Hyundai will be changing the definition of luxury as it aims to carve out a name for itself as "modern premium." The terminology is Hyundai-speak for the philosophy that will steer a marketing campaign created to produce an emotional bind between the brand and the buyers. This campaign will be launched in full throttle in March.
The new philosophy has been highlighted by John Krafcik, CEO of Hyundai Motor America, at the Detroit Auto Show this week. He related that the brand is rapidly shedding its roots as a supplier of new vehicles for used-car prices in order to become a major player in the worldwide industry.
Hyundai uses the catchphrase "aspirational." Apparently, the automaker was not contented in only offering value to the customers in the United States. It was also uneasy about the U.S. market seeing its products as an alternative to other brands like Toyota and Honda.
Jim Sanfilippo, CEO of Innocean, which is Hyundai's agency in Huntington Beach, Calif., related that the old definition of luxury is about exclusivity and is more about status.
He shared that the automaker's vision is to "be more inclusive, rewarding people in terms of design, and more reflective of the economic climate." He also said that the target is to supply that halo to all of the company's products instead of spinning off a nameplate.
Seoul-based Wonhong Cho, Hyundai's chief marketing officer, commented that they want to offer more than the expected values and experiences to their customers in all segments -- from small vehicles to the premium ones. [source: Autonews]