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Formal Report – Honda Motor Company

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Honda Motor Company Ltd. , very few people in modern society are unfamiliar with the name. Today, Honda has given society everything from cars, trucks, generators and motorcycles. But of all these, it is the motorcycle that built the framework for Honda’s success and boosted the small Japanese manufacturer into a global phenomenon. Honda is a Japanese based company which is well known for its cars and motorcycles. It is the 2nd largest automaker in Japan and the 5th largest automaker in the world.

Honda is world renowned for innovative ideas and engineering excellence. Its most well known cars are the Civic and Accord.

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In the west, Honda currently stands as one of the leading automakers. It has reputation and style. Companies like Honda aim to provide luxury and performance above everything. Nevertheless, there are various internal and external factors that have a significant influence on how the company does business. History/Background Soichiro Honda, founder of Honda Motor Co. Ltd. , started out as an apprentice for Art Shokai, one of Tokyo’s top automobile repair workshops. His impressive performance and dedication earned him the privilege of opening his own Art Shokai shop in Hamamatsu, Japan.

In 1946 the shop was converted into the Honda Technical Research Institute. That same year, Soichiro Honda launched his first creation, a bicycle powered by a supporting engine. Two years later, the location officially became known as the Honda Motor Company Ltd. Initially, the corporation was capitalized at approximately ?1 million with only 34 employees, Soichiro Honda included. The company’s primary focus was on developing and manufacturing motorcycles. In 1958, Soichiro Honda released the Super Cub motorcycle in Japan. After just seven years, Honda had established itself as a leading manufacturer in the Japanese motorcycle industry.

In 1959, Honda decided to branch out to the overseas market. That same year Honda opened his first dealership in Los Angeles, California. By 1963, Honda was the number one selling brand of motorcycles in the U. S. In 1961, the company manufactured nearly 100,000 motorcycles in just one month. In 1968, Honda sold its millionth bike. Leading towards the end of the 80’s, Honda was able to hold a 60% position in the global market for motorcycles and in the early 90’s he was able to reach a product output of nearly 3 million. Automobiles In 1958, Honda Motor Company’s R&D started prepping for car development.

On October 25, 1962, Honda proudly displayed the S360 and S500 Honda Sports series, and the T360 mini pick-up truck in the 9th Japan National Auto Show. The displays created massive hype, however, the S360 never made it to the market. The T360 mini pick-up truck went on sale in August 1963 followed by the S500 sports car which hit the market in October. In 2008, Honda Motor Company Ltd. along with Toyota and BMW were the only automobile companies to land on the top 20 of the World’s Most Admired Companies. Environmental Responsibility Honda Motor Co. Ltd. as among the first automobile companies to engage in environmental conservation activities. The company is dedicated to reducing the impact that its corporate activities and products have on the environment on a global level. They have designed a comprehensive system called the Honda LCA, in order to assess the full extent of the impact that the company’s activities have on the environment over a period of time. Specifically speaking, the system helps determine Honda’s environmental footprint starting from the stages of development all the way through the final disposal of the products.

Honda Motor Co. Ltd. has created what they refer to as the Green Factory initiative. Honda keeps records of CO2 gas emissions as well as energy and water consumption of all its subsidiaries and affiliates. They also track the quantity of landfill waste that the company contributes on both a local and global basis and are continuously working on waste-reduction projects. In terms of cars, Honda has been highly successful in producing environmentally sustainable hybrid models. In 1999, Honda launched its two-door Insight, which was also the first hybrid car to hit the mass market in the United States.

The car won numerous awards and received EPA mileage ratings of 61 mpg city and 70 mpg highway. In February 2010, Honda introduced its latest addition to the hybrid family, the CR-Z. With a 1. 5-liter i-VTEC engine, the vehicle offers 22. 5 km/liter at a six speed manual transmission and 25. 0 km/liter with a continuous variable transmission (CVT). The CR-Z’s fuel economy and environmental performance has been verified based on tests performed by the Ministry of Land, Infrastructure and Transport. In the coming future, Honda Motor Co. Ltd. ill continue to research and develop new concepts for environmental and energy related technologies. Ethical Purchasing Majority of large corporations, such as Honda Motor Co. Ltd. , have a written set of policies that express management’s commitment to ethical purchasing. In order to reinforce ethically responsible purchasing, Honda has formulated a set of principles termed as the Honda Green Purchasing Guidelines. The principles were devised to make certain that all parts and materials purchased would not conflict with Honda’s conduct guidelines on environmental protection.

Corporate Social Responsibility (CSR) Honda Motor Company’s corporate social responsibility is based on Soichiro Honda and Takeo Fujisawa’s philosophy. It consists of a set of ideals that set the standard for behavior and executive decisions. The set of values is collectively shared by Group companies and their staff. The values are derived from the company’s basic concept of respect for the individual and the “Three Joys (of buying, selling and creating) as well as the company principle and management policies.

Honda’s principle is that they are dedicated to supplying high quality products at reasonable prices for worldwide customer satisfaction. In regards to fundamental principles, respect for the individual is based initiative, equality, and trust. In Honda’s terms, initiative means to think outside the box and act on own ideas and judgment with self liability. Equality is based on equal opportunity setting aside race, religion, sex, creed, educational background, national origin, as well as social and economic status. Trust is based on the fact that employees should have confidence in each other.

They should accept help when given and give help when deemed necessary. The idea behind the “Three Joys” is that Honda believes that every person that comes into contact with their company, either directly or through their products should feel a sense of joy through the experience. With respect to management policies, Honda’s thinking is that work should be approached with a sincere attitude and time should be well spent. Management advises their employees to come up with innovative ideas, work hard, and most of all enjoy what they do. What Makes Honda Socially Responsible

As a philanthropist, Honda Motor Company Ltd. continuously strives to make a difference in the world. In Canada alone, the company offers scholarships for children who cannot afford to go to college themselves. They sponsor events to help children learn about endangered species of animals as well as different ways to save the earth. They hold literacy circles to help second and third graders improve their reading skills. They host Clean-Up Day to support local plants and wildlife. The company also sponsors marathons and other events to help raise money for cancer research.

On a global level, Honda’s support has helped many underprivileged individuals receive healthcare checkups in countries such as India. Amongst their other social responsibilities include disaster training, agricultural counseling for farmers, etc. They host tree planting events, annual blood drives and offer disaster relief for victims of earthquakes, floods, and more. Honda’s charity events also help raise money for children suffering from mental and physical disabilities. Overall, Honda Motor Company Ltd. makes major contributions to society. Outsourcing As a result of their End-of-Life recycling law, Honda Motor Co.

Ltd. must properly dispose of CFC’s in automobile air conditioners without emitting them into the air. They are currently outsourcing the CFC recovery, transportation, and destruction processes to Japan Auto Recycling Partnership. In addition, Honda Motor Co. Ltd. is also outsourcing airbag and inflator collection and recycling processes to the company as well. Fair Treatment of Workers/Customers Honda Motor Company Ltd. is a firm believer in fair treatment of all associates, customers and shareholders. As mentioned earlier in CSR, Honda encourages diversity in the workforce.

They believe in building healthy working environments. In order for associates to advance in their abilities, Honda Motor Company offers on-the-job training, off-the-job training, two-way communication, and NH Circle activities in addition to an improving suggestion system. The company also encourages communication with labor unions based on their philosophy of trust and respect for individual differences. Honda also offers programs for the health and safety and workers. Customer satisfaction is Honda’s main concern. The profit, labor, and recognition mean nothing if the customer is not satisfied with the finished product.

Honda Motor Company conducts Customer Satisfaction surveys and after carefully analyzing the results, they offer practical suggestions in order to improve current conditions. Honda’s Customer Relations Center is available year-round to answer any questions, concerns, complaints, etc. Conclusion During its 62 years of operation, Honda Motor Co. Ltd. has managed to establish itself as one of the leading manufacturers in both the motorcycle and automotive industry. Over the past 50 years, Honda’s contributions to the advancements in automobile manufacturing and design have made a tremendous impact on the automotive industry.

The company is dedicated to providing quality, comfort, and safety in all their products whether its motorcycles, cars, or power products. Honda Motor Co. Ltd. is committed to developing innovative products and technologies in order to satisfy future buyer demand. With R&D, manufacturing facilities, and sales networks in miscellaneous regions of the world, Honda will meet the diverse needs of all its customers. At a design, manufacturing, corporate, environmental, and philanthropic level, Honda Motor Co. Ltd. will continue to strive to be the company society wants to exist.

Cite this Formal Report – Honda Motor Company

Formal Report – Honda Motor Company. (2017, Mar 12). Retrieved from https://graduateway.com/formal-report-honda-motor-company/

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