They blended these processes with the strengths of their own, and came up with something even better. Not even the most senior plant executives have named car spaces of their own.
Toyota proved that knowing their own weaknesses can be the key to success - and be one of the best business strategies you can ever deploy. The humility that helped them to crack the US market runs deep in the organization, from the executives to the assembly workers. But, they're worth over $2bn, and more impressively, they've achieved that valuation in an industry that didn't even exist before they invented it themselves. Most of the marketing that we experience is known as 'interruption' marketing.
Toyota spent years studying the production lines of American car makers such as Ford.
They knew that the US car industry was more advanced and more efficient than the Japanese one. They studied their competitors and tried to copy what the Americans did so well. And one of the reasons is that Toyota's number one corporate value is humility.
I want to share with you my personal top 5 picks for the best business strategies of all time.
Enjoy and more importantly, add your own examples in the comments below! We know them today as one of the fastest growing tech companies, valued at over bn, who have changed the way we travel probably forever.
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You've probably heard of the notion of 'continuous improvement'.
In the world of manufacturing, Toyota are pretty much the grandfather of exactly this.