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The Hyundai Genesis 2015 is a complete masterpiece in comparison to the first generation Genesis. Its look is well-defined, and every shopper would get enticed to have a close look at this South Korean automobile (Wiesenfelder, 2014). This vehicle is an alternative to more expensive competitors. Since its introduction in 2009, the Hyundai Genesis was envisioned as a credible alternative to established luxury sedans from Lexus, Mercedes and BMW, among others (Wiesenfelder, 2014). However, it had a few shortcomings which have been solved in the 2015 model. The blunt nose with the winged Genesis logo make it look like a Bentley to some extent. The 2015 model’s improvements in various areas include new dampers, anti-roll bars, springs, sub-frame brushings, engine mounts, and calibration of the electric power steering (Wiesenfelder, 2014). The power steering in the new model utilises a rack-mounted motor. In the terms of performance, it offers six-cylinder (V6) and eight-cylinder (V8) power. The V8 uses a 5.0L, 420-horsepower engine, while the V6 has a 3.8L, 311-horsepower engine (2015 Genesis - Key Features, n.d.).
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The vehicle targets the luxury market, currently controlled by such sedans as the BMW 5-series and Mercedes-Benz E-Class. The Genesis 2015 offers as high-quality aspects as the market leaders, but it has a lower price. It targets the global market, especially high and middle-income consumers. Its focus is on the mid-luxury market. Although the Hyundai Genesis-series has not been in the market for long, its target consumers who can afford to part with a portion of their income to cover transportation costs. For a single person making $125,000 annually, it is possible to part with about 15% of their income to finance transportation costs (Howard, 2014). The car costs approximately $53,000, which is cheaper than most of the competitors in the market (Howar, 2014). Customer reviews indicate that the new technological additions to the Hyundai genesis 2015 are a plus. They also appraise its high-quality standards and its affordable price (Howard, 2014).
The SWOT analysis of Hyundai Genesis 2015 relies on the performance of Hyundai Motor Company. However, as a model, the car has its strengths, weaknesses, opportunities, and threats.
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Strong Growing Brand. Since the introduction of the first model of the Hyundai Genesis in 2009, the brand has grown stronger with every new release. In addition, the company has introduced its brands in major markets such as the USA. Even as a late entrant, it has learned from other market players following the strategies of successful market players such as, Toyota. It is also avoiding the actions that have led to the decline of other companies such as Ford in the U.S. market, including unmonitored inefficiencies in production and resource management (Howard, 2014).
Low Cost in the Implementation of New Technology. Other rival firms have invested a lot of funds in the discovery of new technology. Therefore, Hyundai can implement similar technology at a lower cost. This strength boosts the company’s efficiency and market strength. It has enabled the Hyundai Genesis 2015 to have improved technology, such as enabling the driver to view the blind spots.
Research and Development. Investment in research has led to the creation of automobiles which possess the features needed in the market at a cheaper price. This feature makes Hyundai Genesis 2015 strong in the market. The creators improved the characteristics of earlier models making them recognisable in the market.
Low Brand Power and Brand Recognition. The company is a late entrant in major markets such as the USSA and Europe. As a result, its brand is shadowed by major market players such as Audi, Cadillac, BMW, and Mercedes. It makes it hard for Hyundai to grab a wide range of customers.
Few Previous Buyers. Most consumers research about previous buyers of cars before purchasing. They assess the feedback from previous buyers. As a result of the small pool of previous buyers to offer feedback, some careful customers may hesitate to buy the 2015 model.
Increasing its Share in Target Markets. The brand can increase the company’s shares in the market. According to the reviews provided by previous customers, the Hyundai Genesis 2015 is a suitable mid-luxury vehicle. It can increase its market share by improving its products and providing what the competitors fail to provide.
Product Life Cycle Yet to reach Maturity. Since its inception in 2009, the Hyundai Genesis brand has not yet reached its maturity, unlike most competitors, who are already in the decline phase. Therefore, Hyundai can gain market share back from the declining companies.
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Technological Advancement. The company can utilise available technology to improve the current model. The company can modify its products and incorporate technology to satisfy consumer needs and increase its market share.
High Fuel Prices. Increase in the price of fuel is beyond the control of the company, but it reduces the ability of consumers to maintain a vehicle. Therefore, clients may not purchase the car due to high prices of fuel.
Competition. Hyundai Genesis 2015 faces stiff competition from the well-established brands such as Audi, BMW, and Mercedes. The competitors have big market shares and customer loyalty. As a result, they can introduce cars with the features that the market needs so as to retain their market share.
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