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 the following five principles.
Challenge
Kaizen (improvement)
Genchi genbutsu (go and see)
Respect
Teamwork
According to external observers, the Toyota Way has four components