I would like to bring to your attention that, the company is in need of comprehensive consumer market research on Hyundai as a product and a brand name. Indeed, there have been decreased sales and exports of the company’s product (Hyundai brand) and this can be attributed to the different consumer perceptions and expectations about the brand. The company requires a new market research on the consumers to better understand what their needs are and how they have changed over time.
The brand has lost its attractiveness giving the competitors a competitive advantage in the market as evidenced by the low sales volumes compared to what is projected despite Hyundai’s better quality compared to Toyota’s. Much effort has been put in an attempt to identify the cause of the reduced sales solving quality problems, redefining the brand and repositioning but there is much more on consumer market research and branding that ought to be done in order to market the brand effectively. An understanding of the customer’s expectation and needs is core in attempting to put in place any marketing strategies.
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The new market research on consumers will give an insight on the changing consumer needs, their views on the existing brand and help in the identification of an appropriate marketing strategy that will focus on gaining a competitive advantage in the global market. This will consequently improve the sales through pricing strategies that will help market the brand and attract customers.
It is my sincere hope that you will approval for the commencement of the new market research on consumers in order to obtain first hand information about the consumers needs, opinions about Hyundai and the changes they desire. This will enable adoption of an appropriate marketing strategy that will boost the sales through the creation of a competitive advantage.