Hyundai Strategy Implementation
One of the first strategies Hyundai should consider is the development of luxury vehicles which could then be heavily marketed toward the upper and middle class cultural societies in United States, China, Japan, Europe, etc. While Hyundai has come a long way since it first began, the automobile manufacturer has a long path of growth and expansion to meet the consumer recognition of the competition. There are both pros and cons of this type of strategic plan. The greatest advantage presents Hyundai the opportunity to turn into a top contender amongst Toyota, Nissan, Lexus, and other well established and highly appreciated car companies. To further embellish upon the benefits, Hyundai stands to substantially increase the profit margins for each vehicle as well as overall revenues. The major disadvantages detail the cost factor of production in the current economic down turn and difficulties entering into the luxury vehicle trade.
A second option which should be considered involves the investment and expansion into countries where Hyundai holds little to no presence or existence, Hyundai 's commitment to diversity and inclusion is an important reason for our success as one of the fastest growing automotive companies in the world.” (Diveristy In Action, 2010) Developing these markets affords the company the prospect of creating a promising name for itself within rising commerce as well as building solid customer relationships and loyalties. With the good comes the bad, the shortcomings include but are not limited to very strong competition, limited and reduced request for luxury vehicles, and again the pricy cost factors in a sluggish economy.
The latest trend of car companies is, “going green”, cars which have significantly reduced the consumption of oil or otherwise known as the hybrid automobile. This is the third alternative Hyundai must continue to research and develop automobiles that will leave less of a foot on planet earth, “Over the next few years,
A second option which should be considered involves the investment and expansion into countries where Hyundai holds little to no presence or existence, Hyundai 's commitment to diversity and inclusion is an important reason for our success as one of the fastest growing automotive companies in the world.” (Diveristy In Action, 2010) Developing these markets affords the company the prospect of creating a promising name for itself within rising commerce as well as building solid customer relationships and loyalties. With the good comes the bad, the shortcomings include but are not limited to very strong competition, limited and reduced request for luxury vehicles, and again the pricy cost factors in a sluggish economy.
The latest trend of car companies is, “going green”, cars which have significantly reduced the consumption of oil or otherwise known as the hybrid automobile. This is the third alternative Hyundai must continue to research and develop automobiles that will leave less of a foot on planet earth, “Over the next few years,
References: About Automotive Fuel Efficiency. (2010). Retrieved September 19, 2010, from MSN.com: http://editorial.autos.msn.com/articles/fuelefficiency/default.aspx Diveristy In Action. (2010). Retrieved September 19, 2010, from Hyundai: About Us: Diversity: http://www.hyundaiusa.com/about-hyundai/diversity/diversity-in-action/index.aspx Eco-Friendly Finally Got Econ-Friendly. (2010). Retrieved September 18, 2010, from Hyundai: About Us: Environment: http://www.hyundaiusa.com/about-hyundai/environment/ Mufson, S., & Eilperin, J. (2009, January 27). The Washington Post. Retrieved September 19, 2010, from Obama Issues Orders Toward More Fuel-Efficient Cars: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/26/AR2009012602028.html?nav=emailpage