MARKETING STRATEGIES of HYUNDAI I10”
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SUMMER TRAINING REPORT ON “MARKETING STRATEGIES OF HYUNDAI i10” Submitted in the partial fulfillment of degree of Bachelor of Business Administration (B&I), 2012-2015 SUBMITTED BY: ASHISH SAIGAL Enrolment No. 05590201812 UNDER THE GUIDANCE OF: Ms. Priyaneet Kaur Asst. Professor, SGTBIMIT SRI GURU TEGH BAHADUR INSTITUTE OF MANAGEMENT &INFORMATION TECHNOLOGY (Affiliated to GGSIP University Delhi) (2012-2015) 0 DECLARATION I hereby declare that the project report “MARKETING STRATEGIES OF HYUNDAI i10” submitted by me to Guru Gobind Singh Indraprastha University, Delhi in partial fulfillment of the requirement for the award of degree of Bachelors Of Business Administration (Banking & Insurance) is a record of bonafide project work carried out by me under the guidance of Ms. Priyaneet Kaur. I further declare that the work reported in this project has not been submitted and will not be submitted, either in part or in full, for the award of other degree or diploma in this institute or any other institute or university. …………………………...... Place : Signature Of Candidate Date : ASHISH SAIGAL BBA (B&I)- 5TH SEM Enrollment no.-05590201812 C ERTIFICATE This is to certify that the project titled “MARKETING STRATEGIES OF HYUNDAI i10” is an academic work done by ASHISH SAIGAL submitted in the partial fulfillment of the requirement for the award of degree of BBA(B&I) from Sri Guru Tegh Bahadur Institute Of Management & Information Technology (affiliated to GGSIP University), New Delhi under my guidance & direction. To the best of my knowledge & belief the data & information presented by him in the project has not been submitted earlier. ………………………… Signature Of Director Prof. (DR.) P.L. Sethi ………………………… Signature Of H.O.D. DR. Bipasha Chaudhary ………………………… Signature Of Project Guide Ms. Priyaneet Kaur ………………………… Signature Of Scholar Ashish Saigal 2 ACKNOWLEDGEMENT The present work is an effort to throw some light on “MARKETING STRATEGIES OF HYUNDAI i10”.The work would not have been possible to come to the present shape without the able guidance, supervision and help to me by number of people. With deep sense of gratitude I acknowledge the encouragement and guidance received by my guide MS. PRIYANEET KAUR and other staff members. With deep sense of gratitude I acknowledged the encouragement and guidance received by my organizational guide and other staff members as well for guiding me throughout the work and handling my each query with great patience. Last but not the least I would also like to thank my family and friends as well for motivating me and continuously supporting me whenever I need. I convey my heartful affection to all those people who helped and supported me during the course, for completion of my Training Project. ………………….................... Place: Delhi Signature of Scholar Date: ASHISH SAIGAL 3 EXECUTIVE SUMMARY Many architects make the mistake of thinking that marketing has only a peripheral relationship to what their firm does. In fact, marketing works best when it is totally integrated into the operations of their firm, when it’s a part of everything they do. They can’t create a plan for how to improve their marketing and increase their business without first considering their long-term goals—not just in terms of fee revenue or winning work, but in terms of who they want to be and where they want to go, both as a firm and as a professional. Clearly, marketing planning on this level can be a challenge, and many firms avoid doing it, or consider only some of these issues, or involve only some of the key players in the process. The mind-set is often, “they know who they are and where they want to go. They don’t need to talk about those things. They just need to bring in more work!” But for a marketing plan to be successful, it has to start with an understanding of the firm’s vision and direction. The process of defining the firm’s vision and direction has to be shared by all the senior leaders in the firm, in order to get their input and approval. Marketing planning is the process of developing a vision of who they are as a firm and what their long term goals are. It’s about more than just marketing; it can influence everything: human resources, finance, information technology, operations, hiring, promotions strategy, design process, client relationships, the design of their office, and absolutely anything else that affects their firm and its performance. Firms typically engage in strategic planning at defining moments in their practice, when the firm’s leadership changes or when the practice undergoes some kind of profound transformation. 4 TABLE OF CONTENTS CHAPTER TITLE PAGE NO. NO. DECLARATION i CERTIFICATE ii ACKNOWLEDGEMENT iii EXECUTIVE SUMMARY iv 1. INTRODUCTION 7 1.1 THE CHALLENGE OF BIG MARKET DRIVEN 9 1.2 FIVE FORCE MODEL 11 1.3 BCG MODEL 12 1.4 INDUSTRIAL LIFE CYCLE 14 1.5 INDIAN AUTOMOTIVE 14 1.6 SWOT ANALYSIS 16 1.7 LITERATUE REVIEW 18 2. COMPANY’S PROFILE 46 2.1 RESEARCH AND 49 DEVELOPMENT 2.2 SWOT ANALYSIS OF 51 HYUNDAI 2.3 MARKET SHARE OF 52 HYUNDAI 2.4 COMPARISON OF SMALL 55 CARS 2.5 COMPETITORS OF HYUNDAI 42 I10 IN DOMESTIC MARKET 2.6 MARKET STRATEGY OF 5 HYUNDAI 2.7 MARKETING MIX 3. RESEARCH OBJECTIVES 60 AND METHODOLOGY 3.1 RESEARCH OBEJECTIVES 60 3.2 RESEARCH METHODOLOGY 60 3.3 RESEARCH DESIGN 61 3.4 PRIMARY DATA 61 3.5 SECONDARY DATA 61 3.6 SAMPLE DESIGN 62 3.7 LIMITATIONS 63 4. DATA ANALYSIS AND 64 INTERPRETATION 5. FINDINGS &CONCLUSION 74 6. RECOMMENDATIONS 76 BIBLIOGRAPHY 77 ANNEXURE 79 List Of Tables S.No Title Page Number 6 1 Table 1 24 2 Table 2 25 3 Table 3 28 4 Table 4 37 5 Table 5 46 6 Table 6 65 7 Table 7 66 8 Table 8 67 9 Table 9 68 10 Table 10 69 11 Table 11 70 12 Table 12 71 13 Table 13 72 14 Table 14 73 15 Table 15 74 CHAPTER 1. 7 INTRODUCTION A market map defines the distribution and value chain between supplier and final user, which takes into account the various buying mechanisms found in a market, including the part played by 'influencers'. (McDonald) Market maps help focus attention on key decision makers within a market, and identify key target market segments within a market segmentation project. Market channels and the key players within channels can be easily identified with the help of a graphic presentation of a market. A market map can help deliver key customer and consumer insights, and ensures full awareness of the total market place. Market maps can be as simple or complex as the market requires. The Marketing Process Company has developed its own tool for generating market maps and uses the software in support of all market mapping projects A crucial decision in any segmentation project is correctly identifying in the market who it is you should be segmenting. Market mapping, as defined and developed by Malcolm McDonald and Ian Dunbar, is used in market segmentation to help companies identify the target group(s) for their segmentation project and forms the second step in the segmentation process. It also has number of other important applications, such as tracking changes in the channels to market, presenting your own company's performance on these routes to market and illustrating where your sales and marketing resources are allocated, which can then be compared with how your key competitors allocate their resources. A market map defines the distribution and value added chain between final users and suppliers, which takes into account the various 8 buying mechanisms found in a market, including the part played by ‘influencers’. Market Mapping takes a strategic, forward-looking approach to crafting market driven strategy and segmentation, focusing on where customers are going, instead of where they've been. In addition, the Market Mapping process goes well beyond simply gathering and reporting market data by providing a collaborative, team-based process for bridging the gap between information and action. Market Mapping is an ideal complement to a Future Mapping scenario planning exercise. In the same way that scenarios help leadership teams develop and align around a common view of the future, Market Mapping addresses alignment with customers. Market Mapping Applications Market Mapping can help leadership teams address issues like these: We have a vision of the future but we’re not sure whether our customers share it We think we know the best way to segment our market but we could be wrong We simply don't know our customers well enough to understand where they are going We’re not sure which new products or services they will want in the future, or how they’ll want to buy them 9 We think the decision process for our products/services will change but we're not sure how We expect consolidation in the industry and in our markets but we’re not sure how that will affect our competitive position We can't agree on how we should differentiate ourselves from our competitors or on our best opportunities for growth and profitability. 1.1 The Challenge of Being Market Driven: One of the liabilities of "knowing" a market and its end use customers is that it is natural to build up a set of assumptions about what customers want and what they don't, and about the things that will drive their future buying behavior. This is especially true in product or technology driven organizations. Leaders in these organizations are often mystified when end use customers behave in seemingly inexplicable ways, contrary to what seems rational.