Strategic Management of Hyundai
Introduction
It helps in developing suitable analysis of the existing strategies adapted by Hyundai for creating competitive advantage. It provides an overview of the procedure required for assessing current environment and provide an suitable adaption for Hyundai. The study is useful in depicting an appropriate strategy for Hyundai and offers practical strategies for retaining a helpful position in the automobile industry. Hyundai Motors is one of the renowned companies in the automobile industry that looks to develop long-lasting plan for the customers in the whole world.
Mission of Hyundai
Hyundai Motors seeks to provide corporate strategy for the customers and create respect by everyone in the market. The organization looks to provide best technology and various models of cars for the customers. Hyundai Motors aims to provide best value for people by creating suitable technologies for the customers and maintain strong image in the market (Barron et al. 2017). It helps in creating innovation for the customers by providing innovation in various types of models in cars for the people. Don't use plagiarised sources.Get your custom essay just from $11/page
Vision of Hyundai
The vision of Hyundai Motors is to develop an exceptional value for the customers in the future. The management of the organization looks to provide outstanding quality in various types of car models for the customers and create sense of trust. It helps in reaching to the customers more easily and manages competitive value (Byun, 2016). The development of exceptional quality in technology helps in managing expectations of customers and provides creativity to the customers.
Objectives of Hyundai
The objective of Hyundai Motor is to become one of the leading global motor companies in the whole world. There is extensive focus developed by the management of the organization in improving exceptional quality in car manufacturing and design innovation in the technology. It helps in increasing global sales of the organization in the market and provides a competitive edge (Choi and Choi, 2016). Hyundai looks to improve brand image and develop loyalty among the customers.
PESTEL Analysis of Hyundai
Political Factors
There is presence of political stability in South Korea which helps in carrying out the operations of Hyundai Motors in a efficient process. The development of strong trade relations among the country with other countries has helped in increasing existing services. There is reduction in abolition of extra tax within the country which has assisted in developing overall production.
Economic Factors
The presence of fluctuation in the economy of South Korea has provided direct effect on the operations of Hyundai Motors. It has provided a direct impact on the production rate of the organization and reduced profitability scenarios (Gupta, 2016). The presence of long term recession period has provided a direct effect on the growth of the company.
Social Factors
There is a rapid growth in the industrialization rate in South Korea that has helped in improving employment rate scenario. It affects the profitable rate of Hyundai Motors and creates reduction in the overall sales (Kim, 2016). The development of change in the lifestyle patterns for people in South Korea has provided a negative impact on growth rate of the company.
PESTEL Analysis of Hyundai (Contd)
Technological Factors
Most of the customers in the new generation are savvy about technology and assess products before buying from outlets. The presence of innovative technology has helped Hyundai to develop innovation in the existing technology and maintain competitive edge. It is vital for developing a positive image of the customers about the organization and boost the overall sales for the company.
Environmental Factors
The presence of suitable environmental laws in South Korea has helped in developing eco- friendly cars for the Hyundai. The management of company focuses on developing suitable range of hybrid and electric vehicles for the customers.
Legal Factors
The presence of suitable laws helps in creating tough advantage for Hyundai I the whole world and improves overall growth scenario.
Automotive Business model Disruption of Hyundai
Hyundai Motors uses automotive business model disruption process for developing innovations in the technology against other competitors. It helps in connecting to the customers and helps in providing innovation in existing manufacturing system of cars and promotes an innovative business platform (Lindholm, 2017). The development of suitable innovation platform in manufacturing new cars helps in improving ecosystem and provides exceptional quality for the customers.
Resources and Capabilities of Hyundai
Brand equity and Image
Hyundai Company has developed a large global image globally to various customers. It has helped in improving image of the organization and increase overall trust among the people. The development of innovation in technology has helped in creating positive brand image for the people (Rakita et al. 2017).
Large product Portfolio
Hyundai has a large range of portfolio of cars from diverse range of luxury cars to SUVs for various ranges of people in the global world.
Global Presence
It is one of the successful organizations in the whole world and is present from Europe to Asia and also in America. The sale of the firm is high and helps in providing competitive edge in the market against other competitors.
Production Capabilities
Hyundai is known for developing advanced manufacturing plant in the whole world and provides maximum innovation for wide range of customers.
Organization Culture
The management of the firm focuses on developing co-ordination among the members and creates diversity in the whole production.
Loyalty among Customers
Hyundai is known for developing strong customer base and provide high reliability among the people.
Maintenance of competitive advantage and value
The management of Hyundai focuses on managing innovations in the technology and mange production rate in the country. It provides an extra edge to the production rate and offers fierce competition for the other competitors (Vardar, 2018).
Development of New Strategy for Hyundai
The new strategy for Hyundai is to develop a smart solution Mobility Device for customers across the whole world by 2025. The implementation of this device helps in maintaining wide customer base and reinforces manufacturing capabilities for providing seamless experience for the people.
Conclusion
It is vital for Hyundai to develop a suitable strategy and compete in the market against competitors. The study helps in providing fierce competition and creates a long strategy for the organization in the future. It is regarded as a successful indicator for Hyundai Motors in the global market in the future.
References list
Barron, A., Pereda, A. and Stacey, S., 2017. Exploring the performance of government affairs subsidiaries: A study of organisation design and the social capital of European government affairs managers at Toyota Motor Europe and Hyundai Motor Company in Brussels. Journal of World Business, 52(2), pp.184-196.
Byun, S., 2016. Hyundai Steel’s ramp-up strategy and the learning effect. Annals of Business Administrative Science, p.0160531a.
Choi, S.H. and Choi, J.I., 2016. GVC Case Analysis of the Motor Industry: Focusing on Hyundai Motor. Journal of Digital Convergence, 14(12), pp.73-84.
Gupta, N., 2016. Study of the market entry and growth strategy of Hyundai vis-a-vis other foreign players in the Indian Automobile market.
Kim, W.Y., 2016. New Business Success using Strategic Innovation Strategy: Marine Engine Business and HEMAPT System of the Hyundai Heavy Industries Co. Journal of Service Research and Studies, 6(2), pp.23-35.
Lindholm, H., 2017. Cars and Environmental Values: A Rhetoric and Semiotics Analysis of How Environmental CSR values are communicated on webpages at General Motors, Hyundai and Volkswagen.
Rakita, B., Madić, V. and Marković, D., 2017. Competitive strategies of late followers in auto industry: case study Hyundai-Kia. Industrija, 45(1), pp.121-146.
Vardar, N., 2018. The ultimate truth in marketing: Consumer perception and hyundai, Turkey. SAGE Publications: SAGE Business Cases Originals.