This article will explain the marketing mix of Hyundai. Marketing mix of Hyundai will include all the P’s of marketing that are used by the company and impact their brand equity in the market. Hyundai Motor Company is a South Korean multinational automotive manufacturer. Their headquarters are located in the capital city, Seoul of South Korea but their products are to be seen and sold in various regions around the world. It was declared as fifth largest automaker in terms of sales, along with its subsidiary, Kia Motors in 2012. Their strategy has always been customer-centered and that is the reason they have been able to grow with time and make their place around the world.
Product
The domain of Hyundai is automobile manufacturing but in that category, they have a lot to offer. They have a diversified portfolio of cars, including small cars to SUVs. Some of their very famous models include Verna, Veloster, Accent, Coupe, Sonata, Aslan, Genesis, and Elantra. These are all models other than SUVs which are included in the premium segment of the company. Moreover, they also have a lot of commercial vehicles and concept cars that they sell in various markets. Some of their products are designed and sold keeping in mind the needs of the local people.
Price
Hyundai is a global brand that has been expanding to various regions around the world. Mostly, their prices are determined keeping in mind the needs of the market so that they are able to gain their fair share of market in different regions. It is because of their pricing strategies that it has been able to cater to different sections of society and manufactured various vehicles according to the needs of local markets. Of course, the pricing strategy depends on the category of cars, for instance the luxury cars are made for premium pricing category while most of the cars which are priced less follow competitive pricing strategy according to the market that they are sold in.
Place
Hyundai is known as the fourth-largest manufacturer of vehicles in global market in 2016. It has the largest manufacturing facility for automobiles in the world. Hyundai has various manufacturing units in different parts of the world that are operating in order to ensure that the manufacturing needs are made according to the needs of the local customers in different markets. They make sure that they invest a lot in terms of their research and development and that is the reason that they have been able to secure a brand name and brand equity in the minds of their customers for a long time now.
Promotion
Hyundai has always invested a fair amount in marketing and creating a positive brand image through their advertising. Their marketing campaigns have been successful in creating a buzz around the world and that is because they have been designing their strategies according to the needs of the local markets. Moreover, they sponsor different sports events and their strategies involving celebrities are also very well placed and strategized.
References
Bhasin, H., BhasinI, H., Kassa, G., & Facebook. (2018, January 02). Marketing mix of Hyundai Motors – Hyundai motors Marketing mix. Retrieved from https://www.marketing91.com/marketing-mix-hyundai-motors/
Corporate Philosophy. (n.d.). Retrieved from https://www.hyundai.com/worldwide/en/about-hyundai/corporate/information/philosophy
Z. (n.d.). Hyundai Marketing Mix (4Ps) Strategy. Retrieved from https://www.mbaskool.com/marketing-mix/products/16890-hyundai.html