Fiat Assignment (2)

Contents Page

1.0 - History of Fiat

2.0 - External Environment

2.1 - PESTLE Analysis

2.2 - Porters 5 Forces

2.3 - Opportunities and Threats

3.0 - Internal Environment

3.1 - Strengths and Weaknesses

3.2 - Value Chain Analysis

4.0 - Current Strategy

4.1 - Current Strategic Implementation

5.0 - Issues of Attention

6.0 - Conclusion

7.0 - References

Sheffield Hallam University 1 Faculty of Organisation and ManagementSheffield Business School

1.0 - History of Fiat

FIAT was founded in Italy in 1899. FIAT is an acronym for Fabbrica Italiana

Automobili Torino. In 1902, the company was appointed a director, namely, Giovanni

Agnelli. In 1908, the company branched out overseas to the United States where

production increased. Fiat then ventured into other industries such as steel,

electricity and public transport. During the First World War, all production was aimed

at munitions. During the reign of Mussolini, Fiat had to concentrate on the domestic

market. Technological developments were vast for commercial vehicles, aviation and

railway sectors. With the arrival of the second world war, the production of cars

almost ceased as commercial vehicles had more of an impetus. 1958 marked the

beginning of the economic boom in Italy. Domestic production and that from FDI

increased as the automobile was the driving force of the Italian economy. From 1965

to 1977 production continued to increase along with exports but there was also a rise

in trade union conflicts resulting in 15 million hours of strikes in 1969 collectively.

1978 brought the dawn of robotic assembly equipment. In 1979, the auto sector was

established as an independent company called Fiat Auto S.p.A which incorporated

Fiat, Lancia, Autobianchi, Abarth and Ferrari. Alfa Romeo was acquired in 1984 and

Maserati 1993. Also in this era, other companies were set up. In addition to Fiat

Auto, Fiat Ferroviaria, Fiat Avio, Fiat Trattori, Fiat Engineering, Comau, Teksid and

Magneti Marelli were established, all under the Fiat brand. In the early 1990’s, Fiat

expanded it product range to international markets which resulted in 60% of it’s

turnover coming from outside of Italy. Innovation continued in the turn of the

millennium with the introduction of Multijet engines which increased fuel economy.

More recently, in 2009, Fiat saved GM from collapse in a swift equity acquisition. GM

was hit hard with the credit crisis and now chief executive, Sergio Marchionne, has

the task of developing a strategy in order to help rehabilitate the damaged company

(Betts, 2009). President Obama has faith that the Fiat chief will be able to instil

stability back to the depleted firm (Betts, 2009). Fiat also had its eyes set on the

acquisition of German giant Opel. It was bidding along with RHJ International and

Magna. Eventually, General Motors decided to pull out of the sale of its subsidiary,

Opel (Robinson, 2009). If this acquisition had been achieved it would have meant a

massive market share in Europe for Fiat and market dominance (Wiesmann, 2009).


Due to the size of the Fiat group, this report will only focus on Fiat cars and the car

market.

2.0 - External Environment

2.1 – PESTLE Analysis

Political

Governments and institutions across the world are imposing sanctions on

companies in terms of their CO2 emissions. Two treaties; the European

Climate Change Programme and the 1997 Kyoto agreement have both been

set out in order to reduce emissions and slow global warming (Europa, 2009).

This means an increase in spending from companies on reducing their CO2

emissions with no additional return of capital employed.

Because Fiat is a global company, there is a great deal of trade between

different countries all over the world. Although the EU and Japan have good

trade links, there are still significant tariffs in place that are being worked on

being reduced or abolished (European Union, 2008). There is the bonus of

free trade for Fiat between the EU 27 bloc where there are no trade tariffs

which allows easy movement of goods.

The Corporate Average Fuel Economy (CAFE) regulation is a piece of

legislation which requires all participating car-makers to manufacture

automobiles with a 27.5mpg average (NHTSA, 2007). For car manufacturers

who do not have the technology to or research and development capacity to

be able to make engines at this economy, it will require money and time to be

able to hit the targets.

The recent expansion of the European Union (addition of Bulgaria and

Romania) means that there are more countries available for Fiat to trade with

within Europe without barriers.

Economic

At present, the global economy is experiencing a downturn. This has meant

that businesses are experiencing loss of profit and downsizing issues. This


has been seen in Fiat's operating profit falling by almost a third from October

2008-09 (Financial Times, 2009).

Volatile fluctuating exchange rates mean that for exporters, returns can be

hard to predict. Hedging can be applied but this costs money in the form of

commission and can be a gamble if the exchange rates become more

advantageous (BBC, 2008).

Social

Consumer tastes and preferences play a massive part in the car industry and

supply is led by demand. Consumers can be so fickle. What is popular one

year or in one country will be ridiculed in the next. An example of this is

General Motors changing the rear lights on their Buick LaCrosse for the

Chinese market. They were changed to the shape of the numeral 8, a symbol

of wealth (Webb, 2006). Manufacturers need to assess the market thoroughly

in order to maximise sales and profits.

There is evidence that consumers are becoming more aware of the power

that they hold over the market and are practicing negotiation skills more

frequently (Bonser et al., 2006). This behaviour can potentially decrease profit

margins for suppliers.

Technological

Because of developments in information communications technology,

companies can readily check on their competitors' performance and

weaknesses (Bonser et al. 2006). These can be capitalised on, making the

marketplace a much more fiercely competitive place.

According to Millward (2008), there will be a major global oil shortage in the

future. Car manufacturers need to turn to alternate fuels in order to survive

through such shortage.

Legal

The legal issues surrounding Fiat and the automotive industry include the

Kyoto agreement mentioned in other areas of the PESTLE.

Government tariffs and legal requirements in countries can make it more

difficult for companies to invest overseas.


Environmental

Global warming and pollution reduction are becoming ever more prominent on

the world stage. This ties in with the Kyoto agreement.

Natural resources such as oil are thought to be running out, which means that

petrol prices are increasing. This opens a new market for fuel efficient and

alternative energy cars.

2.2 - Porters 5 Forces for Fiat

The model uses the 5 forces of competition as developed by Michael Porter and

is a tool that "helps managers evaluate industry competition" (Enz & Harrison,

2009, p.60).

Rivalry Within the Industry

Because the competition is so fierce in the industry, Fiat has recognised this

and a large stake in the North American manufacturer, Chrysler, (Betts, 2009)

in order to broaden its scope and increase market share. Fiat also looked like


a promising bidder in the sale of GM's European subsidiary, Opel, but this did

not come to pass.

Barriers to Entry

Due to closely placed competitors, there is little room for new entrants. Also

changes in consumer tastes and preferences mean that the incumbents are

constantly monitoring these and adapting appropriately. The only chance a

new entry would have is if it found an unfulfilled desire or a niche in the

market. This is similar to the SMART car, who emerged by developing really

small, economical city car but is owned by Mercedes Benz so had the capital

to create the company (R&D costs, marketing etc.).

Power of Buyers

Due to the constant changes in consumer tastes and preferences, new

distribution channels have had to have been established in order to satisfy

these tastes. There is so much choice, that proximity is becoming more

important to the customer when buying.

Power of Suppliers

Due to Fiat outsourcing more of its materials, this gives more power to

suppliers as there is not as strong a mutual respect between them. Fiat still

uses Magneti Marelli, a wholly owned and prolific Italian auto part

manufacturer. This also has political implications as it is also an Italian

company and fuels the Italian economy.

Threat of Substitutes

Because of the closeness of the rivalry and large number of incumbents

offering similar products, there is a greater need for Fiat to flaunt its Italian

passion and spirit which makes it unique against its competitors. This is

unique to the brand and cannot be copied.

2.3 - Opportunities and Threats

Opportunities Threats

Form alliances with companies Exposure to exchange rate


such as PSA Peugeot Citroen,

who produce cars of similar price

and size and quality.

Potential to expand operations in

emerging markets such as India,

and China.

There is an absence of market

penetration in developed markets

such as the U.S.

volatility due to the economic

crisis.

Strength of Korean and Japanese

car makers is increasing and

becoming more prominent in the

automotive market.

Italians are less loyal to domestic

brands which undermines Fiats

loyalty to domestic customers

According to the IMF (cited in

Data Monitor, 2009), the global

economy will slow down sharply in

2010. This will cause a slow in

sales and revenue from all fiats

markets.

3.0 - Internal Analysis

3.1 - SWOT Analysis

Strengths Weaknesses

Fiat has had a long experience of

the auto industry and aided the

development of the industry (Fiat,

2009).

They have control over 5 historic

Italian firms – Ferrari, Alfa Romeo,

Lancia, Maserati and Magneti

Marelli (Fiat, 2009).

It’s strength in design – Italian

style which differentiates itself

from competitors.

Strong management team

including Sergio Marchionne

Fiat could be seen to rely on the

European market too much in

terms sales and production with

only one plant outside of the

region (Brazil).

The above point also shows a lack

of scale compared to their peers

and still have Italy as their biggest

market (24.1% of revenue for

fiscal year 2008) (Data Monitor,

2009).

Although Fiat finished 2008 with

its best trading profit ever, the


According to the Reliability Index

(2009), Fiat cars are more reliable

than the industry average.

group made a loss of 410m Euros

in the first quarter of 2009 (BBC,

2009).

3.2 - Fiat Value Chain Analysis

Using the value chain

analysis framework

(pictured left), the

capabilities and resources

within the business can be

identified and evaluated as

to how they add value to the

goods and products.

Primary Activities

Research and development - The research and development for Fiat is

carried out at two centres: CRF and Centro Stile. In June 2009 (EIB, 2009),

Fiat attained loan finance to fuel it's most recent research and development

project, costing 900 million Euros, compared with 751 million in 2007 (Fiat

S.p.A, 2007). The purpose of this R&D is for: "(i) the optimisation and further

development of fuel-efficient conventional powertrain technologies including

the investments in machinery and tooling for the launch of a new family of

more efficient transmissions, mainly for smaller vehicles application; and (ii)

the development of new more fuel-efficient exhaust systems, powertrain and

electronics components, aiming mainly at CO2 reduction" (EIB, 2009).

Components - Fiat's main component manufacturer is Magneti Marelli, who is

one of Fiat's subsidiaries. This keeps costs lower than if the goods were

outsourced. Magneti Marelli also sells to third parties which creates profit to

be used for production or Fiat car components (Fiat S.p.A, 2007). The

company also uses FPT Powertrain Technologies for the production of

engines and transmissions. This is also a subsidiary of Fiat S.p.A.


Final assembly - Comau, the global industry leader, assembles most of the

finished components to complete the manufacturing process. Because

Comau is the market leader, it can be assumed that the quality of service is

high.

Marketing and service - The Fiat brand is now more reputable than it once

was. It is no longer associated with poor quality and reliability. Since the

arrival of the new CEO, Sergio Marchionne, in 2004, the company has gone

from strength to strength and transformed it's brand image (Marchionne,

2008).

Support Activities

Infrastructure - Good infrastructure in Europe, but not elsewhere, except

Brazil, and 7 plants located in Italy. This could be seen to keep the brand

image "Italian", in keeping with the design and "flair" still coming from Italian

roots. Distribution in America should be aided through the 35% stake in

Chrysler and the use of their distribution channels.

Logistics - Because Fiat has many suppliers, the way in which these come

together has to be of great efficiency or it will cause lags in production. Fiat

powertrain technologies have recently created a partnership with CEVA

Logistics, who are a reputable supply chain company, in order to ensure

efficiency in inbound and outbound logistics (CEVA, 2009).

Human Resources - The high quality of the management team, especially

Sergio Marchionne, who has a long successful past in non specific

management.

4.0 - Current Strategy

In light of the research brought forward, it appears that Fiats currently employs a

global business strategy. This occurs in an international business environment where

the pressures for cost reductions are high and the pressures for local

responsiveness are low. This is true due to the squeezed profit margins experienced

by all incumbents of the automotive industry and also the fact that most cars are


replicated globally. Some may change due to legal requirements but these are minor

issues. In evaluation, this strategy is no longer suitable for the changing environment

of the automobile industry. Consumers are gaining more bargaining power, which

means that the need to be more locally responsive is higher than it has been.

Pressures to keep costs low are also higher than ever, which is highlighted through

the number of mergers and acquisitions that have been made with other incumbents.

Recently, in the case of Fiat, these have been Chrysler and Opel. The abundance of

mergers and strategic partnerships has increased significantly in the last few years

with the global economic downturn meaning the reduction in consumer demand and

reduction of profits. A global alliance could mean sharing resources in order to

reduce costs in both parties.

Although the global strategy keeps cost low, which is essential for any car

manufacturer, it does not sufficiently address the needs of consumers in different

markets. The increasing need for local responsiveness to achieve customer

satisfaction means that Fiat will need a different method of keeping costs low or even

increasing sales to counterweight the balance on the profit and loss account.

Responding to local markets may be especially difficult for Fiat to implement due to

its style and design being part of it's uniqueness as a brand. It has a well developed

R&D department that uses its expertise to produce the cars looking like they do. To

change that Italian flair to be more conducive to the market of sale would dilute the

unique selling point of the cars. The adaptation could, instead, take the form of

marketing and sales, not just in the actual product.

4.1 - Current Strategic Implementation

The current operations are formulated predominantly around Italy and the head

office in Turin. All the plants are located in Europe except for the plant which

operates in Brazil. This could be a reason for the firm not performing very well

outside of its domestic market or at most, Europe. A majority of its production still

emanates from Italy. This means that production can be closely monitored but it also

means that export costs will be higher and the ability to be locally responsive is low.

This is in keeping with the Italian design being a key theme through the brand image

and keeping production Italian helps towards that but it doesn't have to. As long as


the research and development centre is based in Italy and has the same Italian

designers, the style can be implemented into the vehicles around the world.

Since the appointment of the new CEO, Sergio Marchionne, the company seems to

be a lot more structured in the way that it is run. It seems as though the decisions

come from the top in a clear cut way. The profitability has increased dramatically

from the appointment and Fiat has looked like expanding once again incorporating a

stake in Chrysler in 2009 and a bid to buy Opel from general motors in order to

secure a large market share in Europe. At present the car industry is in tough times

with demand slowing and costs rising. Fiat have realised this and tried to increase

their size in order to achieve better and more efficient economies of scale. Although

this is good, Fiat has not been able to secure another global strategic alliance in

recent times as other manufacturers have. It would benefit Fiat to attain an alliance

with a Japanese car company such a Honda or Nissan in order to gain knowledge of

local tastes and consumer preferences so as to expand operations there. Also, the

Chrysler alliance needs to be used to its full potential. The American market has

been notoriously hard for Fiat to crack, seeing their exit from the marketplace in 1984

(LA Times, 2009). Apparently, Fiat is to re-launch itself into the US market using the

500 as its weapon. The New York Times (2009) is quoted as claiming that Fiat plans

to take the model into Chrysler dealerships as soon as 2010. This shows the

reasoning behind Fiat forming the alliance with the struggling Chrysler. If these plans

go ahead and the 500 is a success like it has been in Europe, it will be a

breakthrough in Fiat history and the dawning of a new age. The vast U.S market will

be opened up and with help from its alliance with Chrysler, can start producing cars

for American consumption.

5.0 - Issues of attention

Although the global strategy is good in that it keeps costs low, it cannot be sustained.

If Fiat does enter the North American market, then it means that their cars will most

probably have to be modified for the penetration in the market to be sustained. Fiat

left the market in 1984 due to the lack of sales. It seemed that the European style of


the car was not in keeping with the tastes and preferences of the American people. It

is still yet to be seen whether the style of 500 be a success, especially due to the fact

that the 500 very much resembles the old 500 released in 1957 (Life In Italy, 2009).

If the sale of the new 500 is not fortuitous for Fiat, it will mean that Fiat will need to

change to a transnational strategy so that the vehicles can be tailored to the tastes

and preferences of the American consumers. The transnational strategy is most

effective where cost pressures are high and the need to be locally responsive is also

high. As Becker stated, since 2000, the proportion of profit yielded from each car

produced has seen a significant decline (Becker, 2006). Combine this with weak

capital markets, stock exchange crises, political insecurity, decrease in disposable

income and increasing job risk driving down demand and global discount competition

between manufacturers competing in the non-luxury car market, and it stresses the

intensity of these price pressures (Becker 2006). This strengthens the prominence of

cost pressures and, the re-entrance of the American car market, highlights the need

adapt to local tastes and preferences.

The implementation of this new strategy relies heavily on the partnership with

Chrysler. As Fiat took a 35% share in Chrysler, this is likely to be a deal on Fiats’

terms, so the feasibility of the strategy is of a high level. The implementation will

involve Fiat using the Chrysler dealerships in the U.S. to stock their cars. This will aid

brand recognition and trust as it is associated with a major American car

manufacturer. Under the terms of the deal, in return, Chrysler will have access to

Fiat fuel efficiency technologies (BBC, 2009). As highlighted in the PESTLE analysis

section of the report, environmental issues are becoming ever more important to

consumers, manufacturers and governments. This may be the cause of the

American consumer interest in the new Fiat 500.

6.0 - Conclusion

In conclusion, the future of Fiat rests on the ability of the car industry to recover from

the current downturn in demand and is also dependent on the success of the

imminent exploits in the U.S., primarily, in the form of the launch of the 500.

According to the IMF (cited in Data Monitor, 2009), the world economy will decline

further in 2010, which suggests that the car industry will not pick up until after the


global economy has begun to recover. In addition to this, the fact that the distribution

channels belonging to Chrysler can be used, does not mean that the new model will

sell in America. Market research and consumer intelligence needs to be taken into

account before any venture is undertaken. There may not be another chance for Fiat

like there was last time.

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Documents

Fiat Assignment (2)