At 73, Bob Lutz, vice chairman of global product development for General Motors, says he’s not ready to retire yet, but has given some thought to what he’ll do when he does.
I’d like to write another book,” said the author of “Guts: The Seven Laws of Busisness that made Chrysler the World’s Hottest Car Company.” He penned that after leaving the company when passed over as the successor to Chrysler Chairman Lee Iacocca.
The new book would be about what it takes to get people to buy a product, specifically new cars. “Far too many business school graduates feel that surveying, measuring, clinicing and researching eliminates risks. But decisions must be made on gut instinct and emotion, not by analysis.”
Lutz insists they feel the way to sell a product is to address needs. “They intellectualize the business and treat it as a science. You can satisfy consumers needs with a low-mileage-2-year-old car,” he said.
`Why buy a $20,000 Rolex when a $35 Swatch tells the same time? Because the $20,000 watch satisfies the emotional wants. It’s something you have that others don’t.
