Tuesday, 10 March 2009

Hyundai Assurance Plus - Recession time innovation

This is clearly a time for the "Survival of the fittest" (contrary to popular belief , the quote was made by Herbert Spencer and not by darwin). If fittest stands for strongest or most intellect only elephants and foxes would be surviving among the rest(discounting homo sapiens sapiens). The fittest in my opinion means the most adaptable animal or species which could adjust itself to the hardships of changing environments and acquire newer skills. This applies to businesses as well.
It has been very boring to be saying that we are going through historically transformations times and this is the most difficult era of the current generation/living memory etc. HenceI was trying to see how businesses are shaping their strategies to survive in this environment and one that really caught my eyes is the "Hyundai Assurance Plus" program.
The main reason why majority of the population are not willing to spend (i spent quite a lot over this weekend promotional sales due to domestic compulsions :-( ) is because of the fear of job loss. This is a vicious cycle as the lesser spending break even more business and hence more job loss (Prisoners dilemma). Interestingly Hyundai has taken advantage of this tricky situation and guarantees that one need not pay for the first three months after losing the job and if the job loss continues beyond three months , they can simply return the car. This is a very clever more where in Hyundai has just wrapped an additonal job loss insurance cover and has marketed it very effectively. The clever strategy has paid well and while Toyota car sales has slumped by 36% , hyundai's sale has gone up by 4-5% in US.
Hyundai is definetely not the strongest car company of the world, they are not the company with the best R&D team in the world(Is it Merc/BMW?), but they are adaptable evidently. Please check out Hyndai commercials/website alternatively you could wait for 1 more month to read the "Successful Recession Business Strategies" by some of the management gurus for 30$.

1 comment:

Anonymous said...

Hyundai's Assuarance Plus certainly an eye opener at this time of world economy recession.
But I am not an expert to comment much on the current recession whether it is of cyclic in nature of what frequency or so deep & its length or rotating of what rpm etc. But how you see is very important.

Interestinly I saw an article in ET today which I feel appropriate to quote here in this context.

EVERYTHING IS AUSPICIOUS is the heading. It says : The whole Existance is an Auspicious happening. We are part of the Existance so everything happening around us is Auspicious. Everything is only a blessing.

It narrates about two small
Oneday a duck hunter went to the market to buy a bird retriever dog. To his amezement he found a dog walk on the water. He immediately took it to home.

Next day he wanted to demonstrated to his friend. When flock of ducks came near, he aimed, fired & silently watched. The dog walked on the water & retrieved the bird. Proudly he looked at his friend & asked him, 'Do you see anything unusal about my dog? His friend replied, 'Yes, your dog is unable to swim'.

Miracles are continuously happening in front of our eyes but we miss them also continuously.

Two men entered a mango grove. One of them sat and counted the no of trees. He studied the variation in their size, the no of branches, density of leaves & the no of mangoes across the trees. He thought about where they could sell & at what cost etc.

The other man simply ate a few mangoes, enjoyed himself & left.

If we continuously use our logic to analyse and judge & try to bring under our control, we will miss the whole beauty of the existing miracles.

So everything is auspicious & probably the recession is really required if not today or later in order currect a lot of wrong things happenings.
I never imagined myself that crude is $34 per barrel. Reducing 10% of the house rent is a first time news in india. It all started happening

Let the recession give a new start from the real base value.