Case Study of Hyundai Motor Company

Case Study of Hyundai Motor Company Hyundai Motor Company, a major company in the Hyundai Kia Automotive Group which is the worlds fifth largest automaker as of the end of 2009, (In 2008, Hyundai ranked the eighth largest auto maker, without including Kia.) and the worlds fastest growing automaker. Headquartered in Seoul, South Korea, Hyundai operates the worlds largest integrated automobile manufacturing facility in Ulsan, which is capable of producing 1.6 million units annually. The company employs about 75,000 persons around the world, Hyundai vehicles are sold in 193 countries through some 6,000 dealerships and showrooms worldwide. The Hyundai logo, a slanted, stylized H, symbolizes the company shaking hands with its customer. Hyundai translates from the word modernity, and is pronounced as Hyon-dae in Korean. Chung Ju-Yung founded the Hyundai Engineering and Construction Company in 1947. Hyundai Motor Company was later established in 1967. The companys first model, the Cortina, was released in cooperation with Ford Motor Company in 1968. When Hyundai wanted to develop their own car, they hired George Turnbull, the former Managing Director of Austin Morris at British Leyland. He in turn hired five other top British car engineers. They were Kenneth Barnett body design, engineers John Simpson and Edward Chapman, John Crosthwaite as chassis engineer and Peter Slater as chief development engineer. In 1975, the Pony, the first Korean car, was released, with styling by Giorgio Giugiaro of Italian Design and power train technology provided by Japans Mitsubishi Motors. Exports began in the following year to Ecuador and soon thereafter to the Benelux countries. In 1991, the company succeeded in developing its first proprietary gasoline engine, the four-cylinder Alpha, and transmission, thus paving the way for technological independence. In 1983, Hyundai exported the Pony to Canada, but not to the United States because the Pony didnt pass emissions standards there. Canadian sales greatly exceeded expectations, and it was at one point the top-selling car on the Canadian market. The Pony afforded a much higher degree of quality and refinement in the lowest price auto segment than the Eastern-bloc imports of the period then available. In 1986, Hyundai began to sell cars in the United States, and the Excel was nominated as Best Product #10 by Fortune magazine, largely because of its affordability. The company began to produce models with its own technology in 1988, beginning with the midsize Sonata. In 1998, Hyundai began to overhaul its image in an attempt to establish itself as a world-class brand. Chung Ju Yung transferred leadership of Hyundai Motor to his son, Chung Mong Koo, in 1999. Hyundais parent company, Hyundai Motor Group, invested heavily in the quality, design, manufacturing, and long-term research of its vehicles. It added a 10-year or 100,000-mile (160,000 km) warranty to cars sold in the United States and launched an aggressive marketing campaign. In 2004, Hyundai was ranked second in initial quality in a survey/study by J.D. Power and Associates. Hyundai is now one of the top 100 most valuable brands worldwide. Since 2002, Hyundai has also been one of the worldwide official sponsors of the FIFA World Cup. Hyundai has invested in manufacturing plants in the North America, China, Czech Republic, Pakistan, India, and Turkey as well as research and development centers in Europe, Asia, North America, and the Pacific Rim. In 2004, Hyundai Motor Company had $57.2 billion in sales in South Korea making it the countrys second largest corporation. Worldwide sales in 2005 reached 2,533,695 units, an 11 percent increase over the previous year. Hyundai has set as its 2006 target worldwide sales of 2.7 million units (excluding exports of CKD kits). In 2007 it reached 3,961,629 worldwide vehicle sales-surpassing Fiat, Chrysler, PSA/Peugeot, Nissan, and Honda. Hyundai Motor Companys brand power continues to rise as it was ranked 72nd in the 2007 Best Global Brands by Interbrand and BusinessWeek survey. Brand value estimated at $4.5 billion. Public perception of the Hyundai brand has been transformed as a result of dramatic improvements in the quality of Hyundai vehicles. Hyundai is one of the leading groups of Companies founded in South Korea. It is the general trading house of Korea, which provides various import and export services. There are several types of products are included in its import and export services such as plants machinery, automobiles, steel and chemical products, general commodities etc. Firstly it was founded as the construction company then the management of the company diversified its business activities in various business areas. The corporation operates its business worldwide through 34 worldwide offices. Through its global presence, it provides optimal solutions to the customer according their requirements. It is helpful to enhance its financial capability in the industry. Hyundai Motor Company is one of the divisions of the Hyundai Corporation, which is the fourth largest automaker in the world. Hyundai Heavy Industries division is the largest shipbuilder in the world (Hyundai Corporation, 2010). Internal Environment Analysis The analysis of the internal environment is an important component for the business as it helps to determine the effectiveness of the management strategies and the threats, which may cause problem for the organization. For the internal and external analysis the SWOT analysis tool could be used. The SWOT analysis tool would help to determine the strengths, weaknesses, opportunities and threats of an organization. The internal environment analysis of the Hyundai can be analyzed through the analysis of the strengths and weaknesses of the organization Strenghs: Diversified business activities The Company is involved in the diversified business segments as it provides several types of import and export services to its customer worldwide. It is the largest automaker in Asia and fourth largest automaker in world, which enhance its effectiveness in global exposure. It also helps to capture a large amount of customer worldwide. Information gathering capability -The information gathering capability of the company is effective as it obtains prompt and extensive information from its sources worldwide. It also uses the advanced trading techniques to obtain the extensive information. Quality advantages The quality of the Hyundai automobile is better than the other manufacturers in Asia as owners of Hyundai cars are experiencing less problems from the owners, who obtains other brand. Sound financial position The Hyundai Corporation is enjoying a continuous increase in its sales revenue worldwide, which is also causing an increase in the net income of the business (Hyundai Motor Company, 2010). The business activities are operated in ethical and social manner, which causes an increase in the image of the company in the society. Weaknesses: An increase in the cost of production is reducing the net income of the company. It is also imposing commodity price risks on the company as the price of inputs such as steel, plastic, aluminum etc. The company is also experiencing the exchange rate risk because of the worldwide business activities. The exchange rate risk is affecting the total revenue of the business. The fluctuation in the foreign exchange rates is affecting the business performance as it is involved in the import and export of several services. Increase in debt to equity ratio The Company is also experiencing an increase in the debt equity ratio, which exhibits an increase in the interest expenses of the company. The external financial obligation is also increasing, which may create financial problems for Hyundai (Hyundai Motor Company, 2010). Analysis of the External Environment The business of Hyundai also operates in the external environment and there are several opportunities and threats are produced by the external environment for the company. The analysis of the opportunities and threats helps to achieve the competitive position for the company. The analysis of the external factors is beneficial for the company if it is performed effectively and efficiently. Hyundai is one of the leading companies in the automobile industry and it has the following opportunities and threats Opportunities: Entry in ship building business It is the leading company in the heavy industry and entry in the ship building business would be effective for the business in order to enhance its revenue and market share as well. New project development The launching and development of the new projects and products would also cause an increase in the performance of the business in the industry. The increase in the demand for fuel efficient vehicles would also cause the success of the new launched projects and products. Business expansion Hyundai also have the opportunity of the business expansion as it is an Asian company and had the opportunity of expanding its business in Asian Pacific Market. Reduction in cost The Company operates its business in several countries around the globe and it can reduce its cost of production by enhancing the production capacity in the countries with lower amount of cost (Hyundai Motor Company, 2010). Threats: Environment regulations The environment regulations are posing threats for the business as diversification of the business may cause the violation of the environmental regulations. Declining economy The decline in the economy is also causing a decrease in the market position of the company as well as also reducing the market capitalization of it. Political problems The business unit in the different countries may cause the problems for the business (Hyundai Motor Company, 2010). Environmental Analysis In the present contemporary environment every business operates its business activities in highly competitive environment. There are various environmental factors, which influences the operation of the organization. Entry 2 Effect of Economic Environment The Company is operating with a rapid economic growth in the business by capturing the environmental opportunities. The increase in the value of currency of Korea against the US dollar is also causing an increase in the profits of the business from the foreign business activities. Labor is not cheap in Korea but increase in the production capacity in the nations with lower wage rate is reducing overall cost of the business. In 2009, Hyundai Motor Company succeeded in selling 2.4 million vehicles overseas, a meaningful accomplishment considering the global economic crisis. In particular, Elantra, Genesis, Genesis Coupe, Santa Fe, and Veracruz were recognized as the best and safest cars in their categories by leading agencies and the media in the US. Also, Hyundai achieved cumulative export sales of 1 million cars in Africa during the 33 years since it first began exporting to the region. Hyundai Motor Company pledges continuous growth by maximizing brand value in developed markets and expanding its sales capacity in emerging markets. Entry 3 Effect of Industry Environment Hyundai Motor Company was named Carmaker of the Year by AM, UKs leading auto trade magazine, in the AM Awards 2010. Carmaker of the Year is awarded to companies that launch innovative vehicles that pioneer changes in the auto industry through continuous investment in RD and advanced dealer network programs. Highly recognized for its sharp sales increase, first-rate dealership programs, and growth in brand awareness, Hyundai Motor Company beat other candidates including Ford, Jaguar, and Landrover to be selected as the winner of the coveted title. In 2008, UKs Autocar selected Hyundai Motor Company as Automaker of the Year, praising Hyundai for having grown into a top-class global automaker with its competitive products. Entry 4 Effect of Political and Legal Environment The increase in the relationship between the different countries and their government is a good indicator for the business of Hyundai as it operates its business in various countries. It would generate business expansion opportunity for Hyundai. In order to ensure the proper compliance of the business activities with the applicable legislation, the corporation works on certain guidelines for the different business operation in different countries. It is essential as every country has different rules and business regulations. Entry 5 Effect of Socio-cultural environment The socio-cultural factors also affect the business effectiveness and performance. The business of Hyundai is operated in the several countries worldwide and the society and culture of those countries are entirely different (Wessels, 2000). The management of the company operates its business by studying the social and cultural factors of the country effectively. Entry 6 Effect of Ethical Environment Hyundai Corp. introduced Ethics Management at the beginning of year 2004, to build the basis for survival on its own and to seek mutual benefit of all parties involved including customers and business partners etc. by preventing moral hazard of the employees and implementing transparent, responsible, and honest management. The company organized its Ethics Management Office, with the Executive Director of the Corporate Planning Personnel Management Office serving as the Chief Ethics Officer, and also established the Principles of Business Conduct, the Code of Conduct, and the Self-Review Questionnaire. The Questionnaire pops up from the initial windows screen every day during the first week of any month when the employees check in to the intranet system, to remind them of and draw their voluntary participation to the idea and pursuit of Ethics Management in practice. Special training and educational sessions on best practices of ethical management from leading corporations and institutions will be presented regularly to the staff. All the members of the company have submitted his or her own pledge of compliance to the various ethics codes, and those in violation will be subject to discipline by the Human Resources Committee following due examination by the Ethics Management Office. Entry 7 Effect of Technological Environment The management of the company is continuously involved in using world class technology in order to achieve technological advancement. The use of most modern technologies causes an increase in customer service effectiveness. Financial data The business strategies of Hyundai are to increase the opportunities through the environmental factors is effective as it is causing an increase in the number of sales units continuously. But in the last year the economic factors has affected the sales of the business as total number of units sold were 1668745 in the year 2008, which is less in comparison of the year 2007 in which it was 1700297 units (Hyundai Motor Company, 2010). The decrease in the sales was domestically due to fluctuation in the current rate as well as in commodity rate. Recommendation There are various alternative strategies, which can be adopted by the management of Hyundai in order to improve business performance such as integration strategy, growth strategy etc. The company should use the integration strategy to expand the business worldwide. It would be beneficial for the business as it would reduce the impact of political and legal factors on the business operations. The affect of the economic factors would also be less due to proper knowledge of the customer behavior, their buying pattern in an effective manner. Implementation of Strategy Hyundai could implement the integration strategy in an effective manner through its diverse workforce and business activities. The diverse workforce would be beneficial to develop the motivation techniques within the organization according to their culture and beliefs (Ryall Craig, 2003). For the effective implementation of the integration strategy the management of the company should develop a proper plan related to the various aspects of the business operations. Evaluation Control Implementation of the integration strategy is not sufficient itself for the business effectiveness. The evaluation of the business effectiveness in timely manner is essential for rapid growth of the business. Company administration should periodically review its implementation process which is necessary for its efficient applications and future results (Ryall Craig, 2003). This step makes implementation process effective.

Health Promotion and Disease Prevention Essay

Health promotion and disease prevention has always been in the forefront in the health care system. Focus has been always on the physical factors that contribute to the birth and progress of a disease. Very few researches and studies are carried out on the psychological factors that influence the adoption of health improving behaviors. Many psychological theories and models have been proposed to explain patient’s health behavior. The two studies that I have read and I use in my daily clinical practice are the health locus control (HLC) theory and health belief model (HBM). The study which uses HLC is on managing diabetic foot ulcers and the second study is about using HBM for weight management. Both the studies focus on factors that would lead a patient to adopt changes in his behavior to promote health. I usually come across male patients in my unit within the age group of 45 – 65years admitted with acute coronary syndrome. Their health assessment mostly reveal unhealthy lifestyles such as smoking, high cholesterol, unhealthy diet, lack of exercise and sedentary life which are all modifiable factors along with non-modifiable factors such as age, family history and gender. Rotter in 1966 proposed the HLC and the internal –external locus scale. According to Rotter internal locus of control is the belief that positive/ negative life changes are a consequence of one’s own action whereas external locus of the control is the belief that positive/ negative life events are unrelated to one’s own behavior and so are beyond one’s own control. In my daily clinical practice I use HLC to give insight to patients that unhealthy life styles are creating the negative trend in their health. Patients with high health values and high internal HLC’s request more information about the disease and are more receptive towards health education, they are more compliant with treatments and they make use of the support system. Health belief model (HBM) was propounded by Baranowski, Cullen, Nicklas, Thomas and Baranowski (2003). Table 1.Health Belief Model applied to above mentioned scenario. Perceived susceptibility| A person’s perceived risk for contracting an illness or health condition of concern to the researches. Inform patients that poor life styles make them prone to acquire diseases such as heart attacks, strokes , atherosclerotic conditions, peripheral vascular diseases etc.| Perceived severity| A person’s perception of the personal impact (clinical or social) of contracting the illness.Informing patients the seriousness and co morbidities associated with the conditions like heart attack, strokes, PVD’s etc.| Perceived benefits| A person’s perception of good things that could happen from undertaking specific behaviors, especially in regards to reducing the threat of the disease. Benefit in this case would be leading a long disease free life unless family history, gender and age take controls which are non-modifiable factors.| Perceived barriers| A motivated person would look at the perceived benefits and thereby outweigh the perceived barriers that he/she may come across when adopting healthy life style choices | Self- efficacy| A person’s belief or confidence that he or she can perform a specific behavior. Self-determination and confidence inside the person helps him to make the changes in life to follow a healthy life style.| Health education ( audio + video demonstration), educative materials in regards to the condition such as pamphlets, internet downloaded printed material, booklets all can guide patients to commit themselves to adopt life style changing behaviors. Family education, information about support systems and group activity can also contribute to the increased awareness towards one’s health and the behavioral changes that one should adopt to achieve a disease free life. References Baranowski, T., Cullen, K., Nicklas, T., Thompson, D., & Baranowski, J. (2003). Are current health behavioral change models helpful in guiding prevention of weight gain efforts? Obesity Research, 11(10), 23-42. Daddario, D.K. (2007). A review of the use of the health belief model for weight management. Medsurg Nursing, 16 (6), 363-366. Przybylski, M. (2010). Health locus of control theory in diabetes: a worthwhile approach in managing diabetic foot ulcers? Journal of Wound Care, 19 (6), 228-233. Rotter, J.B. (1966). Generalized expectations for internal versus external control of reinforcement. Psychol Monogr. 1966; 80: 1 1-28.

Impact of the Light Bulb and Cell Phone on Society Essay

When one reflects on the past century, it is astonishing how much technology has evolved in every sense. From light bulbs that lasted only ten hours, to bulbs that can now last over ten thousand hours. From a simple cellular phone only capable of making phone calls, to today’s smartphones that have effectively changed the way we interact with one another. Although there will always be opponents of technology, there is no denying that is has positively impacted modern society, and the way we live, work, and communicate. Thomas Alva Edison In today’s society, when a light bulb goes out, we think nothing of it. It is easy to drive to the closest store, purchase the appropriate bulb for next to nothing, and replace the burnt out bulb. What people don’t realize, however, are the painstaking hours of work and dedication that Thomas Edison devoted to this magical wonder, and the impact that it has had on society today. In order to fully understand and appreciate this marvel, it is necessary to go back in time and relive the invention for yourself. In Chapter 1 of Beyond Engineering, Robert Pool takes you back to the beginning, back to the time when â€Å"if people wanted light after the sun went down, they still performed the age-old ritual: they lit a fire. Outdoors, it might be a wood fire; indoors, a candle or kerosene lamps†. Before Edison’s invention transformed society, the majority of people were cast in the dark when the sun went down. Although candles and kerosene lamps were an option, they were not only dim, but also a potential safety hazard. They were also unable to provide the reliable source of light that today’s lamps produce. Even though a few warehouses and factories had arc lighting installed, this technology was far too expensive and unattainable for the average household. It goes without saying that the light bulb itself was nothing special. Without all the additional technology and developments that followed, such as power stations, transformers, electrical wiring, etc., its impact on society would have been minimal. It is incontrovertible, however, that the electrical technology that has emerged thanks to the light bulb, has impacted and transformed society beyond recognition. Without these developments, modern society would still be in the dark. We would not have the privilege of travel that we take for granted today, thanks to vehicle headlights, aircraft lighting, streetlamps, etc. We would never have developed the modern workforce that our society benefits from today, thanks to twenty-four hour lighting, and the contemporary conveniences that we enjoy today. Not to mention the ability to enjoy our homes any time of day, not just when the sun is shining. Without the progress that followed the light bulb, we would not have access to today’s amenities that we take for granted, such as electric stoves, microwaves, movie theatres, â€Å"night life† and computers, to name only a few. Though it is doubtful that Thomas Edison ever dreamed that his invention would alter life for millions of people to come, it is indisputable that it truly has. Cellular Devices The cellular telephone is an excellent example of a device that has evolved from a simple, uncommon product, in to a complex multi-billion dollar industry. From a product that began as an expensive toy, only attainable by the most privileged members of First World society, to an invaluable device used by the majority of people worldwide. If you were to return to the point of origin, when the cell phone was first created, you would certainly never be able to convey to its original manufacturer the technological evolution that has brought cellular technology to the point it’s at today. When mobile telephones were first invented, they were a modest, bulky device with only one purpose- to make and receive phone calls from â€Å"anywhere†; not at all similar to the sleek, complicated models we use today. It is not difficult to realize the enormous changes the cellular phone has undertaken since the first model was released. Although the cell phones of the past certainly had an assortment of parts and pieces to make it work, it pales in comparison to the vast, complex array of parts that are needed today to make a smartphone function. Similar to the complexities of the Boeing 747 â€Å"super jet†, â€Å"No single person can comprehend the entire workings† of a cell phone. The cell phone found in the pocket of the majority of citizens of the world today include GPS, Wi-Fi, 3G or 4G networks, LTE, high-resolution cameras and millions of downloadable user-made applications to choose from. In fewer than 30 years, the cell phone went from a rare device only attainable by the wealthiest of the population, to a device that a large percentage of the population now owns. Whether on the streets of downtown Toronto, or a small village in poverty-stricken East Africa, it is becoming increasingly rare to find a person who does not own a mobile device. Similar to the light bulb, the cell phone began as a modest product with a modest purpose, and underwent multiple, complex revisions to result in the current models manufactured today. If one examines the cell phone’s impact on our culture, it is evident that it has had both a positive and a negative impact on society. Without a doubt, the largest positive impact has been its ability to make day-to-day life less complicated, and ultimately, easier. Among a never-ending list of examples are: the ability to set reminders for appointments, meetings and important dates, an endless array of how-to and do-it-yourself applications to save money on professional services, internet access from anywhere, instant access to bank, email and home security accounts, etc. Mobile technology has also made it easier to stay in touch with loved ones around the world. Deployed troops are able to communicate with their families at home via Skype, international businesses can hold meetings with cowor kers on the other side of the world via videoconference, and parents are able to communicate with their children anytime, from anywhere. It is easily debatable that the positive impact cellular phones have had on society far outweigh the negative, however, it is not realistic to maintain that there has been no negative bearing at all. Aside from the physical danger associated with our near-obsession with our cell phones, such as texting and driving, the most easily identifiable negative effect is the noticeable decrease in personal, human interaction. It is not an exaggeration to say that the vast majority of today’s generation spend a large portion of their time on their cell phones. Whether in a restaurant, a classroom, public transportation, or the movie theatre, you are most likely surrounded by the bright light originating from someone’s phone screen. It is rare to walk down a public street, or through a shopping centre, without seeing people walking, texting, chatting or surfing online all at the same time, regardless of their surroundings. The intimate, social relationships between friends seems to have suffered as a result of society’s need to constantly feel â€Å"plugged in† to our mobile devices. Conclusion Without a doubt, technology will continue to adapt and evolve, as will our attitudes towards it. What seems futuristic and revolutionary today, will one day be taken for granted by our descendants. Just like the original inventors of the light bulb and cellular telephone, the inventors and manufacturers of today can only scarcely begin to imagine the different evolutions and modifications that their current products will undertake in the near-future. Though it is impossible to predict the inventions, creations and ideas to come, it is irrefutable that the impacts, both positive and negative, on society and the worldwide population as a whole, will be substantial. Bibliography 1) Chapter 1, History and Momentum, Beyond Engineering, How Society Shapes Technology, Robert Pool 2) Chapter 4, Complexity, Beyond Engineering, How Society Shapes Technology, Robert Pool ——————————————– [ 1 ]. Chapter 1, History and Momentum, Beyond Engineering, How Society Shapes Technology, Robert Pool [ 2 ]. Chapter 4, Complexity, Beyond Engineering, How Society Shapes Technology, Robert Pool

Women in a Man’s World Why it’s Hard for Women to Get...

In February, the third annual Status of Women in the U.S. Media report came out which showed women being vast underrepresented in media making up around 40.3% (only 36.3% for 2013 in newsrooms) of the workforce being women. When they tallied up how many women were staffed at both television and print journalism organizations who were hired as sports journalist, the number falls drastically to a mere 14.6% (Women’s Media Center). These numbers are troubling, because although they are most likely more than there were 20 years ago, the percentage is lower than 15%. And even so if it is growing, instead of counting women sports journalist by craft, they are measured in the â€Å"sexiness,† or â€Å"hotness,† which I as a women, only know†¦show more content†¦Although ESPN hiring rate for women seems to be the highest in the sports business, it’s very hard to get there if you have no encouragement from peers. Authors Marie Hardin and Stacie Shain explain this phenomenon once women get hired, how discouraging it can be in the work place when your peer’s don’t see you as their equal of value what you bring to the news team: â€Å"women sports journalists instead often strive to fit in a male-dominated environment, knowing they are often under scrutiny by male sports journalists who may resent their presence as ‘‘quota’’ hires (Kian, 2005). Women sports journalists who may be considered more qualified than male rivals may still find themselves locked into limiting roles ‘‘for the sake of that body’’ and unable to move from it, (Hardin and Shain, 326).† Hearing over and over that it’s hard to become a female sportscaster, then when you are in the job not elevating or moving forward because of your gender is one of the most discriminating things that can happen to a journalist. It’s as if you put in all this work and hustle but still go nowhere. Another form of discouragement that occurs against women sportscasters is the limitation of what sports women can cover. Frequently, horror stories are heard that female sportscaster or beat writers are only allowed to cover female sports. Not saying that there’s anything wrong with female sports because