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INTRODUCTION
Making its global debut at the 2010 Geneva Motor Show, Hyundai i-concept-car
flows arriving at the front of the company has inspired a new form of language,
fluidic statue. Flow not only elegant lines are bionic, forms futuristic, but alsocontribute to the exceptional aerodynamics, helping to reduce CO2 production and
85g/km single car 3l/100km fuel only. Hyundai first hybrid powertrain diesel is
also a key factor in providing sorting environmentally conscious return, such as
applications for next generation materials and technologies developed in
collaboration with leading chemical company BASF.
South Korean car manufacturer, Hyundai Motors and German chemical company,
BASF showcased what they have built together, i-Flow diesel concept car at
Plastindia, Pragati Maidan, New Delhi. The all new i-Flow diesel concept car is
designed using Hyundai's Fluidic Concept while BASF pitched in with their vastexperience in fuel saving technologies to make the concept even more fuel
efficient and reduce CO2 emissions even further.
Hyundai BASF i-Flow diesel engine is insulated using polyurethane foam,
allowing the engine to attain optimum operating temperature much faster, and the
same foam helps the engine cool down equally quickly. Apart from this, there are
many other contributions by BASF, like a system that converts heat energy from
exhaust gases into electricity, which is then used to power in-car auxiliary systems.
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HYUNDAI MARKETING STRATEGY TILL NOW
HMIL marketing strategy focused on bring out the differentiating factors when
compared to its competitors. Santro was initially positioned on the design aspect.
Later on Santro was positioned itself as a complete family car. The brand was
targeting those users who wanted to upgrade into the B segment. Hyundai This was
when the target group of consumers was between 35-45 years. With the increase in
competition in 2002, Hyundai repositioned Santro as a sunshine car in order to
attract consumers from the 25-30 years segment. Sunshine was communicating two
intangibles: Freshness and youthful attitude. The brand was moving to a " Change
your life " positioning.
With regard to the other models, Hyundai Accent was positioned as a next
generation car and this was highlighted by its base lineThe Next Step. On the
other hand, Hyundai positioned Sonata as a luxury/premium car and emphasized
on the same with the base line Dreamt by everyone. Owned by a few.
Entry Strategy
Prior to the presence of Hyundai Motors in India, the country had its own share ofcar providers ranging from Indian companies like Maruti Udyog Limited, Fiat to
foreign players like Ford Motors, Toyota Motors, Honda Motors etc. So rather than
just entering the market and then deciding on which segments to serve, Hyundai
Motors did a careful analysis of the Indian automobile industry. This was done
through discussions and surveys with dealers, consumers and vendors. It was only
after analyzing these results did HMIL analysis told them that the most profitable
and growing segment was the B segment due to which they went ahead and
released a car in the B segment.
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Operation Strategy
To ensure that they have maximum profits, HMIL focused on creating a low cost
strategy. For this reason, they set up their own manufacturing plant in India to take
advantage of the low labor and manufacturing costs. This was opposite to what thecompetitors were doing as they only had assembly units in India. Also in
comparison to other car companies, HMIL entered India by starting its own
subsidiary whereas other companies had entered through joint ventures with Indian
companies. HMIL was able to provide higher quality cars at lower prices when
compared to its competitors. This was as they were able to use better and the latest
technology while at the same time were able to use the low cost labor and other
manufacturing facilities available in India.
Product Strategy
While competitors imported their existing successful models from abroad for the
Indian market, HMIL went against the trend by developing models especially for
the Indian market. This allowed it to design cars suitable more for the Indian
environment and hence Indian tastes.
Also HMIL launched products in the segments where there was lesser completion
from MUL (who at the time was one of the biggest competitor) i.e. in the D and E
segment. This was through proper understanding of the Indian consumer
requirements.
Distribution Strategy
To ensure that Hyundai was able to react quickly to changing market needs, HMIL
followed a formal and meticulous procedure for choosing dealers. The maincriteria was to select dealers who would react quickly to changing market needs.
The procedure included dealers having to give their educational background,
financial background, notes on current future trends in the automobile industry etc.
This elaborate procedure allowed choosing those dealers through a scientific
procedure that were best suitable for a location.
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On the whole, HMIL followed innovative marketing strategies as they focused
more on understanding what the consumers wanted and then promoting and
placing their products accordingly.
Alternate Solutions for HMIL
The major challenges that HMIL currently faces is how to regain its leader status
and market share. We believe that HMIL needs to take multiple measures to
achieve their target. These measures are:
Continue to innovate
Emerging markets are a fertile ground for innovation. The challenge of reaching
dispersed, low-income consumers in emerging markets often spurs significant
innovation. These innovations will become the basis for 'attacker' strategies that
can be used to challenge the competitors. Innovations and improvements in
technology, design can help to manufacture higher quality cars at a lower cost.
This will help to attract more consumers. HMIL should focus on its strengths of
delivering excellent quality and performance.
Diversify
To ensure that it has its presence across multiple segments, HMIL should look to
manufacture and releases new models to compete with Maruti etc. They should add
new cars to their product line and get more into and within segments like the B and
C segment which are one of the fastest growing segments in the Indian auto
industry. HMIL should leverage on its ability to launch technologically superior
products and its innovative marketing strategies to come up with new models in theexisting product segments. This might cannibalize on the market share of their
existing cars like Santro and Accent but the effects of the same can be
advantageous to HMIL as it can attract competitors customers. They should look
to exploit the customer value perceptions concept that they have used till now.
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Penetrate more into the rural markets
The rural markets are one of the largest untapped markets in India. HMIL should
look to target these segments by introducing lower cost cars. This will help them to
increase their market share and thereby to retain their leadership status.
Expansion of production capacity
HMIL should expand its production capacity in order to produce the required
number of cars to be released into the market. HMIL had a production capacity of
2,00,000 cars per year as against 5,00,000 cars churned by MUL in a year. It
should make sure that the production crunch that happened in 2004 due to the
release of its new model Getz should not repeat again. The lack of enough
production capacity is expected to affect the companys market share as it would
not be able to fulfill increased demand.
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Promotion
2010 Geneva Motor Show: Hyundai i-flowConcept
TheHyundai GenesisSedan, the recently-unveiled all-new Sonata, and theupcoming
executive-class Equusare reshapingHyundai'slineup from budget South Korean
automaker to world-class player. The next car, previewed with the i-flow Concept at
this week's 2010 Geneva Motor Show, is due in 2011 and will likely replace the
current Azera (Grandeur) sedan.
Packaged as a family sedan one notch higher than the Sonata, the currentAzerasticksout a bit from the rest of the new lineup, even with theupdates received at the
Chicago Auto Show. The replacement matches the Sonata step for step in design, and
Hyundai credits the impressive look to its Russelsheim design HQ in Germany. High-
tech materials from BASF help to minimize weight and maximize efficiency--
including the use of solar cells.
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The name i-flow reflects the aerodynamic shape and the flowing lines of the concept
car's styling, and retains the 'i' prefix of Hyundai's established alphanumeric
nomenclature for Europe. The concept features Hyundais first diesel-electrichybriddrivetrain consisting of a twin-turbocharged 1.7-literdieselengine matched to an
electric motor running on lithium-polymer batteries. Sending drive to the front wheels
is a six-speed dual clutch transmission. The vehicle also benefits from a slippery0.25Cd drag coefficient, which sees it register a fuel economy of 78 mpg.
To further enhance fuel economy, engineers have developed thermal engine
encapsulation, which ensures that the engine reaches optimum operating temperature
more quickly, by retaining heat when the car is at idle. Where a non-insulated engine
can go gold in around three hours, the i-flow Concept will stay warm for 14 hours.
This translates into fuel savings and emissions cuts of five percent during summer and
up to nine percent during winter.
Other features include a thermo-electric heat energy recovery system on the exhaustthats used to power ancillary features, adaptive aerodynamic elements and an eco-
driving guidance system that includes fuel consumption and gear shift indicators, and
an active ECO function which adjusts the powertrain to its ultimate condition by
adapting the engine and transmission control units. Finally, 'eco route' uses real-time
traffic conditions and three-dimensional road data to calculate the most fuel-efficient
way of reaching a desired destination.
PlastIndia 2012, Delhi, India
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Promotion through Distributors, Dealers
Corporate tie-up, Corporate discounts
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Road show
The company p lans to s tage road shows, to d isp lay vehic les in the
pavilions during various college festivals and exhibition. This car will appeal to
youngsters more.
Television advertisementsAdvertisements to promote and market our product will be shown
onleading television channels. Major music and sports channels will
promoteand they will reach out to the youth will be promoted through Star, Zee,
Sony and Doordarshan etc as it has more viewers.
RadioRadio is the medium with the widest coverage. Studies have recently
shown high levels of exposure to radio broadcasting both within urban
and rural areas, whether or not listeners actually own a set. Many people listen
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toother people's radios or hear them in public places. So radio announcements
will be made and advertisements will be announced on the radio about
theproduct features and price, qualities, etc.
Print AdsDaily advertisements in leading newspapers and magazines will be used to
promote the product. Leaflets at the initial stage will be distributed at railway
stations, malls, college areas and various other locations.
Workshops and Seminars
Workshops and seminars will be held in colleges and big corporate to
make people aware about the companies pas t per formance and pro
ductfeatures, its affordability and usage, vast distribution network. Road shows
willbe conducted where free trials of the car would be given.
Banners, neon signsHoardings , banners , neon s igns wi l l be d isp layed a t c lubs , d iscs ,
outside theatres and shops to promote our brand car.
Social networktingHyundai I flow should spent a notable amount of time promoting the Leaf through
various channels of new media. Social networking sites like Facebook.com,
Twitter.com, and YouTube.com will help I flow create brand awareness
among young and technology savvy consumers.
Sponsoring polo sports
Hyundaihas tied-up with the Indian Polo Association to promote the sport and
its Sonata brand. This Monday the Hyundai Sonata Ambassadors Cup came to
an end at the Jaipur Polo Ground in the capital. There were five teams other than
theHyundai Sonatateam, which competed in the tournament.Other teams
included teams likeVayamtech, Black Dog, Hyatt Regency, Jindal Steel and Power
and Sahgal Stud/APRC. The four day long tournament between six teams ended
with the final showdown on Sunday for the top honors. The chief guest of the final
match was General VK Singh, the Chief of Army Staff. The main sponsor Hyundai
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had its beautiful luxurious sedan Sonata at the venue on display, along with the
Verna and luxurious SUV Santa Fe as well as the three-door Veloster and beside
them was the not yet officially launched Elantra.
Sponsoring awards in cricket matches
Hyundai should sponsor cricketing awards such as Man of the series this will give
them huge platform to advertise their I flow amongst millions of cricket loving
fans in India.
V. The TargetThe target was determined using several key variables that relate to the iflow and
its functionality. Attitudes concerning environmentally friendly products,
pollution, and automotive preferences were evaluated across gender, age, and
household income levels to narrow the desired audience. With the target firmly
established, the aforementioned attitudes were cross-referenced with personalitytypes, media usage, and car buying habits to identify the targets pain points andfocus their thoughts and behavior. Although the primary target (seen below) is the
focus of the media plan, secondary and tertiary markets are considered. There are
many individuals beyond the age, gender and psychographic classifications who
may be interested in an all-electric family vehicle, and the advertising strategy
should reflect this.
Product Positioningand Target Audience
ExpectationsThe story of the market positioning and launch of the New Panda, perfectlyillustrates how car companies such as Fiat, innovate and design in line withcustomer expectations to secure a market share for each model.
Getting to Grips with Consumer
ExpectationsThe New Panda hopes to appeal to the small car segment and the initial
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first car buyer segment while also appealing to families who wish toacquire a second car, or to those using their car in urban or city areas.However, there is a marketing challenge at the centre of targeting thesesegments.This car interests distinct and different groups of car buyers sothere is a need for careful product positioning in the mind of theconsumer. Some considerations when positioning a new car mightinclude:
first car or small car users who expect specific design qualities from acar
families who want a second car to get them from A to B or to
complete the school run twice a day and who will also want differentfeatures
people who may wish to acquire a slightly larger car or one that is
more powerful
young people looking for personality from their car- perhaps more
sporty features or individual and distinctive design finishes.Indeed it is an interesting fact that carmakers need to be very specificabout product positioning as they often do not compete on price alone.New Pandas key target market is young dynamic people. Fiat has amarked advantage in this area because i t is known for its keen pricing and
is also an established, highly recognisable brand that young people canrelate too.Compact car advantages i.e. size and functionality are of criticalimportance in this target market therefore product design and price arekey elements in the marketing mix for the Fiat New Panda (See Task 1)
Managing the Marketing
Mix for the New PandaA marketing mix is used to convert the positioning strategy into a reality.It is made up of four elements: product, price, place and promotion. Themarketing mix is used to reinforce the advantages of the New Pandacarefully reflecting its core values and positioning. It confirms how and whyit will be of interest to various segments of the car-buying public.
Product Reflecting the Brand
In its branding and market positioning, Fiat wishes to communicate a
number of key attributes of the New Pandait is an intelligent smart car
that is ready for action and it is also a little crafty, lighthearted and
irresistible. The New Pandas positioning statement is designed to
succinctly convey the product advantages and the character of the model
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in a way that will best attract the New Panda target market.
Full of Life, Cheeky,Versatile and Ready For Everything
As discussed above the product design is linked in with branding and
positioning strategies. It is important that all of these features are linked.
Place Getting the Productto the Customer
A marketing decision was made to launch the New Panda to the trade.A launch to the dealers is different to launching a car to the public. Prepublicity
directed at the trade is used to create interest in the new model.
Increased demand for a car is also know as a pull factor as it essentially
pulls the product through the distribution channel from the manufacturer
toward the consumer.
In order to succeed at getting the product to the consumer, Fiat has an
International network of agents or dealers who carry Fiat cars and other
marques (car brands e.g. Alfa Romeo) in the companies stable.This meansthat support is given to the Fiat dealers around Ireland to promote the
new model in a way that generates demand for the new car.
Price Reflecting the
Positioning Strategy
Fiat has a clear understanding of its key target market (young people and
other price-conscious car buyers) and has designed pricing strategies to
best address their needs and the positioning of the New Panda. In the case
of the New Panda it was imperative that it be keenly priced and also that
running costs were low.
The price quoted by Fiat is the price you pay at the dealership.This is FiatsOpen Book pricing policy. As a marketing concern transparency of prices
is important. Some prices quoted by competitors are ex works whichis the price of the car quoted from the factory. Additional charges for
delivery are thus not included in the final price quoted.
Fiat have finance packages. One example is where customers can opt to
pay only 25 per cent of the total cost of the car and then pay the balance
of the cost of the car, i.e. the remaining 75 per cent, over a period of 36
months with zero per cent interest. Another package focuses on the
benefit of low monthly repayments. This finance package is essentially aHire Purchase agreement and is subject to the Consumer Credit Act of
1995. Monthly payments can represent a more attractive option to first
time car buyers or people on a limited income, sooner than borrow 100
per cent of the cost of a new car.
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Promotion Communicating
the Positioning of New PandaPre-publicity in the form of motoring reviews and test drives are critical tothe success of a trade launch as this activity must generate sufficient consumercuriosity and interest in the new model. In this way, experts and drivingcorrespondents or journalists, are also given the opportunity to assess themerits of a new car before the car-buying public delivers its own verdict in
the form of car sales. Fiat showcased the New Panda (formerly known asGingo) at the prestigious 73rd International Motor Show in Geneva.One of the most popular ways to do this is to hold open weekends ingarages where customers can come along to test drive the new car. Bygetting potential car buyers to test drive a car, product usage increases.Thishas a knock on effect to car sales.The primary above the line medium used to promote and communicatea new car is through advertising. In the case of the New Panda, the mainadvertising mediums used, aside for those used when communicating withthe trade, are outdoor billboard advertising and TV advertising.If we analyse who we are trying to communicate with when we are launchinga new car, the choice of TV and outdoor advertising makes perfect marketingsense.However, increasingly newer forms of communications are being used,such as the internet, to reflect the attributes or characteristics of the New Panda. Here we see the positioning statement being used once more to form
the basis of the advertising message. This ensures a consistency across allelements of the marketing mix. The New Pandas characteristics aresummarised in the following ideas:
The Essentials - it has those features that really count and will be
of most service
Surprise - you get more than you expected
Energy - the car is dynamic, vital, endowed with good humour and
optimism
Freedom - to move about and go where you want easily and with
worry-free driving.Car advertising is highly visual and largely image based, for visual impactand advertising images and copy messages are built on these concepts.New Panda advertising themes and images revolve around ideas ofsurprise, independence, spontaneity and versatility. Key factual messages thatneed to be conveyed include the smart design of the car, the value for moneyand cost of the car and the low runningcosts. If possible the car should havecharacteristics that give it an edgeon its competitors or have aUnique Selling Point (USP)that can be communicated topotential car buyers. In the caseof the New Panda, its USPhinges on the fact that you getmore than you expected; it is apractical small car with all thedriver advantages that go with that
but it also has a sporty, cheeky, andirresistible appeal.
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The Technology and Marketing of new CarsLife moves quickly, and in the auto industry it moves even quicker. There is nothing about the
car industry that suggests its slowing down. While there might be a few companies out therethat are slowing in sales, and there are a few people out there wounded by a tough economy, and
arent buying. But there is no car company out there that isnt going forward with their plans to
make the latest and greatest innovations to the cars. Technology, and that fact that it is everchanging, is changing the way they market cars.
Cars have long been marketed as manly, or durable, or fast. These days cars are being marketedas innovative, equipped, and the product material is illustrating that sort of gimmick. Here are a
few advancements that are becoming standard on these cars in an effort to increase the salesnumbers:
Sync Systems
Ford most notably came out with the sync system. This was an effort to connect the iPod, the
stereo system, and the basic functions of the car all on the same system activated by voicecontrol. Many car companies are imitating this sync system. Its the effort to make the car whatthe iPad is in its own sense.
Parking Assistance
One of the pains for drivers over the years has been the need to parallel park, or the need to backin and out of spaces. For this, car companies have been helping by putting both cameras and
remote controlled functions on the car in order to make the task easier.
Of course these advancement of electronics on this car do speak to the another issue that buying
a new car brings, and thats the added repair bill. No longer can a neighborhood buddy just fix
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the car. These cars are so computerized that they need a specialist. Its the high price to pay these
days to be technically advanced.
SWOT ANALYSIS OF HYUNDAI MOTORS IN INDIA
Strengths of HMIL
Hyundai India has such a brand equity that it is almost assumed to be an Indian
brand, with lot of good accolades for being Indias second most selling brand next
to MUL in market share
Hyundai Motor India limited is the largest car exporter from Asian Market whichshowed a 10% growth compared to last FY
The domestic sales is increasing at an average rate of 19.1%
HMIL is known for its quality products which has better performance and it has
constantly been ahead in the race with Maruti Udyog limited in many parameters
The product length includes around 8 cars, starting from new Eon in small car
segment to SUV segment Santa Fe
Among the automobile players only HMIL is known for its CSR activities
Hyundai products never fail to win laurels in each segment from variousautomobile ratings ever since its operations in India
Hyundai , has the largest network of showrooms and service station next to Maruti
in India
An article in Economic times quoted that Hyundai Eon launched , treads on Alto
territory indicated that Eon will act as a threat to reduction in Altos market share
Weaknesses of HMIL
HMIL took a long time to gain the market share as its not the first mover in India In terms of most reliable and trusted brand; Maruti is more strong in Indian
subcontinent
Spare parts of Hyundai vehicles are comparatively priced higher and spare parts do
not have PAN India presence
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In SUV segment both Tucson and its next model Santa Fe didnt make a major
impact
Increase in commodity prices such as steel, aluminium and ancillary parts has
affected margins
Since HMIL concentrates on both domestic and International sales there are higher
risks of exchange rate fluctuations
As Hyundai majorly concentrates on quality, most of its product are in premium
category in each segment. Hyundai is still struggling to make a better impact in
small car segment in terms of cost efficiency like other manufactures
Hyundai doesnt have any product match to compete in Corporate orders like Tata
Indica V2, Tata Sumo, Tata Indigo, Chevy Tavera, Ford Fiesta etc. These vehicles
are most preferred in both cab segment and government booking for bulk orders
Opportunities of HMIL
SIAMSociety of Indian automobile Manufacturers, have stated that there is
steady increase in Car sales both Domestic and Indian contributing a valuable
share in Indias Gdp
The export markets growth rate is 22.30% compared to last fiscal year
The saving consumption pattern of India is an added advantage for any segment
doing business in India. This was one of the major reason for Indian market to
survive amidst global recession
There is more scope of HMIL to enter into small car segment as its has dedicatedR&D plant in Hyderabad, India. Hyundai is one of the very few companies that has
widest R&D network across the world located in Korea, Europe, India, US, Japan
Hyundai has very good opportunity in entering into commercial vehicles and
Recreational vehicles as they are already doing well outside India. Currently HMIL
has its focus only on Passenger car segment
Threats of HMIL
Though Hyundai claims itself to have no direct competitors other than MUL, there
are Indian players like Tata, Mahindra imposing a strong threat for HyundaiMotors India to expand its product category
Foreign Direct Investments flowing in Indian automobile space are not good signs
for already existing Giants like MUL and Hyundai.
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Almost all major automobile players have started invading India to open up their
market and their manufacturing plant in India.Chennai is referred to as the
Detroit of Asia!
Hyundai faced a slight decline in market share due to tough competition from
Fords Figo and Volkswagen- Polo
Many manufacturers have started to concentrate on small car segment as an
alternative to Nano. These will slowdown the expected sales of Eon.
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