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Product And Brand Building Strategies A Study Of Hyundai Motors. cycle Thus the issue of divest or a ceasing of production may be made Each scenario requires a unique. marketing strategy, Multi national companies in India The beginnings of automotive industry in India can be traced during. 1940s After the nation became independent in the year 1947 the Indian Government and the private sector. launched their efforts to establish an automotive component manufacturing industry to meet the needs of the. automobile industry The growth of this segment was however not so encouraging in the initial stage and. through the 1950s and 1960s on account of nationalization combined with the license raj that Audi BMW Fiat. Ford Motors General Motors Honda Hyundai Toyota Skoda Mitsubishi Motors Mercedes Benz Renault. Nissan entered into the Indian market Bergen M Heide J B 2000. According to Cavusgil S T Sikora E 2000 the marketing strategies for small car segment in India. was hampering the private sector in the country However the period that followed 1970s witnessed a sizeable. growth contributed by tractors scooters and commercial vehicles Even till those days cars were something of a. sort of a major luxury Eventually the country saw the entry of Japanese manufacturers establishing Maruti. During the period that followed several foreign based companies started joint ventures with Indian. companies In 1953 the Indian initiated manufacturing processes to help develop the automobile industry. which had emerged by the 1940s in a nascent form Between 1970 to the economic liberalization of 1991 the. automobile industry continued to grow at a slow pace due to the many government restrictions A number of. Indian manufactures appeared between1970 1980 Many manufacturers entered the Indian market ultimately. leading to the establishment of new joint venture companies A number of foreign firms initiated joint ventures. with Indian companies Cespedes F V Corey R E Rangan K 1996. According to Jack Herman 2010 Indian automobile sector is set to emerge as the global leader by. 2012 In the year 2009 India rose to be the fourth largest exporter of automobiles following Japan South Korea. and Thailand Experts state that in the Indian Automobile Industry at present about 75 percent of India s. automobile industry is made up by small cars with the figure ranking the nation on top of any other country on. the globe Over the next two or three years the country is expecting the arrival of more than a dozen new brands. making compact car models, According to Bucklin L P 2008 automotive giants of India including General Motors GM. Volkswagen Honda and Hyundai have declared significant expansion plans On account of its huge market. potential a very low base of car ownership in the country estimated at about 25 per 1 000 people and a rapidly. surging economy the nation is firmly set on its way to become an outsourcing platform for a number of global. auto companies Some of the upcoming cars in the India soil comprise Maruti A Star Suzuki Maruti Splash. Suzuki VW Up and VW Polo Volkswagen Bajaj small car Bajaj Auto Jazz Honda and Cobalt Aveo. GM in addition to several others, According to Corey R E Rangan K 2006 Automobile industry in India is one of the fastest. growing automobile industries and has made its position in the world market The Indian automobile Industry is. currently growing at a remarkable pace of around 18 per annum The technological changes and progress. successfully led to the progress of automobile sector in India The main reason behind this tremendous progress. is the economic liberalization by Indian government The Indian Automobile industry is growing in all respects. and it is also serving as an important source of employment Innovation and new product launches are a major. factor driving growth in sales of cars A wide distribution service station network is a key to growth in India. The automobile sector is expected to witness strong growth and improve its share in global markets too. According to Clarke III I Owens M 2002 to cover the high costs of product development and the setting. up of production facilities to cater to local demands many global automobile giant manufacturing strategies is to. assemble vehicles at scale economies and offload them to their franchise dealers To keep agency problems with. their franchise dealers in check manufacturers implement the market division strategy and the associated. penalty systemMNCs manufacturing and distribution strategies partly contribute to the existence of regional. differences in the pricing and availability of specific models and specifications of vehicles These necessary. conditions allow opportunistic parallel traders to engage in arbitrage. Objective of the study To identify the product strategies and brand building strategies of Hyundai. automobile companies, Research methodology The data for this research has been collected through the personal interview method. by using the structured questionnaire The various managers of the Hyundai Company were contacted and the. required information for this research was collected. www iosrjournals org 36 Page, Product And Brand Building Strategies A Study Of Hyundai Motors. II Data analysis and interpretation,Product Specification. Cumulative,Frequency Percent Valid Percent Percent. Valid petrol engine 9 45 0 45 0 45 0,diesel engine 6 30 0 30 0 75 0. duo 5 25 0 25 0 100 0,Total 20 100 0 100 0, The table above shows that Hyundai Company is selling all the three types of product in the market It. does so by using the mixture of all the three specifications that is petrol engine cars diesel engine cars and also. the duo engine cars which run with both petrol and auto gas. PRODUCT BENEFIT STYLE,Cumulative,Frequency Percent Valid Percent Percent. Valid Yes 11 55 0 55 0 55 0,No 9 45 0 45 0 100 0,Total 20 100 0 100 0. The above table reveals that 55 of the respondents are of the opinion that the product benefit of. Hyundai is style Only 45 of the respondents think that style is not the product benefit of Hyundai. Cumulative,Frequency Percent Valid Percent Percent. Valid no 9 45 0 45 0 45 0,yes 11 55 0 55 0 100 0,Total 20 100 0 100 0. The above analysis indicates that 55 of the respondents above feel that benefit of the Hyundai. product is the dual fuel engine product that it offers to the customers 45 of the respondents are of the opinion. that it is not the product benefit of Hyundai They feel that Hyundai provides other product benefits. VALUE FOR MONEY,Cumulative,Frequency Percent Valid Percent Percent. Valid yes 20 100 0 100 0 100 0, The Hyundai Company provides full satisfaction to the customers by providing value for their money. Respondents who are managers of Hyundai Company agree with this opinion. GLOBAL STANDARDIZATION,Cumulative,Frequency Percent Valid Percent Percent. Valid Yes 13 65 0 65 0 65 0,No 7 35 0 35 0 100 0,Total 20 100 0 100 0. Only 35 of the respondents are of the opinion that their product is not offering global standards to its. customers 65 of the respondents felt that the Hyundai product does maintain global standards Not all the. www iosrjournals org 37 Page, Product And Brand Building Strategies A Study Of Hyundai Motors. models of the company meet the global standards So the majority of the respondents said that their product is. benefitting their customers with this factor,RESALE VALUE. Cumulative,Frequency Percent Valid Percent Percent. Valid No 16 80 0 80 0 80 0,yes 4 20 0 20 0 100 0,Total 20 100 0 100 0. Majority of the respondents i e 80 of them feel that Hyundai cars do not have resale value Only. 20 of them are of the opinion that they have resale value. REASON FOR INTRODUCING NEW PRODUCT,Observed N Expected N Residual. company policy 20 20 0 0, The reason for introducing a new product is the policy of the company and not the innovation. or the counter attack strategy in response to competitors strategies It is just the policy of the company. to come up with new models and variants,CUSTOMER REASON FOR PURCHASING. Observed N Expected N Residual,style 2 6 7 4 7,service 8 6 7 1 2. fuel efficiency 10 6 7 3 2, 50 of the respondents think that customers are buying their products as their products are fuel. efficient 40 felt that it is the service they are offering to the customers which makes them to buy their. products Only 10 are of the opinion that style is also a reason which makes the customers to prefer their. CUSTOMER SERVICE RECORD,Observed N Expected N Residual. fully satisfied 20 20 0 0, All the managers of Hyundai Company think that customers are fully satisfied with the service offered. by them They have collected feedback from customers about their service and based on that they have. concluded that the customers are fully satisfied with the type of service they offer. INCENTIVE FOR MULTIPLE PURCHASES,Cumulative,Frequency Percent Valid Percent Percent. Valid yes 6 30 0 30 0 30 0,no 14 70 0 70 0 100 0,Total 20 100 0 100 0. www iosrjournals org 38 Page, Product And Brand Building Strategies A Study Of Hyundai Motors. The above table reveals that 70 of the respondents do not offer any incentive for multiple purchases. made by customers Only 30 of them are providing incentives for the multiple purchases by customers They. adopt such a strategy to attract customers to buy and retain their products. ADVERTISING MEDIUM,Valid Cumulative,Frequency Percent Percent Percent. Valid Television 8 40 0 40 0 40 0,Internet 6 30 0 30 0 70 0. Newspaper Magazi 100 0,6 30 0 30 0,20 100 0 100 0, The Hyundai Company is using a mix of available advertising media to advertise their products It uses. a blend of the advertising media like television internet and it also uses newspapers magazines 40 of the. respondents use television and 30 each of the respondents said that they use internet and. newspapers magazines as advertising media,Cumulative. Frequency Percent Valid Percent Percent,Valid Yes 20 100 0 100 0 100 0. All the respondents of Hyundai Company are of the opinion that they should use celebrities to endorse. their brands They know that the use of celebrities can result in increase in sales of their product. III Brand Building Strategies,EXTENSIVE ADVERTISEMENT. Cumulative,Frequency Percent Valid Percent Percent. Valid yes 20 100 0 100 0 100 0, All the respondents are of the opinion that they should use extensive advertisement as one of the brand. building strategy Through this they can build their brand and make an impact on the minds of customers. BRAND WITH SOCIAL CAUSE OR EVENT,Cumulative,Frequency Percent Valid Percent Percent. Valid no 20 100 0 100 0 100 0, None of the respondents associate their brand with social cause or event to build their brand They use. the other strategies to build their brands,BRAND AWARENESS CAMPS. Cumulative,Frequency Percent Valid Percent Percent. Valid yes 20 100 0 100 0 100 0, The Hyundai Company does organize brand awareness camps as it is used extensively as one of the. brand building strategies by the entire respondents. www iosrjournals org 39 Page, Product And Brand Building Strategies A Study Of Hyundai Motors. BRAND AMBASSADORS,Cumulative,Frequency Percent Valid Percent Percent. Valid yes 14 70 0 70 0 70 0,no 6 30 0 30 0 100 0,Total 20 100 0 100 0. The above table reveals that 70 of the respondents have brand ambassadors to promote their brands. 30 of them are of the opinion that they do use brand ambassadors to build their brand This strategy is not a. popular strategy of brand building for the Hyundai Company. HONEST DELIVERY OF BRAND EXPECTATION,Cumulative,Frequency Percent Valid Percent Percent. Valid yes 20 100 0 100 0 100 0, The above table shows that all the respondents feel that they are honestly delivering the expectation. from their brand to their customers Whatever is the expectation of the customers the company is honestly. delivering it and it is one of the brand building strategies adopted by the company. DESIGNING BUILDING NEW COMMUNICATION CONCEPT,Cumulative. Frequency Percent Valid Percent Percent,Valid no 20 100 0 100 0 100 0. The above table shows that none of the respondents use designing and building new communication. concept as their brand building strategy They effectively use the other strategies available. IV Conclusion, From the outcome of the study conducted the following conclusions can be drawn The Hyundai. Company is selling all the product specifications that are available like petrol diesel and duo The respondents. were of the opinion that their company is benefitting the customers with global standards but not with all the. models The respondents also felt that the main reason why the customers prefer their products is the fuel. efficiency of the Hyundai cars and also the type of the service offered by them Hyundai Company is effectively. utilizing all the advertising mediums that are available to build their brand in the market and it is extensively. using advertisements in all the available mediums, Hyundai Company organizes brand awareness camps at regular intervals to popularize its name in the. market It uses famous personalities as the ambassadors of their brand to attract the customers towards them. Hyundai Company is delivering the expectations of the customers towards its brand truly because of which it is. popular in the Indian automobile market and also it is successful in attracting the customers of other brands. towards itself If the same trend continues it may be the number one automobile company in India with larger. market share,Bibliography, 1 Aaker David and Joachimsthaler E 1999 The Lure of Global Branding strategy Harvard Business Review November. December 137 144, 2 Agrawal Madhu 1994 Review of a 40 year debate in international advertising strategy Practitioner and academician. perspectives to the standardization adaptation issue International Marketing Review 12 1 26 48. 3 Boddewyn Joan J Soehl R and Picard J 1986 Standardization of International Marketing Is Ted Levitt in Fact Right. Business Horizons 29 November December 69 75, 4 Calantone Roger J Cavusgil S T Schmidt J and G Shin 2004 Internationalization and the Dynamics of Product Adaptation. An Empirical Investigation Journal of Innovation Management 21 185 198. 5 Carlsson B 2003 Globalization entrepreneurship and public policy A systems view Industry and Innovation March. 6 Dawar N and Parker P 1994 Marketing Universals Consumers Use of Brand Name Price Physical Appearance and Dealers. 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Advertising Research New York Jun Jul 1991 Vol 31 Iss 3 pg 65 7 pgs. 13 Levitt Theodore 1983 The Globalization of Markets Harvard Business Review 61 May June 92 102. 14 Luchi Roberto Dambra Luis Garc a Fausto A proposed empirical model for product adaptation in an emergent economy iae. Business and Management School Austral University Mariano Acosta s n y Ruta Nacional N 8 Pilar Buenos Aires Argentina. 15 Medina Jose and Duffy Mike Standardization vs globalization a new perspective of brand strategies Journal of product brand. management vol 7 no 3 1998 pp 223 243, 16 Menguc Bulent Product adaptation practices in the context of export activity An empirical study of Turkish manufacturing firms. Journal of Euro Marketing New York 1997 Vol 6 Iss 2 pg 25 32 pg. 17 Mesdag Martin van Culture sensitive adaptation or global standardization the duration of usage hypothesis International. Marketing Review London 2000 Vol 17 Iss 1 pg 74,www iosrjournals org 41 Page.
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