TheHonda element succeeds because of several factors including marketsegmentation. The Honda has made strides in the auto industry for along time because of its strategic operations. Additionally, theHonda is known for its cost-efficiency and lucrativeness inmarketability. This provides the Honda element with an opportunity tomaintain market leadership in many regions including the Americanmarket and the European market. Honda also utilizes the demographicsegmentation in the identification of a segment with a highpotential. The cars are fancied by ladies and families. In thisregard, they are preferred by a large population. The women arecareful with regard to the use of the Honda element (Meyerand Frederick 37).
Themarket team of the Honda Company also does strategic market research,which enables the company to identify the best market niche for theHonda product. The research carried out ensures that the needs andpreferences of the target audience are identified in advance in orderto streamline the Honda sales operations. The team of the companyunderstands the values and the beliefs of the organization. In thisregard, the team identifies with the goals of the company. The teamis skilled on the Honda element sales. In this regard, the companyhas a competitive edge over its rivals like Ford and Toyota carmodels. The Honda element is also associated with authenticity andadaptability. The vehicle model has safety and comfort. The productinnovation charter for the vehicle model enhances the strategy forproducts. The charter operates at a micro-level and there isadaptation of many activities. The charter incorporates the focus,objectives, and the Honda Company’s guidelines. In this regard, thecharter involves technology, experience and product diversification.Additionally, the product licensing is also incorporated in thecharter.
Theconsideration of the customer voice in the business of the Honda iscrucial in the Honda Company given that it incorporates servicedelivery and quality management for the company. However, the aspectof overreliance on technology is counterproductive given that itleads to vulnerability. The segmentation of the market for the Hondaelement is essential for the company. The innovation charter alsoincorporates market drivers including customer grouping andcustomer-focus. The Honda product development ensured that conceptgeneration process led to the company’s goal achievement. The otherstrategy used by the company is the utilization of the globalsatellite technology. The technology enhances the European styles.This help in incorporating a wide market of operation. Additionally,the goals of the company are on market dominance. This streamlinesthe functions and the operations of the Honda Company with regard tomarket expansion. There are many lessons from the Honda element case.
Itis imperative that the other industries besides automobile industryfocus on customer service delivery and total quality management(Crawfordand Benedetto 49).The two strategies help in the maintenance of customers andattraction of potential customers. Additionally, the strategy oftotal quality management will help companies compete favorably withthe rival companies. For instance, the dual-drive Honda strategyenhances the competitiveness of the company. In this regard, theother industries can follow suit. The application of the strategiescan help the other industries to perform best in their marketplaying. There are performance monitoring and benchmarkingstrategies, which help in the gauge of performance over a shortduration. This enables performance improvement in a short-term.
Meyer,Marc H, and Frederick G. Crane. Entrepreneurship:An Innovator`s Guide to Startups
andCorporate Ventures.ThousandOaks, Calif: SAGE Publications, 2011. Print.
Crawford,C M, and Benedetto C. A. Di. NewProducts Management.Boston: McGraw-Hill