Hyundai Motors was founded in 1967

Paraphrase the entire writing (including grammar)Hyundai Motors was founded in 1967. It has grown dramatically and become one of the biggest companies in the world these days. This paper will examine the factors that made Hyundai Motors successful such as CRM approach and touch the market (TTM) approach. Moreover, based on what learned in Class, the paper will address the sources of innovation factors and classify types. It will also find Hyundai’s technological innovation strategies for next generation cars and collaboration strategies. Through the analysis, the goal of this paper is to suggest future strategies for Hyundai Motors.Hyundai has a large number of customers with complex customer interactions. The target market consists of middle to upper-middle class buyers who look for a vehicle loaded with modern conveniences and luxury, but acknowledge how large of an expense that is (Hyundai Marketing, 2011). Customers don’t make hasty decisions and want to be well informed. Therefore complexity of interaction and excellent customer service is vital for the success of the Company. Since customer interaction has to be more personalized, complex and frequent, CRM is of strategic importance for Hyundai.Customer interaction could vary from simple price and feature related questions to well-informed technical specifications. Complex interaction also widens the scope for cross-selling and up-selling.With the implementation of CRM, Hyundai started engaging its customers and took a proactive role. For example, it participated in the June launch of Blue Link, a service similar to the well-known OnStar program, for Hyundai drivers. The service includes a feature for parents that enable them to better monitor their teenagers’ driving experience by providing alerts for curfews. Another option lets them program geographical ranges to which a teen driver must adhere. Hyundai has created emotional attachments with programs.Hyundai then broadened the scope of CRM to include sales, marketing, technical support, suppliers and various customer touch points. The contact centre is working closely with marketing, which is more open to the contact centre’s feedback on customer issues. It often hears from customers expressing opinions on advertising, and it is now funneling that feedback to marketing. As Hyundai rolled out its contact centre changes, it decided to set up a contact centre dedicated to the customers of its new luxury line, Equus. Using lessons learned from its customer service improvements, Hyundai planned to create an Equus customer centre that is a community for dealers, customers and the company with multichannel support.Hyundai should aim to standardize on one CRM platform. Hyundai team should continue to work on creating a single voice when responding to customers across the company. Another objective is to build a single-source knowledge base so agents have access to customer profiles and histories. Hyundai should set up a tiered-organizational structure for agents so there is more opportunity for career advancement.Like the OnStar program that Hyundai participated in, it should implement more programs of the same to create an emotional bond with its target market. One of such campaigns can be Hyundai sponsored Road-trips. Added features like latest traffic alerts might win the hearts of many too.In addition to insurance services, car accessories, free gas cards such as driver-education programs can be bundled along with the sales of new cars. Hyundai should also cater to the environmentally conscious people by producing more hybrid, electrical or hydrogen fueled cars that Hyundai is currently offering. For the many pet-owners who travel with their pets, Hyundai must design cars with special seats for their beloved pets.Hyundai has a clear target brand positioning, i.e., the leading position in premium dimension and stylish/modern dimension. The brand identity of “Modern Premium” also offers new ex- perience and value, beyond the expectation by current customers, to more customers with Hyundai’s unique approach.Second, a brand is indeed a promise and a commitment. A firm needs to deliver desired benefits to customers. In fact, Hyundai Motor’s brand identity is delivered through three core values: Simple, Creative, Caring. The core values are delivered to customers by sharing brand direction, setting up brand action principles, and developing brand RTB(Reason to Believe).Third, a firm needs to employ all aspects of complementary brand elements and supporting marketing activities. Of course, creating and maintaining brand association requires continuous marketing investments. Hyundai is making significant investment not only in hardware but also in software. And, these investments continue.Fourth, a firm needs to embrace integrated marketing communications with a consistent message. This will help build a firm foundation for brand equity, i.e., deep and broad customer awareness and strong, favorable, and unique associations. Under the brand direction of Modern Premium, the brand slogan is “New Thinking. New Possibilities.” This consistent message helps to communicate with customers. In addition, the brand identity is embedded in the product identity and design identity.Fifth, a firm needs to implement a brand management system, which will ensure proper marketing actions. Effective brand management system requires focus, discipline, creativity, and the ability to make a series of ongoing deci- sions in the best possible way. Hyundai Motor’s marketing platform for leaping into global top3 brand is Plan(Insight & Strategy)-Do(Action)-See (Performance Management) framework. In order to manage brand performance, Hyundai’s marketing platform includes three tasks: marketing performance management, brand performance management, and market driven organization.From this diagnosis, Hyundai Motor is well posed to build a strong brand. Nevertheless, there are still challenges ahead. From consumer perspective, customers demand both affordable price and premium value at the same time. It used to be acceptable to offer one of them. Now, these conflicting benefits need to be met. Also, as global market expands, the regional differences with respect to culture, income, or tastes loom larger. From competitor perspective, the leading brands are resurrecting from major crisis, including GM and Toyota. At the same time, the challenges from latecomers (e.g., China, India) are ever increasing. The technology evolution is demanding as well. There are more electronics in a car, which widens the competitive landscape. It asks for collaborations with electronics companies as well as competitions against them. More and more convenience and safety features are added into a car. Of course, environmentally friendly cars are inevitable. From macro environment perspective, there are still significant demand fluctuations across vehicle segments as well as unstable demand across vehicle models. Answers to all these challenges are not clear yet.All successful automotive brands are competing against each other in the innovative marketplace. The bases of competition are various differentiation.Factors, including technology, performance, value proposition, or heritage/art. Now, most of global players have comparable technology to produce a quality product. Investment for next generation technology is under way as well. Global production and sales systems are in place. Each brand also has developed unique product portfolio for global markets. To do this, Hyundai Motor already has a highly diversified product portfolio. Hyundai also accomplished global diversification in production and sales systems, which is much more balanced than other global competitors. These indeed helped Hyundai to overcome recent economic crises. However, from now on, it needs unique capability to overcome upcoming challenges and the risks posed by consumer, technology, and environmental changes. Many top brands have experience to overcome critical threats, including the Renault-Nissan strategic alliance and Toyota’s risk management for major reca
lls. But, it is not tested against time yet whether Hyundai can overcome these unforeseeable major threats. Hyundai’s strategy will be maintaining significant price/value advantage over its competitors. Company will also work on minimizing reliance on rebates and fleet sales to achieve sales objectives. Sales expansion goals will focus on Sonata and Santa Fe models. During trying to achieve more sales, Hyundai will face increased government pressure from U.S. government due to growing Korean sales/trade imbalance between Korea and U.S. Besides, competitor product improvement and cost reductions will continue to put pressure on Hyundai Motors America(HMA)’s pricing and profit margins. Moreover, Hyundai is now seen as a legitimate threat, a second Toyota by leading manufacturers. As a result, competitors may develop strategies and models specifically intend to respond HMA’s growth progress.

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