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Hero Group Overseas Market For New Products
Further, the Hero Group has now got the rights to do on its own on product ranges and overseas marketing. earlier the JV restricted the spread of products to the export markets. For this, Hero Honda has constituted committees to enhance the overseas markets. The Head for Marketing and Senior VP of Hero Honda claimed that he would lead the team for exploring the possibilities for overseas market potential. In addition there will be internal teams consisting of experts from HR, R&D, Branding, Finance and Logistics.
The company"s CEO and MD said that there will be overall functional team for mandating the series of work related to export volume. He said that along with Hero Group overseas market there will be continued focus on the domestic market as well. As of now, there could be hardly 2% in export volume and to increase this a committee will be formed to initiate Hero Group overseas ventures. Hero Group overseas market ventures will carry out assembling of scooters and bikes in each of these lands, such as Latin America and North Africa. Globally these markets are emerging as fastest ones for two wheelers as the rivals Honda and Yamaha have established their hold in these markets. Honda has been designing a bike for the low budget customers and the bikes are to cost 9 in Latin America and Nigeria as the markets in the homeland are not conducive for generating the desired revenue.
Taking all these factors Hero Honda has engaged the British Wolff Olins to come out with a new brand for the product as there could be no Honda name and brand once the split comes into effect. This will make the fast selling Splendor and Passion losing the Honda branding and be standalone products in the global markets. Hero Honda is reviving the dealer network to rejuvenate the lost momentum in premium segment. Hence Hero Honda has instructed the dealers to form separate committees for premium customers and the company is performing a training for the dealers. Hero Honda has got 34% share in the higher premium segment during the last FY which has fallen to 29% in this FY and further to 27% in the current FY, according to SIAM.
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