PREFACE
Practical study in an important part of MBA Program. Keeping this
thing in view I was assigned a report on “Competitive Strategy of Toyota
Indus Motors”.
In this first place, I wish to thank our learned teacher Sir Liaqat whose
erudite guidance transformed the research material into reality. His scholarly
touch has been imprinted on my mind to last throughout my career in
practical life. He really leaves a lasting impression on novice minds.
I am in fact very thankful to the following gentlemen from Toyota
Indus Motors Karachi for furnishing us with great and valuable information.
They are very busy and highly professional people whose every
second is so precious we took a lot of time from each of them. They listened
to my questions with great patience and gave satisfactory answers. In fact, I
am greatly thankful to them in that, they helped me to complete this
painstaking task. I am grateful to all others who cooperated with me during
the research work.
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EXECUTIVE SUMMARY
include passenger class, trucks and computers. Following are the key players
Mitsubishi and KIA, but the main players in this industry are Toyota, Honda
and Suzuki and among these, Toyota is the market leader. Indus Motors is a
at Port Bin Qasim, Industrial Zone, Karachi. Its annual capacity is 20,000
units per year, expendable to 40,000 units per year. Its estimated project cost
the cost of imported material, which include CKD kits, that account for 75%
of the total cost. Tax policies of the government also affect the company.
Presently the CVT rate is 6.25% and upon that, they have to pay 40% which
In political and legal forces, poor law and order situation, especially in
Karachi, also affect the country. Political instability in the country and the
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Sharif Government, also produce effect on the Indus Motors. The result of
the Taxi scheme is that, 3000 taxis are still present in the market, awaiting
sale.
Target specifies that “No Roll Back”. This policy discourage the new
entrants because the new entrants will have to start at the deletion level that
Suzuki 800CC cars are substitutes for Toyota cars. Because this car is
tax policies, law and order situation and smuggling of cars are major threats
are as follows:
before.
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Major strengths of Indus Motors are their large product line, large
because its market share is decreasing, therefore, they are trying to maintain
I have also analyzed the existing strategy of its main competitor Honda
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(PART – I)
data) plying on the roads in Pakistan are bout 3,263,000, which includes
604,000 motor cars starting from the British and European and followed by
cars. The country gave an exclusive right in 1983 to one of the Japanese car
manufacturer 1992.
including foreign equity of Rs. 1.532 billion. The industry has total current
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Categories Total 1990 1991 1992 1993 19994 1995 1996 1997 Total Total
1984-89 1990-97 1984-97
Below 1000cc 83024 20306 20434 22532 17979 7061 68804690 16291 21061 132544 215568
1000cc 4019 5872 5766 6382 5169 4104 4690 7532 8253 47768 51787
Sub Total 87043 26178 26200 28914 29095 19570 26185 38266 41063 235471 322514
Total 87043 26178 26200 26200 29095 19570 26185 40069 44093 240304 327347
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ROSPECTUS
The passenger car industry in this country has great prospectus. The
Pakistani population is about 140 million people, and the present rate of car
on the road, the average comes to be 232 persons per car, which is far below
the normal standards of 109 persons per car among the developing countries,
particularly the South East Asia and the developed world, where the average
is 8 persons per car. There has been a growth of passenger cars in the
country, which were 87,043 for the period 1984 to 1989 and grew to
240,304 including light commercial vehicles during the period 1990 to 1997
The Table 2 shows the capacity of all these players along with their
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2. Honda Motors
And among these three, Toyota Indus Motors has got a leading
position.
Suzuki O O O O O O 50000
Honda O 10000
Nissan O 12000
Kia O O 10000
PLANNED BRANDS
MARKET 47000
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COMPANY PROFILE
Toyota Motor Corporation, Japan & Toyota Tsushu Corporation, Japan. The
project as submitted by House of Habib (HOH) and Toyota was selected due
business on May 31, 1990. On July 1, 1990, the company was appointed
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THE PROJECT
vehicles and components parts with an initial annual capacity of 20,000 units
INVESTMENT
including equity of Rs. 786 million. The estimated project cost includes total
fixed cost of Rs. 1,411,340,000; total equity of Rs. 983500000 and total debt
of Rs. 428,840000.
The production facilities are located at Port Bin Qasim Industrial Zone
near Karachi on land measuring over 105 acres at a cost of Rs. 37 million
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under lease by Port Qasim Authority. High quality metalled road to the
authority.
v Paint Shop
v Assembly Shop
v Welding Shop
v Guard Room
v Internal Roads
The main factory building & ancillary works are spread over covered
PRODUCTION CAPACITY
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IMPORTED MACHINERY
¶ Panel
¶ Heat Exchanger
¶ Spray Booth
¶ Drawing Oven
¶ Pneumatic Tools
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Pak Rs. 92.641 million was financed by sponsors' foreign equity. The entire
LOCAL MACHINERY
¶ Generator sets
¶ Air compressor
¶ Telecommunication system
¶ Computer equipment
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MANAGEMENT
BOARD OF DIRECTORS
Mr. M.Trakahashi
WORKING DEPARTMENTS OF
INDUS MOTORS
DEPARTMENTALIZATION
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facilitates the working of the organization. INDUS Motor company \abs a\so
INDUS MOTORS
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PRODUCT RANGE
Brand White, Black, Red Ex-Factory
XE White, Black, Red 634,000/-
1300 CC
XEG White, Black, British Green, Gray Met, 674,000/-
1300 CC Turquoise Mica.
GL White, Black, Gold Met, Gray Met, British 739,000/-
1300 CC Green, Turquuoise Mica, Deep Red
GLI White, Black, Gold Met, Gray Met, British 869,000/-
1600 CC Green, Turquuoise Mica, Deep Red
GLI White, Gold Met, British Green, 949,000/-
Auto Turquuoise Mica, Deep Red
2.0D White, Black, Red 719,000/-
2000 CC
2.0DG White, Black, Gold Met, Gray Met, British 759,000/-
2000 CC Green, Turquuoise Mica,
2.0D Grayish Purple, Black, Gold Met, British 829,000/-
Limited Green, White, Turquoise Mica, Deep Red,
Gray Metallic
4X2 S/C White, Red, Gray 659,000/-
2400 CC
4X4 S/C White, Red, Gray 889,000/-
2800 cc
DEALERSHIP NETWORK
Pakistan. The motivation behind this concept is to provide the best help to
Dealership” which encompasses three critical areas, all under one roof.
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These are:
¶ Sales
¶ Services
¶ Spare parts
level of service. The dealerships have ready access to genuine Toyota spare
PRINCIPAL DEALERS
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PART – II
STRATEGIC ANALYSIS
ENVIRONMENTAL SCANNING
complex and dynamic. Keeping this thing in mind, a company must look for
a strategic fit between what the environment wants and what the company
has to offer, as well as between what the company needs and what the
1) Economic forces
2) Politico-legal forces
3) Technological forces
4) Socio-cultural forces
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ECONOMIC FORCES
INFLATION
about 9%. The main reason of this rising trend is devaluation of currency by
devaluation took place in October 1997 and June 1998, which were 8.71%
Due to this turn by turn devaluation, the input costs have increased
and Toyota has been affected by these devaluations because the main
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appreciation.
TAXATION
Pakistan, first in October 1996, which increase the input cost due to
March 1997, though the Government reduced the Sales Tax from 18% to
kits remained high affecting production cost and CVT (Capital Value added
Motors. Presently, the CVT rate is 6.25% (both for tax and non-tax payers).
The government announced import duties at the rate of 40% to 35% but all
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these measures affected Toyota Indus Motors as well as the industry. The
CVT rate though party rationalized, was still not sufficiently favorable to
Atlas Cars has to pay only 5% tax on its turnover by virtue of its plant
last till the end of year 1998. This is serious competitive disadvantage for
Indus Motors and reciprocal advantage for its main competitor, Honda.
the last ten years with a forecast average GDP growth rate of 5% per
annum over the medium term, in line with its long term historic growth.
They expect demand for cars to grow at a little under 5% per annum over the
same period. Pakistan has one of the lowest number of vehicle per capita
among the developing world and therefore, offers a lot of room for demand
growth. Slower forecast growth in the upper segment market of only 5% per
annum is indicative of the tougher competition ahead for Indus and other
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is far from satisfactory Law and order situation is adversely affecting the
SMUGGLING
smuggled cars in the market is affecting the vehicles sales, and also the
Rs. 305 million, will hurt the industry in t11e years to come. Though, exact
without any registration at all and those piled up on and around Pakistan's
available but sources from Indus Motors put it at 50,000. Of these, 30,000
are already in use. While the rest will eventually find their way on the roads
through legalization.
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For an entire car industry which is producing only about 35,000 cars
on average per year, the legalization of the smuggled cars will cause an
the industry , this act will severely damage its market share.
POLITICAL INSTABILITY
countries. The reason being that Karachi is the nearest port to Central Asian
countries.
TAXI SCHEME
The after-effects of Yellow Cab Scheme are still being felt because
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due to the reason that. these vehicles were and are being released with
nominal duty in position. The result of this Taxi Scheme (1994-95) was that
this scheme.
SOCIO-CULTURAL FORCES
society.
produces cars that exactly match the buyers' needs and demand. It produces
cars for the upper segment of market. They produce Toyota GLI for status
Indus Motors tries to foresee in future. They say that people are
becoming more price conscious and want low fuel consumption and high
is the increasing education rate. Due to this people become more quality
doing its best to improve the quality of its products as well as price reduction
policies.
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TECHNOLOGICAL FORCES
important factor, you have to assess that how you made advancement in
INDUSTRY ANALYSIS
COMPETITIVE ANALYSIS
Profit potential in the industry," 'v here profit potential is measured in terms
of long-run return on invested capital. . The stronger each of these factors is,
the more companies are limited in their ability to raise prices and earn
greater profits.
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desire to gain market share and substantial resources. They, therefore, are
presence of entry barriers and the reactions that can be expected from
ECONOMIES OF SCALE
Economies of scale are the cost advantages associated with large size.
In care of Toyota Indus Motors, its overall capacity is 20, 000 units per year,
but it is presently operating at 5000 units per year. Out of total production
cost, CKD kit amounts to 75% of total cost. Whereas its main competitor
Honda with operating capacity of 10000 units per year and presently at 5000
units per year and out of its total production cost CKD kit amounts to 65%
of total cost. From this data, it is obvious that Indus Motors has not achieved
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competitor, which is also presently operating at 5000 units per year, but
PRODUCT DIFFERENTIATION
differentiating factor in the overall industry for Toyota cars is its customer's
brand loyalty. Toyota vehicles are running on the roads of Pakistan since
1967. Its spare parts are cheaper. Its after sale service is cheap and good. It
CAPITAL REQUIREMENT
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SWITCHING COSTS
Switching costs are the one-time costs facing a buyer when that buyer
switches from one supplier's product to another if these switching costs are
DELETION TARGET
manufactured locality through vendors. It is actually that "how much the car
level market for all firms in the same industry based on the previous year
achievement and target for the maximization level of deletion. Thus new
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industrial units have to start from the level of deletion already achieved in
requires new entrances to tart at that deletion levels that have already been
achieved in the industry. In the tecr!1S this specifies "No Role Back". This
policy discourages the new entrance with the result that a monopoly
dominance over others. In the car industry, competition in the upper segment
market is on the increase. This, when seen in conjunction with the fact that
the market itself is projected to grow at slow pace (small engine size market
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Suzuki have been marketing their larger engine size cars longer than the two
relatively new entrants, Honda and Nissan. However, both Honda and
Nissan are competing on price & quality and are making further
encroachment into Indus’ share. Price competition has set in the industry due
CAPACITY
In case of Indus Motors Company, its overall capacity 20000 units per
year, but it is presently operating at 5000 units ref year. On the other hand,
Honda' s overall capacity is 1000 units per Year and it is presently producing
5000 units per year. So Honda is utilizing its capacity in a best way than
they will double their production up to 10,000 units per year, which. reduces
their per unit cost. Hence in the short run the company probably will
produce more than market demand at the current price and may reduce its
price hoping that it can recoup its cost from a greater number of sales, within
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THREAT OF SUBSTITUTION
Suzuki car by Pak Suzuki Motors Company. It has posed and posing a great
cars by about 60%. Its CKD kit cost is 62% of total production cost. It
localization percentage the price of its car is less than the ones serving
Khurram Baig), the market for smaller sized engine cars is expected to
3. He also believes that the lower projected growth will likely limit
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of vendors end will result in the existence of strong vendor industry but until
the vendor industry does not exist in appropriate size, the existing vendor
power. The incentive may be in the form of training in Japan and also can be
monetary terms.
by a firm.
circumstances may have first class resources, which are fully exploited and
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what resources they have for achieving their goal, it is called resource audit.
The following factor involve, the resources that Indus Motors is employing:
¶ Marketing
¶ Human Resource
¶ Technology
¶ Finance
MARKETING AS A RESOURCE
the product mix, greater will be return on sale of product. Indus Motors
company has analyzed needs and wants if its customer and has made
available a broad product range to suit their need. All the cars in its product
range are a beautiful brand of style, economy and technology. Now they are
2000 that also possess all the qualities, which its all the cars have.
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MARKET SHARE
enjoyed higher return because of its larger market share. Now the Toyota has
entered in the maturity stage of product life cycle and its market share has
shrunk from 60% to 41%, but in spite of all this, Toyota is still enjoying
brand loyalty and higher returns. This is obvious from the tact that company
has earned Its. 271.70 million pre-tax profit for the year 1998, and it
CHANNEL OF DISTRIBUTION
They license dealers to sell the cars. The dealers are independent business
the country.
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which Encompasses three critical areas; sales, services and spare parts all
All the 27 dealerships have been sent up with latest facilities, repair,
dealership have ready access to genuine Toyota spare parts and ensuring
PROMOTION
ADVERTISING
Since company has develop the market of its product to such extent
that they have not to advertise to the extent the competitors do. They are
boarding.
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PERSONAL SELLING
people in a large number so they can observe the needs of customer and
Toyota Motors continued the dealership and fun within the company. The
resale value which in turn attracts rate value which in turn attracts repeat
highest category.
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PRODUCT QUALITY
there benefits and attributes the product quality level sports products
position in the target market product quality stands for the ability of a
Quality of product has not been compromised with and very heavy
investment has been made to build its production facilities based on state of
The whole body shall of the car is dropped into tank containing 75
The welding line utilizes a fully automatic process control cycle for
DISTRIBUTION CHANNEL
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Companies of the world to sell its products in their own countries. All the
parts of the Toyota products are supplied- through road airway and watering.
In Pakistan these Parts are brought through watering from Japan. Then these
parts are assembled in Karachi the assembling of Parts the finish products
are delivered to the dealers, which are spread in 16 cities of Pakistan through
for assembling of Toyota products. It assembled a car within two hours and
fifteen minutes.
PRICING
revenues.
All other elements represent costs. There are many factors that affect
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OBJECTIVES
position their car for budget minded customer, they always when setting
COST
Costs set the floor of the price that the company can charge for its product.
The major component of their component of their cost is CKD kit, which is
SETTING OF PRICE
customers. Toyota always set the prices of its products according to the
customer, s purchasing power. They charge low price for their products that
is why Toyota is know as economical car. Costs provide the base in setting
the price that a company can charge for its products. Toyota is one of those
companies who want to become the low cost manufactures in their industries
Competitors also effect the pricing decisions. While setting the prices
of Toyota products, Toyota keep in mind the competitors prices, offer etc.
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Prices in Pakistan Toyota motors also consider the current policies of the
Total cost. There are many factors, which influence their cost of
features, incentives they are offering to their customers. Toyota also keeps in
AREA OF PRODUCTION
FAVORABLE LOCATION
The Indus plant is located at very favorable place; the port is near to
it. The general Tyre Company is near to it from which it gets the tires for its
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cars and save transportation cost. Though some of vendors are also located
TECHNOLOGY
assembling from are station to another station. They have heat exchanger,
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This kind of financial analysis includes earning per share, debt to asset
ratio (leverage ratio), return on investment, and so on, plus a ratio study
relative to its competitor as evident by %age net profit margin, 3.31% and
Indus has utilized inventory and its assets more efficiently than Honda
Atlas. Indus has asset turnover 1.88 times, while Honda Atlas has 1.2times.
Honds Atlas has utilized more borrowed funds about 62% of total assets as
HISTORICAL ANALYSIS
A historical analysis looks at the deployment of the resources of a
change in the overall levels of resources can be identified. For this regard,
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we make a historical table to analyze bow much changes take place in their
different resources, such as market share, current assets, fixed assets, and
THREATS
• The government tax policies are threat to Indus motors. Indus motors
have to pay 6.25% capital value added tax (cvt). Apart from this, they
have to pay 35% important duty on CKD kits (the main component of
Toyota cars), that is imported from Japan. That has increased its costs.
to Indus motors.
manufactured cars.
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• The 1992’s taxi scheme has acted and is still acting as a threat to
Toyota vehicles. Still three thousand yellow cabs are awaiting for sale
in the market.
• Suzuki 800cc and 1000cc cars are substitute for Toyota car. The
reason is that people are becoming more price conscious and want
economical car which give low fuel consumption that is why Suzuki
vehicles.
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• Indus Motors imports CKD kits from Japan, when devaluation in the
• When Pakistan made its first atomic explosion on May 28, 1998, the
to Indus Motors. The analysts have projected that the market for larger
sized engine cars will grow at a rate of 5% which is less than 9% for
small sized engine market; this slow growth puts dampening effect on
OPPORTUNITIES
being their nearest port the opening of trade routes in these countries,
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road net work and reduction in the rail links will cause expansion in
• According to Manager Imports Mr. Asad ali Shah from Indus Motors.
and Bhotan, if India give way through its trade root to Pakistan by an
agreement.
Pakistan makes the industry specific deletion policy this will provide
there are 180 vendors in the vendors industry, if they remain and
WEAKNESSES
compared to its competitors. Indus Motor and Honda Atlas motors are
producing the same no of vehicles (5000) vehicles per year) but Indus
Motor incur huge cost. For Indus CKD kits account for 75% of their
total Manufacturing cost, where as for Honda CKD kit account for
65% CKD kits cost for Indus is on the average about 25% higher than
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present they are producing 5000 units, this shows that they are not
fully utilizing their capacity. It means that they are not amortizing
their fixed cost in best way, while major competitor Honda Atlas,
dealers often charge high price from customer and also not act upon
STRENGTHS
• One of its strength is its location at Port Qasim Karachi. Most of its
vendors are located in Karachi. Indus Motors Company get tyres from
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market share was 60%. But now though it is reduced to 55% but still
which is 2000 units per annum and it is expandable to 40000 units per
year.
vehicles. Which satisfy each and every segment of market. And now
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• Indus, Labour force is also its strength, which is efficient and well
trained. It is obvious from the fact that employee turnover rate is only
• Easy availability of genuine spare parts and its Toyota’s resale value
part).
What we are about to see is top secret, or at least was at one time or
vehicle, so we have to keep things close to the vest until they're ready. The
vehicles below, however, are near enough to launch to allow you a sneak
peek.
What do we get when you take the "fiction" out of sci-fi? We get a
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There's the RA V4-EV: Don't let its electric motor fool us…. this baby
moves. Next up, the e. com: An electrifying new idea - just the right amount
of car for getting there. And, finally, there is the CNG Camry: The vehicle
for the Fleet Manager who really cares about air quality . . . and his or her
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