Published by MBA Skool Team, Last Updated: January 28, 2022
Marketing Strategy of Hyundai analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Hyundai marketing mix, help the brand succeed in the market.
Hyundai marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Hyundai Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Hyundai marketing strategy can be explained as follows:
Hyundai Motor Company offers a diversified portfolio of cars ranging from hatchbacks to sedans to SUVs, which are covered under the products of the marketing mix of Hyundai. The cars offered by Hyundai globally are:
Hyundai Passenger cars
Verna, Accent, Avante, i10, i20, i30, Veloster, Coupe, Sonata, i40, GRD, Aslan, Genesis. Verna and Elantra are sedans whereas all the other cars in this segment are hatchbacks. Elantra is a premium sedan in its segment.
Hyundai Recreational Vehicles
Tucson, Veracruz, Santa-Fe are cars in the recreational segment.
Creta, Santa FE & Alcazar. Creta is a compact SUV whereas Santa FE & Alcazar are premium SUVs in its segment.
The brand is known to sell more than 4 million cars in a single year in more than 190 countries. The company has also invested in manufacturing hybrid cars, electric cars as well as self driving cars.
Hyundai Price/Pricing Strategy:
Below is the pricing strategy in Hyundai marketing strategy:
The automobile industry market Globally is very competitive with each major player launching new models to gain the market share.
It is growing at a significant rate. It uses competitive pricing strategy globally. The global competitors of Hyundai are Toyota Motor Competition, GM Korea Company, Ford Motor Company. At the showrooms, the customers are offered test drive of preferred Hyundai cars through which the customers can make the appropriate decisions. After sales service support is also provided at these showrooms. The automobile market is also growing at a steady rate making it suitable for New Entrants. Each player is trying to offer the best value cars at the beat price. Hyundai follows competitive pricing Strategy in its marketing mix especially in the economy class segment. However, pricing also varies from one geography to another and the features being offered in the car. Depending upon the segment, Hyundai car prices range between $15,000 to $50,000. The annual revenue of the company is more than $90 billion annually.
Hyundai Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Hyundai SWOT Analysis, STP & Competitors
Hyundai Place & Distribution Strategy:
Following is the distribution strategy in the Hyundai marketing mix:
Hyundai cars are sold in more than 190 countries worldwide through some 5000 dealerships and showrooms. Apart from this, the company has multiple manufacturing plants worldwide. Hyundai sells its cars through dealerships which are spread globally.
Hyundai has several manufacturing plants as well as many research & development centers across the world.
Hyundai Promotion & Advertising Strategy:
The promotional and advertising strategy in the Hyundai marketing strategy is as follows:
Hyundai follows an aggressive promotional strategy in its marketing mix. The company is doing promotions in the following ways
• Press Releases: The customers know about the latest breaking Hyundai Motor local news.
• Advertisements: The company releases ads during the launch of new car models to create awareness among its target audience. It indulges in TV campaigns, digital marketing, social medial engagement and print Ads. Hyundai also has celebrity brand ambassadors like film stars to promote their cars.
• Media review: Hyundai also promotes through media through expert opinions and reviews. These reviews help its target audience in decision making.
• Short films: Hyundai comes up with short and unique films. The messages in these films revolve around creating innovative content, pressing on to '#BeTheBetterGuy' in an adverse situation related to road safety and behavioral Change.
• CSR campaigns also help promote Hyundai car company
Hence, this concludes the Hyundai marketing strategy & marketing mix.
Hyundai motor company is a Korean car manufacturer company. It employs about 75000 people worldwide. It has an annual capacity of 1.6 million units.
It had global sales of more than 4 million units in a year. Hyundai is a global player and has its cars, trucks etc present across all the continents in the world.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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