The Ford Motor Company (Ford) is brand that needs no introduction. “The Ford Motor Company is an automotive company, which designs, manufacturers, markets, and services a full line of cars, truck, sport utility vehicles, and electrified vehicles” (GlobalData, 2022). They serve customers across the world and operate many plants and factories that employ approximately 180,000 people worldwide. Ford is an incredibly popular brand and the most popular brand of trucks in the United States. “The Ford F-Series is not only the best-selling pickup truck in the United States, but also the best-selling vehicle – and has been for over 40 years” (Stebbins, 2022). Innovation will be a key ingredient in ensuring Ford stays atop the competition. As the Chief Innovation Officer at the Ford Motor Company, it is my goal to improve on this product and adapt to the need of the industry and our consumers.
Value Proposition
“Ford’s F-Series pickup truck will remain America’s best-selling vehicle for a 40th straight year and the industry’s top-selling truck for the 45th consecutive year…” (Wayland, 2021). Ford has recently prioritized the F-Series production line and has made manufacturing the vehicle a top company focus. Moreover, Ford has introduced the F-150 Lightning, an all-electric pickup truck, and sets the standard within the industry. Benjamin Smith for MoneyInc.com states “This particular vehicle is a game-changer, not just for Ford but for the entire automotive market” (Smith, 2021).
Profitability
Ford continues to be a profitable company in today’s automobile market. In 2022, Ford gross profit for the twelve-month ending June 30, 2022 was $23.350 billion (MactroTrends, 2022). This was a 17.14% increase year-over-year. For the quarter ending the same date the gross profit of Ford was $6.99 billion, a 81.89% increase year-over-year (Macrotrends, 2022). Furthermore, their F-Series generated $42 billion in 2020, and sold more than 720,000 units in 2021 (PowerNation, 2022). According to Ford, their total market share within the industry is 14.3% in North America (Ford, 2022).
SWOT Analysis – Strengths
Ford has several strengths within its operations. Ford has incredibly strong research and development capabilities as they are directed at performance, safety, customer satisfaction, and developing new products (MarketLine, 2022). They operate regional engineering, research and development centers and have numerous active patents and pending patent applications on a global scale (MarketLine, 2022). Strong market share is another strength as Ford is one of the leading vehicle manufacturers in the world. In North America alone, the company operated with a 14.3% market share. Finally, Ford has a robust portfolio of products and produces a large range of vehicle including cars for the small, medium, large, and premium segments; trucks; vans; sport utility vehicles; and luxury Lincoln brands (MarketLine, 2022).
(MarketLine, 2022).
Uniqueness of Product
There are many unique aspects to the Ford F-Series pickup-trucks. As mentioned as a strength, innovation continues to move forward, and each year it is on display. For example, the introduction of all-electric F-150 Lightning is posed as a game-changers within the industry. Towing capacity continues to increase every year while also keeping the frame light due to an aluminum body. The technology behind is something Ford continuously goes above and beyond on. The current Ford-F150 can double as a generator, using power and electricity from the main battery station (Ford Motor Company, 2022).
New Product or Service Projections
Increases in new technology amongst competitors is creating market volatility for Ford. It is imperative that new products reflect consumer’s interest. For example, electric vehicles continue to rise in popularity. Ford will need to deliver enhancements in fuel economy, smart technology, modern design, and thoughtful amenities by continuing to foster creativity and innovation (Ford Motor Company, 2022). By utilizing strengths and continuing to adapt to consumer’s needs and wants, Ford will continue to dominate the truck competition.
References
Ford Motor Company. 2022. “Ford Future Vehicles”. Retrieved from https://www.ford.com/future-vehicles/
Ford Motor Company. 2022. “Strategic Progress of Ford+ Growth Plan, Solid Financials in ’21 Position Company for Connected EV leadership in 2022, Beyond”. Retrieved from https://media.ford.com/content/dam/fordmedia/North%20America/US/2022/02/03/financials-fy-ford-21.pdf
GlobalData. 2022. “Ford Motor Company: Overview”. Retrieved from https://www.globaldata.com/company-profile/ford-motor-co/#:~:text=Ford%20Motor%20Co%20(Ford)%20is,Ford%20and%20Lincoln%20brand%20names.
MactroTrends. 2022. “Ford Motor Gross Profit 2010-2022”. https://www.macrotrends.net/stocks/charts/F/ford-motor/gross-profit
MarketLine. 2022. “Company Profile Ford Motor Company”. Retrieved from https://web-s-ebscohost-com.ezproxy.snhu.edu/ehost/pdfviewer/pdfviewer?vid=3&sid=2c0effcb-54bc-4327-a257-5e666a4a1571%40redis
PowerNation. 2022. “The Ford F-150 Was The #1 Vehicle Sold in the US in 2021”. Retrieved from https://www.powernationtv.com/post/the-ford-f-150-was-the-1-vehicle-sold-in-the-us-in-2021#:~:text=According%20to%20iseecars.com%2C%20the,in%20third%20with%20519%2C774%20sold.
Smith, Benjamin. 2021. “How the 2022 Ford F-150 Lightning Could be a Game Changer”. Retrieved from https://moneyinc.com/how-the-2022-ford-f-150-lightning-could-be-a-game-changer/
Wayland, Michael. 2021. “Ford Pickup remains America’s Top-Selling Truck for 45th Year, Automaker Says”. Retrieved from https://www.cnbc.com/2021/12/02/ford-pickup-remains-americas-top-selling-truck-for-45th-year.html
Business Opporunities 