Strategic Action Plan Essay
The Firm’s major aim is to be top in the automotive industry. For me, my aim is to climb the corporate ladder with my forward-thinking goals and objectives. Steps to be Taken to Achieve My Objectives in the Next Five Years My main aim will be to improve Ford Motors Company reputation and competition globally and locally. The Company has fallen far behind the major car makers. Ford lacks the capacity to match the sale volumes of top automakers. Selling one luxury car brings a lot of profit. Selling around 10 models in a year will surely increase profit margins. Another step is by improving the Company’s image. The Company suffers from a reputation of being “conservative”. No car brand excites the younger generation.
It would seem like a predecessor to the F150. Ford is falling behind in technology. Major companies have started using alternative fuel vehicles. Production of vehicle that run on fuel cell is being pioneered by Toyota and Honda. Volkswagen in particular are years ahead in electric cars production (Ehsani & Gao & Emadi, 2017). A Time Frame for Completing Each Action Time will not be on my side. Five years is quite a short period to finish the projects. It will require a lot of dedication and hard-work from myself and my team. Long working hours must be put, including weekends. Working in shifts will have to be put into place to ensure we don’t run behind schedule. Investors regularly attend these races.
If we can show our engineering prowess, we will surely capture a large number of them. All this will require a time frame of around a year to gain the required number of investors. With money secured, it is time to kick start our various projects. The electric car business is still on its infancy. Testing it will take the longest period of around two years maximum. This will enable us get rid of all the flaws presented by the vehicle. A year will be required to withdraw Ford pickup truck’s show rooms outside of North America. The cars displayed will be shipped back to the U. S. The Scorecard I Will Use To Measure the Success of Each Action The major scorecard I will use to measure the success of each action is time for completion.
If all projects are completed on time, then they will be called successful. The expense for each action will also be considered. If a project is within the budget, then that will be considered as a means of success. Consumer acceptance of those products will also be pivotal. If the young generation seem to be amazed by the car, then Ford Motors will be on the winning side. Making an electric car is not cheap. Nissan, Tesla and Fisker combined used an upwards of $2. 6 billion to construct electric car factories (Green & Skerlos & Winebrake, 2014). Around $80 million was used for research and development. This will help in paying for the projects that are in the pipeline. By convincing the lenders of my future oriented and consumer demand products that I want to introduce, they will definitely invest in the company.
Ford Motor market share price on 31st January 2018 was $10. If I can make the stock price not to tumble, then this will definitely capture investors. When designing a luxury car to capture the attention of the super-rich will be challenging. Ford has in excess of 200,000 worldwide. Increasing the number will not be viable since that increases the wage bill of the company. Introducing pay for overtime is the best solution. This will increase the workers dedication. Hiring extra workers on contract is also another way to increase man power. In 2016, Ford had a long-term dept in excess of $93 million. Taking another loan will increase the company’s dept. Another monetary ramification will be the increase of the short-term budget. In June 2016, Ford had a short-term budget of around $22 million.
Increasing this will mean budget cuts to other sections of the company. Ferrari was their biggest competitor. In three years, Ford was able to create a car that would eventually win against the Ferrari by taking the top three spots. If they could do it in the 1960’s, its also possible to implement my project within the designated timeline of five years. The obstacle of labor will be easy to sort out. Sick worker will be replaced to ensure work continuity. , Godinho, P. , & Melo, P. Nowcasting unemployment rate and new car sales in south-western Europe with Google Trends. NETNOMICS: Economic Research and Electronic Networking, 14(3), 129-165. Davis, S. Ehsani, M. , Gao, Y. , & Emadi, A. Modern electric, hybrid electric, and fuel cell vehicles: fundamentals, theory, and design.
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