Hyundai Motors
[Author Name(s), First M. Last, Omit Titles and Degrees]
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Author’s Note
Hyundai Motors
Introduction
The success of any business organization is characterized as an appropriate combination of different interlinked corporate aspects. It is important for management to apply different principles of strategic management according to specific business requirements. It is noteworthy to mention that proper alignment of different strategic perspectives eventually helps corporations to meet their objectives in the short-run and long-run. The implication of managerial paradigms can better apprehend by focusing on the functioning of any real-life business organization. This paper focuses to consider the well-known organization of Hyundai Motors as the case study to critically explain the intervention of different managerial domains in the context of business enhancement.
Discussion
Overview of the Company
Hyundai Motors is recognized as a well-known brand in the automobile industry. The corporate organization of Hyundai Motor Co. (HMC) started its business in 1967 that eventually turned as a big name in auto sales and established its successful position worldwide. Currently, this automotive company strongly obtained and sustained its position as one of the largest operators in the world by integrated impressive automobile manufacturing services. The vehicles produced by this company are sold in approximately 193 countries through the strong business functioning of around 5,000 dealerships and automobile showrooms. Originally, the business of Hyundai Motor Group initiated from the region of South Korea by Chung-Ju-Yung ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"xUTqRWQP","properties":{"formattedCitation":"(Wright et al., 2009)","plainCitation":"(Wright et al., 2009)","noteIndex":0},"citationItems":[{"id":502,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/E8SGS4A9"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/E8SGS4A9"],"itemData":{"id":502,"type":"article-journal","container-title":"Asia Pacific business review","issue":"2","page":"163-180","title":"If at first you don't succeed: globalized production and organizational learning at the Hyundai Motor Company","volume":"15","author":[{"family":"Wright","given":"Christopher"},{"family":"Suh","given":"Chung-Sok"},{"family":"Leggett","given":"Christopher"}],"issued":{"date-parts":[["2009"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Wright et al., 2009). With the adoption of suitable approaches to business expansion soon helped this organization to develop a strong corporate position in the global competitive market of the automobile manufacturing sector.
Mission & Vision
Mission Statement of Hyundai Motors
“To create exceptional automotive value for our customers by harmoniously blending safety, quality, and efficiency. With our diverse team, we will provide responsible stewardship to our community and environment.”
Vision Statement of Hyundai Motors
“Our Team provides value for your future.”
Competitors
A wide-ranging approach of the automobile industry explicitly indicates that there is a number of potential competitors for the organization of Hyundai Motors. Proper identification of competitor companies is necessary to condition to determine the significance of business strategies adopted by Hyundai Motors. The top competitors for the organizations are as follows:
Honda Motors
Chevrolet
Fiat
Maruti Suzuki
Skoda Auto
Volkswagen
Volvo
Ford Motor Company
Tata Motors
Mitsubishi Motors
Nissan Motors
Toyota Motors
SWOT Analysis
The practical application of SWOT analysis is defined as a suitable approach to clearly defines possible strengths, weaknesses, opportunities, and threats for the company. This form of knowledge is helpful to develop better corporate strategies according to specific requirements of the business environment. It is noteworthy to mention that the identification of potential features of SWOT-analysis helps to determine the potential impact of the external and internal environment on the overall success of the business. It is vital to explore potential strengths, weaknesses, opportunities, and threats in the corporate scenario of Hyundai Motors to better defines its business position in the potential market.
Strengths of Hyundai Motors
This organization have a great range of workforce at both national and international business level
An extensive range of dealerships and showrooms operating in approximately 193 countries of the world.
Higher sale of vehicles per year.
Up-to-the standard vehicle design to ensure the factor of safety and feasibility for potential customers.
The company of Hyundai Motors established its position as one of the largest automotive organizations operating in different countries.
A suitable consideration of a specific area of research and development (R&D) is another major source of the company’s strength to achieve its short-term and long-term business objectives.
Low cost is another prominent and strong aspect of production approach established by Hyundai Motors to deliver a low-cost product for the potential customers ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"b4qkuulI","properties":{"formattedCitation":"(Zou & Lansbury, 2009)","plainCitation":"(Zou & Lansbury, 2009)","noteIndex":0},"citationItems":[{"id":503,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/86JHRHHB"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/86JHRHHB"],"itemData":{"id":503,"type":"article-journal","container-title":"The International Journal of Human Resource Management","issue":"11","page":"2349-2369","title":"Multinational corporations and employment relations in the People's Republic of China: the case of Beijing Hyundai Motor Company","volume":"20","author":[{"family":"Zou","given":"Mimi"},{"family":"Lansbury","given":"Russell D."}],"issued":{"date-parts":[["2009"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Zou & Lansbury, 2009).
The strong presence of the company in the world’s largest market, China is another strong feature acclaimed by the company.
Weaknesses of Hyundai Motors
Inefficient brand portfolio is characterized as one of the major weaknesses of Hyundai Motors that requires immediate attention and corrective measures. Poor branding eventually causes a decrease in expected sales in the case of different targeted markets worldwide.
It is observed that the organization of Hyundai Motors has a low corporate presence in the strong automobile markets of the United States of America and Japan.
A great level of business competition is one great weakness for the company that eventually diminishes the company’s chances to gain enhanced market share.
Opportunities for Hyundai Motors
The company’s approach to creating efficient and cost-effective hybrid automobile products for the enhanced profitability in the future.
It is one great chance for the organization to expand its position in the international market by sustaining in emerging markets.
The automobile sector is massively growing at the global level that is a great opportunity for Hyundai Motors to excel in its business.
Threats for Hyundai Motors
Implications of legal policies on the automobile industry around the globe are one of the key threats for the company.
Unpredictable acceleration in fuel prices can cause great danger for the company to sustain profitability level.
The presence of intense competition in the automobile sector is a great threat for the organization that is direct links to competitive advantage in the market.
Company’s Culture and Leadership
The overall culture of the company plays an important role in the overall development and business operations according to the organization’s vision. Hyundai Motors also established and practiced an organization’s culture based on specific standards and values. The culture of Hyundai Motors can simply be recognized as fast-paced, vibrant, unconventional, and cooperative. All employees of the organization are playing their active role to ensure the application of basic principles of the company’s culture. The human force of the company is committed to building strong corporate communication with customers by adopting a flexible working domain ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"JIIqZITq","properties":{"formattedCitation":"(Tu et al., 2002)","plainCitation":"(Tu et al., 2002)","noteIndex":0},"citationItems":[{"id":504,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/TVV2F25C"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/TVV2F25C"],"itemData":{"id":504,"type":"article-journal","container-title":"Business Horizons","issue":"2","page":"39-46","title":"Global strategy lessons from Japanese and Korean business groups","volume":"45","author":[{"family":"Tu","given":"Howard S."},{"family":"Kim","given":"Seung Yong"},{"family":"Sullivan","given":"Sherry E."}],"issued":{"date-parts":[["2002"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Tu et al., 2002). The organization of Hyundai established its position as a value-based company with the commitment of delivering a value-oriented product to the customers. Flexibility is a key factor of the company’s culture that is used to develop the desired connection between business and potential clients. Customer-driven corporate culture is the central identity of Hyundai Motors with the provision of best and quality-oriented services.
The success of any business organization can never be imagined without the intervention of proactive and visionary leadership. This perspective is also successfully applied in the case of the success of Hyundai Motors as a leading company in the competitive industry. Chung Mong-Koo took leadership responsibilities from his father to expand business growth for the company. The management of this company is determined to develop high-potential leaders for different operating levels of the company. The adoption of a collaborative leadership approach is recognized as the key perspective of offering desired growth and change management. The current leadership of the company particularly recognized considering the features of responsibility management, equal opportunity, proactive visionary approach, and strong human relations ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"VS3cymQS","properties":{"formattedCitation":"(Hemmert, 2012)","plainCitation":"(Hemmert, 2012)","noteIndex":0},"citationItems":[{"id":505,"uris":["http://zotero.org/users/local/qLzeF6Hj/items/TKB85XY8"],"uri":["http://zotero.org/users/local/qLzeF6Hj/items/TKB85XY8"],"itemData":{"id":505,"type":"book","ISBN":"1-136-27568-1","publisher":"Routledge","title":"Tiger management: Korean companies on world markets","author":[{"family":"Hemmert","given":"Martin"}],"issued":{"date-parts":[["2012"]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Hemmert, 2012). The facet of authority in the form of leadership is smoothly shifted to different managerial professionals to achieve corporate objectives effectively. Application of the team system is one of the major characteristics of the company’s leadership that cause successful completion of different business projects at the national and internal business level.
Conclusion
To conclude the discussion on the involvement of different business and managerial aspects of Hyundai Motors, it is vital to indicate that a combination of different organizational features caused great success for the company. The senior management of the company is keen to utilize blended learning to sustain a leading position in the competitive global market of the automobile industry. Technological development is a focal point adopting by the organization to deliver cost-effective and innovative products to the fast-growing market.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Hemmert, M. (2012). Tiger management: Korean companies on world markets. Routledge.
Tu, H. S., Kim, S. Y., & Sullivan, S. E. (2002). Global strategy lessons from Japanese and Korean business groups. Business Horizons, 45(2), 39–46.
Wright, C., Suh, C.-S., & Leggett, C. (2009). If at first you don’t succeed: Globalized production and organizational learning at the Hyundai Motor Company. Asia Pacific Business Review, 15(2), 163–180.
Zou, M., & Lansbury, R. D. (2009). Multinational corporations and employment relations in the People’s Republic of China: The case of Beijing Hyundai Motor Company. The International Journal of Human Resource Management, 20(11), 2349–2369.
