(1) Goods: Products
You can buy any good you want at Walmart. They sell just about everything.
(2) Wages: The money workers are paid
Wages need to go up if we’re going to get the best workers.
(3) Market research: Trying to learn how people feel about something
Before introducing a new shampoo, we do market research to create the best package.
1. Which three things does Ford think are key to success in business?
a. Fast production, low costs, high wages
b. Good product, low costs, high wages
c. Dependable product, low costs, high wages
2. Why does Ford say people wanted faster horses?
a. They didn’t know well what they wanted
b. What they wanted didn’t exist
c. Market research is never good
3. What did Ford Motors make?
a. Great cars
c. High wages
By Jeremy Schaar
Today on the blog, I’ll present some great quotes from Henry Ford. You’ll be motivated and learn some vocabulary. You’ll also have some quotes that you can use in your next presentation or report.
There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible. –Henry Ford
In this quote, Ford gives strategy advice for industrialists. He says to make great stuff, keep costs low, and pay your workers a lot of money. Industrialism is businesses that manufactures something. Goods are products. Wages are the money workers get.
If I had asked people what they wanted, they would have said “faster horses.” –Henry Ford
People can’t tell you what they want. You need to learn that by yourself.
Steve Jobs often said something similar. He said that Apple didn’t do market research because people don’t know what they want. It’s the job of the businessman to figure out what people want.
A business that makes nothing but money is a poor business. –Henry Ford
This means that a business needs to create something of value. It’s possible to just focus on profits, but Ford doesn’t think it’s a good idea. You need something more.