Word: marketing
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Dates: during 1950-1959
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What caused the Big Three to make up their minds was the take-off of Rambler sales in 1958. Belatedly, Detroit's Big Three (and little Studebaker-Packard) saw that there was a big market for the kind of car they themselves could make in the U.S. Dubbed a "compact" car to distinguish it from the tiny imports, the Rambler had offered the economy and easy handling of the foreign car plus much of the comfort, power and durability...
...second car (one in three sales) than Big Three low-priced cars. George Romney became a prophet with honor in his own country. In 1955 he had predicted: "By 1960, the compact car will be a top contender with present-type cars for the bulk of the market...
...being "right," Romney means that the compact-car market is far bigger than other makers have previously estimated. One prime piece of evidence: the entrance of Studebaker-Packard's compact Lark, which has not hurt Rambler at all, even though the Lark is being turned out at the rate of 4,300 cars a week. A year ago, the Big Three's experts estimated the compact-and small-car market at 500,000 a year-at most. Last week they had raised their sights, expect the compact market to range from...
...That market may be 7,000,000 cars by 1965, as the U.S. population explosion continues and all the World War II babies reach car-buying age. Thus, in a growing market, the Big Three's compact cars will not necessarily be sold at the expense of the Rambler...
...expects that the market for small foreign cars will disappear, but most automakers estimate that it will grow no bigger. In fact, it may shrink. One indication is that foreign cars are no longer as hard to get as they once were, and order backlogs have dwindled. The Big Three's compact cars will also be competing against their own imports...