Ford Strategic Audit Speech
Ford Motor Company is an automotive and global mobility company which was incorporated in 1919. The company has been experiencing tremendous growth over the years; as a result of its extensive experience in the production in smart mobility, automotive designs, financial performance, and leadership in the corporate field. The company is subdivided into two major brands; Lincoln and Reuters. In as much as it has been experiencing continuous growth over the year, there are still some hurdles that the company has been facing. It is indicated that the new strategic focus of smart mobility has resulted in $ 300 million in losses for one specific year (2017) only. Some of the major competitors of Ford include Toyota, Volkswagen, fit, General Motors, and fiat, among others.
Most people recognize Ford by its Ticker symbol F. The company has been able to establish various marketing strategies that have helped it to build its brand and increase sales over the years. The company’s Vision is ‘Freedom of movement drives human progress.’ Its mission is: “‘To become the world’s most trusted company, designing smart vehicles for a smart world’ (Ford Motor Company, n.d.). The company has clearly stated the mission and vision in their website. The vision of ford has also been changed severally so that it can be at per with the modifications in the transitioning context of the automotive industry.
However, the company started facing a downward trend in times of finances, and its performance continued worsening. Up to date, the company continues in its struggle to regain the once recorded high performance. Notably, in 2017, the company’s management decided to inhibit the production of some of its branded vehicles as a cost reduction strategy; hence, the company stopped the production of Tarrus, Fiesta and Focus. The company has also been able to establish its partnership with other major companies such as Domino’s pizza, Lyft, and Postmates in production if self- driving services to those companies.
Additionally, the company has been able to align its operational and marketing decisions with its mission and vision. The tactical objectives are outlined on the website in more of an implied and not an articulated manner. Some of the critical touchpoints in Ford’s targets include propulsion choices, winning portfolios, mobility experiences, autonomous technology, as well as enhanced customer experience. Ford has also been able to stay committed to the market where they thrive and in creating a portfolio for electric vehicles, which is linked to lowering emissions and ensuring sustainability.
Furthermore, the corporation has proposed future investment in the production of a test- driving autonomous automotive. It also has the aim of launching a smart network that links vehicles and let the owners’ control and track them. With the concepts mentioned above, it can be seen that Ford has enhanced and strategic measures aimed at improving its performance. From my standpoint, even though it is facing several challenges at the moment, Ford has the chance of developing into a high performing company and a leader in innovations in the automotive industry.
I would highly recommend the mechanism for getting rapid consumer feedback and proposals to ensure product improvement. Ford could apply digital feedback to maintain quick notation of the current and upcoming market trends. Ford could invest in making a customer platform that would help in getting insights from customers worldwide, and at the same time, aid in the company in adjusting to the changes in specific markets. The customer interaction platforms do not require a substantial investment, but a strategic mechanism of ensuring responses to all customer responses. With this performance evaluation and response to customers, Ford will be in a position to regain its top- performance.