Hyundai Motors Marketing Strategy – Marketing Strategy of Hyundai Motors: Hyundai Motor Co. is a South Korean automobile MNC that was established in the year 1967 and has did not look back. It is principally involved in the production and marketing of commercial vehicles, and engines in over 195 countries.
Since it is primarily in the economic segment, in a lot of developing nations, Hyundai is in leading positions, and in other countries, it’s in second place. Because of the stagnant rate of growth as well as the volatility of fuel prices and environmental and government regulations the automotive industry is in recession and that’s the reason why a firm like Hyundai is focused on meeting the customer’s demands by enhancing their production efficiency and design, as well as service.
Hyundai At A Glance – Marketing Strategy of Hyundai
Company : Hyundai Motor Group
CEO: Jae Hoon Chang | Eon Tae Ha | Chung Eui-sun
Founder: Chung Ju-Yung
Year founded: December 29, 1967, Seoul, South Korea
Headquarters: Seoul, South Korea
Annual Revenue: ₩105.75 trillion
Profit | Net income: ₩3.18 trillion
Number of employees : 104,731
Products & Services: Automobiles, Luxury cars, Commercial vehicles, Engines
Competitors: Ford Motor | Toyota Motor Corporation | Mitsubishi Motors | Nissan Motor | Daimler | Volkswagen | Motherson Sumi.
Hyundai Fun Facts: In 1947, the Hyundai Engineering and Construction Company was founded. The name ‘Hyundai’ means ‘modern times’, deriving from the Korean word ‘Hyun’ (현) which means ‘modern’ or ‘present’ and ‘Dai’ (대) which refers to ‘era’ or ‘generation’.
Marketing Strategy of Hyundai
Hyundai’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Hyundai? Let us discuss.
Segmentation, Targeting, Positioning – Hyundai Marketing Strategy
Hyundai employs behavioral and psychological segmentation variables to divide segments the market into homogeneous segments. The company is primarily in the economical segment but is now expanding into the premium segment with its offerings in the SUV segment as well as its new showroom layout i.e. Hyundai Motorstudio.
A differentiated targeted technique is employed in Hyundai to concentrate on the customer and meet their wants and requirements.
Positioning is the primary aspect driving market forces. Hyundai utilizes a mixture of value-based products and value-based position strategies to create a memorable experience for its customers, rather than simply selling its products.
Hyundai Mission Statement
“To create exceptional automotive value for our customers”
Hyundai Vision Statement
“Together for a better future”
“New Thinking New Possibilities”.
Competitive Advantage – Hyundai Marketing Strategy
Hyundai Motors has created an intelligent service that is centered around the customer. It helps it increase the trust and effectiveness of its after-sales support. It has created an IT-enabled network that makes its services accessible at any time, from anywhere in real time.
Major benefits that Hyundai has over its competitors Hyundai is the R & D centers which are located in the most important regions, and are helping the company understand various markets and the changing preferences of customers.
Hyundai group is currently operating an in-vehicle segment, finance segment as well and R & D segment and it aids the company to align its primary line automotive business to the vision of the company.
BCG Matrix – Hyundai Marketing Strategy
The segment of passenger cars that includes hatchbacks, sedans, and sedans and sedans in its lineup is highlighted in the matrix of BCG since certain of its products like I10, i20 Accent and Elantra are popular choices that are driving sales.
Its MPV/Bus, SUV, and truck are among the questions in the BCG matrix due to its presence in the market alongside a significant number of well-known players on the market, Hyundai is not able to dominate this market segment.
Distribution Strategy – Hyundai Marketing Strategy
Hyundai offers its services accessible to the public through its showrooms and dealerships 6,000. Hyundai is experiencing the paradigm shift of delivering unbeatable benefits by launching Hyundai Motorstudio, which is a revolutionary layout of showrooms that creates customer involvement opportunities and delivers a revolutionary experience for customers. experience.
Brand equity – Hyundai Marketing Strategy
Being a part of many of the most famous world sporting events such as FIFA, UEFA, ICC matches in T20, and one-day-match format, as well as other events, has assisted the company to gain exposure.
Competitive Analysis – Hyundai Marketing Strategy
The market for automotive is crowded with both national and local players that are following traditional red ocean strategies instead of creating new strategies. Companies such as Honda, Suzuki, Ford, Fiat, and many more are putting up a fight against each other, which results in taking over each other’s shares.
Market Analysis – Hyundai Marketing Strategy
With an international market share of just 6%, the company is revamping the company’s advertising strategies to focus on the upper strata, or higher-income customers, providing its services in the premium segments, which is the fastest-growing segment in emerging economies. The market for automobiles is experiencing an unsustainable growth rate for the economy segment, therefore focusing more on customer serviceability, brand awareness, and tapping into the expanding markets will assist the business to remain competitive in a highly competitive market.
Customer Analysis – Hyundai Marketing Strategy
Customers who purchase Hyundai are the mid-income segment who are looking to buy the car they need for their family and are looking for a good value offer.
You May Also Like:
- Marketing Strategy of SHELL
- Marketing Strategy of Uber
- Marketing Strategy of Carlsberg
- Marketing Strategy of Casio
- Marketing Strategy of Close up
This is the Marketing Strategy of Hyundai. Please let us know if you have additional suggestions to add.
Let us know What do you think? Did you find the article interesting?
Write about your experiences and thoughts in the comments below.