers is closely evaluated (Cropanzano, Byrne, Bobocel, and Rupp, 2001).

Employee management

2. Operations – In this level, the raw materials and technical know-how required for carrying out the operational activities are assembled for production activities. Through this process, the techniques related to upgrading the car manufacturing process and others are also included (Mussweiler, & Strack, 2000).

3. Outbound logistics - The manufactured goods has to be delivered to the clients, retailers, or other parties. This is one of the important factors that are related to the supply chain management system. In this process, the products are quantified, so as to reduce the wastages that are involved in the production activities (Fleming, & Zyglidopoulos, 2008)

The stages involved in the process are analysed, and corrective steps are taken to introduce the necessary changes. Through this process, the management can effectively improve the sales and retain the clients (Schweitzer, Ordóñez, & Douma, 2004).

Toyota is one of the leading companies that manufacture and sell quality and reliable products to the clients from different parts of the globe. Quality and reliability are two main factors that are associated with the company. In order to improve the production activities, the management has introduced flexible plans that would enable the company to improve the sales. Flexibility has been offered in terms of services, add-on to the facilities, and others. Such services and features are demanded by the clients. The cost for the services depends upon the requirements or demands planed by the clients. Flexibility is also related to the operational activities and other strategies that are adopted by the management. Such changes are introduced by the management to ensure that the production activities are carried out without any interruption. Also, through this process maximum number of clients can be handled (Latham, & Locke, 2006). The management of Toyota has organized the functional and operational activities of the company for reducing the costs that are involved in the production activities. Felicity is provided to the clients to reduce on the operational expenses. Through this process, the management attempt to procure the goods and services at a reasonably lower price. The savings are intended to be provided to the clients, in terms of discounts and other benefits. Flexibility in the operational activities has been introduced in terms of production improvement and sourcing the works to countries that offers low costs. Such factors help the management to build brand image and reputation, as both the factors are important for the successful business operational activities (Galinsky, Mussweiler, and Medvec, 2002).

The management of Toyota has worked towards offering dependable services to the clients. In this process, the expectations of the clients have been analysed. Such an analysis helps the management to improve upon the quality of services. Clients of the company are rendered quick and reliable services, as this would help in improving the quality of services (Shah, Friedman, & Kruglanski, 2002). The information regarding the client’s expectations and preferences are gathered and analysed. This has been done to provide or render quick and dependable services to the clients. There are different factors that can directly impact the performance of the company and the quality of service that has been proposed to be provided to the clients. For this, the management has to evaluate and draft the best policy that would help in improving the service quality that has been proposed to be rendered to the clients (Jensen, 2003).

Quality

The best way to attract the clients form different market is by offering quality and cost effective services to the potential buyers. Toyota is one of the leading companies that offer effective services at a reasonably lower price. The company offer cars that would save fuel or would consume less fuel for the clients. This is one of the positive aspects through which the management could attract clients from various markets. In order to reduce the costs for the operations, the management constantly work towards –

  • Improving the quality of the production activities (Tenbrunsel et al., 2000).
  • Evaluate the price for the services that is being rendered by the rival companies
  • Monitor the quality of the products (Kayes, 2006).
  • Offer flexibility in services like discounts and choice for customization

Through such factors, the company attempts to attract the clients and offer the best possible services. At present the company has manufactured hybrid cars that would consume less fuel and function in an effective manner. This is one of the reasons, the sales for the company as compared to the rival groups has been constantly increasing. The management also adopts and implement financial goals through which the clients and the staffs of the company could be provided with better options. In the financial goals for staffs are encouraged to improve the sales and cater the clients in the best possible manner. In returns, the management pay incentives. This would keep the staffs motivated. The other financial goal is to introduce cost saving methods that is related to purchases of the technical know-how, manufacturing units, and raw materials (Wall, 2001). The steps intend to be followed by the company has to be measured. For the clients, the company offer great value cars at a reasonably lower price. Sales goal is also a part of the financial goals that has been set forth by the company. Through this method, the management encourage the staffs to enter into direct sales process and render quick and reliable services to the clients (King, & Burton, 2003).

The objectives for the performance management have being highlighted, and the same has been communicated with the staffs and different departments of the company. This would help the company to attract maximum number of clients and retain the best performing staffs. Through this process, the company would be able to constantly improve the sales performance and reach out to maximum number of clients (Knight, Durham, & Locke, 2001).

Conclusion

Performance management and objectives are quite an important factor that contributes towards the successful business operational activities. In this process, the management of the company analyse the challenges that are involved in the process of production and draft the best policies through which the tasks can be achieved. The performance of the staffs and the expectations of the clients have being considered in this process. This would help in improving the quality of services that has been proposed to be rendered to the clients (Wade, O'Reilly, & Pollock, 2006).

References

Ackman D, 2002. Pay Madness At Enron. Forbes.com. Retrieved from https://www.forbes.com/2002/03/22/0322enronpay.html.

Armstrong M, 2006.“Strategic Human Resource Management”, 3rd edition, ed. Kogan Page, London, p. 142.

Barsky A, 2007. Understanding the ethical cost of organizational goal-setting: A review and theory development. Journal of Business Ethics, 81(1), 63-81.

Bartov E, Givoly D, & Hayn C, 2002. The rewards to meeting or beating earnings expectations. Journal of Accounting and Economics, 33(2), 173-204.

Bazerman M, & Chugh  D, 2006. Decisions without blinders. Harvard Business Review, 84(1), 88-97. doi: Article.

Cheng M, Subramanyam K, & Zhang Y, 2005. Earnings Guidance and Managerial Myopia. Working Paper, University of Southern California.

Cropanzano R, Byrne Z, Bobocel D, and Rupp D, 2001. Moral Virtues, Fairness Heuristics, Social Entities, and Other Denizens of Organizational Justice. Journal of Vocational Behavior, 58(2), 164-209.

Fleming P, & Zyglidopoulos S, 2008. The Escalation of Deception in Organizations. Journal of Business Ethics, 81(4), 837-850.

Galinsky A, Mussweiler T, and Medvec V, 2002. Disconnecting outcomes and evaluations: The role of negotiator focus. Journal of Personality and Social Psychology, 83(5), 1131-1140

Jensen M, 2003. Paying People to Lie: the Truth about the Budgeting Process. European Financial Management, 9(3), 379-406.

Kayes D, 2006. Destructive goal pursuit: The Mount Everest disaster. Basingstoke: Palgrave Macmillan.

King L, & Burton C, 2003. The hazards of goal pursuit. In Virtue, vice, and personality: The complexity of behavior. (pp. 53-69). Washington, DC US: American Psychological Association.

Knight D, Durham C, & Locke E, 2001. The Relationship of Team Goals, Incentives, and Efficacy to Strategic Risk, Tactical Implementation, and Performance. The Academy of Management Journal, 44(2), 326-338.

Latham G, & Locke E, 2006. Enhancing the Benefits and Overcoming the Pitfalls of Goal Setting. Organizational Dynamics, 35(4), 332-340.

Lobo C, Cochran D, and Duda J, 2000. “Using axiomatic design to support the development of balance scorecard” In Performance Measurement Past, present and future, ed. A. Neely, p.347-357, 2000

Locke E & Latham G, 2002. Building a practically useful theory of goal setting and task motivation: A 35-year odyssey. American Psychologist, 57(9), 705-717.

Locke E & Latham G, 2006. New Directions in Goal-Setting Theory. Current Directions in Psychological Science, 15(5), 265-268.

Mussweiler T, & Strack F, 2000. The 'relative self': Informational and judgmental consequences of comparative self-evaluation. Journal of Personality and Social Psychology, 79(1), 23-38.

Schweitzer M, Ordóñez L, & Douma B, 2004. Goal Setting as a Motivator of Unethical Behavior. Academy of Management Journal, 47(3), 422-432.

Shah Y, Friedman R, & Kruglanski A, 2002. Forgetting all else: on the antecedents and consequences of goal shielding. Journal of Personality and Social Psychology, 83(6), 1261-80.

Tenbrunsel A, Wade-Benzoni K, Messick D, & Bazerman M, 2000. Understanding the Influence of Environmental Standards on Judgments and Choices. The Academy of Management Journal, 43(5), 854-866.

Wall A, 2001. “Power of performance management: How leading companies create sustained value”, ed. Wiley, New York, 2001.

Wade J, O'Reilly C, & Pollock T, 2006. Overpaid CEOs and Underpaid Managers: Fairness and Executive Compensation. Organization Science, 17(5), 527-544.

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