Market DevelopmentHyundai's trucks, buses gaining ground in Russia.
The article for this week is about the market development of Hyundai in Russia. The article states that as the Russian economy is booming with a constant increase of oil prices and an inflow of oil money, mid- and large-sized commercial vehicles are needed more and more. In fact, Hyundai already sold 1,955 commercial vehicles in the Jan-Feb period, which is 136% higher rate from a year ago.
In chapter 2 of our textbook states that in order for a firm to grow, it has mainly 4 choices that it can make; product development, market development, market penetration, diversification.
When a firm targets existing market with a new product, it's called product development. Similarly, market development is targeting new market with existing product. It can also find a way to sell more products to a current market (market penetration), or exploit new market with a new product (diversification).
This article clearly shows how hyundai is trying to grow using market developing strategy.
Hyundai saw a growing need for mid- and large-sized commercial vehicles in Russia. Wise marketers of Hyundai decide to exploit new Russian market with already existing product, in this case, vehicles with which Hyundai is famouse for the superior quality.
I still remember when I was in Thailand for my Junier-High. My house was in 30 minute-distance from the main city, there was a huge container warehouse near my home. I could easily saw a couple of large commercial vehicles everyday. Everything I can remember thinking about those big trucks is that they were Benz'. I hope Hyundai do same thing in Russia. There still are many challenges to be successfully win for marketers of Hyundai. I pray that careful researches about Russian economy and it's international business conditions will be made to make big success in Russia.
Referrnece: www.koreaherald.co.kr/
2008.03.18 - by By Jin Hyun-joo
"Hyundai's trucks, buses gaining ground in Russia"
No comments:
Post a Comment