Therefore, Toyota decided to withdraw its support for the formula one racing competition, and in turn focus its attention on its vehicle manufacturing (UKessays.co.uk, 2003). With the global economic recovery, Toyota has continued to increase its output in the global market; with many countries experiencing growth in their economies, this provided Toyota with a chance to develop new products in new markets. For example, Toyota aims to occupy more than 10% of the Indian car market by the end of 2015.
These are factors related to the society. Business can’t grow without the society, reasons being that the society is part of it. Social factors include demography, population growth, and company image (UKessays.co.uk, 2003). Any change in the social factors greatly affects the demand and supply in an organization. Socio-cultural factors have had an effect on Toyota in one way or the other. Toyota have led in product quality had they have achieved a good image in many societies, through social activities in different locations worldwide. For example, the Toyota project in Kirloskar Group for the drinking water for the Karnataka peoples (a state in South India). These social activities and projects have solved the social problems for the locals. Consequently, Toyota has earned respect and cooperation from the local people, and created a good image for them (powerfulwords, 2003). ...Show more