Hyundai
1. INTRODUCTION
In this the second report on Hyundai will define and go over the strategies that has led Hyundai to where it is now on the global market. We will then go into the specific strategies employed by Hyundai to make it a global competitor. We will then follow with a particular issue that Hyundai faces and the solution we feel best addresses that issue.
2. CONCEPTS
Here is the concepts part of this report we will define and discuss the different strategies used by Hyundai and other companies use. These strategies are known as generic strategies, cooperate strategies and international strategies.
2.1. Generic strategies: We will be discussing and defining the generic strategies used by Hyundai and other companies in the following part .There are four generic strategies; cost leadership, differentiation, focused low-cost, focused differentiation, and combined strategy. Cost leadership is a strategy used by businesses to undercut rivals on price, gain market share, and maintain or even increase profitability. Differentiation strategy implies distinguishing yourself from rivals by offering something that they find hard to match and valued stronger by customers. Focused low-cost strategy is when businesses target a certain segment or niche, and try to be the low-cost player in the niche. Focused differentiation strategy is when businesses target a certain segment or niche, and customize its offering to the need of that particular segment through the additions of features and functions. The last generic strategy is the combined strategy which involves applying two or more of the above strategies at the same time. There are two variations of combined strategies; stuck in the middle and integration. Stuck in the middle problem occurs when a company focuses on both being a differentiated and low-cost enterprise which leads to poor relative performance. Integration strategy successfully brings together two or more of the main marketing strategies in an
In this the second report on Hyundai will define and go over the strategies that has led Hyundai to where it is now on the global market. We will then go into the specific strategies employed by Hyundai to make it a global competitor. We will then follow with a particular issue that Hyundai faces and the solution we feel best addresses that issue.
2. CONCEPTS
Here is the concepts part of this report we will define and discuss the different strategies used by Hyundai and other companies use. These strategies are known as generic strategies, cooperate strategies and international strategies.
2.1. Generic strategies: We will be discussing and defining the generic strategies used by Hyundai and other companies in the following part .There are four generic strategies; cost leadership, differentiation, focused low-cost, focused differentiation, and combined strategy. Cost leadership is a strategy used by businesses to undercut rivals on price, gain market share, and maintain or even increase profitability. Differentiation strategy implies distinguishing yourself from rivals by offering something that they find hard to match and valued stronger by customers. Focused low-cost strategy is when businesses target a certain segment or niche, and try to be the low-cost player in the niche. Focused differentiation strategy is when businesses target a certain segment or niche, and customize its offering to the need of that particular segment through the additions of features and functions. The last generic strategy is the combined strategy which involves applying two or more of the above strategies at the same time. There are two variations of combined strategies; stuck in the middle and integration. Stuck in the middle problem occurs when a company focuses on both being a differentiated and low-cost enterprise which leads to poor relative performance. Integration strategy successfully brings together two or more of the main marketing strategies in an