Hero Honda Motors Limited - Case Study Example

Marketing Plan for Honda Name Institution Abstract There are various factors determining the ability of the business to achieve a competitive advantage within the industry. With increased competition, businesses are keen on implementing their marketing strategies to increase the extent of the brand awareness. In this report, the concentration was in Honda Motor Co. Limited, which is a Japanese automobile company that has been on investing huge resources in its research and development to develop brands that meet the needs of the customers. To maintain its global viewpoint, Honda is dedicated to supplying products with high quality and reasonable prices to meet the needs of the clients. Besides that, Honda is inspired by the dream of creating innovative products that increase mobility and offer significant benefit to the society. To meet such objectives, Honda is keen on exploring its sales networks, research and development departments, and manufacturing facilities. The objective of marketing is to increase Honda’s level of awareness across different market segments, which in turn increases its level of the customer base. Based on the business analysis, in the 2016 financial year, the business only realized 12% of its total revenue from the home market, which is quite lower compared to what it realized in 2012 fiscal years, 19%. The report also undertook internal and external market analysis through PESTEL and SWOT strategic tools. The recommendation to improve the organizational performance is marketing mix, which is a strategic tool that brings together various aspects of marketing. With increased environmental consciousness, most consumers are keen on the hybrid cars, which are efficient and emit a low amount of carbon into the atmosphere. Marketing Plan for Honda Introduction Good marketing is not by accident but due to proper and careful planning and execution. Besides, the marketing plans are continually refined and reformed virtually across the industries to ensure an adequate level of success (O'Kane, 2011). Hence, it is important to evaluate critically the marketing strategy of the business to understand the planning process, philosophies, core values, organizational strategy, goals, and business environment of the organization. In this marketing plan, the marketing strategy of Honda Motor Co. Limited will be analyzed. The motor industry is becoming highly competitive especially with the ever-changing needs of the customers and environmental consciousness; as a result, most businesses are embracing various marketing strategies to increase their competitive advantage (Haseeb, 2016). In the global market, when the level of competition associated with international economic integration becomes stiff, specifically within the context of economic and financial crisis, businesses should consider creation and maintenance of the competitive advantage that makes them outstanding compared to the other competitors within the industry (Graham, 2008). The accomplishment of any business is based on the efforts of every individual within the organization, every business unit, and the entire organization. In most business especially that operates globally like Honda there are several departments such as marketing, research and development, finance, and accounting which perform their respective functions. Nonetheless, it is important that each department operates in inclusion: operate with others for the success of the objectives and ensure adequate contribution to such achievement. In business, profit is a numerical data reflecting the extent of success, which depends on the difference between generated revenues and the incurred expenses. Based on the organizational analysis, marketing departments seem to be contributing more to the success of most businesses. Objectives of the Marketing Plan The objective of any marketing plan is to increase the number of sales, which in turn boosts organizational profitability. Marketing managers play important roles in developing the plans that would ensure businesses achieve high profitability levels. Inevitably, to attain such marketing objectives, it is important that the managers understand various strategic tools on how to make the customers feel satisfied. In Honda, the main objective is to boost the total sales through adequate identification of the target market. The motor industry is increasingly becoming innovative which Honda needs to cope with. The company aims to have two-thirds of its global sales made up of fully electric vehicles by 2030 especially with more motor industry continuing to invest in eco-friendly friendly. The marketing plan is driven by the recent decline in the sales of the Honda vehicles across various market segments; this forms the main problem issues of the research (GotAbout, 2017). To redeem its brand image, the business needs to develop marketing strategies that would guarantee increased level of brand awareness, positive influence on the perceptions of the consumers, and increased global market share. In addition, the marketing plan aims to increase Honda’s profitability while maintaining excellent customer relationship. The ability of the business of achieving its long-term target is not out of the question though it is important that it specifies its short-term goals and demonstrate a proper understanding of its market segment. For the organizational products to attract the customers, the business needs to consider various variables, which interest the customers to purchase the products that it offers. The core objective is to satisfy the needs of the customers across the market segments. SMART Objectives Smart To increase the level of awareness on service centers in the UK Increasing the service level towards the customers Measurable To improve the level of customer services compared to the previous years To enhance the brand attributes to the customers in comparison to the previous years Achievable Increased numbers of service centers increase customers’ convenience to take their cars for services To offer training for the employees on the service areas Offering high-quality services that give confidence to the brand Realistic In the UK, the consumers tend to have strong purchasing power; therefore, Honda is worth investing in the expansion of its service center to ensure future profitability Time By 2020, Honda would experience increment in its ranking in the UK market Background of the Organization Honda is one of the greatest international businesses and popularly known for the manufacture of cars and motorcycles. Throughout the years, the business has been able to expand its operations globally and provision of highly technological products at reasonable prices. Currently, Honda is expanding its operations to aircraft and robot industry and seeking to improve some of its operations to meet the global standards. Soichiro Honda started Honda in 1946 with the manufacturing of the motorcycles in Japan. In 1959, United States became the first international market to host Honda, and with time, the business has been able to expand in other countries. Honda started selling cars in 1963, and since then, it has continued to expand its operations in cars, motorcycles, power equipment, robots, and aircraft. The mission of the company is to maintain a global viewpoint and being dedicated to the supply of the products of high quality at reasonable prices for the satisfaction of the needs of customers globally. Since 1964, the business has maintained its strong reputation for innovation especially the motor engine attached to the bicycle, which led to the development of motorcycle, and the innovation of the green technologies for the automobiles. In the United States, Honda has a market share of 10.2% and currently considered the major technological behind the development and improvement of the motorcycle and automobile industries in various regions: Asia, North America, and Europe. Currently, Honda is the second largest Japanese automaker after Toyota and internationally the largest internal combustion engine manufacturer by volume. Figure 1: Honda Motors: Key Market Sales North America forms the largest single market for the company. In fiscal 2016, the business realized total revenue of 56% from the North America. From figure 1, it is obvious that the business’ revenue from the region has doubled within a span of five years. Even though the business has been witnessing a minor slowdown in other market segments, especially in Japan and Europe, North America has remained one of the markets that yield strong profitability for the business (Honda Gijutsu Kenkyūjo, 2009). Such profits were driven by strong demand for specific Honda brands: Honda Civic and Honda HR-V models. In the North America, the largest automaker is General Motors (GM). In addition, other automakers that have made significant entry into the market are Ford (F), Fiat Chrysler (FCAU), and VCR, which are the major competitors of Honda. Honda has witnessed a significant decline in sales in its home market. From the figure above, it is evident that the sales from Japan have been reducing due to decline in the auto demand within the region. In the 2016 financial year, the business only realized 12% of its total revenue from the home market, which is quite lower compared to what it realized in 2012 fiscal years, 19%. Honda is not the business that has witnessed a decline in the sales, but also Toyota and Nissan (Bhandari, 2013). Honda greatly enjoys competitive advantage within the Asian market due to its strong brand within the region. Based on the revenues, Honda seems to enjoy Asia as its second largest geographical market. It is important to note that the business’ revenue realized from Asia have double in the in previous years. Such increments in revenues are associated with the growth in the auto demand in both China and India. Strategic Environment In this section, the report will emphasize on PESTEL analysis which is a strategic tool used by the strategists and marketers in determining and analyzing both the external and micro-environmental factors that may have a negative and positive impact on the business. The paper will discuss the PESTEL of Honda Motors Co. Limited to perform analysis on the external factors such are Political, Economic, Social, Technological, Environmental, and Legal factors influencing the business. Political and Legal Changes Honda is an international business that operates across the countries with different legal frameworks and economic structures. With increased concern about the quality of imported vehicles, many countries are keen on enacting laws that ban certain vehicles from entering the some of the countries. Various governments have put forward the proposal of limiting the number of automobiles that people use with the aim of minimizing a number of toxic gasses that these automobiles release into the environment. The market is slowly shifting to eco-friendly vehicles especially with strict rules on pollution in certain countries. Therefore, Honda Motors is bound by the government legislations to cut a number of automobiles that it manufacturers (Ghauri & Cateora, 2014). Such legislations tend to have negative impacts on the organizational sales, which in turn influences business profitability. For example, in the United States, the former President Barack Obama announced that the state would impose new regulations on the use of gas-mileage of the automobiles. As a result, Honda has no choice but to deal with such rules while losing the revenues, which in turn would make the shareholders unhappy. With recent shift of the government in the quality of the cars manufacturers, most of them are planning to launch the cars that are likely to consume less or no diesel; therefore, Honda would have to invest more in the research and development. One of such practical example is the government of China, which has heavily invested in the Hybrid technology. Honda has increased its financial allocation on research for the production of Hybrid cars; as a result, it is likely to expand and increase a number of cars that please the Chinese government. In most large cities, there are restrictions being placed on those with cars with the aim of reducing traffic and congestions. From such restrictions, it is evident that there would be a possible increment in the taxes and legal restrictions. Such activities may result in the fall of demand for the cars, which would result in declined sales, and revenue for Honda. Economic Honda has the ability to dominate the economic sector only if it strides properly with appropriate marketing strategy. Globally, most countries experience fluctuations in the prices of oil, which affects the sales of vehicles. Increments in the prices of oil globally are jeopardizing the demand of petroleum. Soon, the consumption of oil and associated products would decline to put most of the automobile manufacturers in rough businesses. However, with its Hybrid technology, Honda has an advantage over the other businesses (Canadian International School, 2011). Even though Honda is likely to lose revenues especially among the automobiles that, consume petrol, at some point, it would shine through the Hybrid technology. In a bid to overcome these challenges, Honda managed to launch eco-friendly automobiles such as the Honda Civic Hybrid and 1.4 Honda Jazz. In countries like China, the use of automobiles has increased by a third, which increases the amount of scope for Honda to expand its operations. Since such countries have big populations, the increment in urbanization means an increment of sales and revenues. Countries such as Japan witnessed a setback after destruction by tsunami and earthquake in 2011. In Japan, Honda has a lot of potentials to succeed; however, there are high chances that it may not be able to meet industrial demand due to massive destruction associated with the natural catastrophe. Moreover, the exchange rate of any currency to Yen is unstable which ultimately affects the price of the automobiles from Honda in an unstable manner. There has been an increment in incomes in countries like United Kingdome, which means people have more to spend; consequently, to tap such opportunity, Honda is keen on introducing the newer models especially the Honda Civic. Social Globally, there is a loss of consumer confidence in the market because of continuing slowdown, increased costs of the fuels prices, recession, financial crisis, and changes in the consumer preferences, which has forced Honda Motors to launch new financial segment responsible for supporting the customers and various business segments. Throughout the years, Honda has invested much in keeping both the demographic and social trend in its favor. Honda has managed to produce eco-friendly cars that attract the customers who prefer the local brand. This is especially applicable in the UK. Currently, the business is keen on expanding its business operations globally and making a preference to English as the international language (Panmore Institute, 2017). With continued increase in the demand for personalized cars, Honda is keen on manufacturing the cars that meet specific needs of the customers. The desire for the city cars has encouraged the business to produces automobiles considered small and economical like Honda Beat and Honda Jazz. Moreover, Honda has also shown a keen interest in designing and developing the sports cars for racing. Most of the consumers are not fully convinced that Honda is the only business producing hybrid and electric technology cars, which reflects a high level of competition within the market. Since Honda produces Hybrid cars, it has a much better opportunity of earning more revenues due to low competition levels and adequate attraction of the customer base. Currently, customers are searching for better gas mileage before their purchase, and with its good gas mileage from the hybrid cars, it can win the interest of the customers. Technological The modern society relies on the GPS (Global Positioning System) when traveling which forced Honda Motors to install the Satellite Navigation System, which is the new model of GPS. Technology plays an important role in lowering the level of pollution from the cars. To ensure the safety of the environment, Honda managed to develop iv-tech, which offers ample torque, cleaned emanations, and fuel economy. In addition, Honda is efficient and eager to advance to advance its technology in safety measures (Yousaf, 2014). Honda has an innovative technology that benefits the users and ensures increment in the sales. Honda has Efficient Consumer Response (ECR) initiative that provides it with the budget, which is visible on the business’ management chain. The advancement in technology to produce an environmentaly friendly car is one of the factors that have contributed to the growth of Honda. In countries like China, there have been growing demands for the hybrid technology; thus, if Honda intends to expand its operations, it needs to consider the Chinese market. Besides, there is also new hydrogen fuel technology, which enables the cars to run fully on electricity. Through such technology, Honda has always developed the prototypes. Environmental With increased concern about the climate change, the global community is making an appeal to the industries for reduction of the carbon dioxide emissions and toxic wastes from the vehicles. In the recent market, green marketing is becoming a major trend within the modern business. Honda has managed to provide efficient solutions associated pollutions dilemma through the production of various types of engines considered suitable for environmental condition. Currently, Honda is one of the proud manufacturers of environmentally friendly cars due to its hybrid technology. Improved technology would provider clean and better environment to the people compared to the automobiles that release harmful and toxic gasses into the environment. Even though hybrid cars are considered important in the future, Honda needs to invest much in the research and development to improve to improve their functionality. Competitor Analysis and Competitive Advantage Within the Asian market, 95% of the market share is accounted by five automobile businesses: Piaggio, SYM, Honda, YAMAHA, and Suzuki. Honda occupies 60% of the market share despite the recent decline. The features presented by the Honda products are unbreakable since they are of high quality, performance, and easy to use. Therefore, the major competitors of Honda are Suzuki and YAMAHA considering that both businesses present similar quality with Honda. However, Piaggio and SYM are small competitors due to their small market share with products that are different from those offered by Honda. Suzuki is an automobile company that provides good quality and highly performing products close to Honda. Nonetheless, Suzuki completely devotes most of its efforts for the reduction of the production cost and selling of products at low prices. Moreover, the company offers unique product design (Williams & Mullin, 2008). Currently, Suzuki occupies 6% of the market share. The business draws its competitive advantage from selling its products at low prices with the aim of expanding its market share. In a bid to achieve low priced automobiles, Suzuki is keen on decreasing the number of its brands that concentrates on the narrow range of the products. Suzuki automobiles use colored materials for the reduction of production costs. Suzuki products in Asia target similar market segment as Honda: focusing on the upper-income class. To determine the competitive advantage of Honda, it is important to analyze the strategic positions of both businesses. SWOT Analysis Strengths Honda Motors is the world’s leader in the manufacture of motorcycles and sixth world best manufacturer of the automobiles. The business has been able to create a globally known brand image. In addition, the business assembly plants are scattered internationally to make it easier for the customers to access the products that they need. Honda is competence in engine manufacturing which forms organizational core product and occupies a strong position in Asia’s automobile industry. Honda also enjoys strong research and development department which one of the important tools that it uses to facilitate the achievement of competitive advantage. The business has strong capability of ensuring strong marketing strategies. With improved technology, Honda is one of the businesses that enjoy advantages associated with the development of eco-friendly cars. The products have enjoyed exterior design and exclusive interior, which is attractive to the customers and quality services that ensure customers’ satisfactions. Honda is keen on working with other dealers to increase the highly the level of customer satisfaction. As customers become concerned with the environmental changes, Honda is keen to provide good products, which are affordable, of great speed, and low carbon emissions. Weaknesses Honda has a high cost structure, which increases the price of production. Therefore, the business is unable to provide its products at lower prices compared to the competitors. Recently, the business experienced certain quality problems. The safety issue and development delay lead to the change of chief executive. In 2014, the company recalled about 14 million vehicles over the recapture risks that involved the airbags manufactured by the Takata Corporation, which is a supplier of the Honda Motors. The customer base of the business is upper middle segment considering that the cars manufactured by Honda are expensive. The Civic has several weaknesses. Civic is one of the bestselling cars recognized as problematic. Civic has been found to have some major problems such as transmission failures, premature tire wear, interior problem, engine block cracking, and exhaust manifold cracking. Moreover, Honda lacks advanced technological integration. With increased cost of production and competition becoming stiff within the market, the business has not been able to integrate improved technology in its latest car models. The spare parts of the brands are also costly. Opportunities Honda enjoys great people with great skills. To realize the required competitive advantage, Honda is recruiting people from different geographical areas. If the business continues with grabbing and recruiting the most efficient human resources, then it would increase its market share. Globally, people have become conscious of environmental issues; therefore, with its hybrid cars, the business stands a chance of improving its market share especially through target environmentally conscious employees. Honda is also providing aviation and jet technology, which makes it easy for the business to enter into other markets (Adamkasi, 2015). Throughout the years, the business has been able to increase its global presence. With such mass market, Honda may grab more market share and recognition. Honda also enjoys favorable government policies across many countries. The introduction of eco-friendly friendly vehicles opens new market segment for Honda. Increased demand for small cars is another opportunity for the business. Threats With the introduction of restrictions on the cars that emit carbon through the government policy, it may be a barrier for Honda to enter new markets. The entry of the reconditioned cars is likely to reduce the sales of Honda products since they have low prices. Increased prices of fuel are threatening the performance of the automobile since it affects sales, which in turn influences organizational profitability although Honda may stabilize its profits through development of hybrid cards. Increased competitions and the number of superior products in the market intensify the level of competition (Higashi, 2013). Availability of alternative transportation also affects the performance of the business. Target Market Segment The main objective of Honda Motors is to boost its total sales revenue, which depends on target market chosen. Honda clusters its customers based on the types of automobiles that it manufactures. Honda’s management is conscious that the competitors are using similar marketing strategy. Honda’s target market and segmentation are based on the philosophy of having the right car. The business uses various types of segmentation: demographic and psychographic segmentation while targeting its customers. For example, Honda has segmented almost each country across the globe with the aim of making its market in those countries. While doing that, Honda has identified different market segments in the united states, European Union, Indonesia, Australia, and Canada although North America seem to be its major market (Shafique, Anwar & Ahmad, 2012). For many years, Honda has targeted the Economy class; as a result, it developed specific cars that meet their specifications as well as the middle class who love luxury cars such as Honda Civic. For the environmentally conscious customers, Honda invested many resources in its research and development department for adequate manufacturing of the hybrid cars. Besides, the marketing strategy, market targeting and positioning, and market segmentation of Honda cars are based on care for the needs of the customers, which can be seen clearly in various offers, and the attributes of the products. Honda has differentiated targeting strategy for different market segments. To provide different models for various geographic, demographic, and physiographic market segments for the satisfaction of customers’ needs, Honda has been able to tailor its promotion strategies towards aligning with the local cultures. Such activities aim to ensure that the customers feel familiar with organizational brands, which in turn establishes different stories its localized commercials, which have different cultural assumptions, languages, and lifestyles. Based on the demographic segmentation, Honda targets the family size, and in this segment, the business targets the upper and middle-high income group. In the psychographic segmentation, the business targets high-income earners with a sporting attitude. Such sports cars assist in improving and exhilarating their sense and passion for the cars (Parker, 2016). Moreover, Honda also uses the adjacent segment which is a segmentation strategy allowing the business to its market share and grow the customer base continuously. Initially, Honda targeted the subcompact cars since they were and easy to purchase. Currently, the Honda is using the adjacent segmentation strategy and has the ability to move from one manufacturing to another. Initially, Honda manufactured motorized bicycles that have evolved throughout the years. In today’s market, Honda motorcycles are known globally for the company being largest manufacturers. By revenue, the automobile segment in Honda is the largest division within the company. Product type Target market Geographical area cars Upscale level and families Globally Motorcycles All the levels except the underage Globally with focus on the Asian market Jets/engines Institutions Globally Lawn garden equipment Middle-up households Globally Scooters All the levels except the underage Globally Recommendation Based on the analysis, Honda needs to consider marketing mix as its strategy to reach a wider scope of customers. The marketing mix is considered one of the best marketing tools in the modern business environment (Albaum, 2010). It involves the integration of a set of controllable and tactical marketing tools, which businesses blend to produce the responses it requires within the target market. Marketing mix may influence the demand for products. Product Honda already has a wide range of products within the market. Issues such as increased prices of fuel, increased environmental concern, and market saturation tends to pose a potential threat to the business (Panmore Institute, 2017). As a result, the business needs to continue investing in automobiles that are release less amount of oxygen in the atmosphere, hybrid. Honda needs to ensure that it avails the gears and other car parts to various market segments. Since customers are the priorities of the Honda, it needs to invest more resources in its research and development division to gather information on the expectations of customers (Nellist & TV Choice Productions, 2004). In such way, the business would be building an effective customer loyalty and relationships. A good product is self-marketed especially when it meets the needs of the customers. While marketing its products, Honda needs to differentiate to what the competitors offer through adjusting the features, designs, warranties, safety, and environmental impacts. Honda manufacturers a wide range of automobiles that meet the needs of the customers. Price The prices set for the products play an important role in determining the marketability of such products. In Honda, the quality of the automobiles determines the price. In addition, in Honda, the pricing of automobiles depends on what the consumers need to include in their cars. The business needs to set the base price, which should increase if the customers need some modifications or additional options like the metallic paints, body kits, and wheels. This is a pricing strategy used in most automobiles. Such activities offer customer more choices and flexibility on how they want their cars to be while purchasing them (MBASkool.com, 2017). The prices of Honda automobiles, especially the vehicles in the range may start from $18,000 to the premium price of $80,000. These prices depend on the make, models, customer options, and prevailing market conditions. The prices of Honda automobiles seem to be higher than some of the competitors since it leverages the prices with quality products, great servicing, and availability of the spare parts, reliability, and greatest level of compliance with safety standards. Promotion Promotion determines the manner in which the business communicates with potential customers to grab their attention with the aim of making sales. Honda needs to consider various marketing communications to increase the volume of sales. Its promotional strategy within the marketing mix needs to be aggressive and contribute to a wide and comprehensive reach of the brand. The business may consider personal selling at its sales outlets where the staffs are allowed to promote their products and advertisement through various platforms such as newspapers, social media, flyers, billboards, and newspapers (Coughlan, 2001). Honda may also push for promotion through its green technology program, which mainly focuses on the environmental initiatives and activities that reduce greenhouse gas emissions for the creation of a positive brand image globally. Moreover, Honda utilizes catchy slogans for its brands; however, it needs to consider celebrity endorsement as the brand ambassadors while creating a brand recall among the customers. Place and Distribution Honda uses many several dealerships and retailer outlets for the distribution of its products and services. This ensures that the product reaches the maximum number of customers. For its distribution systems, Honda needs to consider using the showrooms, special events, and exhibition centers, which also adds value to organizational marketing brand. Globally, there are few retailers that provide only Honda spare parts and accessories. The business needs to establish an efficient supply chain system rather than completely relying on the dealership to sell its products to the potential customers (Datamonitor, 2000). The sales staff at every business outlet is highly skilled in the sales and production information, the collection of data, the taking of orders, and finance. Due to Honda’s quality and reliability, it has been able to maintain its supply chain networks. The Honda dealerships represent where most of the sales transactions occur. However, some of the retailers such as the supply stores sell organizational products like accessories and spare parts. Budget for Implementation of the Marketing Mix There are various activities that have been projected with a span of three years and the table below represents various aspects that have been targeted. With the introduction of more efficient production technologies integrated with the entrance into the new markets, it is projected that the organizational price would increase in the next three years. Year Objectives to be achieved Newly targeted markets (millions) Cumulative accumulation of market targets (millions) Year 1 (2017) Preparation of supply chain for manufacturing of the hybrid products Introduction of the pricing strategy Pricing differentiation strategies 300 300 Year 2 (2018) Improving the hybrid products Researching on the modern technological activities 370 670 Year 3 (2019) Differentiation of the product to meet the needs of the customers 550 1220 Tactical Marketing Activities Specific activities Responsible departments Estimated budgets (yen) Year of completion Manufacturing of low exhaust engine Converters for fuel efficiency The management and production engineers 30.51 2017 Pricing activities: assembly points, compression of the production platforms, and incorporation of new technologies Operations management 15.21 2018 Distribution activities: exhausting other international markets, handling of the machines, and logistical activities Logistic management 21.35 2019 Promotional activities: volunteer programs, celebrity endorsement, and concerts Marketing manager 9.22 2020 Projected Financial Returns Sales Forecast Millions (yen) Year 2017 2018 2019 2020 Net Sales: 1,882,671 1,922,105 1,950,017 1,960,181 Operational Income 65,023 68,880 72,192 76,182 Ordinary Income 70,912 80, 134 102,166 132,672 Net Income 52,142 61,005 65,875 72,342 References Adamkasi. 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