Final answer:
The Toyota Way of doing business focuses on core competency, which means specializing in a few products rather than a wide range. This principle helps create a mechanized work environment and ensures consistent product quality.
Step-by-step explanation:
The Key Principle of the Toyota Way
One of the key principles of the Toyota Way of doing business is a focus on core competency. This means that Toyota emphasizes specializing in a few products rather than trying to make a wide range of products. By focusing on their core competency, Toyota is able to create a mechanized work environment and ensure consistent product quality in every location.
Example
An example of this principle in action is how Toyota specializes in producing high-quality cars. Toyota is known for its reliability and efficiency in manufacturing cars, which has contributed to its success as a leading automaker.