Motivate the consumers
Another major challenge is the possibility of relocation of the business to cut down cost and acquire labor cheaply. (Isabel, 2004) The financial demands are also very high due to the expansion and opening of new branches. The pressure to acquire loan to facilitate the expansion is also taking toll on the managers. Other challenges are new strategies that will have to be put in place to direct marketing programs, the budget analysis, price, product, place and distribution. To come up with definite prices and mode of distribution would prove quite difficult due to the magnitude of the business.
(Nazgner, 2003) Other strategies that pose a challenge to the managers are promotion and public relations strategies which must be integrated to become campaigning tools and increase the company’s popularity. How to harmonize, advertisements on radio, TV and online marketing services is also a challenge to the managers. This is because of the size of the target market, usually comprised of several countries and the best way to coordinate all the operations in these countries. (Isabel, 2004)
Other managerial challenges are failure of the staff to understand all the cultures in the countries targeted, poor alliances formed with the organizations in the external intermediary, and the poor communication made externally regarding the purposes as well as the needs of new ventures. (Nazgner, 2003)Other challenges are lack of expanded metrics and failure to come up with new as well as different methods of assessing the value for the customer to the business. There are also operations issues, in terms of complexity.
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(Nazgner, 2003) Plan of Action To overcome the managerial challenges illustrated above, the management must move fast to come up with solutions. This involves training employees in diversity. (Isabel, 2004) There is also the need to accommodate variety and connecting it with new innovations. The consumers and the employees must be well informed and sensitized regarding the expansion of the motor industry and its implications. There has to be effective communication channels to ensure all the needs and purposes of the motor industry are well articulated.
(Isabel, 2004) Proper alliances must be forged with external organizations by holding proper dialogues. In addition, the staff members must be properly educated on how to deal and operate in a multi cultural communities. The company must make serious investment on the motor industry to guard themselves from major financial set backs. The managements must also expand its metrics as well as different and new ways of assessing the value of the customer. (Isabel, 2004) The company will have to initiate dealer education to motivate the consumers and involve them mote in the operations of the company.
All the plans will be coordinated and overseen by the operations manager, manufacturing manager as well as the Industrial Manager. (Nazgner, 2003) Conclusion It is perceived that with proper management, Hyundai Motor Company will grow to become the leading motor company in the world in some few years to come. With good management of resources and well trained as well as motivated staff, the sky is the limit for Hyundai Motor Company.
Isabel, S. (2004) The Global Strategies of Multinationals, Routledge, Taylor & Francis Group, US. Nazgner, S (2003) The Motor Industry: What We Need To Know, Spielberg Press, UK.