by The Pioneer of Installment Purchasing and Global Franchising
This nomination for Isaac Merritt Singer and the managers who built the Singer Sewing Machine Company into the first modern multinational consumer durable goods corporation. Singer perfected mass production of a complex mechanical device for the home. His true innovations were in marketing and finance: he pioneered the hire-purchase installment plan, making the expensive machine affordable to housewives. He also created a global network of company-owned stores and franchise dealers for sales and service, a model later adopted by the automobile industry. Aggressive advertising created brand dominance. Singer proved that sophisticated financing (installment credit) and direct control over distribution (franchising) were as important as the product itself in capturing a global mass market for a new domestic technology, creating a template for 20th-century consumer goods companies.
