CASE STUDY INTO PROPOSED CHANGE TO FORD STRATEGY IN RESPONSE TO COVID19#
CASE STUDY INTO PROPOSED CHANGE TO FORD STRATEGY IN RESPONSE TO COVID19#
Anesh Soni MBA Student UCAM Exeed College of Business August 2020
CONTENTS
- Executive Summary
- Introduction
- The Problem
- Resource Management Theory vs. Contingency Management Theory
- Pestle Analysis of Ford Motor Company
- Porter’s Five Force Analysis of Ford
- Swot Analysis of Ford Motor Company
- Global Strategy A Conceptual Framework
- Global Innovative Strategy
- Evaluation of Competing Strategies
- Implementation Strategy
- Organisational Structure
- Proposed Structural Changes
- Organisational Conflict
- Causes of Conflict
- Sources of Conflict
- Managerial Actions to Reduce Conflict
- Resolution Techniques
- Recommendations
- Conclusion
- Harvard Referencing
1. Executive Summary
The Ford Motor Company’s core business includes designing, manufacturing, marketing and servicing passenger cars, trucks, SUV’s and commercial vehicles. Ford needs to restructure its strategic objectives due to the impact the global pandemic has had on its business. A comparative analysis between the Resource Management Theory and the Contingency Management theory has been carried out in an effort to find the most effective Management Theory for the Ford Motor Company.
This report uses the following management techniques to analyse Ford’s external and internal environment.
1. A PESTLE analysis
2. Porters Five Forces competitive analysis
3. A SWOT analysis
The report evaluates Ford’s Strategy and the effectiveness of Pankaj Ghemwhat’s Global Aggregation Strategy as a strategic framework for Ford. The report also discusses the use of Kings Discipline innovation management to address innovation as a strategy. An implementation plan is developed for the successful implementation of its strategic objectives. The report concludes with recommendations for Ford.
2. Introduction
The Ford Motor Company was founded in 1903 by Henry Ford at Dearborn, Michigan. It has a long tradition of being a pioneer in the automotive industry having pioneered the first mass-produced car the Model T while also pioneering the first assembly line. It was also the first automobile manufacturer to standardise a unit, the Ford Escort, for global distribution. The Ford Motor Company's core business includes designing, manufacturing, marketing and servicing passenger cars, trucks, SUV's and commercial vehicles. The company employs just over two hundred thousand staff across sixty-three manufacturing plants globally. Ford Motor Company's Vision Statement reads "People working together as a lean global enterprise to make people's lives better through automotive and mobility leadership" and its mission statement states "At Ford, we go further to make our cars better, our employees happier and our planet a better place to be". (Swot&Pestle.Com, 2020)
3. The Problem
“I could not be prouder of the Ford team’s optimism and effectiveness as we manage through this pandemic.” Jim Hackett, President and CEO Ford Motor Company.
At the release of the Q2 financial results in July 2020, it is obvious that COVID19 has had a large impact on the Ford Motor Company with a first-quarter loss of $1.9 billion dollars (Figure 1). Production has halted at plants across the globe. Supply chains are congested and in some cases non- existent. Ford needs a strategic plan to emerge out of this crisis.
Figure 1 (AlphaStreet, 2020)
4. Resource Management Theory vs. Contingency Management Theory
The Ford Motor Company needs to restructure its finance division, redesign its processes and build strong employee relations. To achieve these goals we are presented with two possible management theories, the resource management theory and the contingency management theory. Both these theories offer differing benefits for the company as well as disadvantages.
The resource management theory refers to organisations that have strategic resources, such as copyrights, established brands and a strong employee relationship culture among others. (MinnesotaUniversity, 2020) These strategic resources give a competitive advantage over other organisations. There are 4 categories of resources (Table 1) as defined by this theory.
An important element of the resource management theory is the distinction between resources and capabilities. Where resources refer to what an organisation owns and is further subdivided into tangible and intangible resources. From this the Ford Taurus, Focus and Fiesta, as well as the technological innovations, can be seen as tangible resources. And Fords Brand image as an intangible resource. Capabilities refer to an organisations ability to use its resources to maintain a competitive edge over rivals. (MinnesotaUniversity, 2020) This is where the Ford Motor Company is incapacitated in its ability to use its resources to maintain a competitive edge over rivals due to a lack of leadership.
Fiedler’s Contingency Theory states that appropriate leadership styles are dependent on different situations (HOUSTON, 2018). With this theory there is no singular way to structure and lead an organisation, instead the leadership style must be flexible and adaptable to the given environment. This is further elaborated by the understanding that a leader will not adapt to a situation but rather a leader for a suitable situation. Three factors determine how suitable a situation is to a particular leader:
- Task Structure
How structured a group is and how responsive it is to instructions.
- Leader-Member Relations
The amount of influence and respect a leader has for a group.to follow his guidance.
- Position Power
Position power is the ability of a leader to direct and lead from an organisational position of power. (HOUSTON, 2018)
Decision-making processes within an organisation involve corporate level contingencies and include (Metcalf, 2020):
- Ford’s stakeholders in order of importance (Ford, 2020)
? Employees
? Customers
? Dealers
? Suppliers
? Investors
- Technology
- Competitors
- Government regulations
- Trade unions
Summarising Fiedler’s Contingency Theory it proposes that leader’s behaviours and leadership styles are predictable and consistent in given situations where organisations face contingencies. If you evaluate the needs of the situation, you can match the style of a leader to “fit” the situation improving the probability of a positive outcome. (HOUSTON, 2018)
For Ford to restructure its finance division, redesign its processes and build strong employee relations Fiedler’s Contingency Theory using a Task-based structure is a better fit. A Task-oriented leader will have to deliver a focussed plan with quantifiable milestones and accountability; develop structures for how work is to be accomplished; define expected behaviour from inside the organisation and be able to link operational targets to profitability. (HOUSTON, 2018)
5. Pestle Analysis of Ford Motor Company
PESTEL is an acronym that stands for Political, Economic, Social, Technological, Environmental and Legal factors. It is a management tool that is used to identify opportunities and threats, based on the external factors in the company’s macro-environment. Ford’s environment refers to the global automotive industry.
Political Factors Affecting Ford Motor Company’s Business
Governments are providing opportunities for Ford's growth and expansion by offering incentives for technological innovations, environmental awareness and sustainability. Governments are also using Trade Agreements to reduce the barriers to entry in foreign markets. This presents a growth opportunity for Ford as developing countries are improving their transportation infrastructure and the demand for vehicles in these countries will increase. Political threats are governments continued lockdown and delays in vaccine development will exaggerate the effect of the pandemic. Upcoming elections in the US can upset markets if new administration wins. Lockdowns are also impacting supply chains and this will have a long term knock-on effect. The political posturing between the US and China will have serious consequences for Ford as it looks to develop its footprint in the land of the rising sun. (Rowland, 2017)
Economic Factors That Are Important To Ford Motor Company’s Business
The slow growth of the US economy is of concern as this is the largest part of Ford’s market. The strengthening of the US dollar is also an area of concern in developing countries as Ford’s raw materials and core components are manufactured in the US. The economic impact of the pandemic on the earning capacity of individuals will have a strong effect on Ford's earnings. The rising unemployment levels globally will also contribute negatively to Ford's earnings. (Rowland, 2017)
Social Factors Influencing Ford’s Environment
There is an increasing demand for more environmentally friendly cars such as hybrid and electric models and this presents an opportunity for Ford to explore further. Ford’s customer review ratings are poor and this will prove detrimental to Ford at its service and aftersales departments. The wealth gap between rich and poor is increasing and this could reduce the luxury market that Ford is trying to tap into. Ford’s factories have been adapted to assist in the pandemic with the production of ambulances, ventilators and respirators. This will carry strong favour with the government and its customers. (Rowland, 2017)
Technological Factors In Ford’s Business
Ford’s Car Play has been well received and Ford should continue to develop its interface which allows users to interact with their mobile devices. Ford has made strong inroads in developing alternate materials for its structural rigidity such as Aluminium. This research and development can create new markets for Ford as the lighter body will be more fuel-efficient and this will be relevant more so now in the pandemic. Ford will have to adapt its online platform to cater to remote sales and servicing of vehicles due to the pandemic. (Rowland, 2017)
Environmental Factors
Government is providing incentives for reduced carbon emissions and Ford can take advantage of this by continuing to innovate in this area. Ford’s development of its Hybrid and Electric models are also relevant considering the declining oil reserves. (Rowland, 2017)
Legal Factors
New regulations that are increasing the need for safety provides an opportunity for Ford to improve on its product design. Increasing environmental regulations will impact Ford’s production, assembly and design of vehicles. (Rowland, 2017)
From this analysis, Ford has opportunities for growth through environmental opportunities in areas such as hybrid, electric and aluminium vehicles and government-supported grants for reduced carbon emissions. Government has also presented opportunities in developing countries through trade agreements. However, Ford has areas to improve especially with regards to customer service and employee culture. The global pandemic has changed the environment for manufacturers and new strategies are needed to drive the business forward. Prolonged lockdowns are forcing companies into liquidation driving unemployment levels higher and ultimately reducing Ford's market base. (Swot&Pestle.Com, 2020)
6. Porter’s Five Force Analysis of Ford
Porter's Five Forces named after Michael E Porter of Harvard University is a framework that analyses the level of competition within a certain industry. In Ford's case, it is the global automotive industry. (DeBruin, 2016)
The Threat of New Entrants
The threat of new entrants presents a low force to Ford. The barriers to entry are very high due to the exorbitantly high capital required to start and to maintain operations. In addition, a model has a short lifecycle and to maintain market position frequent upgrades are required as well as complete new variants need to be produced at regular intervals and these are capital intensive activities. (Adamkasi, 2019)
The Threat of Substitute Products
In developed countries, governments are creating efficient public transport systems to reduce traffic congestions. The introduction of electric scooters and electric mobile units are substitutes. The threat of substitute products is a strong force. (Adamkasi, 2019)
Bargaining Power of Buyers
Bargaining power of buyers is high as buyers know what they want and they have a wide variety to choose from. (Adamkasi, 2019)
Bargaining Power of Suppliers
Suppliers are keen to supply to Ford and be a part of their supplier database. The pandemic has also reduced the number of suppliers available and there is now a competition for limited resources in some areas making the bargaining power of suppliers high. (Adamkasi, 2019)
Competitive Rivalry
The competitive rivalry in the automotive industry is high and large sums of money are spent on research and development to maintain a market position in a reduced market. (Adamkasi, 2019)
Overview
The pandemic has had a large impact on Ford with its global supply chain unable to cope; its rental market greatly reduced, reduced suppliers and increased competition for limited resources. As well as demand from consumers for remote and a more digital interaction requires more investment in technology.
7. Swot Analysis of Ford Motor Company
A SWOT analysis is an acronym for Strengths, Weakness, Opportunities and Threats. It is a management framework used to assess both internal and external factors that can have an impact on a business. (DeBruin, 2017)
Strengths (Parker, 2019)
- Ford Brand
The Ford brand has over a century of history built into it and has a well-established global presence. Its brand image and what it stands for is instantly recognisable. Ford has a large equity in its brand image.
- Multinational Presence
Ford has infiltrated automotive markets in just about every corner of the globe. It has developed assembly plants in several markets thereby creating employment, raising local skills and uplifting social communities.
- Weakness (Parker, 2019)
Product Recalls
Product recalls have damaged the brands' reputation for producing reliable motor vehicles.
US Market
Although a multinational company, Ford's largest market is in the US. It has not been able to create a strong footprint in any of the global locations that it has a presence in. With the US one the worst hit in terms of the pandemic, Ford will experience reduced manufacturing at its plants and a severe decline in vehicle sales across the segments.
- Opportunities (Parker, 2019)
Eco-Friendly Cars
With the government incentives for manufacturers to produce more eco- friendly cars, as well growing customer demand Ford is poised to take advantage with its well-developed R & D into eco -friendly vehicles.
CRM Platform
The pandemic has created a demand for the servicing of vehicles being managed online booking including collection and drop off of the vehicle.
The Indian subcontinent with its rising middle class presents an opportunity for Ford in the developing world.
- Threats (Parker, 2019)
Supply Chains
With the pandemic, Ford has its supply chains interrupted and this has impacted its production and sales of new units.
Suppliers
Several raw material and related suppliers have been impacted by the pandemic. There is now an increased demand from a few suppliers for raw materials.
Government Regulations
Increasing safety regulations and the threat of large fines and bans for violators needs to be carefully monitored as Ford cannot afford any future product recalls.
Summary of SWOT (Parker, 2019)
Ford has a strong financial position and well-developed brand that will assist it to overcome the impact of the pandemic. There are opportunities for Ford to develop its customer base in developing countries such as China and India and reduce its reliance on the US market. Further Ford can develop and improve its online offering to attract and retain customers. The threat to its supply chain and supplier base has revealed weaknesses in its strategy that Ford needs to address urgently.
8. Global Strategy A Conceptual Framework
When a multinational organisation such as the Ford Motor Company is impacted by a major threat in the manner that the pandemic currently has in 2020, then it has to take apart its business model to modify its core strategy to effectively respond to the threat. The components that need to be structured are:
- Value proposition
- Market participation
- Value chain infrastructure
- Management model
Pankaj Ghemwhat’s AAA framework defines the global strategic options that an organisation can utilise to create an optimum strategy. The AAA framework presents three generic strategic options for value creation. The first is the Adaptation strategy, which increases revenues and market shares by adaptation of one or more components to suit local requirements. The next strategy is Arbitrage strategy and this strategy exploits the differences in regional markets by buying low in one and selling high in another. The final A in the framework is the Aggregation strategy. (Kluyver, 2012)
Aggregation Strategy
Aggregation strategies enable multinational organisations to achieve economies of scale by creating global efficiencies. This involves standardizing a significant portion of development and production processes but not total standardisation. The objective of an Aggregation strategy is to build on similarities among geographies rather than making geographic adaptions to differences and this is done without compromising local responsiveness. (Kluyver, 2012)
An aggregation strategy is relevant to a company that has assets such as offices, branches and factories outside of its home country and is present in several countries and utilises a unified brand image to market its products in all the markets. A single corporate office manages a global strategy. (Lynch, 2020)
An aggregation strategy that is designed with giving due consideration to the external and internal analysis completed will give the company a competitive advantage in the current crisis. The key factors that need to be considered are:
- Efficiency in operations
- Innovation
- Brand image (Lynch, 2020)
Advantages of Fords Aggregation Strategy
- Ensures global direction and control
- Functional support
- Easily implementing integrated politics and strategies
- Financial improvement
Figure 3 (BusinessInsider, 2020)
9. Global Innovative Strategy
Several multinational companies have well established global supply chains and product development processes but not a lot of multinationals focus their strategy on developing global innovative capabilities. A global aggregation strategy has technology and innovation as its key global strategic drivers. This strategy will give Ford the competitive advantage of leveraging innovative ideas globally. The big impediment to innovation is knowledge and there to overcome this Ford has to increase its knowledge pool through its talent acquisition division by hiring employees that add to the value chain. A vast knowledge pool enables a company to move beyond incremental innovation to groundbreaking designs that become intellectual property. (Kluyver, 2012)
By implementing an aggregation strategy employees have a direction and are focussed on the company's goals as this strategy removes uncertainty in the workplace. By solidifying its financial position through cost reduction benefits as a direct result of innovation, Ford encourages top employees to innovate and contribute to R&D. When a company has an investment-grade rating, innovations will foster growth. A strong aggregation strategy will also relate to what the global markets are demanding and Ford is able to respond to the market demands through innovation. (Kraemer, 2015)
Although innovation is vital to an organisations success it must be implemented systematically. King's discipline innovation management is a five-step plan to integrate innovation management systematically into the organisation's corporate strategy. (Putz, 2018) The five steps are illustrated in Table 2.
Innovation is a long term objective and a culture of innovation has to be developed and encouraged in an organisation. Aggregation strategies encourage innovation on a global scale.
10. Evaluation of Competing Strategies
11. Implementation Strategy
An implementation strategy is a process in which the implementation of the strategy is defined. The implementation plan outlines the activities that are needed to execute the organisations' strategic objectives. (Eby, 2017)
Ford needs to restructure its strategic objectives due to the impact the global pandemic has had on its business. The new objectives are:
- Taking actions to better serve customers and improving accountability.
- Standardising of commercial vehicle platforms to improve global costs.
- Increase innovative initiatives and update and expand current offerings to meet customer demands.
- Source talented and diverse leaders to grow a higher margin business.
- Re-Organisation of the company organisational structure to continue to drive transformation. (Ford Media, 2020)
The implementation plan will be completed in four phases consisting of incremental blocks. Incremental blocks have a shorter time frame, a reduced cost, are more urgent, more flexible and do not have an interdependency. The flexibility comes with the ability to swop incremental blocks around inside of the phase as they do not have interdependency.
The major tasks required for the overall execution of the plan are as follows:
- Establish annual objectives
The purpose of defining the annual objectives is that it will be used as a monitoring yardstick to gauge the progress. It also gives guidance to the allocation of resources as well as organisational planning.
- Allocate resources
? Financial Resources
Allocating financial resources is the process of drawing the budget for each block and then the complete phase.
? Physical Resources
Allocating physical resources is the process of dedicating resources such as office buildings, warehouses, vehicles, lifting equipment etc.
? Human resources
Allocating of human resources is the sourcing of talented individuals both internally and externally that will lend value to the plan.
? Technological resources
The allocation of technological resources such as software required, upgrading of hardware, training of staff etc.
- Minimise the resistance to change
Manage the resistance to change by reducing the interdependency for resources and the efficient dissipation of information.
- Develop the organisational culture
The organisational structure of the company has to be restructured to match the strategic objectives and prevent the decline of organisational performance.
Additional tasks that need to be addressed include:
- Match managers to a task.
- Develop an organisational culture.
- Adapt production and operation processes
- Restructure the employment fabric by removing redundant staff, promoting staff to more effective positions and the acquiring of talented employees.
- Adapt reimbursement policies to match the strategic objectives.
Create a scheduled that is achievable and includes milestones. Develop a monitoring performance management system to gauge progress.
12. Organisational Structure
An organisational structure must support the firm's strategic moves. The current structure at Ford is functional (Fig4). A functional structure has a hierarchy and formal divisions or departments. There are also several levels and divisions are in silos. A functional structure is very slow to respond to changes due to the number of levels.
Figure 4 Fords current organisational structure
The organisational structure must be revised if decisions within the company are being made to slow or if the organisation is performing poorly or as a result of a major change to the external environment.
The recommended change to the organisational structure is to move from a functional structure to a multidivisional structure. In this type of structure, employees are based on geographic divisions and then further divided into subdivisions or departments offering services. In a multidivisional structure, each geographic division is semiautonomous but the firm still maintains a central office that maintains strategic planning and controls responsibilities for all the divisions. In each geographic region, the senior executives are assigned operational and human resources responsibilities for their respective division. A multidivisional structure allows for the adaptation of each division and its functional departments, such as sales, finance and marketing, to local conditions.
The advantages of a multidivisional organisational structure are that geographic divisional managers are accountable for the operational results of their divisions. Further to this, each division can respond to changes in their domestic markets quicker. (Chron, 2020)The organisational structure accommodates for different business needs in varying conditions of the global automotive markets. The key component of the organisational structure is the standardising of regional structures which facilitate operational control. This structure gives direction to its international operations. The following diagram illustrates the proposed Multidivisional Structure for Ford Motor Company.
MULTIDIVISIONAL STRUCTURE
The three features of Ford’s Multidivisional Structure are:
- Corporate Hierarchy
This is a traditional corporate hierarchy in the organisational structure. The executive vice presidents report to the CEO and the middle managers report to these executive vice presidents. The result is an effective top-down control.
- Global Functional Groups
The global functional groups are a specific business area and a Vice president leads each of these groups. The main functional areas are:
? Global Manufacturing and Labour Affairs
? Global Marketing, Sales and Service
? Human Resources and Corporate Services
? Quality and New Model Launch
? Global Product Development
? Government and Community Relations
? Global Purchasing
? Communications
? Finance
? Legal
? Accounting
- Regional Geographic Divisions
The organisational structure has large geographic divisions that cover the company around the world. The effect of this organisational structure is the ease of integration of business strategies into geographical divisions.
13. Proposed Structural Changes
Strategic Changes
In response to demands from the external environment, the organisation needs to change its strategy. This change will involve its approach to how it will sell products, what products it will sell, where it will sell and how these products will be made. The strategy will also determine the level of global activity required. The strategy determines how the organisation will position itself in the global automotive market. The organisational structure must fit the strategy of the company which is the Aggregation strategy. Here the structural change will be from a functional organisation to a multidivisional structure to respond more effectively to changes.
Environmental Changes
The environment in which Ford operates is the global automotive industry and it includes factors that affect it such as economic, social‐cultural, legal‐political, technological and natural environment conditions. In this instance, it includes the global pandemic. Environments are described as either stable or dynamic and in the current global automotive market, the conditions are dynamic. In a dynamic environment market demands are continuously evolving and a multidivisional structure allows the organisation to respond to environment change more proactively.
Structural Changes
It is necessary to change the structure of the company due to external influences and these structural changes involve the hierarchy of authority, administrative procedures and management systems.
Process Oriented Changes
The process-oriented changes here will be in the standardising of certain models which will only require assemblies such as the Ford Escort and the commercial trucks. The other process change will be the servicing and selling of vehicles through an online platform reducing the physical interaction with the customer.
People-Centred Changes
This type of change alters the attitudes, behaviours, skills, or performance of employees in the company.
Technological Changes
The technological advances in the environment are the driving factors for organisational change since they generally result in greater efficiency and lower costs for the firm. Technology is the way tasks are accomplished using tools, equipment, techniques, and human know‐how.
14. Organisational Conflict
When employees, managers, department heads and trade union leaders oppose changing the smooth running of the business organization gets obstructed and this gives rise to organisational conflict. Conflict can be defined as a difference that exists between needs, values, and interests of individuals or groups in an organization. (Shila, 2020)
15. Causes of Conflict
- Limited resources
- Need for recognition
- Power conflict
- Conflicting individual styles
Work is performed by two or more individuals and in groups. While performing in these groups difference of opinions or points of view arise.
- Conflicting goals
- Conflicting perceptions
- Differing political and religious views
Work is performed by two or more individuals and in groups. While performing in these groups difference of opinions or points of view arise.
- Inconsistent application of policies. (Shila, 2020)
16. Sources of Conflict
1. Poor communications
- Employees are not informed of new decisions.
- Employees are not involved in the decision-making process
- Employees lose trust in management
2. Limited resources
- Disagreement about “who does what”.
- Stress from working with inadequate resources.
3. Conflicting actions from managers
4. Leadership problems, including inconsistent, missing or uninformed leadership (at any level in the organization)
- Avoiding conflict, “passing the buck”
- Issues in the workplace are not resolved
- Supervisors do not understand the jobs of their subordinates. (Shila, 2020)
17. Managerial Actions to Reduce Conflict
1. Update and review job descriptions at regular intervals.
- Ensure that job role does not conflict.
- Check that all tasks allocated are accounted for.
2. Build relationships with all subordi-nate employees
- Hold individual meetings every month to keep informed about accomplishments, challenges and issues.
3. Get weekly status reports
· Currents issues and needs from management
· Plans for the upcoming period.
4. Conduct training at regular intervals
· Interpersonal communications.
· Conflict management.
· Delegation.
5. Develop and distribute procedure manuals using staff input.
6. Hold monthly management meetings to communicate new initiatives and the status of current programs.
7. Consider an anonymous suggestion box in which employees can provide suggestions. (Shila, 2020)
18. Resolution Techniques
- Dominance or Force (Win-Lose)
With dominance or force, one party is the winner and is satisfied, while the loser is dissatisfied and frustrated. In a win-lose contest, each party believes that it is right and the other party is wrong. The solution is not beneficial to all parties.
- Bargaining and Compromise (Win-Lose)
With bargaining and compromise, two parties look for a way to find a compromise to prevent a deadlock in the hope of securing a mutually acceptable compromise. It is only successful when both parties trust each other enough to give up concessions.
3. Problem-Solving Approach (Win-Win)
Both parties search for a mutually acceptable solution. (Shila, 2020)
19. Recommendations
Ford is facing several challenges in its domestic market in the US. Sourcing new leadership to drive the transformation will ensure its longevity. The Global Aggregation strategy will give it a competitive edge in the automotive industry. There are large opportunities available in the electric car market and Ford should exploit these. The political scene in the US is very uncertain and Ford needs to look at improving its foreign presence to maintain its revenue. Opportunities also exist in the recreational market for SUV's and Ford with the implementation of the Global Aggregation strategy will be well poised to dominate this market. The current political tensions and uncertainty around China will have a negative impact on Ford's ambition to grow its market share in that region. However, the Indian subcontinent is one of the fastest-growing markets in the developing nations. Ford can seek strategic partnerships with local manufacturers such as Mahindra to expand its footprint.
20. Conclusion
Ford still has sufficient reserves to weather the impact of the virus but restructuring its strategy will ensure Ford is able to progress quickly to recover from the impact while still being innovative.
21. Harvard Referencing
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