I really liked what Mr. Cosgrove said about the different between running scared and being complacent. I find that even in school work, good grades offer a cushion and lead to complacency (for me at least) because often we assume we’re doing well or don’t need to try as hard if we make one or two As. Similarly, as soon as car companies such as Ford reach a prosperous time, they often slack a little on innovation which can lead to a scramble in the rough patches. By always being on their toes, its much easier to be prepared for hard times and be able to offer new and innovative, market-stimulating products that could potentially save a company from going under.
When Mr. Cosgrove was telling us these eight things essential for a car company, I was wondering where marketing and advertising would fit into the framework. I was thinking it may be under “Product”, but I figured that meant more the actual product itself rather than its promotion to the public. If it doesn’t fit into the framework, is it just not as important as I assumed it was? Without market a product to appeal to the public, then all of the work and effort that is put into the product, the culture, its quality, etc. could be for nothing.
I agree with everything that Mr. Cosgrove said about the framework (I feel obliged given that he is an industry expert!) however I was wondering about one thing he said about the order of importance for these key things. He said that culture is the most important thing, however I think that in order to have a culture there needs to be an idea for a product around which a culture is built. The finished product will then be a manifestation of a good or bad culture, but there needs to be a product around which a culture is founded upon. Thoughts?
David, I agree completely with your rational. In any company, I feel like its the company’s strategy to put product first and then there culture is what enables to the product to be worthwhile for its customers in either quality and quantity. Furthermore, after hearing from Metalsa about their value chain, I couldn’t help but catch on to how much they reiterated putting the people first as the most essential figure within the company, which is exactly what Mr. Cosgrove tried to get across to us about the ethics and relationships within a business. The product is simply a product, but what makes the product special is the people who make it, who come in to work each day excited about what they do. Therefore, from this frame, I think Mr. Cosgrove made some excellent points about how much the people, not only the product, matter.
I appreciated that Mr. Cosgrove included the people in the outline. So often people assume a company is built around making money, no matter the means. However, I believe a truly great business does not need to manipulate or focus on money to be successful. By focusing in on the people in the company and utilizing their personality and best qualities, the leaders of the company can enhance the culture of the firm, which leads to true success.