Hyundai Motors Marketing | Marketing Strategy of Hyundai Motors
Hyundai Motor is a famous South Korean automobile company in the world. It started its operation in 1967. They manufacture commercial vehicles, engines, and automobiles and currently operating in more than 195 countries globally. The company is a market leader in several developing nations and a big name in developed nations. Due to several factors such as environmental situations, government regulations, stagnant growth rate, and fuel price instability, the automobile market is experiencing heavy downturns. Due to this reason, Hyundai is targeting customers by fulfilling their requirements and product performance. In this article, we will focus closely on Hyundai Motors Marketing.
Important Factors in the Hyundai Motors Marketing:
Segmentation, Targeting, and Positioning:
The company utilizes psychographic and behavioral segmentation strategies to target its customers. They are focusing on the premium segment through its offerings like SUVs and innovative showroom setups like Hyundai Motorstudio. Hyundai uses a differentiated targeting strategy in order to satisfy the customer needs and target them. Positioning is one of the vital factors which is responsible for driving the market. Hyundai Motor uses value-based and product-based strategies in order to enhance the customer experience. Its main tagline is ‘’New thinking new possibilities’’.
Competitive Advantage | Hyundai Motors Marketing
Hyundai has a consumer-centric approach to smart service. Certainly, it is helping the company to increase its efficiency and credibility in several sectors. Its innovative and IT-based ecosystem helps the brand to present anytime and anywhere. Moreover, the company has invested a huge amount of money in the R&D sector which is the biggest competitive advantage of Hyundai Motors. Thus, they are continuously improving their performance and products for users. They are working in the R&D, financing, and in-vehicle segment which is helping the company to align its automotive business.
BCG Matrix | Hyundai Motors Marketing
The sedan is in the star category of BCG matrix and other options such as i10, I 20, Elantra, and Accent are some of the famous products of Hyundai and are responsible for driving the major sales of the company. Its trucks, MPV, and SUV are still in the question mark category but they also hold specific market value in these segments.
Distribution Strategy | Hyundai Motors Marketing
With more than 6000 showrooms, Hyundai is making sure that its products and offerings are available to the users and dealerships. Its latest showrooms like Hyundai Motorstudio are giving opportunities to users to see and check its offerings which is directly enhancing the customer experience and brand value.
Brand Equity | Hyundai Motors Marketing
Hyundai is sponsoring some of the top world’s events like UEFA, ICC, and FIFA. They are also associating with several international events that helped the company to increase its visibility and brand worth.
Competitive Analysis | Hyundai Motors Marketing
The automotive industry is flooded with several local and international makes. Various companies like Ford, Fiat, Honda, Suzuki, and so on are giving stiff competition to Hyundai. That’s why they are disturbing the market share of each other through their services and offerings.
Market Analysis | Hyundai Motors Marketing
In order to target the upper-income or upper-strata groups, Hyundai uses its customer-centric approach to target its users in emerging regions. On the other hand, the automobile industry is facing several challenges right now in the form of increasing fuel prices, environmental regulations, and stagnant growth rate. That’s why they are targeting customer serviceability, innovation, and brand awareness in order to align their operations and position in the competitive market.
Customer Analysis | Hyundai Motors Marketing
Most of the customers of Hyundai Motors belong to middle-class groups. So, they want to buy a vehicle for family use and looking to get their money’s worth. That’s why Hyundai is very popular among the majority of middle-income groups and they present those models that satisfy their requirements.
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