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The Standartization-Adaptation Dilemma of International Asian Automotive Companies' Marketing Strategies on Developed and Developing Markets Exemplified by Hyundai Motor Group and Toyota Motor Corporation

Student: Elizaveta Matrosova

Supervisor:

Faculty: Faculty of World Economy and International Affairs

Educational Programme: International Business (Master)

Year of Graduation: 2021

Choosing a marketing strategy can be a challenge, especially if a company plans to enter foreign markets or maintains its image abroad, it is important to meet customers demand. However, companies do not always know which strategy to choose from standardization and adaptation. Since standardization is a tried and tested path, which company cannot be sure to be suitable for all markets, while the adaptation strategy can be more costly and time-consuming. This is a dilemma faced by many companies worldwide as well as automotive companies. By looking back, there are many examples of international companies, which failed with their standardized strategies on foreign markets, meanwhile adaptation can also bring solution as well as challenges. Nowadays the automotive industry is dynamically developing, and it is an interesting case how automakers adapt or standardize their marketing strategies. In other words, this research focuses on the dilemma of standardization and adaptation marketing strategies in the field of automotive industry on international markets. This dilemma will be explored in detail through the example of Asian automakers such as the Hyundai Motor Group and Toyota Motor Corporation by analyzing marketing mix of their 4 main brands on developed and developing markets.

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