Company Name– Hyundai i10
Founder– Chung Ju Yung
The Hyundai motor company is a South Korean multi-national automaker and it’s headquarter is in Seoul, South Korea. It is the world’s fourth largest automobile manufacturer based on annual vehicle sales in 2010. The company had introduced the Hyundai Grand i10 in 2013.
How It All Started
After founding of the Hyundai Company in 1947, it was established in 1967 and as a construction firm Chung was directly controlling the company until its death. It underwent a major restructuring and breakup, which reduced the Hyundai Groups business to encompass only container shipping services like manufacturing of lifts and tourism.
Most of the former subsidiaries of the Hyundai conglomerate continued to be run by family members and relatives of Yung. Initially, it entered the markets of Thailand, Vietnam and Guam. The Asan Foundation was established by Chung Ju Yung in 1977 with 50 percent of the stock related to the Hyundai construction.
The First generation of Hyundai i10 was launched on 31st October 2007 in New Delhi. On 2013, it was developed primarily for the Asian market together with Sedan model of car. The third generation will be launched in the year 2019.
The first model of Hyundai motor company was the Cortina released in cooperation with Ford Motor in 1968. The most popular names of other Hyundai company cars are Santro Xing and i20. Other models include Getz Prime, Accent Terracan, Elantra, second generation Verna, Tuscon, Santa Fe and the Sonata Transform.
Hyundai I10’s Marketing Strategy and Interesting Reasons behind Its Grand Success
The Grand i10 targeted the age group of 25-35 years adults. This created a youthful and energetic brand connection and it was essential, too. The senior VP of sales and marketing of Hyundai Motor, Rakesh Srivastava, stated that this brand is the new currency that expresses the lifestyle of affluent car buyers with an element of individuality.
In the first phase of launching for preceding the national launch, a media preview was conducted in August 2013 to give a firsthand experience of Hyundai project code-BA. The first product review also generated conversation on Twitter as well as in online automobile news portals. During the second phase, a national media launch was organised on the September 3, 2013, which is followed by regular launches in various parts across India.
‘Hyundai i10’ was conceptualised to fill the gap between the existing i10 and i20 models to attract buyer in the growing ‘compact high entry’ segment in India. It contributes up to 69 percent of the overall compact high segments sales in India, which shows an area of opportunity. The joint managing director of ad agency, Vivek Srvastava stated that the main creative challenge of Grand i10 was to slice the target audience thinly and arrive at a position that is youthful and aspirational and yet does not tread on the toes of other compact models.
The marketing strategy of Hyundai i10 challenges the hegemony of Maruti’s Swift in the compact of high segment and targeted young adults or couples. The target audience were those who are looking for stylish, feature-led spacious vehicle available at good value. Hyundai company has invested over Rs1, 000 crore on the product development. To attract market attention and encourage purchasing Hyundai offer a limited time, registration and insurance.
Hyundai I10 Campaign
To announce the upgrades, it has launched a campaign created by Innocean Worldwide to promote the new car. Other than the usual ATL mix of television commercial and print Hyundai has launched an innovative digital campaign – Comebackpedia on 2017 for Grand i10.
The first ad released on TV that shows a newly married couple came to see off the wife’s mother. The commercial means ‘Not everything comes back is awesome, but the new i10 comeback is Wowsome’.
The second campaign released to show the simplicity of the idea through a Boomerang. These campaigns are very much helps them manage to use the medium to its fullest potential, by identifying evangelists that engage with our audience while creating love for the brand.
The company has committed to innovate across all digital platforms and to break through the content clutter, the concept of creating ‘Comebackpedia’ came into being. Hyundai has tied up with 7 humour artists to create an encyclopaedia of come backs in the form of memes ( a format that is popular among the youth on digital platforms to voice their reactions on current topics).
Speaking about the digital campaign, the General Manager and Group Head Marketing, of Hyundai Motor India, Puneet Anand told that Hyundai Motor India is the country’s most loved car manufacturer and they are constantly improving their brand experience for their customers.
The company has roped in Bollywood star ‘Shah Rukh Khan’ as the brand ambassador. The company has launched a car name-‘Xcent’ and sold 35,000 unit of car in the same year. SRK’s association enhanced the0020brand’s reminiscence and propagated the modern premium brand values of the Hyundai Grand i10.
The automobile manufacturing facility of the company is capable of producing 1.6 units annually. The car is meant for personal commuting, city driving and highway gateways. It has given a sporty look with aerodynamic and trendy styling along with features like smart key with a push button to start, also having other features like rear Ac vents, auto folding mirrors and more. The company employs about 75,000 around the world.
The Hyundai Grand i10 car targeted primarily at the Indian market and intended for production in India. It has given the popularity of hatchback subcompacts in the country, which provides easy access for loading. Its ergonomic design was intended to accommodate tall drivers and increase rear knee room.
The interior of i10 gives more aesthetic appeal because of its accentuated chrome and silver accents used in multiple points. The i10 brings a host of highly innovative design features including multiple power outlets. In 2008, it ranked as eighth largest automaker and in 2012, it sold over 3.6 million vehicles worldwide.