In 1974, GM’s new CEO, Thomas Murphy questioned the company’s strategy in selling cars with different features and suggested that they sell basically the same kind of vehicle with different external accessories. He did this to reduce costs. Consumers didn’t like this, and GM’s marketshare began to slide – and it’s been falling ever since.

In a conversation we had with Mike Michalowicz, author of Profit First, he said: “Cut the fat and not the muscle.” In the case of General Motors, cost-cutting cut too much muscle, and in the end, it cost them a lot of business affecting thousands of people and their livelihoods.

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