Hyundai Motor Co.’s brand power continues to rise as it was ranked 72nd in the 2007 Best Global Brands survey jointly conducted by Interbrand, a leading consultancy in branding and BusinessWeek, the New York-based global business media organization.
The survey ranks international brands by brand value, and uses a formula that measures three main criteria, namely financial strength, importance in creation of demand and the likelihood of ongoing branded revenue.
With a brand value estimated at US$4.5 billion, equivalent to a 9 percent y-o-y gain, the power of the Hyundai brand now surpasses several competitors when measured on a global basis. Among the world’s top automotive brands, Hyundai ranked eighth, ahead of Porsche, Lexus and Nissan.
The rise of the Hyundai brand on the global stage has been meteoric: The brand made its debut appearance on the Best Global Brands list in the 2005 survey where Hyundai was ranked 84th.
Hyundai Motor Company places major emphasis on growth of the brand worldwide, and uses events such as the FIFA World Cups and association with the game of football to take the brand to the world.
“Our brand management is supported by continuous improvement in the quality of our products and diversification of our model line-up,” said Hyundai’s vice president for brand strategy, Brandon Yea.
Public perceptions of the Hyundai brand have been transformed as a result of dramatic improvements in the quality of Hyundai vehicles. In turn, this has fuelled a steady increase in sales and confidence in the brand among both customers and dealers.
Hyundai’s pursuit of a better balance between quantitative and qualitative growth has made brand management a top priority. Brand management issues now influence decision-making in styling, marketing and communications as well as at the retail and after-sales service levels.
Interbrand (www.interbrand.com), the leading brand consultancy and authors of the annual ranking of “The Best Global Brands” in partnership with BusinessWeek was founded in 1974. Interbrand has offices in over 30 cities in more than 20 countries around the globe and clients from among the most respected businesses.
BusinessWeek is a leading global business media organization which was founded in 1929 and is published by the McGraw-Hill Companies, BusinessWeek has more than 4.8 million readers each week in 140 countries. Local language editions include Chinese, Russian, and Bahasa Indonesian.