The object of the research is Hyundai Motors Company. It was founded in 1967 and started its development in Seoul, Korea. The company follows a rapid pace of development and has already built new plants in Europe and USA. In fact, the company is an object of interest, as long as it remains in the top list of companies producing automobiles. The main focus of the company is the customer’s needs.
I would like to conduct research and evaluate the company’s current patterns of behavior regarding customers’ satisfaction. The research takes into consideration all aspects of the company’s performance, including its core values and strategies. The paper discusses the tendency of the company’s activity and its main points in the further development. On the example of India, it is possible to see the mistakes of the company in the process of products’ distribution in the automobile market with customers with rich cultural diversity and needs.
I chose to examine the nature of the customer’s needs and requirements in India. A detailed research with an example of the model i20 is appropriate for understanding the company’s mistakes, which could be avoided in order to boost its performance and development.
Finally, the paper concludes with making suggestions regarding the development of Hyundai Motors. It takes into account all mistakes and explains to the reader the opportunities in the business environment of the company, which could help to enhance its improvement and move it up the top list of automobile manufacturers.
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The current paper is dedicated to my family and friends who always support me. Thank you for helping me in times of difficulties. Thank you for all the moments full of laughter and joy, which filled my heart with happiness and inspired me to work hard.
Hyundai Motors is one of the most famous automobile manufacturers all over the world. It won hearts of millions of customers with outstanding quality and high-performance indicators. It is a multinational company situated in the South Korea. It takes the fifth place in the world’s top list of automobile manufacturers along with its subsidiary – Kia Motors. These two companies formulate a Hyundai Motors Group, which continues winning hearts of millions of people all over the world. Along with Kia Motors, Hyundai receives around $8 million annually. The sales rate keeps rising and indicates that customers tend to adhere to the high-quality products offered by the company. Over 70 000 employees work for Hyundai Motors Group and are lucky to be a part of the company’s evolution. It is necessary to conduct an analysis of the company, which continues to hit the top list of sales within automobile manufacturers.
Vision
Hyundai Motors is the company that uses a comprehensive approach towards its performance. It has five strategic approaches which formulate the vision of the company’s performance. First, the company has a global orientation. It established a long-term relationship with scientific centers and developers who devote their research to the research of new mechanisms and technological devices, which will help the company to improve its automobiles. The company strives to penetrate its development with quality and innovation at the same time. Second, the company has an outstanding sense of understanding human values. It respects its customers and strives to meet their needs. Third, customer satisfaction is another element of the company’s vision, which regulates its development. It helps to set the approach towards implementation of new ideas and elements of automobiles. Feedback and surveys help to collect customer’s opinion regarding the quality of products produced by Hyundai Motors Group. Fourth, the company focuses on technology innovation. It strives to cut its expenses and improve quality at the same time. It means that the company strives to look into the future and search for opportunities to optimize its manufacturing process. It is a company, which does not stop at the point of excellence. It is obvious that innovations give an opportunity to bring the company to the new level of development. Hyundai is the one striving to keep developing. Finally, Hyundai takes care of creating an effective cultural environment. As long as the company operates on the international level, one of its main duties and its vision is to establish trusting relations between customers and employees on an international level. There are various programs conducted by the company, which help to integrate the society and help it to integrate into the community willing to develop. In general, the company’s vision is to become a lifetime partner of every customer. The company has already managed to build a powerful relationship with its customers. Today, its main function is to keep introducing eco-friendly automobiles, which can help develop millions of people.
Values
The company has five core values. These elements flow from the company’s vision statement and formulate the diversity of the company’s intentions to grow and develop. The first element is a customer focus. The company takes into account every opinion and strives to meet needs of all customers. Hyundai penetrates its corporate culture with customer orientation, which helps to perform with an outstanding quality and provide all customers with high-quality service. It is the company’s duty to work for the sake of customer’s satisfaction. Another element of the company’s core values is a challenge. Hyundai accepts all obstacles and challenges, which it needs to overcome in order to develop and improve business (Kakouei, Vatani, and Bin Idris 3). Values formulate the vast segment of the company’s performance as long as it helps to establish an effective system of measures and criteria of success. Collaboration is the third element of Hyundai’s core values. It helps to create a friendly atmosphere within working pace. In addition, it gives the company a great sense of belonging. It means that the company feels its responsibility to contribute to the development of the society by providing it with high-quality automobiles. It helps to gain success through constant cooperation and collaboration with numerous partners all over the world. The international level of the company’s development proves that its major role lies in shaping an outstanding performance. Collaboration is an important element helping to make success measurable and attainable. Another element of the company’s values reflects in the company’s desire to work for people. The company strives to create a welcoming working atmosphere, which will help all employees work efficiently and fulfill their duties according to the company’s requirements. Hyundai does everything to meet needs not only of its customers, but also of its employees as well in order to promote the development and growth of business on the international level. That is the reason human needs lie in the core values of the company. Finally, globality is another element of the core values of Hyundai. It helps the company to operate for the welfare of the global community. Hyundai does not take into account every country separately. It strives to extend its performance by penetrating its activity with perspective on the global impact on the society. It is one of the values, which helps the company to make a change and improve the whole society by making automobiles available for customers with different income levels. In addition, the company manages to evaluate its impact on the development of the global community. That is the reason it strives to minimize negative effects of the company’s products on the environment.
Strategic Plan
The company’s strategic plan can be divided into several parts. The company operates on the international level, and every segment of the company’s performance requires establishing a separate strategic approach towards improvement of the company in the selected area. It is a fact that Hyundai is a company, which needs to use a comprehensive approach towards establishment and implementation of strategic plans. However, it is possible to make a list of the peculiarities of the company’s strategic goals and plans. First, the company strives to strengthen its brand image and reputation at the same time. It strives to expand the product line and improve the old models in order to meet needs of contemporary customers affected by the development of a global community. In addition, the company is willing to improve a quality by making an automotive approach towards technological equipment used in the manufacturing process. Marketing strategies also formulate a vast segment of Hyundai strategic plan. The company promotes every automobile in a special way. It creates an image for every model by reflecting its functionality and importance. It shows its customers that they need to have a high-quality car, which can promote safety. In addition, the main element of the company’s strategic approach towards its performance is an improvement, which helps to extend customer profile and launch additional lines of products enhancing brand image. The company also strives to extend export sales by means of geographical diversification. This point helps the company to maintain balance between its development and collaboration in the international level. Hyundai is the company that tends to envision its success and improve strategic plans according to the requirements of the business environment. It does not put aside obstacles, which could prevent it from total improvement. The company’s main objective is the development on the global level.
Hyundai’s Culture
The company’s culture is another vast segment of its performance, which has a comprehensive nature. Hyundai is a company, which has successfully taken collectivism and paternalism from the motherland – Korea. It believes that its employees should not only keep their dedication to the company’s performance, but also improve their performance by extending working hours. However, the company claims that dedication should become a key point, which reflects employees’ desire to work extra hours for the sake of the company’s development without compensation. In 2002, employees had to perform with increased intensity in order to help the company to launch mechanism of producing high-quality products. As a result, the company had to face numerous strikes, which resulted in the loss of billions of dollars. Hyundai had to change its policy in order to preserve employees and create a competitive benefit by enhancing outstanding working conditions.
Another element of the company’s culture is its desire to perform at a global level. The company offers its employees numerous programs, which are aimed to unite and integrate efforts of different teams on the international level. For example, ‘Culture & Diversity’ program is one of the methods to enhance the company’s development by introducing international criteria of cooperation. It is a program, which includes culture and traditions of different nations, which brings together employees and integrates them into a global community full of commitment and understanding. It helps to conduct a cultural, leadership and performance peculiarities exchange. These programs tend to improve the company’s performance on the level of working environment. In addition, Hyundai learns from different cultures the most appropriate ways of making change within the working place. It has the diversity of regional experts in every corner of the world where the company effectively distributes its products (Bersnahan 460). Regional experts, in their turn, help the company to build outstanding performance standards according to the requirements of the global community. Finally, the company tends to extend its influence on the international level and manages to follow the pace of the development of the surrounding world.
Organizational Structure
Hyundai’s performance has a global level. Despite the fact that the company was originally founded in Seoul, Korea, it has already expanded its boundaries. It has plants in China, India, Czech Republic, Russia, Turkey, and the United States. Hyundai is a famous company offering its products in 195 countries all over the world. It has more than 100,000 employees willing to work for the benefits of the company. In order to understand the company’s organizational structure, it is necessary to take a look at the following chart.
The company’s organizational structure helps to create a flexible system of the performance. It contributes to the development of the whole company. Hyundai’s organizational structure gives the company an opportunity to create as many departments as it is necessary for the company’s successful performance. It is a fact that Hyundai depends on the cultural diversity. However, it is possible to transform the company’s organizational chart along with its improvement and development. In fact, the company’s organizational chart fully depends on the presented basic outline.
SWOT Analysis
Hyundai is a company operating on a global level. It has the diversity of its strengths and weaknesses. Along with this list there are threats and opportunities, which affect the company’s development. Several elements formulate the company’s strengths and weaknesses. First, the company has a reliable reputation and keeps evolving its brand. It has an effective system of resources allocation. It keeps expanding its boundaries in Europe. Finally, it has successful and effective PR campaigns, which help to spread the company’s performance among other countries. Hyundai’s weaknesses include recalls of automobiles. Hyundai has no access to the market of Japan, which could essentially boost its performance. In addition, the company suffers from the negative publicity, which has a negative influence on its image. The main opportunities of Hyundai include the rising demand on ecologically friendly products and changing character of customer needs (Lokhande and Rana 116). The company has diversity of threats, which can become obstacles on the way to the company’s success. These threats include different exchange rates in the countries, where the company operates. In addition, it has the nature of rising costs on raw materials. Decreasing nature of fuel prices is also one of the potential threats, which can harm the development of the company. Finally, intense competition on the market of automobile manufacturers is another essential point to take into account for the benefit of the company’s further development. All these factors should become a core of the company’s decision making process in order to boost the development and come to another stage of the performance (Thimmaiah).
Article Selection and Analysis
In order to reflect a thesis statement in my research, I use the article The Study on Customer Satisfaction with Respect to Hyundai Motor Cars i20 in Bangalore City written by Srinivas K.T. The article supports the idea of reflecting customer satisfaction along with the performance of the company. It is an effective source of the information regarding the company’s development and its approach towards meeting customers’ needs. It has the diversity of factors, which contribute to customers’ choice. Regardless of the company’s performance on the international level, the article takes into consideration all aspects of the company’s activity. It explores customer service and criteria of the automobile selection. The article explores the nature of the company’s response to customers’ requirements in India on the example of selling the model i20. In fact, the article gave an opportunity to have an insight into a detailed evaluation of the customer feedback. Numerous tables and criteria of customer selection reflect their tastes, preferences, and the level of satisfaction. The research takes into account feedback from 120 users. It researches the nature of satisfaction before and after the usage of an automobile. Despite the fact that the research touches upon customers from India, it supports the idea that it could be conducted anywhere in the world, where the company distributes its products. It will essentially help to see the essence of the company’s performance. The research proves that Hyundai has an outstanding customer service with quick delivery, which means that it takes care of its customers.
However, the article also proves that the company has some problems, which should be taken into account in order to avoid the same mistakes in the future. The article showed that many customers buy cars according to the effective marketing campaign. However, they have to face some problems and difficulties in the process of using the car (Wad).
Analysis of the problem
The main problem of the Hyundai Company in India is that it does not tend to explain the importance of the vehicles sold in this region. The research proves that customers do not understand the efficiency of the product. Hyundai does not provide customers with effective marketing campaign, which will be effective enough for the distribution of the product. The research conducted in India proves that any part of the world where Hyundai has a plant or sells cars could become affected by the lack of marketing strategies. In general, most customers have a positive experience of buying a car from Hyundai Company (Agnihotri and Pallavi 325). However, the problem is that the company does not take into consideration the fact that those who are not satisfied with anything regarding the company’s activity can essentially reduce its profits. It is a fact that many customers ask for friends’ advice before buying an expensive car. The research shows that customers all over the world and India, in particular, tend to turn their attention to a friend’s opinion. The research of the article indicates that many customers tend to turn their attention to competitors before buying a car from Hyundai. It is a fact that rumors formulate an additional threat to the company’s success. It leads to the choice of competitor’s products over Hyundai’s automobiles. In general, the article indicated that the company meets the needs of customers. However, there is a threat, which warns the company to review its marketing policy, which seems perfect to them. In particular, the company has a problem of investigating in Indian market of automobiles and customer’s tastes. It should become the first point in establishing effective performance policy of Hyundai in the selected area. The problem of the company is that it does not take into account the minority of customers who choose another company for buying cars. Hyundai does not consider it a significant threat and does not take action in order to meet needs of these customers. It leads to non-stability and explains why the company cannot move up the top of the list.
The main problem of the company is that it does not implement its customer-related policy at the fullest. However, it should strive to learn peculiarities of the whole community where it operates. If the company decided to operate on the international level, it should investigate the tendency of customers’ needs. It will help to reflect expectations of customers regarding quality, design and effectiveness of the product. In addition, it will help Hyundai to establish an appropriate policy.
Strategies for Implementations
Analysis of what the company should have done differently
Hyundai is a company, which tends to have a comprehensive approach towards any sphere of its activity. However, the company did not take the slightest details of its performance in order to attain the highest level of its development. In addition, the company did not take into consideration regional preferences of customers in India at the local level. Despite the fact that the company is famous for its outstanding marketing companies, there is a percentage of customers who still do not trust the company’s products. It happens for the reason of competitors’ influence. According to the research in the article, Hyundai did not take into account the performance of other companies. Obviously, it should have taken into consideration activity of Maruti Swift and Wagon & Ritz before establishing any policy in the region of India. The research indicates that those who bought cars in the companies of competitors have seen the advertisement of Hyundai i20 before purchasing. It means that Hyundai did not investigate the market enough to meet the needs of all customers. In fact, the company feels confident on the contemporary automobile market. However, it should conduct a deep research in order to evaluate threats and opportunities of the market. Mistakes and shortcomings of the investigation lead to a decrease in profits. The company does not lose its positions on the market of automobiles. It remains in the top five of all automobile manufacturers. However, it does not move up. It means that mistakes may lead to a decrease in sales, which will move away the leadership from the company’s profile. In addition, the company did not conduct a detailed research regarding the model i20. It means that customers did not know what to expect from the new automobile introduced by Hyundai. The company should not have limited itself with general research. It should have conducted a deep investigation into the peculiarities of customer needs related to their lifestyle, behavioral patterns and level of income.
Mistakes should have become a lesson to the company, which would teach to avoid them in the future (Rosli). However, Hyundai decided to feel lucky with a decreasing rate of problems. In fact, it does not mean that the company will not experience difficulties on the way towards improvement in the future. It means that the company should remember its way to success. In general, Hyundai should have learnt from its experience that deep research helps to avoid the diversity of problems lying at the surface, which could become an obstacle on the way to success.
Solution
The main focus of the company should become increasing intentions to improve customer service. The company has all chances to become the one providing all customers with outstanding customer service and high-quality products. The company should not neglect opinions of the minority of the customers (MacMillan). In fact, it should conduct research before the introduction of the new model. It should make a deep analysis of customer’s opinion. Secondly, the company should take more care of making the interior of a car attractive. Many customers tend to choose a car according to its design and interior. Comfort is one of the main points, which can help the company to obtain another competitive benefit. Luggage space should be appropriate and fit car’s design at the same time. Customers would like to get a car, which can be both modern and compact at the same time. It will be essential to extend the number of service centers, which will help the company to meet needs of different customers (Pandya and Pandya). The company should ensure that all customers can access stores spreading spares. In fact, many customers mentioned that they experience difficulties while finding spares across the city. It results in choosing competitors’ automobiles. Customers should not have difficulties in maintenance of cars. Finally, growth and development should become the main principles of the company’s performance within every area. It is possible by conducting additional research of competitor’s performance. Products’ evaluation, competitor’s strategic plans, marketing strategies and automobile’s design should become targets of the company’s research in the selected area (Srinivas). The company should not neglect competitor’s intention to win another benefit. It should strive to keep leadership during the whole period of performance. Finally, the company should penetrate its activity with total improvement. It will essentially boost up the performance at all levels of the international cooperation and integration. Hyundai is the company, which should be the one to penetrate its activity with high quality. That is the reason it is important to conduct a regular research and collect feedback including customer’s opinion.
Hyundai is the company willing to develop in the same pace with the surrounding world. One of the solutions could be an integration of technological development along with mechanical progress. For example, the company could suggest improvements of the existing models and create an online questionnaire regarding the improvement of the model (Lansbury, Purcell, Suh, and Kwon). Customers could also leave feedback and their own opinions regarding the company’s decision. It will be essential to hear opinion of every customer being responsible for the development of Hyundai since it will engage both employees and customers into the improvement process.
In conclusion, it is essential to mention that regardless of the company’s development, it is necessary to take into account all aspects of the business environment. It is a fact that we live in the fast growing world full of competitors. Hyundai is the company, which cannot neglect the development of other companies, which have a direct influence on the customer’s behavior (Luthra, Kumar, Kumar, and Haleem). Contemporary customers tend to have a changeable nature of choice. It means that customers need a significant support of Hyundai, which will help them to make a right choice (Khanna 143). The company should not lose its positions in front of other companies. Customers should receive enough attention from Hyundai in order to save their loyalty and keep buying products from the company.
Analysis of the company showed that it is not enough to conduct research regarding the main areas of the development. It is important to investigate all areas of the company’s performance with deep research (Platzer and Harrison 4). Customers, which formulate the minority of those who tend to refuse from the company’s products, can influence the company’s development significantly. As a result, the company may attain an imbalance in the development and the pace of its improvement.
India is the perfect example of the area with the diversity of cultures and people of different occupations. Hyundai should be the one to implement a step-by-step approach towards evaluation of the customer’s desires. Finally, it will help to attain the company’s strategic plans and goals in the long-term period (Sherman). Hyundai is the company, which does not apply to the terms of the changeable environment on the lowest levels of its performance. However, the company should take into consideration opinions of the whole diversity of customers formulating the target audience of the company’s policy.
The research showed that the company should conduct more surveys and listen to every customer’s opinion in order to meet needs of all customers by total quality improvement. It will enhance the development of the whole company at all levels of its development. Finally, every customer will be satisfied with high-quality services and products offered by the company.