Answer the following question
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The $40,000 Hyundai Genesis V8, which entered the U.S. market as a 2009 model, is a far cry from the popular Elantra. Hyundai’s new flagship model was designed to compete with Lexus, Mercedes-Benz, Cadillac, and BMW. Genesis is positioned as another choice in the luxury car market. Will potential customers accept Genesis as a true luxury car? How will customer perceptions play a role in the acceptance of this new model? |
No. Hyundai Genesis V8 is not associated with prestige and history as Mercedes-Benz or BMW. Customers perceive these other brands as more superior and its likely that most customers are sentimentally loyal to them.
So, although Hyundai Genesis V8 may equal to other mentioned brands technically, customer perception will not see it as an equal.
In 50 years Hyundai may be able to compete directly with the more established brands, given they continue to improve the brand's quality and competitiveness, but for now they cannot. Customers will
continue to perceive Hyundai as a recent startup Asian car manufacturer that makes cheap,
affordable cars for the foreseeable future.
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