One of the most often forgot story of Ford was the failure of the Edsel. They designed the hell out of the product. They researched design, interiors, market segments, price points, ect. At the time, it was known as one of the best designed prodcuts.
They 'launched' it and it was a complete failure.
It was a unexpected failure - they thought it was going to be huge. But, the information they obtained from the failure was that the market changed. Their assumptions were incorrect. Instead of blaming it on a 'irrational customer', they "pivoted". They went out to research why and found out that customer segmentation had changed. Instead of based on economic customer segmentation ('low', 'middle income', ect.) there was a change towards a 'lifestyle' segmentation. They incorporated this new information into their development, and shortly after they successfully released the Ford Thunderbird - an American classic.
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One of the most often forgot story of Ford was the failure of the Edsel. They designed the hell out of the product. They researched design, interiors, market segments, price points, ect. At the time, it was known as one of the best designed prodcuts.
They 'launched' it and it was a complete failure.
It was a unexpected failure - they thought it was going to be huge. But, the information they obtained from the failure was that the market changed. Their assumptions were incorrect. Instead of blaming it on a 'irrational customer', they "pivoted". They went out to research why and found out that customer segmentation had changed. Instead of based on economic customer segmentation ('low', 'middle income', ect.) there was a change towards a 'lifestyle' segmentation. They incorporated this new information into their development, and shortly after they successfully released the Ford Thunderbird - an American classic.
Great story.