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Lee Iacocca - College Papers

Lee Iacocca

, born Lido Iacocca on October fifteenth 1924, was the son of
an Italian immigrant named Nicola Iacocca. He had one sister named Antonette.
The family lived in Allentown, Pennsylvania. His father was some what of an
entrepreneur in the food service industry. The family business was called the
Orpheum Weiner House in Allentown, Pennsylvania.
The company is still standing today, operating under the name Yocco's,
his uncles' are still making hot dogs for the public. Growing up in Allentown
was difficult for Lee, because of his ethnic background. Allentown was
primarily made up of Dutch immigrants. In his early years of education he was
ridiculed for his heritage. An his senior year in ...

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not get a scholarship. Lehigh University was one of the sights that Ford
Motor Company used to recruit new employees. He was able to secure a place in
the Ford training program, it was difficult for him to get admission but he
survived. During his time in the training program Lee had become less
interested in the engineering aspect of the business and more in sales. He
dropped out of the program to pursue areas in sales with the Ford Corporation.
During his time at Ford Lee Iacocca came out with several very innovative
purchasing concepts. One concept was the 56 for 56 payment plan. This payment
plan would allowed the consumer to purchase a new Ford vehicle with a twenty
percent down payment and a $56 monthly payment until the vehicle was paid off.
This was one of the first payment plans that was structured to be affordable for
the consumer. The system was responsible for selling over seven hundred fifty
thousand vehicle in 1956. Although his career with the Ford Motor ...

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PAPER DETAILS

Added: 2/10/2004 10:48:40 PM
Category: Biographies
Type: Premium Paper
Words: 983
Pages: 4

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