External Environment Hyundai
Assessment of the Strategic Environment
Team Assignment #1
Before completing: Discuss with your group how insights from this assignment will help you complete your project. What will you learn? How will it help you evaluate your product’s prospects for the future?
A. Demographic
1. What major demographic developments and trends will pose opportunities or threats for this company?
In consumer markets, one of the key forces is demographics. Difference in the size of commercial, industrial or residential customer with respect to both employees and sales are likely to contribute to differences in customer needs. Hyundai Elantra is best described as an affordable transportation. The ideal location for the market is educational and industrial communities. The age group that prefers to buy is normally low to medium income individuals and households such as college students and regular commute employees to use as a town car or as a work car. For a work car customers expect a compact to mid size car with a great fuel economy and safety.
2. What actions has the company taken in response to these developments and trends?
ACTIONS TAKEN: Standardized the engine performance for all models of Elantra. Elantra compact car comes with 4 cylinder, 1.8 L and Small station wagon class Elantra Touring comes with 4 cylinder, 2 L engine.
Toyota thrives for consistency; Honda on innovation, Hyundai is all about aggressiveness and speed – to react to the customer responses. In the year 2010, In the U.S., generous incentives for retail customers and fleet purchases have pushed sales up a strong 7% in a market down 24%. November was a spectacular month: Hyundai brand sales jumped 46% from the previous year, and Kia rose 18%. The price range of Elantra is under $20K and has a standard 4 cylinder, 1.8 L for a compact model. Depending on the preference customer can choose manual or automatic transmission. According to the U.S. Department of Energy, Elantra 2013 model has
Team Assignment #1
Before completing: Discuss with your group how insights from this assignment will help you complete your project. What will you learn? How will it help you evaluate your product’s prospects for the future?
A. Demographic
1. What major demographic developments and trends will pose opportunities or threats for this company?
In consumer markets, one of the key forces is demographics. Difference in the size of commercial, industrial or residential customer with respect to both employees and sales are likely to contribute to differences in customer needs. Hyundai Elantra is best described as an affordable transportation. The ideal location for the market is educational and industrial communities. The age group that prefers to buy is normally low to medium income individuals and households such as college students and regular commute employees to use as a town car or as a work car. For a work car customers expect a compact to mid size car with a great fuel economy and safety.
2. What actions has the company taken in response to these developments and trends?
ACTIONS TAKEN: Standardized the engine performance for all models of Elantra. Elantra compact car comes with 4 cylinder, 1.8 L and Small station wagon class Elantra Touring comes with 4 cylinder, 2 L engine.
Toyota thrives for consistency; Honda on innovation, Hyundai is all about aggressiveness and speed – to react to the customer responses. In the year 2010, In the U.S., generous incentives for retail customers and fleet purchases have pushed sales up a strong 7% in a market down 24%. November was a spectacular month: Hyundai brand sales jumped 46% from the previous year, and Kia rose 18%. The price range of Elantra is under $20K and has a standard 4 cylinder, 1.8 L for a compact model. Depending on the preference customer can choose manual or automatic transmission. According to the U.S. Department of Energy, Elantra 2013 model has