Henry Ford and Ford Motor Company
Strategy: Mass Production to Lower Costs
Innovation: Prior to Ford, automobiles were custom-made, high-cost luxury items. Henry Ford turned this prevailing notion on its head by introducing the assembly line production method, which drastically reduced the cost of manufacturing.
Impact: By making cars more affordable, Ford democratized transportation. The Model T became accessible to the middle class, which created a ripple effect across other industries— from oil and gas to road construction, thereby shaping the 20th-century economy and lifestyle in America.