Ford Motor Company is an American Multinational company that was founded by Henry Ford in the year 1903. Ford's headquarter is in Dearborn Michigan in the United States where it specializes in the production of automobiles both commercial and luxury. Under its commercial category of vehicles, it trades under the Ford brand while its luxury cars trade under the Lincoln brand. Ford Motors is a well established company which is listed in the New York Stock Exchange and has served many markets around the world with superior brands that have continued to dominate in several regions across the globe.
Apart from producing its own brands, the company has ventured into several other companies where it enjoys its presence in terms of having stake in other automobile manufacturers. The company enjoys stake in Mazda of Japan as well as Aston Martin of the United Kingdom. The company also specializes in the production of automobile spare parts which are distributed across several markets making them accessible to their customers who have acquired their vehicles at reasonable and competitive prices. Its other services in different markets include Automotive financing, Vehicle leasing and offering Vehicle servicing which have continued to add value to its sales offering these unique services as it continues to penetrate new markets which have been dominated by other players in the industry.
In an effort to increase its market share, Ford has continued to acquire several other businesses which have increased its global revenues. As a large scale company, ford has employed a large workforce in its several branches and subsidiaries across the world putting in place several strategies in place to continue selling the brand among the top range models in Europe and other parts of the world. Ford cars have been ranked as the second best in American and the fifth world best automobile company.
Ford Company has been in the market for decades and has been impacted by globalization and technological changes. Globalization has brought about the opening up of markets which were inaccessible for long periods of time.
The interconnectedness of different parts of the world and the Intercultural interactions have changed the way people think and appreciate other cultures which has lead to the appreciation of commodities hence trade. Globalization is a worldwide process that has led to economic integration in which international trade and capital movement have been enhanced and the technological advancements have increased that has brought about more efficiency in the production of commodities across the world. Ford Company has had its own share of the globalization impact as different markets across the world all have information on products and the technologies involved. Ford Company had to revamp its system as technology evolved from the engines and the efficiency in their vehicles to suit the ever changing demand from different markets.
The introduction of other brands into the automobile industry from different parts of the world increased competition as demand for more fuel efficient and smart cars shifted the demand. Ford has faced competition as new technologies have continued to be developed, it has had to adjust and blend its units to meet the demand as dictated by the consumers. Globalization has brought about the ease to search for information and consumer tastes and preferences have continued to shape the ways and techniques of production. Information on products are received in real time as people communicate and share information on different platforms. Consumers are in constant touch with the rest of the world which has been the main concern for most consumers to be ahead of technology and keep pace with the ever changing innovations so as to remain relevant in the market (Don Hammonds, 2009).
Ford has had to revise its different markets and needs which resulted into to the introduction of new brands spread and unique to each market. Stiffer competition from the Asian producers majorly Toyota has affected Ford's dominance in certain markets where they have introduced cheaper brands forcing Ford to change its strategy and review its production units and prices to equally compete. By researching the different markets across the world and supplying brands tailor made to fit specific markets, Ford has maintained its profit margins despite the presence and the continued competition from the established competitors and the upcoming manufacturers which equally have come up with superior models in both the commercial and luxury vehicles. Ford's cheaper versions which have been introduced into the market lately have registered a wide acceptance fitting into many people's budgets as major economies have been shaken by the global economic turmoil and the ever rising cost of living and commodity prices globally.
Consumers are worried about their savings and are shying away from the brands which target the high end markets which are expensive to operate. With the fluctuations of the global oil in prices and the effects, consumer focus has shifted to greener models which are fuel efficient with less engine capacities paying attention to the environment. Ford has the resources to cope with the changing demand and the expertise required to be able to meet the global demand which it has put in place to ensure that its resources are utilized to ensure maximum profitability and to tap into other markets.
Ford's Mission statement revolves around one team, one plan and one goal where under one team its employees work together as a lean, global enterprise for automobile leadership measured in terms of employees, investor and community satisfaction. By taking into consideration all the members and embracing the team culture, everyone feels they are part of the success regardless of their position, every input counts which motivates its employees to work towards achieving its set objectives. Under one plan, it plans to restructure the firms operations to profitability levels paying attention to the changing global demands and global mix. No company can operate successfully without satisfying the demands and focusing on the global trends that directly or indirectly affect ones line of operation. The plan has to be focused to adapt with ease and change products and designs to continually satisfy the market.
Ford has continued to unveil new products and shutting down plants which are obsolete or considered irrelevant replacing them with the most advanced technologies to remain relevant. It further plans to finance its plans to improve on their balance sheet and to accelerate the development of new products to satisfy their customers want and value. Positive balance sheets depict good business and an assurance of continuity and possibility for expansion and growth.
Excellent management should involve proper use of finances and financing relevant and viable projects which yield results within the shortest time possible or a long-term vision. Financial sustainability of any business is important as weak financial strategies tend to bring down the company and bad image to its publics and stakeholders. Ford enjoys financial dominance which is due to its excellent management with well laid strategic plans which tally with the goals and future plans for the company.
Under one goal, ford aspires to deliver a profitable growth for all. One Ford Mission therefore tends to give direction to its employees hence the driving force of unity to deliver as one team which is the main contributing factor towards its success.
The stakeholder participation is of importance to any corporation and have an effect on its success or failure, Ford Company enjoys a good working relationship with each category of its stakeholder which include its employees which it treats with dignity, offering them safety standards in all their branches both within and without the United States. The company also takes good care of its customers which it considers as the reason they exist, customer satisfaction and feedback is key. Ford serves over 5.7 million customers in different regions across the…