Business project Coursework Example | Topics and Well Written Essays - 500 words

Business project - Coursework Example As competitors move to produce more efficient vehicles, by producing electric cars Toyota will be tapping into the profitable unexploited market. By diversifying the range of products it offers by introducing electric cars, will further increase its market base since it will be appealing to the different tastes and preferences of various consumers. Over the years, Toyota has penetrated the automobile market in various parts of the world. Its presence in different regions and countries provides it with an added advantage in the event it launches a new product. By manufacturing quality, dependable and reliable products, it has created faith among the users of these products. The reputation it has created of production of quality products is likely to spur the sales of the electric cars since it has an already established global presence. Toyota is an established brand and by producing electric cars, it shall be remaining relevant, flexible and dynamic so that it’s able to cope with the changing business demands and environment. There are two types of business environmental factors that are likely to affect the business. They may either be micro; internal factors or macro, those outside the business. One of the internal factors has been product quality features and safety. Between November 2009 and April 2010, the company recalled over 8 million different car and truck models that had been manufactured by Toyota company in U.S.A. the models were discovered as to having a defective brake and acceleration system. For this, it received a USD $16.37 million fine by the U.S government (Toyota Website). A major strength of the company is the ability to offer quality innovative products that suit the tastes of various consumers. This is reflected in the winning of the award of being the number one car manufacturer in the year 2007, a title it also retained in 2008 (Toyota