Honda Financial Impact

1587 Words7 Pages
Risk and Financial Impact As the American Honda Motor Company introduces the Honda Waver to the consumer market, there are potential risks that are considered. These risks include financial risks, technical risks, new market risks and timing risks. To evaluate and manage these risks, the company enforces a risk mitigation plan. This plan will develop options and actions to improve circumstances related to the risks and will reduce potential threats that could impact the introduction of the new product. To manage financial risks, which is critical to the production of the Honda Waver, the company has developed guidelines to define the written financial policy. The policy that is set in place will be followed by all senior managers and shareholders…show more content…
Total quality management incorporates all company operations including marketing, finance, design, engineering and production (Hashmi, 2018). Principles of total quality management that can be applied to the product introduction are management commitment, continuous improvement, customer focus and training for all employees. To fulfill customer expectations by using total quality management, Honda Motor Company administers management commitment by acting as the main source to create an environment that provides success. Continuous improvement entails cross-functional teams, being aware of mistakes that are being made and knowledge of how to correct the mistakes, as well as, maintaining and improving standards. Customer focus is key in fulfilling customer expectations associated with the Honda Waver. Customer’s play a specific role in total quality management by providing feedback on the product, quality and service that Honda Motor Company offers. All staff members including chief management and associates, must understand the needs and demands of the customers. Each department involved with the new product introduction will keep customers in top of mind. There are five departments that are involved in keeping customer’s satisfied. These departments include the financial, marketing, sales, customer service and operation departments. The financial department controls the costs of materials, labor and equipment that is needed to fulfill the production process, as well as the purchasing of the product which could include financing and leasing options. The marketing department targets and assesses competition in the market and keeps the customer interests at a high. The sales department must show the utmost respect for all customers while gaining trust and providing answers to any questions the

More about Honda Financial Impact

Open Document