Answer

Ford Motor Inc.

About Ford Motor Inc.

            Ford Motor Inc. is a Fortune 500 firm chosen for analysis. The company was chosen for analysis because it has managed to maintain its position as the largest auto manufacturer in the US. Moreover, the firm was identified as desirable for study since it has recurrently recorded a robust performance, particularly when dealing with the F-series trucks (Fortune, 2020). Moreover, the firm’s effective performance is accrued to its effective HR practices. The headquarters of the company is in Dearborn, Michigan.

Launching a New Product

            Ford Motors could launch self-driving vehicles in the near future. However, to ensure that the product becomes successful in the market, it should be effectively marketed to achieve the intended sales level. To conduct a market research, several steps will be considered. First, the need for accomplishing the research such as understanding the needs of the consumers will be documented. Second, unveiling the industrial outlook to establish if competitors have launched a similar product is necessary (Coville, 2020). Third, identification of the target customers to understand their size and location is also a necessary move. Fourth, collecting the competitor information for comparisons will be required to understand their strategies. Fifth, collecting any additional information about the self-drive vehicle, market, or competition is also necessary to complete the market research details (Coville, 2020). Sixth, conducting an investigation of the findings is also necessary to ensure that the researcher can conduct an analysis of the requisite action to be implemented to guarantee that the new product becomes successful in the market (Coville, 2020). Following the market research steps explained will be desirable in ensuring an effective promotion of the new product, thus guaranteeing its high sales rates.