There are many successful companies around the world and they did not become successful overnight. Many companies have their own success factors that allowed them to become a global business. Honda and Hyundai, who are two of the largest automotive companies in the world, hold their own strategies when it comes to increasing their global marketplace. They both incorporate the concepts of internationalization and emphasize on entry mode strategies that allowed them to become a part of the international market. However, there are also social, cultural, technological, and political issues that arise in international business. The two companies will be analyzed in their changing global business environment as well as he improvements the businesses can do to make the company more competitive and profitable. .
Globalized Success of Hyundai and Honda.
There was a period of rapid change for businesses in the last few decades and many have transformed themselves in order to survive the competitive global environment. "Change is inevitable, but growth and improvement are optional" (Coyle et al. 2013). This quote explains that change will constantly happen and it is up to the people to make something out of this change. In this case, the most frequent change factor for both Honda and Hyundai is the idea of globalization. With the changing global market, globalization has led companies to a more competitive economic and geopolitical environment, which can also include both opportunities and threats. .
At Hyundai, they believe that sharing experiences that will create new possibilities that will benefit people around the world. According to Hyundai's CEO Mong-Koo Chung (Hyundai 2014), Hyundai will turn their "effort towards the underprivileged in other parts of the world to fulfill their duty as a true global corporate citizen". This supports the international success factor of being customer driven.