The Road to the Self-Reliance New Product Development of Hyundai Motor Company
This paper traces the new product development of Hyundai MotorCompany, Korea, which, since its foundation in 1967, has maintained theself reliance strategy, particularly in new product development. Businessstrategy of Hyundai contrasts sharply with other auto makers in developingcountries as well as to other Korean makers. In spite of a late entrance tothe auto business, this unique strategy has led Hyundai to becoming a marketleader in Korea and to becoming the thirteenth producer in the world --recording an output of over one million in 1994. Hyundai Motor has aaggressive plan with a goal to be within the 10 top auto makers by 2000(Global Top-10 plan) but the process of accumulating the technologicalresources the company needs is not yet well established.The intent of this paper is to provide readers with a basic understandingof Hyundai's approach in new product development under internationallyoligopolistic markets and how it has accumulated technological resourcecapability in relation with foreign alliances. The research method consistsof literature reviews of published sources on firm's activities--includingcompany history and interviews with development and management personnel. Thework will first overview the history and development of Hyundai, then willproduce case studies on Sonata (1988), New Grandeur (1992), Accent (1994) andthe Alpha engine (1991).
Year of publication: |
2002-09-11
|
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Authors: | Hyun, Young-suk |
Subject: | new product development | Hyundai Motor Company | Korea | self-reliance |
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