Honda's Success Strategies
Posted: Tuesday, March 30, 2010
by HyunSoung Kim
hyunsoung's blog about life as a foreigner
The strategies used for success
1. The knowledge
2. Expanding the business to new areas
3. Recognizing and using the opportunities
4. Have a business philosophy and stick to it
5. Defining the target market
6. Make big goals
7. Never giving up
8. Give customers the best quality and service
Knowledge is one of major things which is crucial to have for a possible success, if somebody has more knowledge and competes, he will likely result in greater success.
Like in case with Honda, the director Soichiro had a solid knowledge for automobile mechanics but then realized that he requires more knowledge after having difficulties to make piston rings, he went to technical school to get more required knowledge for greater later success. Through that knowledge he managed to make the most efficient, quality and affordable motorcycles.
Soichiro got a great profit boost after making his product available outside of , to market and other countries. Expanding the business is a very necessary strategy for any business, because it allows getting bigger market range which automatically creates more profit.
To make a business more successful like Honda did, we must have the ability to notice and of course take advantage of business opportunities. When everybody thought that motorcycle selling is very poor in USA, Honda thought on that picture from a greater level and firstly changed the image of motorcycles and than started to make powerful motorcycles which were in same time high quality and also affordable.
A business must stick to their "motto" and work with that philosophy.
"Maintaining an international viewpoint, we are dedicated to supplying products of the highest efficiency, yet at a reasonable price for worldwide customer satisfaction."
This was the philosophy used by Honda which were the crucial words living inside them and sticking to that which eventually made them succeed.
Another point from Honda's strategies is that Honda concentrated only on one special thing and sticked to it, in other words they had the one special target market. Soichiro was clear about his customers needs and concentrated only on his customers which brang numerous mistakes and eventually success. I researched on the Internet for a particular saying about this part but I didn't find anything so I decided to create one: " Even if you are hopeless, just keep going through that single road you have chosen, the prize is waiting for you and the end of the road."
Aiming big and having high goals was another strategy which is really important generally for a solid success. Honda at that time was just a "another small company" but others didn't see the high goals which Soichiro believed he could achieve..
Never giving up is the most important point which Honda had. Honda was always patient and thought about the long term success. A business must be patient and think about long term success, which Honda did. To earn a great success, failures must be overcome and the belief of the success must be very strong and always present.
Customers are the only source of income, that's why one of important ways for success is giving the customers the best and serve them with great respect. It is like this in every business, our success and failure depends on our attitudes towards customers.
Customers are crucial for a business, but how do we get more customers? By advertising, advertising is the main way for people to know about the product, therefore to make a possible income. With good adverting strategies high quality customers can be lured to a business. Honda's strategy in was to advertise in general interest magazines to reach more people and changed the general thinking about the motorcycles first before starting to sell.
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Top-level comments on this article: (4 total)The importance of having a plan and advertising is huge. Good article.Yeah, i think that everything is important and especially a strict plan and good advertising.Thank you!
HyunSoung,Very good information, I thing discipline is also very important. Thank youYeah you are right, discipline must be present in all stages of growth.Thank you!
Great content in your article--nice job and thanks!No problem, thank you reading and commenting!
Nice, I enjoyed reading this article.
WinifredThanks! This was for my assignment in high school haha :) See you around!
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