Hyundai Motors is becoming a wave in Russia. Its sales goal has gone up 35%, aiming for 200,000. It is estimated that the sales goal will be achieved if the sales goes on in current pace. Hyundai is planning to show not only its famous models such as Cats, Elantra, Tucsan, but also Genesis at the Moscow Motor show in August. And through this, it is planning to set a “Full Line up system.”
This system is more specifically targeting the middle class who are pretty much interested in 2 things: houses and cars. Since the so-called “baby boomers” became the backbone of the economic growth in Korea, the main sales of houses and cars became to grow. I think Russia is going through the same process. More houses are sold than built, more people are spending to have a better life, and thus the economy is starting to grow.
It is surely a good opportunity for Korea. Korean products can be the most favorable products to buy for the Russians. By promoting the image of Korean and its firms, it will be possible to grab their attention.
We have to keep an eye on Russia. Korean firms have to try hard to occupy the current market by doing the marketing that many middle-classed people like. At the point of our economic growth, we have to take control of the Russian market. Russia is no longer a forbidden land. But, rather, it has become a great opportunity for us.
This system is more specifically targeting the middle class who are pretty much interested in 2 things: houses and cars. Since the so-called “baby boomers” became the backbone of the economic growth in Korea, the main sales of houses and cars became to grow. I think Russia is going through the same process. More houses are sold than built, more people are spending to have a better life, and thus the economy is starting to grow.
It is surely a good opportunity for Korea. Korean products can be the most favorable products to buy for the Russians. By promoting the image of Korean and its firms, it will be possible to grab their attention.
We have to keep an eye on Russia. Korean firms have to try hard to occupy the current market by doing the marketing that many middle-classed people like. At the point of our economic growth, we have to take control of the Russian market. Russia is no longer a forbidden land. But, rather, it has become a great opportunity for us.
Source : http://www.koreaherald.co.kr//, Hyundai Motor targets Russia's middle class, By Choi He-suk, May 4 2008
Student # : 20300489 Entry_13
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