Honda Canada: Relauncing Honda Fit Harvard Case Solution & Analysis

Honda Canada: Relauncing Honda Fit Case Study Solution

Suggested Solutions

Modified Designing:

As a demographic group, millennial are tech savvy, educated and socially conscious and more demanding. Friends and family influence them through social media so, they want customized products and to be catered individually but Honda does not provide unique products. Honda mainly focus on quality, safety and reliability because their previous target market was concerned for value for money. Honda should bring modifications in its design according to the new target market preferences as they focus on products versatility, affordability, appearance and fuel efficiency.

Millennial want some features in their cars such as: an MP3 player, satellite radio, navigation system, wireless Bluetooth technology and mobile integration. Honda should come up with different models of the car because in same demographics people have different preferences. People who influenced by social sector wants luxurious cars and some want small affordable cars with fuel efficiency.

Brand Positioning:

Millennial neither dislike nay brand nor have any affection. They like any brand either they are aware of it or they want have heard about it from any friend who is owning that brand. Millennial does not have any negative brand image but they think that this product not for their type of generation. Honda should create a strong brand position in their new target market’s mind that their new products are according to their preferences so they can stay loyal to your brand. Strong brand positioning maximizes the competitive distinctiveness, brand value and customer relevancy.  (Bart J. Bronnenberg, 1996)

Brand Prestige:

Honda does not want to lose its existing customers, so Honda should create a brand prestige which will influence customer loyalty, trust and customer satisfaction. That age group focus on quality more than price so, Honda should provide the same quality to them as they want. Modify the marketing tactics and make the more appealing so it can increase the revenue.

Persuasive Advertisement:

Honda target market millennial is educated and loves about technology and their advancement but they do not want to invest in cars so, Honda should make advertisement on the basis of production information, features and facts related to cars and make it their need. Information should be delivered in a fun or quirky way because millennial find these advertisements appealing. Social media marketing and purchased online ads will create great impact in creating brand image.

Advertisement through Online Portals:

Previous marketing strategy of Honda worked best for their 2008 launch. As that generation was not influenced by social media but, millennial are more on social media so, Honda should start advertising through social media portals. Social media marketing is the fastest growing market because it allows constant interaction with your customers, helps in brand recognition and reduces the overall marketing cost. (Ha, 2012)

Instalment Selling:

As the millennial are carrying lots of debt and are more price conscious so Honda should provide installment facility with minimum interest rate and make it available for people who cannot afford it. Honda can do this with the collaboration of other banks and can address the millennial through advertisement about their instalment policy.

Conclusion:

On the basis of above analysis it is concluded that Honda Canada should change the perception of its new target market through advertisement and make them feel like that car is their necessity. As this generation is tech savvy, want less expensive products but also want their cars to be like their smart phones so, Honda should modify its designing and add more tech related features but should work on low-cost strategy as well. Honda should focus on social media advertisement more than half of a generation is on social media. If Honda changes the customer perception it will generate huge revenues because it’s a huge target market.

Appendix

 SWOT Analysis for Honda Canada

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