The paper “ Hyundai and Toyota’ s Strategic Marketing and Planning" is a persuading example of a case study on marketing. This report analyzes the marketing approaches of two companies in the automotive industry, in terms of targeting strategies, market positioning and the microenvironmental and macro-environmental provides a clear indication that the automotive industry requires the adoption of marketing approaches that enhance the competitive advantage of the company within the global market. The two companies have adopted similar approaches such as demographic and geographical segmentation however differences arise in marketing approaches essentially due to the management policies which further result in different marketing strategies.
However, with intense competition and globalization in the automotive industry, both companies have to adopt marketing approaches that can facilitate the expansion of their customer base. After making an evaluation of the above-mentioned questions the company should then develop a strategic marketing plan which entails three basic hierarchical stages; market segmentation, profiling of the segmented markets and the development of a strategy for the market segments. After the company’ s executive team has approved the strategic marketing plan the next step is to develop tactical marketing projects and programs, in order to implement the plan.
The tactical program usually composes of a plan for project development, a plan for sales development and a customer service plan (Allen 2009). 3.1How the Two companies demonstrate that they have a strategic hierarchy8 The company’ s management policy entails making an effort to meet the expectations of all stakeholders, essentially the customers. This gives an indication that the company undertakes the process of strategic marketing and planning. The company, first of all, undertakes a situational analysis of its customers then develops a strategic marketing plan (Korzeniewski, 2008). For instance, in the developing of the Hyundai Sonata, the company developed a strategic marketing and planning program, which further resulted in the segmentation of the product in various regions such as India and North America.
The popular mechanics Magazine, (2005), reveals that in the process of development of various generational brands of the Sonata, Hyundai studied its consumers in order to develop a product that can serve the needs of the customers. The popular mechanics Magazine, (2005), further highlights that the segmentation of the American market resulted in positive reactions from American consumers.
Hyundai’ s Product Development and Strategic Planning vice president John Krafcik attributed the success to the development of an effective strategic marketing plan. Sonata won an award of excellence called the Popular Mechanics Automotive award In the American market due to its passive and active safety features, its comfortability and affordability which makes it popular among many consumers (Calif, 2005). For instance when evaluating marketing strategies undertaken by the company in marketing the Toyota Camry. EBay, (2005), reveals that the Camry is a popular vehicle in the North American and Australian markets.
However it’ s sales and marketing strategies are a bit cautious, because they are aimed squarely at the aspect of buyer demographics, in most cases, individuals who purchase Camry are not usually very enthusiastic about cars. EBay, (2005), further reveals in the Camry is considered a mid-size seven and sub- luxury car within its popular market. On the other hand in markets such as Europe, the car is less popular essentially because the design is perceived as incompatible with the driving habits in Europe.