Company Analysis TOYOTA

Table of Content

Content Page #

Company Overview -------------------------------------------------------------------------- 02

Logo and Branding -------------------------------------------------------------------------- 03

Vision, Mission and Strategy --------------------------------------------------------------- 04

Change in Vision, Mission and Strategy -------------------------------------------------- 04

Changes to Management Structures ------------------------------------------------------- 06

Company Strategy --------------------------------------------------------------------------- 07

Analysis of Vision, Mission and Strategy ---------------------------------------------------- 07

SWOT Analysis of Toyota ------------------------------------------------------------------ 08

Analysis of Financial Performance -------------------------------------------------------- 12

Recommendations --------------------------------------------------------------------------- 13

References ------------------------------------------------------------------------------------- 15

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 Company Analysis TOYOTA

TOYOTA
Company Overview:
Toyota Motor Corporation is a Japanese automotive manufacturer headquartered in Toyota,
Aichi, Japan. In March 2014, the multinational corporation consisted of 338,875 employees
worldwide [1] and, as of October 2016, was the ninth-largest company in the world by revenue.
As of 2016, Toyota is the world's second-largest automotive manufacturer behind
German Volkswagen Group. Toyota was the world's first automobile manufacturer to produce
more than 10 million vehicles per year which it has done since 2012, when it also reported the
production of its 200-millionth vehicle. [2]

Toyota is the world's market leader in sales of hybrid electric vehicles, and one of the largest
companies to encourage the mass-market adoption of hybrid vehicles across the globe.
Cumulative global sales of Toyota and Lexus hybrid passenger car models achieved the
10 million milestones in January 2017. Its Prius family is the world's top selling
hybrid nameplate with over 6 million units sold worldwide as of January 2017. [3]

The company was founded by Kiichiro Toyoda in 1937, as a spinoff from his
father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still
a department of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its
first passenger car, the Toyota AA. Toyota Motor Corporation produces vehicles under five
brands, including the Toyota brand, Hino, Lexus, Ranz, and Daihatsu. It also holds a 16.66%
stake in Fuji Heavy Industries, a 5.9% stake in Isuzu, as well as joint-ventures with two in China
(GAC Toyota and Sichuan FAW Toyota Motor), one in India (Toyota Kirloskar), one in the
Czech Republic (TPCA), along with several "nonautomotive" companies. [4]

In 1924, Sakichi Toyoda invented the Toyoda Model G Automatic Loom. The principle
of jidoka, which means the machine stops itself when a problem occurs, became later a part of
the Toyota Production System. Looms were built on a small production line. In 1929, the patent
for the automatic loom was sold to a British company, generating the starting capital for the
automobile development. [5]

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 Company Analysis TOYOTA

Mass production of Toyoda automated loom

The production of Toyota automobiles was started in 1933 as a division of Toyoda Automatic
Loom Works devoted to the production of automobiles under the direction of the founder's
son, Kiichiro Toyoda.[6] Its first vehicles were the A1 passenger car and the G1 in 1935. The
Toyota Motor Co. was established as an independent company in 1937

Logo and Branding:

Vehicles were originally sold under the name "Toyoda", from the family name of the company's
founder, Kiichirō Toyoda. [7]

In September 1936, the company ran a public competition to design a new logo. Of 27,000
entries, the winning entry was the three Japanese katakana letters for "Toyoda" in a circle.
But Rizaburo Toyoda, who had married into the family and was not born with that name,
preferred "Toyota" because it took eight brush strokes (a lucky number) to write in Japanese, was
visually simpler (leaving off the diacritic at the end), and with a voiceless consonant instead of
a voiced one (voiced consonants are considered to have a "murky" or "muddy" sound compared
to voiceless consonants, which are "clear").

Since toyoda literally means "fertile rice paddies", changing the name also prevented the
company from being associated with old-fashioned farming. The newly formed word was
trademarked and the company was registered in August 1937 as the Toyota Motor Company. [8]

The three ovals in the new logo combine to form the letter "T", which stands for Toyota. The
overlapping of the two perpendicular ovals inside the larger oval represents the mutually
beneficial relationship and trust between the customer and the company while the larger oval
surrounding both of these inner ovals represents the "global expansion of Toyota's technology
and unlimited potential for the future". [9]

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 Company Analysis TOYOTA

The new logo started appearing on all printed material, advertisements, dealer signage, and the
vehicles themselves in 1990.

Logo until 1989, now still Logo since 1989

used as a corporate logo

Vision, Mission and Strategy:

Vision and philosophy:

Since its foundation, Toyota has been using its Guiding Principles to produce reliable vehicles
and sustainable development of society by employing innovative and high quality products and
services. [10]

Vision Statement:

Most admired and respected company [11]

Mission Statement:

We deliver outstanding automotive products and services to our customers, and enrich our
community, partners and environment [11]

Change in Vision, Mission and Strategy

The Toyota Global Vision was announced in March 2011. In order to realize this, Toyota in
April implemented changes to the management system and related personnel changes of
directors and organizational reforms, with the aim to;

1) Convey customer opinions and on-site information to management in a timely manner

2) Make prompt management decisions based on on-site information

3) Make constant checks as to whether management decisions are acceptable to society,

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 Company Analysis TOYOTA

In April 2012, to consolidate the Customer Service Operations Group and the Quality Group into
the Customer First Promotion Group so consumer opinions can be reflected in quality and so that
prompt, highly appropriate responses can be made to consumers and to create the Customer
Service Field to perform integrated customer responses. [12]

Toyota’s Global Vision Statement:

Toyota Motor Corporation’s vision statement indicates the company’s long-term strategic
direction in the automobile industry.

“Toyota will lead the way to the future of mobility, enriching lives around the world with the
safest and most responsible ways of moving people. Through our commitment to quality,
constant innovation and respect for the planet, we aim to exceed expectations and be rewarded
with a smile. We will meet our challenging goals by engaging the talent and passion of people,
who believe there is always a better way.” [12]

Toyota’s Mission Statement:

Toyota Motor Corporation uses various mission statements for its businesses in different
markets. However, with regard to the business of automobile manufacturing and sales, the
company’s mission statement pertains to its strategic actions in technology.

“Create vehicles that are popular with consumers.” [12]

Strategic Actions:

In expanded form, Toyota’s mission statement includes the following strategic actions: [12]

 Provide world-class safety to protect the lives of customers.

 Provide optimization of energy/infrastructure to local communities.
 Put high priority on safety and promote product development with the ultimate goal of
“completely eliminating traffic casualties”.
 Deliver cars that stimulate and even inspire, and earn smiles from our customers.
 Address employees’ education under “Genchi-genbutsu” philosophy, which is to go to
the source to find the facts to make correct decisions, build consensus and achieve goals
at our best speed.
 Through true mutual trust with partners, contribute to the development of new technology
and improved expertise.
 Contribute to economic development of local communities with R&D operations
functioning effectively in each region.

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 Company Analysis TOYOTA

Changes to Management Structures:

1. Streamlining of the Board of Directors

Effective following the formal decision made at the Board of Directors meeting held after the
107th General Shareholders Meeting (June 17, 2011), the number of directors was reduced from
27 to 11. The Board of Directors is henceforth to comprise the chairman, the president, five
executive vice presidents and the four officers responsible for the Corporate Planning, the
Accounting Group and the External Affairs Group. [13]

2. Scaling down of the executive decision-making system

Although previously the executive system was made up of three tiers—executive vice presidents,
chief officers and officers responsible for group affairs—it has been streamlined to two, with the
officers responsible for group affairs removed. The senior managing director position has been
eliminated and the total number of executives broadly reduced, from 77 to 60. Also, chief
officers will be appointed in a flexible manner from the ranks of senior managing officers (a
newly established rank) or managing officers. [13]

3. Changes to structures to allow local decision making by overseas affiliates

Regional chief officers, in principle, will be stationed in their respective regions, and the number
of executives stationed outside Japan will be increased from 13 to 15. Their divisions’ functions,
which are presently performed in Japan, will be transferred overseas in stages. [13]

4. Building a structure that ensures that outside opinions are listened to in earnest and
reflected in management practices

For the management of regional entities, Toyota has established regional advisory committees
composed of well-informed persons in North America, Europe and Asia. This is meant to ensure
that outside opinions are reflected in management practices for decision making that is in touch
with work sites and effective management decisions based on regional understanding. [13]

5. Promoting management in close contact with work sites

“Executive general manager” has been created as a non-executive position to promote

management that is in close contact with work sites. Executive general managers are to be
employees such as grand chief engineers responsible for vehicle development, general managers
responsible for technology and plant general managers. [13]

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 Company Analysis TOYOTA

Company Strategy:
Toyota's management philosophy has evolved from the company's origins and has been reflected
in the terms "Lean Manufacturing" and Just in Time Production, which it was instrumental in
developing. [14] Toyota's managerial values and business methods are known collectively as the
Toyota Way.

In April 2001, Toyota adopted the "Toyota Way 2001", an expression of values and conduct
guidelines that all Toyota employees should embrace. Under the two headings of Respect for
People and Continuous Improvement, Toyota summarizes its values and conduct guidelines with
these five principles:[15]

 Challenge
 Kaizen (improvement)
 Genchi genbutsu (go and see)
 Respect
 Teamwork

According to external observers, the Toyota Way has four components: [16]

1. Long-term thinking as a basis for management decisions

2. A process for problem-solving
3. Adding value to the organization by developing its people
4. Recognizing that continuously solving root problems drives organizational learning

Analysis of Vision, Mission and Strategy:

Toyota Motor Corporation’s mission statement and vision statement guide the company’s
success trajectory. Founded in 1937, Toyota is now one of the most popular global firms. This
popularity reflects the company’s mission statement and vision statement, which emphasize a
comprehensive approach that considers innovation and customers’ needs. Toyota’s mission
statement reflects the company’s strategies and strategic objectives. On the other hand, Toyota’s
vision statement indicates the long-term direction of the business. The company continues to
follow through with implementing strategies to address its long-term goals. Toyota is currently
one of the top automobile manufacturers in the world. The business adheres to the requirements
contained and implied in its mission statement and vision statement. Toyota’s global success
points to the fulfillment of its mission and vision statements.

In this vision statement, Toyota includes major areas of its business. The vision statement states
that the company aims to achieve leadership in the global market. The vision statement also
shows that Toyota moves forward based on quality, innovation and environmental conservation.

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 Company Analysis TOYOTA

Thus, Toyota includes corporate social responsibility in its vision statement. In addition, the
company emphasizes human resource development, as shown in the “talent and passion of
people” component of the vision statement. Therefore, Toyota’s vision statement is holistic
because it encompasses strategic goals for business leadership, product quality, human resources,
and corporate social responsibility. These points of the vision statement have direct correlation
with the points in Toyota’s mission statement.

Toyota’s mission statement focuses on products. The firm always considers the preferences and
expectations of consumers, arguably based on trends and market research. In the strategic actions
encompassed in its mission statement, Toyota emphasizes quality of products, with reference to
such criteria as safety and customer satisfaction. In addition, Toyota’s mission statement
specifies employee education as a way of achieving the human resource development aim in its
vision statement. Also, this mission statement shows that Toyota maintains its commitment to
technological innovation. Innovation is seen as a way for the company to achieve its aims in
product quality, customer satisfaction, and corporate social responsibility. Thus, Toyota’s
mission statement is holistic and aligned to its vision statement.

SWOT Analysis of Toyota

Internal Environment of Toyota:

Core Competency

The core competence of Toyota Motor Corporation is its ability to produce automobiles of great
quality at best prices, thereby providing a value for money to the customers. This core
competence of quality can be attributed to its innovative production practices. The quality aspect
of Toyota’s products have revolutionized the automobiles in the past and almost all the
automobile companies had to try and better the quality of their products. It is a cornerstone of the
cost leadership strategy that the company pursues.

Distinctive Competency

Toyota’s distinctive competence is its production system known as the “Toyota Production
System” or TPS. TPS is based on the Lean Manufacturing concept. This concept also includes
innovative practices like Just in Time, Kaizen, and Six Sigma and so on. Toyota has worked
tirelessly over the years to establish this distinctive competence. No other automobile

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 Company Analysis TOYOTA

manufacturer can do it as well as Toyota does. This distinct competence has led to a competitive
advantage that has given Toyota a sustainable brand name and a market leader position. [17]

SWOT Analysis

Strengths:

Strong market position and brand recognition: Toyota has a strong market position in
different geographies across the world. The company's market share for Toyota and Lexus
brands, (excluding mini vehicles) in Japan was 45.5% in FY2012. Similarly, Toyota has a market
share of 12.2% in North America, 13.4% market share in Asia (excluding Japan and China), and
4.3% market share in Europe. In addition, the company holds a 7% share of the Chinese market
and a significant market share in South and Central America, Oceania, Africa and the Middle
East regions. Such strong market position allows the company to gain competitive advantage and
also expand into international markets. In addition, Toyota holds a portfolio of strong brands in
the automotive industry. Thus, the company's strong market position gives it significant
competitive advantage and helps it to register higher sales growth in domestic and international
markets. [18]

Strong focus on R&D: Toyota has a strong focus on R&D to expand its product portfolio and
improve the functionality, quality; safety and environmental compatibility of its products. The
company's R&D efforts are directed at developing new products and processes and improving
the capabilities of existing products. The company conducts its R&D operations at 14 facilities
worldwide. Strong focus on R&D has helped the company in incorporating newer features to its
existing range of products and also in bringing out latest technologies in the varied areas. The
company's strong focus on R&D allows it to uphold the technological leadership in most of its
product segments. It also enables Toyota to develop innovative products, leading to strong sales.

Extensive production and distribution network: Toyota has an extensive production and
distribution network. Toyota and its affiliates produce automobiles and related parts and
components through more than 50 manufacturing companies in 27 countries and regions besides
Japan. During FY2012, the company produced 7,435,781 vehicles, including 3,940,000 vehicles

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 Company Analysis TOYOTA

in Japan and 3,495,000 vehicles across all other manufacturing locations. In addition, Toyota has
an extensive distribution network. While the company’s geographically well spread production
base diversifies business risks, its extensive distribution network provides a wider reach, thus
boosting revenues.

Weaknesses:

Product recalls could affect brand image: Toyota has conducted a number of product recalls in
the recent past, which could affect the brand image and overall sales of the company. For
instance, in 2011, Toyota recalled 111,000 models of Toyota and Lexus brands’ vehicles due to
the damage to elements of the substrate and potential shutdown of the hybrid system. Further in
the year, Toyota recalled 181,000 vehicles in Japan in relation to abnormal noise and oil leakage
that may have resulted from slack of bolts in the sub transmission and the rear wheel differential.
In addition, the company was involved in government investigations related to product recalls.
For instance, in February 2012, the National Highway Traffic Safety Administration initiated a
preliminary investigation of a potentially faulty power window master switch in the driver-side
doors in model year 2007 Camry and RAV4 vehicles. This could also result in significant
penalties, which could affect the operational margins.

Declining sales in key geographic segments: Toyota witnessed a decline in its sales in key
geographic segments. In FY2012, the company witnessed declining sales across North America,
Asia, Europe and other geographic reasons, which together accounted for 60.8% of the total
revenues of the company. Thus, a continuous decline in the company's key geographic segments
could put pressure on the profit making segments and the overall revenues of Toyota.

Poor allocation of resources as compared to peers: Toyota has low return on equity (ROE)
and return on assets (ROA) compared to its peer companies. The company's competitors such as
Honda Motor and Nissan Motor have more ROE when compared to Toyota. Honda Motor's ROE
was 4.8%, while Nissan Motor's ROE was 8% in FY2012. In contrast, Toyota's ROE was 2.7%
in FY2012. Lower ROE and ROA compared to its peers indicates that the company is not using
the shareholders' money efficiently and that it is not generating high returns for its shareholders.

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 Company Analysis TOYOTA

Thus, poor allocation of resources could hurt shareholder's value and confidence in the long
term.

Opportunities:

Growing global automotive industry: The global automotive industry was severely affected by
the economic downturn, with a decline in revenues being recorded in 2008 and 2009. However,
2011 saw a strong rebound which has continued into 2012. According to MarketLine, the global
automotive manufacturing industry grew by 8.9% in 2012 to reach a value of $1,563.9 billion.
The recovery of global automotive industry thus provides Toyota an opportunity to gain more
customers and increase revenues.

Toyota poised to benefit from growing partnership with BMW: Toyota is poised to benefit
from the growing partnership with BMW. In June 2012, BMW and Toyota signed a
memorandum of understanding aimed at long-term strategic collaboration on technological
fields. As part of the agreement, the two companies will partner for the joint development of a
fuel cell system, joint development of architecture and components for a future sports vehicle,
collaboration on power-train electrification and joint research and development on lightweight
technologies. The growing partnership between the two companies is expected to boost the
technological know-how of the companies and may result in the development of new products
thus increasing revenues in the long run. Also, in the short run, the combined partnership will
result in significant synergies and cost-savings, boosting the operational margins. [19]

Strong outlook for the global new car market: The global new cars market has experienced
moderate growth during 2008-2012. However, forecasts suggest this will accelerate to strong
double digit growth during the 2012-2016 periods. Thus, the strong outlook for the global new
car market coupled with the company’s new product launches provides a growth opportunity for
the company.

Threats:

Intense competition: The worldwide automotive market is highly competitive. Toyota faces
strong competition from automotive manufacturers in its various markets. The competition

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 Company Analysis TOYOTA

among various auto players is likely to intensify in light of continuing globalization and
consolidation in the worldwide automotive industry. The factors impacting competition include
product quality and features, the amount of time required for innovation and development,
pricing, reliability, safety, fuel economy, customer service and financing terms. Increased
competition may lead to lower vehicle unit sales and large inventory, which may result in
downward pricing pressure, thus impacting the financial condition and results of operations of
the company.

Appreciating Japanese Yen a major concern: Toyota is sensitive to the fluctuations in foreign
currency exchange rates and is principally exposed to fluctuations in the value of the Japanese
Yen, the US dollar and the Euro. The strengthening of the Japanese Yen against the US dollar
and fluctuations in foreign exchange rates would have a material adverse effect on Toyota's
reported operating results, which in turn would impact the valuation of the company.

Natural disasters could impact production structure: Toyota is subject to disruption of

production due to natural disasters such as earthquakes, floods, among others. Toyota primarily
operates in Japan which is a highest earthquake prone region in the world. The country has
witnessed many devastating earthquakes in the recent years which seriously disrupted the
economy. In 2011, the country witnessed one of the worst hit earthquakes in its history in the
form of 2011 Tohoku earthquake, which led to a temporary production halt at its domestic auto
manufacturing facilities. In the same year, major floods occurred in Thailand which halted its
operations and production of about 150,000 Toyota automobiles. Such natural calamities, if
occur frequently, could severely influence the production output of the company due to work
stoppages and in turn impact the overall revenue base and profitability.

Analysis of Financial Performance

Overall, Toyota has outperformed the industry over the past five years. Total assets increased
586.8 billion yen from the end of the previous fiscal year to 3,243.7 billion yen due mainly to an
increase in market value of investment securities. Liabilities amounted to 1,718.8 billion yen, an
increase of 259.7 billion yen from the end of the previous fiscal year due mainly to an increase in
deferred tax liabilities. Net assets amounted to 1,524.9 billion yen, an increase of 327.1 billion

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 Company Analysis TOYOTA

yen from the end of the previous fiscal year. Cash flows from operating activities increased by
151.2 billion yen in fiscal 2013, due mainly to posting income before income taxes of 80.1
billion yen. Net cash provided by operating activities increased by 49.5 billion yen compared
with an increase of 101.7 billion yen in fiscal 2012. Cash flows from investing activities resulted
in a decrease in cash of 274.2 billion yen in fiscal 2013, attributable primarily to an increase in
payments for purchases of property, plant and equipment amounting to 112.4 billion yen. Net
cash used in investing activities increased by 264.8 billion yen compared with a decrease of 9.4
billion yen in fiscal 2012. Cash flows from financing activities resulted in an increase in cash of
7.0 billion yen in fiscal 2013, due mainly to 51.7 billion yen of net increase in short-term loans
payable, despite the redemption of bonds payable of 54.1 billion yen. After adding translation
adjustments and cash and cash equivalents at beginning of period, cash and cash equivalents as
of March 31, 2013 stood at 179.3 billion yen, a decrease of 117.5 billion yen, or 40%, over fiscal
2012. [20]

Recommendations:

1. Toyota should continue to undertake concerted efforts to strengthen its management

platform and raise corporate value.

2. As immediate tasks, Toyota should promote business and cost structure reforms to
realize a solid management platform so that it can respond quickly to the changing
market circumstances. Specifically, Toyota should maintain a streamlined structure
through the reduction of fixed costs and enhance its business in established markets in
developed countries.

3. Toyota should accelerate its business expansion into rapidly growing emerging
countries by thoroughly and meticulously monitoring market conditions in respective
regions and introducing products suited to the characteristics and needs of each
market. Toyota should also strive to establish production and supply structures to
realize optimum product pricing and delivery, and to enhance the value chain to
provide a wide range of customer services in each country and region.

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Company Analysis TOYOTA

4. Toyota should consider making Lexus a priority in the Chinese market. This will
enable it to become competitive with other car manufacturers in the luxury segment.
By increasing production facilities in Asia, this will enable Toyota to have cheaper
delivery channels and become closer to the emerging market customer. Toyota should
also cut out layers of middle management so that engineers get more authority over
what specific customer needs are answered in the design and development of a new
car.

5. Toyota should pursue the development of environmentally conscious, energy-saving

products while incorporating functions and services demanded by customers (value
chain) and delivering them to the global market. Acting on these measures, Toyota
should aim for growth in three business units, namely, “solutions” in the areas of
materials handling equipment, logistics and textile machinery; “key components” in
the fields of car air-conditioning compressors and car electronics; and “mobility” in
the domains of vehicles and engines.

6. To support consolidated management on a global scale, Toyota should enhance the

power of the workplace and diversity in the use of human resources, and strive to
nurture global human resources.

7. In addition to placing top priority on safety, Toyota should thoroughly enforce

compliance, including observance of laws and regulations, and actively participate in
social contribution activities.

8. Toyota should aim to support industries and social infrastructures around the world
by continuously supplying products and services that anticipate customers’ needs in
order to contribute to engendering a compassionate society.

9. Overall, Toyota has outperformed the industry over the past five years and gained
market share. A shift toward smaller, more fuel-efficient vehicles, which Toyota can
manufacture at a relatively low price, will support growth in the United States.

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Company Analysis TOYOTA

References:
1. "Overview". Global website. Toyota Motor Corporation. March 31, 2014.
Retrieved April 18, 2017.
2. Flynn, Malcolm (July 25, 2012). "Toyota Announces Its 200 Millionth Vehicle
After 77 Years Of Production | Reviews | Prices | Australian specifications".
3. “Worldwide Sales of Toyota Hybrids Surpass 10 Million Units"(Press
release). Toyota City, Japan: Toyota. 2017-01-14. Retrieved 2017-01-15.
4. "Toyota: Non-Automotive". Japan: Toyota Motor Corporation.
Retrieved April 17, 2017.
5. "History Of Toyota". Toyota. Retrieved April 16, 2017.
6. "Toyota Company History from 1867 to 1939". Toyota. Archived from the
original on May 10, 2013. Retrieved April 18, 2017.
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Aichi Pref". Toyota. Archived from the original on November 20, 2012.
Retrieved April 17, 2017.
8. “Toyota: A history of the First 50 Years.” Toyota. 1988. p. 64. ISBN 0-517-
61777-3.
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Retrieved April 17, 2017.
10. “Vision & Philosophy” Global Website Retrieved April 18, 2017
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http://www.toyota.com.au/toyota/sustainability/cms/download/Mission_Value
s_Strategic_Direction_9-11.pdf . Retrieved April 19, 2017.
12. “Toyota’s Vision Statement and Mission Statement Analysis”.
http://panmore.com/toyota-mission-statement-vision-statement-analysis.
Retrieved April 18, 2017.
13. Annual Report, 2011 http://www.toyota-
global.com/pages/contents/investors/ir_library/annual/pdf/2011/p30_31.pdf .
Retrieved April 17, 2017.
14. Strategos-International. Toyota Production System and Lean Manufacturing.
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Company Analysis TOYOTA

15. Toyota internal document, "The Toyota Way 2001," April 2001

16. Liker, J. 2004. The Toyota Way: 14 Management Principles from the World's
Greatest Manufacturer.

17. http://www.motortrend.com/features/auto_news/1202markets_share_for_the_t
op_five_automakers/. Retrieved April 16, 2017.

18. “Toyota Motor Corporation”, http://www.toyota-

global.com/company/vision_philosophy/toyota_production_system/.
Retrieved April 16, 2017.

19. MarketLine: Toyota Motor Corporation Report, January 2013

20. Nkomo, Thembani “Analysis of Toyota Motor Corporation” Retrieved April

16, 2017.

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