Had the pleasure to attend a luncheon with Jim Farley (Ford’s Group VP of Marketing). (Is it just me or is it hard for not to think of his cousin Chris when you see him?). What a down-to-earth guy who has fantastic insight into the customer. And you got to love his passion for the product.
Jim admitted that Ford had to make some big bets to turnaround the business, but based on the upward swing in market share – for the first time in 15 years – and their increased pricing power, it looks like the wagers might be paying off.
Here are some of his more notable insights;
- The future global players will be Toyota, VW and Ford.
- Ford’s success is hinged on vehicles that will sell globally. While this has been tried in the past, Jim believes that shift towards smaller vehicles in the US, brings the consumer needs more in line with Europe and China.
- The youth buyer today is very different than previous generations. They prefer turbo charging over displacement, they are open to diesel unlike their parents, and aspire to Mini’s and BMW 3 series instead of Mustangs. The challenge is to build to this new demand.
- Sync and Eco Boost are great examples of Ford’s goal to “democratize technology to the mainstream”.
You really get the impression that Ford has the right guy in place to put the shine back on the Ford blue oval.
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