I) Product Category: Compact Car
Hyundai has
long been known to be the most fuel efficient automaker on the planet. In late
2010 we plan to release our first hybrid vehicle into the American market, the Hyundai
Sonata Hybrid. Following the momentum of this release, we will produce our
first all-electric vehicle in late 2011. We plan to set the all-electric
vehicle apart from the hybrid by putting it in the Compact Car product category,
as opposed to Family Sedans. This is in an effort to better reach our target
audience of young adults, specifically those of both Gen X and Gen Y.
As this is
the first all-electric vehicle being released by Hyundai, it must prove our
reputation as being the most fuel efficient automaker. Not only must this car
be electric, it will use cutting edge technology to be the most eco-friendly
vehicle available on the market. To better convey the bold nature of this
vehicle, Hyundai has chosen to create a completely unique brand: Hyundai Bolt.
II)
Branding: Hyundai
Bolt
Hyundai has
chosen to introduce an entirely new brand to our company: Hyundai Bolt. We
chose “Bolt” as a representation of a lightning bolt which symbolizes
electricity. The Hyundai Bolt will be the first all-electric vehicle released
by the company, and it is essential that consumers are made aware of this
distinction.
Hyundai will
use the symbol of a lightning bolt to represent power and prestige, as well as
a common symbol which should be well understood and received by consumers.
III)
Product Positioning
Hyundai Bolt
will be positioned as the “true” green car. Hyundai is already a leader in fuel
efficiency. Although this vehicle is not run on fuel, it still must prove to be
the most efficient in its class. It will be positioned to prove to the public
that Hyundai has always been sending the same message of fuel efficiency and,
by association, environmental consciousness. The Hyundai Bolt will be the
electric car that is at the top of its game, and also comes from a company
which has always cared for the good of the environment.
IV)
Target Market
This vehicle
is aimed at Generation X: people born between 1965 and 1978. This generation is
extremely tech-savvy and large advocates of the green movement. One of the main
motivators for this generation is the desire to have the newest technology on
the market. Another important factor to notice is the current state of the
economy in which price sensitivity is most high. These will be two of the main
incentives introduced to the target market in an effort to attract them to the
vehicle. Hyundai has always been known to have lower prices than many of its
competitors, while meeting and often surpassing them in quality. We plan to
have an efficiently priced electric vehicle for its category, thereby enticing
college students as well as young professionals who are becoming engulfed in
the green movement across the country.
V)
One-Year Strategy
We will
start advertising the Hyundai Bolt within the next year. Hyundai is introducing
an entirely new brand to the market, utilizing vast technologies. We plan to
aggressively promote this vehicle. We will use traditional advertising mediums
such as TV and print to market the vehicle, but will place a special emphasis
on internet marketing. Our target market specifically is extremely
internet-savvy, therefore we must place out ads where they will see them. We
plan to release the car in April 2011, positioned to entice recent college
grads, or possibly even high school grads who are looking to purchase a new
green vehicle.
Communications Vehicles One-Year Tactical Calendar:
| June | July | August | September | October | November | December | January | February | March | April | May | June | |
| Print Ads | |||||||||||||
| Magazines | X | X | X | X | X | X | X | X | X | ||||
| Billboards | X | X | X | X | X | X | |||||||
| Other Periodicals | X | X | X | X | X | X | X | ||||||
| TV Ads | |||||||||||||
| MTV/VH1 | X | X | X | X | X | X | X | X | X | ||||
| CW | X | X | X | X | X | X | X | X | |||||
| ESPN | X | X | X | X | X | X | |||||||
| Internet | |||||||||||||
| Social Networks | X | X | X | X | X | X | x | ||||||
| Bolt Site | X | X | X | X | X | X | X | X | X | X | X | X | x |
| Podcasts | X | X | X | ||||||||||
| * Most of our marketing efforts are concentrated around the months of March, April and May: the time during which our target market is transitioning from highschool to college, and from college to careers. | |||||||||||||
VI)
Distribution Strategy
The Hyundai
Bolt will be widely distributed at Hyundai dealerships throughout the United
States. We plan to use a pull strategy by using the customer to pull the
vehicle through the distribution channel of dealerships. Ideally, we would like
to create enough buzz surrounding the new brand as well as the cutting-edge
technology to create a demand for the product before it is released into the
market.
Although we
will employ standard automotive distribution patterns by releasing the vehicle
to physical dealer locations, we will also heavily rely on our internet
marketing. Through our unique web site designed specifically for the Hyundai
Bolt, consumers will be able to customize and order vehicles over the internet.
We will have customer service representatives available on a 24 hour chat room
to assist internet customers with any questions they may have. The site will
serve as an online showroom to familiarize consumers with the vehicle and the
new brand.
VII)
Promotional Strategies
Hyundai will
operate a stable media schedule throughout the year. An emphasis will be placed
on internet in the early stages to generate buzz, and advertising will be
increased in the months immediately preceding release of the vehicle.
a.
Advertising: We plan to use TV ads to generate interest
in the Hyundai Bolt. We will buy time slots in which our target market is the
main audience. The goal of our advertisement will be to convey the message that
Hyundai has always been on the forefront of “going-green”, so consumers should
join them. We will air our ads on networks which attract our target market such
as: MTV, the CW, Comedy Central, etc. We will also use radio ads to target
consumers, especially those on satalite radio networks which are growing in popularity.
Hyundai also plans to release a series of Podcasts, in conjunction with Apple
iTunes, to familiarize consumers with the technical aspects of the vehicle and
to quell any confusion that may arise.
As is
typical with Hyundai marketing strategies, we will use print advertising to get
our brand noticed, specifically that of celebrity endorsements which is
discussed in part c. Popular Culture. We will also employ billboard and
mail-ads to reach a broader audience and decrease our cost per contact.
We do not
plan to dedicate a large amount of our budget to print advertising, as we feel
that our target market is beginning to view print media as obsolete in this
technical world. Therefore, a significant portion of our promotional budget
will be used for internet marketing. We will design an entirely separate web
site as a partner site with HyundaiUSA.com to specifically highlight the unique
features of the Hyundai Bolt. Popular social networking sites such as Facebook
and Twitter will be utilized to inform our target market of the vehicle and to
get our message across. We also plan to
set up a corporate blog in the early stages of advertising to create a buzz and
allow the public to get an inside look at the vehicle.
b.
Public Relations: Hyundai will sponsor campaigns which promote
green thinking, based on the premise that the company has always been thinking
green. Hyundai will use this electric car not only to promote their new brand,
but also to put the company itself in a position of being seen as an extreme
advocate of environmentally friendly actions, calling on their fuel efficient
reputation as support. Another tactic Hyundai will employ is sponsorship of
collegiate athletic events, as well as sponsorship of green-friendly events. We
want the public to view us essentially in a “green light” so to speak.
Hyundai will
also support the “Bolt Scholarship” – a fund set up to help support college
students who prove to make a significant contribution to the green movement
within their communities.
c.
Popular Culture: Hyundai plans to use popular culture as a
medium through which to inform the public of their new electric vehicle.
Strategic product placement within television programs will be utilized.
Celebrity endorsements
are also to be used as a means to attract the target market’s attention. These
endorsements will be most effective within the realm of print advertising as
well as TV ads. We know that our target market is easily influenced by
celebrities in the media, so this will be a major advantage to our campaign.
VIII)
Breakdown of Promotional Budget ($10,000,000
total)
Line Item Budget
Print Ads- $1,300,000
· -- Magazine-
$600,000
· -- Billboards-$
370,000
· --Other
Periodicals- $330,000
Television Ads- $2,500,000
· --ESPN- $500,000
· --CW- $500,000
· --MTV/VH1-
$1,000,000
· --Local
Channels- $500,000
Internet- $2,000,000
· --Hyundai Bolt
Web-Site- $1,000,000
· --Social
Networking Ads- $900,000
· --Podcasts-
$100,000
Public Relations- $3,200,000
· --Scholarship-
$1,000,000
· --Sponsorship-
$1,500,000
Marketing Firm Fees- $1,000,000
