Expanding Hyundai Automotive Business into Myanmar Market

Topic

Expanding Hyundai Automotive Business into Myanmar Market

Instructions

Purpose of Assignment: To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. This week’s assignment is the first part of the development of a marketing plan. It provides the foundation of the marketing plan and introduces the student to a variety of diagrammatic tools for understanding a business. 

Assignment Steps 

To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan.

Create the research section of your marketing plan in minimum of 700 words.

Include at least 3 elements of the Research List of Topics (see list below):

  • Research List of Topics:
    • Primary Research
    • Secondary Research
    • Consumer Analysis
    • Customer Profile
    • Continuous Consumer Monitoring & Research
    • Environmental Scanning
    • Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces
    • Current Opportunities
    • Potential Future Opportunities
    • Current Threats
    • Potential Future Threat
  • Diagrams are not required but can be used to provide clarity and conciseness. Diagrams (and subsequent discussion) can include SWOT (emphasizes internal market–Strengths, Weakness, Opportunities, Threats) TOWS (emphasizes the external market–Threats, Opportunities, Weakness, Strength), PEST (Political, Economical, Social, Technological), SOAR (Strengths, Opportunities, Aspirations, Results), and/or STEEP (Social, Technological, Environmental, Economical, Political). All diagram(s) should be in APA format and must include a subsequent discussion of the diagram(s) providing insight and clarity.

Develop the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. This is not a detailed analysis but an overview (basic trends and insights from the data that is presented in annual reports and other SEC type filings).

Explain the insights you have gained from your inspection and analysis of the demographic and psychographic information you have found.

Cite a minimum of three peer-reviewed references.

Format your assignment consistent with APA guidelines.

Answer preview

Operating as a South Korean multinational manufacturer of fully developed and parts of automotive products, Hyundai Motor Company needs to consider expanding to cope with the increased global competition while meeting the increasing demand of automotive products. On the international market, the company has already ventured in the Czech Republic, United States, Brazil, India, Turkey, China, and Russia (Hyundai Motor Company Alabama, 2018a). In this case, the expansion will need to involve entering into Myanmar, a country considered to have the fastest growing car market across the world (Kiatpathomchai, 2013 and Nitta, 2017).

Word count: 1114