In the early 1900s, Henry Ford revolutionized the automobile industry by developing production lines and mass producing the Ford Model T automobile. By reducing production costs, Henry Ford, Ford made the Model T quite affordable for the average American family. What business strategy did Henry Ford use to gain a competitive advantage in the automobile market?

Question

Quizplus · Accepted Answer

By reducing production costs and implementing production lines, Ford was able to produce the Model T at a lower cost than its competitors, allowing them to price it more affordably and gain a competitive advantage. This strategy is known as cost leadership.

In the Early 1900s, Henry Ford Revolutionized the Automobile Industry