2013
Marketing Strategy of Pak
Suzuki Motor Co. Ltd. & Its
Effectiveness
This report shall highlight various aspects of Pak Suzuki Motor Co. ltd.’s marketing
strategy. We shall examine the Company’s position in comparison to its competitors. We
shall evaluate Company’s strengths, weaknesses threats and opportunities. A realization
of external factors directly influencing the Company shall be made and
recommendations shall be cited for achieving Company’s objectives more effectively.
NAME: SHERAZ JABBAR
WORD COUNT:
ACCA NUMBER: 2166355
Table of Contents
1
Topic Selection .................................................................................................................... 4
1.1
Project Highlights ............................................................................................................ 5
1.2
Research Approach and Methodology ............................................................................. 5
2
Information Gathering & Data Sources ................................................................................ 8
2.1
Sources of Data............................................................................................................... 8
2.1.1
Limitations of Data sources .......................................................................................... 9
2.2
Ethical Requirements .....................................................................................................10
2.3
Business Analysis Techniques ........................................................................................ 11
3
Company History ...............................................................................................................14
3.1
Geographical Presence ..................................................................................................14
3.2
Product Demographic .....................................................................................................14
3.3
Industry Analysis ............................................................................................................15
3.4
Operational & Financial Highlights ..................................................................................16
3.5
Competitor Analysis ........................................................................................................20
3.6
Market Segmentation .....................................................................................................21
3.7
Marketing Positioning Analysis .......................................................................................24
3.8
SWOT Analysis of Pak Suzuki Motor Co. Ltd. .................................................................25
3.9
PESTEL Analysis............................................................................................................31
4.
4.1
5.
Conclusions & Recommendations .....................................................................................34
Recommendations .........................................................................................................34
References ........................................................................................................................35
Research and Analysis Report
Page 1
Table of Figures
Figure 1- 7 P’s of marketing...................................................................................................................... 4
Figure 2- Research Approach & Methodology....................................................................................... 5
Figure 3- Geographical Presence .......................................................................................................... 14
Figure 4- Industry Analysis ..................................................................................................................... 16
Figure 5- Operating Performance Analysis .......................................................................................... 17
Figure 6- Financial Performance Analysis ............................................................................................ 17
Figure 7- Advertising Cost to Revenue Ratio Analysis ....................................................................... 18
Figure 8- Advertising Cost to Overall Operating Cost Ratio Analysis .............................................. 19
Figure 9- Ratio Analysis .......................................................................................................................... 20
Figure 10- Competitor Operating Performance Analysis ................................................................... 21
Figure 11- Suzuki Mehran Sales statistics ........................................................................................... 22
Figure 12- Suzuki Cultus, Swift, Liana Sales Statistics ...................................................................... 23
Figure 13- Toyota Corolla Sales statistics ............................................................................................ 24
Figure 14- Pak Suzuki Motor Co. Ltd. SWOT Analysis ...................................................................... 26
Figure 15- No. of Units sold .................................................................................................................... 28
Figure 16- Annual Disposable Income Analysis .................................................................................. 29
Figure 17- PESTEL Analysis .................................................................................................................. 31
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Page 2
Introduction to the Topic and Reasons for Topic Selection
830 words approx.
Research and Analysis Report
Page 3
1 Topic Selection
Most economists in the nineteenth century were of the view that greater success could
be achieved by firms if they are able to produce more and meet the growing demand of
the consumers. New and improved means of production were thus introduced to foster
efficiency in mass production. The industrial revolution has thus enabled nations to
produce more then they require for their domestic uses. Businesses in modern day
corporate world are more anxious therefore to come up with better means of selling
their products. Firms world over are spending hefty sums on advertisement. The
success in oligopolistic form of competition lies entirely in effective marketing. Marketing
is considered to be the back bone of any businesses operational success. This has
been evident from the trends in top management of most global leader corporations in
the world for instance Lenovo where the CEO’s are from a marketing background.
Developing countries essentially are under enormous global pressure especially since
the promulgation of the WTO. It has become essential for companies in developing
countries including Pakistan to not only improve the standard of product and product
quality but also explore new markets for their products and devise customized means of
marketing their products in targeted segments. (Spencerstuart, 2005)
The primary impetus behind the selection of topic 18 i.e. Marketing strategy and its
effectiveness has been the undeniable importance of the theory and practice of the
subject. I have a strong belief that by improving my skills in the subject I can make a
mark as a successful manager. I wish to seek expertise in the design and development
of a thorough marketing plan which entails all aspects of the targeted market. I have
chosen Pak Suzuki Motor Co. ltd owing to the fact that it is oldest automobile
manufacturing company in Pakistan and I am an automobile enthusiast. I aspire to
pursue a career in marketing and I am confident that the underlying report shall
enhance my practical knowledge of the subject. Consider the 7P’s of marketing
management in the following diagram.
Figure 1- 7 P’s of marketing
(Genzmarketing, 2009)
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1.1
Project Highlights
This report comprises of the following core areas







An understanding of the data, its types and characteristics relevance to the
project underhand.
An introduction to Pak Suzuki Motor Co. ltd.’s operations, its history and the
range of different products being manufactured and marketed by the Company.
Introduce the Company’s marketing strategy, its product range and targeted
segments.
Highlights of the Company’s operating and financial performance over the last
three years.
Comparison of Company’s performance both operational and financial with other
important players of the industry.
An analysis of the strengths, weaknesses, opportunities and threats facing the
Company.
A consideration of the political economic social technological environmental and
legal factors influencing the entity.
1.2
Research Approach and Methodology
The primary contributor towards the success of any project is its Plan. The extent to
which minute details are considered at planning stage can have a direct implication over
the efficiency and quality of output. The planning stage for this project comprised of
extensive meetings with my mentor and seniors to determine the key success factors
and the formation of a road map for the project. My research methodology is provided in
the diagram below.
Figure 2- Research Approach & Methodology
Planning
Research and Analysis Report
Execution
Compilation
Review
Page 5
Let us consider these stages in detail.
Planning
Planning comprised of determining the data requirements of the project. The
identification of data sources and the collection of raw data from the selected sources.
Integrity is one of the most important characteristics of any data. In order to ensure
maximum reliance most data has been extracted from the Company website. As part of
planning I developed the road map for the project and a raw structure upon which
information was to be presented. Valuable contributions were made in this regard by my
mentor and seniors.
Execution
The execution phase comprises of performing the analyses on the accumulated data.
Various analytical tools were employed to deduce inferences relevant to the Company.
Numerous meetings were conducted with the mentor as part of this process. A key skill
obtained during this process was the data skimming technique. I learned to go through
large quantum of data in a limited time period with maximum possible deductions. I also
learned numerous tips and techniques in MS Excel and MS Word.
Compilation
The third phase in the process is the compilation phase. The objective behind this
phase was to present the results from execution phase in the most relevant and readily
understandable form while keeping intact the compliance with the University guidelines
for the project. Information was adjusted in the overall structure of the report. Various
tables and graphs were added along with diagrams.
Review
Various reviews were conducted along the different stages of the project. The final
review however comprised of an in-depth assessment of all the components of the
report. Certain revisions and amendments were advised by my mentor as part of the
review process which was duly posted. A comparison was also conducted with
successful projects of similar nature to determine any shortcomings that might still need
to be rectified.
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Information Gathering & Data Sources
1540 words approx.
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2 Information Gathering & Data Sources
2.1
Sources of Data
Data is the collection of raw facts and figures which are subject to various analytical
tools before they convert in to meaningful information. Following are the two types of
data that were obtained during the research. (Businessdictionary.com, 2013)
a- Primary Data
b- Secondary Data
We shall now discuss these in detail.
Primary Data
Primary data is the collection of first hand facts and figures obtained by the reporter
through his own experiences and initiatives, This form of data is usually more relevant
because of its objective nature and is thus more reliable. It saves time consumed while
skimming but at times has the disadvantage of being costly. (Ventureline.com, 2013)
For the purpose of our report primary data comprises a structured formal interview with
Mr. Mushtaq who has a thorough study of the subject and has been working in Suzuki
motors for over three years. Following is the relevant extract from the interview.
Elaborate the performance of auto industry in the country
The auto industry in the country was established in 1953. Since then there has been
steady growth in the industry. The economic condition in the country has been volatile
and has an implication on the performance of the industry. The evolution and growth of
the banking sector since the start of the new millennium brought overwhelming growth
in this sector the industry grew from an annual production of forty thousand vehicles in
the year 2000 to more than one hundred and fifty thousand in 2012. The industry owes
a lot to the protectionist policies of the state which restricts foreign producers to expand
sales in the country. The recent financial crisis has had a bearing on this sector too but it
is again on the path to recovery.
Introduce Suzuki’s marketing strategy in Pakistan
Pak Suzuki Motors Co. ltd started commercial production in the year 1975. Since then
the Company has expanded production horizontally. It is currently producing thirteen
different models of cars, load vehicles and motorcycles. The production volume has
increased almost ten times. This has been possible partly due to the product quality and
reliability and partly because of its successful marketing. The company spent a hundred
and thirty eight million rupees on marketing which is the highest spending per brand of
any Company in the Country. With its extensive network of dealership the Company
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stretches to the far and wide of the Country. It has been due to its successful marketing
strategy that the Company tops the national production of any single brand.
What are the challenges faced by the Company
Success comes with responsibility. The biggest challenge is to maintain the status of
market leader. The competition in the industry is cut throat and the market segmentation
is very complicated. Generally, the market has a strong inclination towards low cost
brands which provide better quality and service. The Company thus has an uphill task of
managing cost and revenues profitably. The other most challenging factor is the
introduction of refurbished vehicles being imported from Japan. These provide better
features and are mostly cheaper than the Company’s products. It is thus critical to
market the models intelligently. Manufacture and supply of parts is another aspect the
Company needs to pay heed to. The Company ranks third in terms of the most
expensive parts and service after Honda and Toyota. Despite these challenges the
Company still has potential and will hopefully achieve expand and grow in coming
years.
Secondary Data
Secondary data is also known as desk research. It is the collection of facts and figures
which the reporter did not experience himself but rather accumulated from various
sources. Secondary data has a huge advantage of being low cost and easy availability.
It does however require more dexterous analysis and skimming. Reliability is another
issue faced with secondary data. Secondary data needs to be referenced in order to
compliment the source and avoid issues of copyright infringement. (Nordquist, 2013)
2.1.1 Limitations of Data sources
Data forms the bricks to the information structure and needs to be based upon accurate
and updated facts. Ensuring data legitimacy is an exhaustive exercise. I obtained
valuable insight from my seniors in this regard which enabled effective resolution of the
following experiences during data collection. (Zeepedia.com, 2013)
Data Efflux
Data efflux is beneficial depending on the nature of the project. It does however have
the disadvantage of being time consuming considering the effort that needs to be put to
generate relevant information. I resolved the problem by adopting brisk reading and
making use of Microsoft office tools to search relevant aspects of the report.
Data Accuracy and Updating
Accurate and updated information plays a primary role in successful and objective
decision making. Ensuring accuracy can prove time consuming especially with large
Research and Analysis Report
Page 9
volumes of data. Updated data is also an integral aspect of objective reporting. I
ensured accuracy by choosing reliable and prestigious data sources. Majority of the
data relevant to the Company has been obtained to the official website of Pak Suzuki
Motors Co. ltd. Other information has been reconciled to obtain the most accurate and
widely accepted facts and figures.
Data Source Conflicts
It is a common experience that information available on various sources of the web
conflicts with each other. It is very important to base ones judgment on the most
common and accepted information.
Access to Data
The access to physical information and people is usually restricted due to confidentiality
or official decorum. Moreover companies do not make intimate information public
because the managers consider it to be helpful for the competitor organizations. Access
to such information is thus very difficult. Identification and approach to the relevant
personnel might also prove to be a hard nut to crack. I was however lucky to have
known Mr. Mushtaq through a family contact and thus did not feel any problem while
contacting and convening a discussion session with him.
Completeness
Completeness is another primary aspect of data which needs to be considered for any
report. Completeness cannot be ensured without extensive knowledge of the subject.
Thus thorough reading is required to identify what elements of data need to be included
and which segments to be spared. I discussed this issue in detail with my mentor and
he elaborated various key concepts of the subject together with the data needs to
objectively address them. Conciseness is another element of effective communication
and should be taken care of to avoid loss of credibility and interest.
2.2
Ethical Requirements
As described earlier data obtained from secondary sources is the proprietary
information of the original reporter. It is thus imperative to relate the information to its
true owner. This not only enhances the trust of the reader but also saves the reporter
from facing any trouble for copyrights violation. I have made sure that all information
that is obtained from any secondary source be appropriately referenced using Harvard
referencing technique. The conclusions and recommendations are based on my own
judgments and analysis together with a logical evaluation of cited factors.
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2.3
Business Analysis Techniques
Numerous techniques have been made use of for the purposes of this report. Following
is an introduction of these techniques and methodologies.
a- Competitor Analysis
A competitor analysis is a tool that evaluates Company’s operating and financial
performance amongst its key competitors. It is a vital technique that enables market
researchers to position the Company in the particular market segments.(Riley, 2012)
Limitations of Competitor Analysis
A Competitor analysis despite being a commonly used technique has certain
limitations, some of which are cited below;



Obtaining confidential competitor information is difficult and costly.
Competitor analysis makes a company responsive to competitor actions and
thus makes it a follower.
It has limited usability in terms of decision making and can prove to be
demoralizing
for
a
Company
going
through
slump.
(Referenceforbusiness.com, 2013)
b- SWOT Analysis
The strengths, weaknesses, threats and opportunities analysis is another very
commonly used analysis technique. It is based on the underlying assumption that
any information about a Company can be one of the above characteristics. The
strengths and weaknesses relate to internal aspects of the Company. While the
opportunities and threats are posed by outside factors. (Renaul, 2013)
Limitations of SWOT Analysis
Following are the limitations of SWOT analysis.



It is a very subjective technique and has limited practical importance for
strategic decision making.
It is greatly influenced by the entity’s perception of itself and thus might prove
to be remote from realism.
SWOT Analysis costs in terms of time and loss of opportunity to perform
routine functions if it is conducted by indigenous staff of the Company, it can
prove to be costly if the Company hires consultants for the task.
(Business.qld.gov.au, 2013)
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c- PESTEL Analysis
The political, economic, social, technical, environmental and legal factors that
influence the entity are analyzed in the PESTEL analysis is a commonly used
appraisal technique and is essentially performed before formulating a Company’s
marketing strategy. (Strategicmanagementinsight, 2013)
Limitations of the Analysis
Following are the limitations of the PESTEL analysis.



It is very subjective in nature.
The environmental factors are continuously evolving and are dynamic in
nature, a PESTEL analysis thus needs to be conducted at regular intervals.
Most of the factors highlighted by the analysis are beyond the Company’s
control and jurisdiction and thus this analysis has a limited usability.
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Analysis
3900 words Approx.
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Page 13
3 Company History
Pak Suzuki Motor Co. ltd was founded in 1975 when the first 4×4 vehicle name “Nay
Dour” was introduced. The company became a public listed company in the year 1983.
Mr. Osamu Suzuki, chairman of Suzuki motors Japan was awarded Sitar e Pakistan, the
highest civil award in the year 1985 for his cooperation and commitment towards
establishment of automobile sector in Pakistan. The Company started manufacturing
800 cc and 1000 cc cars in 1988 while the first 1300 cc car was manufactured in 1992.
By 2005 the production capacity of the Company had expanded to 80,000 units
annually which rose to 150,000 units in 2007. In the year 2009 the Company produced
its one millionth vehicles (Company milestones, 2013)
3.1
Geographical Presence
Following image provides the vide dispersion of the company’s dealership network
across the far and wide of the Country.
Figure 3- Geographical Presence
(PakSuzuki, Dealer Network, 2013)
With over thirty authorized dealership Pak Suzuki Motor Co. Ltd. has by far the most
comprehensive network of sales and services in Pakistan.
3.2
Product Demographic
Following are the different brands being manufactured by the Company.
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Brand Name
Suzuki Ravi
Type
Engine Capacity
Carriage vehicle
800 cc
Suzuki cargo van
Suzuki Bolan
Suzuki Jimny
Suzuki APV
Suzuki Mehran
Suzuki Cultus
High roof
High roof
4×4 jeep
High roof
Passenger Car
Passenger Car
1000 cc
1000 cc
2600 cc
1500 cc
800 cc
1000 cc
Suzuki Liana
Suzuki Swift
Suzuki Raider
Suzuki GS 150
Suzuki Sprinter Eco
Suzuki Sprinter
Passenger Car
Passenger Car
Motorcycle
Motorcycle
Motorcycle
Motorcycle
1300 & 1600 cc
1000 & 1300 cc
110 cc
150 cc
110 cc
110 cc
(PakSuzuki, 2012)
3.3
Industry Analysis
The following table represents the cars manufactured and sold by different
manufacturers during the 2012 and preceding four years. The data has been obtained
from the Pakistan Automobile manufacturer Associations web portal and has been
reproduced for the purposes of this report.
Manufacturer
Honda (Civic)
Honda (City)
Honda Total
Toyota (Corolla)
Suzuki (Liana)
Suzuki (Khyber/ Cultus)
Suzuki (Alto)
Suzuki (Mehran)
Suzuki (Bolan)
Suzuki Total
Hyundai (Santro Plus)
2008
2009
2010
2011
2012
Produced
Sold
Produced
Sold
Produced
Sold
Produced
Sold
Produced
Sold
5,813
5,762
4,985
4,662
5,648
5,908
6,408
6,365
5,396
4,977
8,220
8,439
6,755
6,482
7,852
8,212
9,294
9,121
7,089
7,142
14,033
14,201
11,740
11,144
13,500
14,120
15,702
15,486
12,485
12,119
33,672
33,640
27,054
26,760
43,382
43,510
41,419
41,111
46,352
46,207
2,605
27,662
18,805
36,249
17,250
102,571
2,028
268,908
2,983
27,563
19,097
35,526
17,209
102,378
2,227
269,025
684
9,181
6,641
13,239
9,639
39,384
327
129,629
851
9,198
6,550
13,421
8,664
38,684
404
126,820
900
12,453
10,665
22,271
10,541
56,830
212
184,254
1,025
12,658
10,794
22,513
11,439
58,429
244
188,852
614
12,414
12,873
25,935
14,359
66,195
470
11,428
11,932
24,119
13,311
61,260
334
13,600
15,288
33,839
21,594
84,655
450
13,693
16,288
35,131
22,540
88,102
205,213
194,603
240,632
246,649
(Production & Sale of vehicles, 2012)
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Figure 4- Industry Analysis
120 000
100 000
Honda Total
80 000
Toyota (Corolla)
60 000
Suzuki Total
40 000
Hyundai (Santro Plus)
20 000
0
2008
3.4
2009
2010
2011
2012
Operational & Financial Highlights
As evident from the analysis above the Company currently holds the first place amongst
domestic automobile manufacturers. It is also the largest automobile manufacturer of
the country in terms of revenues earned. Let us not consider the operational
performance of the Company over the span of last three years
Description
Sales Revenues
Other operating income
Cost of Sales
Financial Year ended March
(Rs. in millions)
2012
2011
58,531
52,718
494
620
(56,185)
(50,849)
2010
42,642
575
(41,638)
Distribution and marketing
costs
Administrative expenses
(357)
(263)
(197)
(861)
(735)
(636)
Other operating expenses
Net Profit before tax
(111)
1,500
(107)
1,365
(56)
211
(PakSuzuki, Annual Report, 2012)
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Operating Performance
60 000
50 000
40 000
30 000
20 000
10 000
-
Figure 5- Operating Performance Analysis
Consider the following table for the financial performance of the Company.
FY’ 2012
Description
FY’ 2011
FY’ 2010
Rs. In Millions
Noncurrent Assets
Current assets
Current Liabilities
4,282
4,716
4,937
17,060
18,585
14,313
5,548
8,008
4,752
Figure 6- Financial Performance Analysis
Financial Performance Analysis
20 000
15 000
10 000
5 000
0
Noncurrent Assets
Research and Analysis Report
Current assets
Current Liabilities
Page 17
Evidently from the above diagrams the Company has grown in terms of sales revenues.
This has been real growth since the numbers of units sold have grown by 44%. The
cost of sales has not grown with the same ratio which typically means that the Company
has been extremely successful in putting a tight leash over the costs associated with
production. All operating costs have also grown at a lower rate than revenues except for
the administrative costs. The improvement in the revenues in comparison to costs is
also evident from the net profits which have been kept at a steady growth rate. This
particularly is commendable considering slowdown in the overall market and allowance
of refurbished vehicles to be imported and sold in the Country. Domestic competition is
also stiff. However, the Company has successfully enhanced the sales and made its
mark. A testament to this fact is that the market share of the Company grew from 58%
to 62% during 2011-12. Let us consider and interesting analysis. (Khan, 2012)
Description
2012
2011
Rs. in Thousands
2010
217,727
160,894
111,481
Advertising cost to Revenue
ratio
0.37
0.31
0.26
Advertising cot to operating
cost ratio
16.38
14.56
12.53
Advertising expenses
Figure 7- Advertising Cost to Revenue Ratio Analysis
Advertising cost to Revenue ratio
0,4
0,3
0,2
0,1
0
2012
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2011
2010
Page 18
Figure 8- Advertising Cost to Overall Operating Cost Ratio Analysis
Advertising cot to operating cost ratio
18
16
14
12
10
8
6
4
2
0
2012
2011
2010
A steady growth is evident from the above diagrams. The Company is investing in to
promotional activities for its products and its marketing strategy has been successful in
reaching out to the people and addressing their needs effectively. A dominating factor
has been the market segmentation based on which the Company designs its marketing
plan. The Company manufactures products which address the needs of the economy
class of the Country which dominates the overall consumer percentage. This has led to
the popularity of the Company’s products in the Country. Let’s consider some other
significant ratios.
Description
2012
2011
2010
Gross Profit ratio
4.01
3.55
2.35
Net profit ratio
2.56
2.59
0.49
Current ratio
3.07
2.32
3.01
The blue bars represent GP ratio, the orange bars show NP ratio and Grey bars show
current ratio.
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Figure 9- Ratio Analysis
4,50
4,00
3,50
3,00
2,50
2,00
1,50
1,00
0,50
2012
3.5
2011
2010
Competitor Analysis
We shall make an effort consider the Company’s position amidst stiff market
competition. We shall analyze the company’s operating and financial performance
amongst key competitors. We have selected Indus motors Ltd. and Atlas Honda Ltd. for
the purpose of our analysis. Let’s consider the operating performances of these
companies for the years 2012.
Description
Pak Suzuki
Sales Revenues
Other operating
income
Cost of Sales
Distribution and
marketing costs
Administrative
expenses
Other operating
expenses
Net Profit before tax
Indus Motors
Rs. in million
Atlas Honda
58,531
494
76,963
1,774
16,600
204
(56,185)
(357)
70,401
820
(16,643)
(130)
(861)
628
(159)
(111)
516
(218)
1,500
6,312
(346)
(PakSuzuki, 2012) (Indus, 2012) (Honda, 2012)
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Figure 10- Competitor Operating Performance Analysis
Competitor Operating Performance Analysis
80 000
70 000
60 000
50 000
40 000
30 000
20 000
10 000
0
-10 000
Evidently from the above analysis Indus motors which are the assemblers of Toyota
Corolla in Pakistan lead the competition in terms of revenue. This is primarily because
of the huge uplift in the sales of Corolla owing to its excellent after sales services and
healthy resale value. Also per unit price of Toyota Corolla is almost 100% higher than
average price of a Suzuki vehicle. (Pama.org.pk, 2012)
3.6
Market Segmentation
Market segmentation describes the way in which a Company divides its customer base
in to separately identifiable groups for the purpose of devising a customized marketing
plan for each segment. (Managementstudyguide.com, 2013)
The automobile market is segmented based on the following categories.
Category
Segment A
Segment B
Segment C
Segment D
Characteristics
mini cars
Small cars
Family cars for value for money seeking buyers
Large family/ compact executive cars
Segment E
Segment F
Segment M
Segment J
Executive cars
Luxury vehicles
Multi utility vehicles
Sports utility vehicles
(Jayati, 2010)
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Pak Suzuki Motor Co. ltd has been targeting the economy class consumers with basic
functionality. It targets the following segments;
Segment B
This segment is categorized by the cost effectiveness and fuel efficiency. Another key
characteristic of this segment is the low cost of repair and replacement of parts. Suzuki
Mehran is a popular model from this class. Consider the sales statistics of the car over
the 5 years. (pama.org.pk, 2012)
Year
No. of units sold
2007
36,988
2008
36,249
2009
13,239
2010
22,271
2011
25,935
2012
33,839
Figure 11- Suzuki Mehran Sales statistics
Suzuki Mehran Sales Statistics
40 000
35 000
30 000
25 000
20 000
15 000
10 000
5 000
0
2007
2008
2009
2010
2011
2012
No. of units sold
2009 was a particularly hard year for automobile manufacturers. The power crises were
at its peak and Companies were finding it hard to fulfill their orders. As seen in the
industry analysis in the above sections the production was at its lowest in the five years
considered. (AFP, 2013). The country was struck by worst floods in history in 2010 thus
the recovery was slow. (BBC, 2010)
Segment C
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This category is characterized by value for money cars for the comfort seeking
customers. The Company manufactures three models in this category. i.e. the Suzuki
Cultus, Suzuki Swift, Suzuki Liana. Following are the sales statistics of these in the last
five years.
Model
Suzuki Cultus
2012
2011
2010
2009
2008
13,600
12,414
12,453
9,181
27,662
Suzuki Swift
Suzuki Liana
7,128
334
4,376
614
2,578
900
684
2,605
(pama.org.pk, 2012)
Figure 12- Suzuki Cultus, Swift, Liana Sales Statistics
Suzuki Cultus, Swift, Liana Sales Statistics
30 000
25 000
20 000
15 000
10 000
5 000
0
Suzuki Cultus
Suzuki Swift
2012
2011
Suzuki Liana
2010
2009
2008
Consistent decline in Sales is observed mainly Toyota Corolla was taking up most of the
market share during the same period. Consider Toyota’s sales figures for the same
period. (Pama.org.pk, 2012)
Year
No. of units sold
2007
2008
2009
2010
2011
2012
35,036
33,672
27,054
43,382
41,419
46,352
Research and Analysis Report
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A key reason for this is the cost consumers were paying for Suzuki’s products and its
comparison with the quality of the product. All the three brands are marketed as
Suzuki’s premium models in Pakistan. However, the comfort and reliability in relatively
lower cost provided by Toyota is an attraction for the buyers.
Figure 13- Toyota Corolla Sales statistics
Toyota Corolla Sales Statistics
50 000
40 000
30 000
20 000
10 000
0
2007
2008
2009
2010
2011
2012
No. of units sold
3.7
Marketing Positioning Analysis
Market positioning analysis enables entrepreneurs to establish how their targeted
market perceives their brand or product. (Kokemuller, 2013)
We have conducted this analysis based on two positioning variables
a- Price
b- Quality
Positioning based on Price
Consider the following table for the price of the top quality brands marketed by the three
competitors.
Model
Suzuki liana
Toyota Corolla Altis
Honda
Prosmatic
Price in PKR
1,511,000
1,994,000
2,319,000
Civic
(wheels, 2013) (wheels, Toyota Corolla Altis 1.6 Cruisetronic Overview & Price,
2013)
Research and Analysis Report
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Clearly Suzuki is positioned as a budget brand. Consumers categorize it as a low price
brand with average quality and customer services.
Positioning based on Quality
Perceived quality is very important especially because in automobile industry the word
of mouth plays a very important role in improving sales. Suzuki is perceived as an
average quality product in the domestic industry because of the compromised quality of
materials used in its cars and frequent problems faced by consumers.
Following graph can be plotted based on the above analysis.
High Price
Low Quality
High Quality
Suzuki
Low Price
3.8
SWOT Analysis of Pak Suzuki Motor Co. Ltd.
SWOT analysis (alternately SWOT Matrix) is a structured planning method used to
evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or
in a business venture. A SWOT analysis can be carried out for a product, place or
person. It involves specifying the objective of the business venture or project and
identifying the internal and external factors that are favorable and unfavorable to
achieve that objective. The technique is credited to Albert Humphrey, who led a
convention at the Stanford Research Institute (now SRI International) in the 1960s and
1970s using data from Fortune 500 companies.(Business balls, 2013)
Research and Analysis Report
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Following is the SWOT matrix of Pak Suzuki Motor Co. Ltd.
Figure 14- Pak Suzuki Motor Co. Ltd. SWOT Analysis
•Growing personal
income
•Low cost leadership
•Environmental friendly
vehicles
•Market Share
•Financial Resources
•Human Resource
•Geographical Presence
•Economies of Scale
Opportunities
Strengths
Threats
Weaknesses
•Improving competition
•Low Current Ratio
•Improving global
health and safety
standards
•No premium models
•Research &
Development
•Product life cycle
We shall now discuss these in detail.
Strengths
We have identified the following areas where the Company possesses a strategic
advantage.
Market Share
Pak Suzuki is the second largest automobile manufacturer in terms of revenue received.
It is the largest car manufacturer in terms of no. of units produced (largest also in 2010
and 2009). This huge market share is an immensely advantageous factor which the
Company can make use of in terms of long term policy making. Market share in
Research and Analysis Report
Page 26
automobiles in turn implies large number of parts produced and sold. The marketing
policy of the Company should target the existing consumers more enthusiastically. One
of the greatest reasons for the Company to have captured such high percentage is the
global economic meltdown which started in the start of this millennium. The financial
crisis led consumers to switch from luxury cars to low cost sedans. Suzuki’s success
has mainly been due to the effective marketing of its low cost models such as Suzuki
Mehran and Suzuki Cultus. Towards the end of this decade Mehran consistently held
the title for being the most popular consumer car in Pakistan. (Brecorder, 2012)
Financial Resources
As cited before, the Company has immensely improved revenues over the last decade
and is currently amongst the most affluent companies of the Country in terms of
revenues. (Zaheer, 2013)
This huge financial fortune is a huge advantage owing to the fact that Company can
undertake research and development programs and can foster growth not only through
improving the production and supply chain mechanism but also excelling in the
manufacture of low carbon emitting vehicles.
Human Resources
The company has an overall work force of over eleven hundred skilled and semi-skilled
individuals. It has production facilities in two locations in the country. The huge work
force can be a huge marketing advantage. Its extensive geographical presence means
that the Company can communicate more closely with its buyers. It can obtain a
thorough understanding of various economic and geographic factors of the population
and can come up with brighter and more relevant ideas for growth. (Paksuzuki, 2013)
Geographical Presence
Geographical presence is one of the dominating considerations while deciding the
Company’s marketing strategy. While on one hand it has a huge bearing on the
revenues earned by the Company on the other it influences cost of production too with
lower cost of transportation and labor. Geographically dispersed Companies attain
many economies of scale such as the ones mentioned earlier. However, expanding
across geographical boundaries has certain diseconomies of scale too in the form of
loosened control and communication. Problems of language and cultural adaptation
arise when Company’s expand operations. (PakSuzuki, Dealer Network, 2013)
Economies of Scale
Suzuki enjoys enormous economies of scale in the form of low cost labor, availability of
raw materials and skilled workforce, trust and confidence of financial institutions all over
the Country and low cost of transportation. The Company can make use of these
economies to reduce cost of production and increase its Gross Profit ratio making its
operations even more profitable.
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Weaknesses
Despite being a market leader the Company still has to focus and improve certain
areas. Some of which are highlighted below.
Lack of Premium models
The Company has positioned itself as a low cost leader and has specialized in the
production of family vehicles. It does lack however in the production of premium models.
Suzuki manufactures Suzuki Liana which is its top notch brand. Following is the
comparison of sales in 2012 of Pak Suzuki’s countrywide sales and another premium
model the Toyota Corolla sales in Pakistan only.
Year
Suzuki Liana
Toyota Corolla
No. of units sold
2012
450
46,207
(Pama.org.pk, 2012)
Figure 15- No. of Units sold
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
SUZUKI LIANA
TOYOTA COROLLA
This huge difference is primarily because Suzuki considers its success in marketing low
cost models such as Mehran and Cultus. Despite the fact that Suzuki Liana possesses
some ground breaking features such as Antilock braking system which are not present
in its immediate rivals, it has not been marketed in the Local market with great zeal.
Research & Development
Suzuki Motors Japan is spending hefty sums in to product and market research.
However the same is not being conducted in Pakistan, Suzuki Mehran whose
production began in 1989 is being marketed with almost the same shape and feature as
the earliest version. Pak Suzuki still needs to go a long way in upgrading its low cost
models. Rival companies are continuously moving towards driver comfort and the
rigidity of drive in few models of the Company might lose customer confidence in the
Company’s products. (Khan B. , 2010)
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Product Life Cycle
Pak Suzuki is at the peak of its product life cycle for most products. The Company
needs to make a clear assessment of where it needs to be in terms of domestic and
global sales and growth in the coming years. The economic condition of most countries
who suffered in the economic crisis is improving. This calls for an enthusiastic marketing
oriented approach. By utilizing its strengths the Company can prolong its current status
as the market leader. Indus Motors crossed Pak Suzuki’s flagship model the Suzuki
Mehran in terms of units of goods sold in 2012 by 11,076 units Country wide. This loss
of market share might convert in to a threat if the downward trend continues.
(Pama.org.pk, 2012)
Opportunities
Let us now take a look at the opportunities which the Company can make use of to
encourage growth.
Growing Personal disposable Income
The disposable personal income of individuals in most countries is improving especially
in East Asian and South East Asian country that manifested a steady growth rate of 6
percent and above. The improving national economy has an effect on the personal
disposable income of individuals. In India for instance had the following trend in
disposable income over the last few years
Annual
Disposable
Income
2008
2009
1,073,243.4
1,095,398.6
2010
USD in Millions
1,356,096.4
2011
2012
1,511,001.3
1,578,903.4
(Euro monitor, 2012)
Figure 16- Annual Disposable Income Analysis
Annual Disposable Income
2 000 000,00
1 000 000,00
Annual Disposable Income
0,00
2008 2009 2010 2011 2012
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This growth in disposable income brings a hoist of opportunities for growth for the
Company.
Low Cost Leadership
Many low cost manufacturers have entered the market especially in China which is
dominating the world output of automobiles by producing 14,485,326 units in 2011.
These cost models compromise quality but owing to the poor financial performance of
most economies consumers were ready to accept the tradeoff between cost and
performance. The Company needs to market itself as a cost effective and performance
oriented manufacturer. Features like low carbon emission and fuel efficiency can
strengthen its cause. (Worldometers, 2013)
Environmental Friendly Vehicle
Suzuki has huge potential in hybrid vehicles. It started producing hybrid cars
internationally in 2003 and since has grown tremendously in terms of technology and
expertise in marketing these vehicles. The recent milestone is the plug in hybrid
technology that has taken fuel efficiency to a new level. Pak Suzuki needs to capitalize
this potential. (Jerry, G. 2007)
Threats
The Company has to keep a close eye on the following important threats from the
environment.
Competition
American car makers have learned a lot from their Japanese rivals. They gained
extreme success in the early sixties and seventies. When Henry Ford was one heard
saying “People will buy the Ford T in every color as long as it is black.” The eighties and
nineties saw panoramic shifts in the consumer preferences and people started buying
low cost, fuel efficient Japanese brands. The US producers such as General Motors
were forced to shift resources towards producing fuel efficient cars. The US technology
can surely prove to be a potential threat for Suzuki as seen in 2011 when GM ranked
number one in the world in terms of units sold. (Ford, 2013)
Cost Control
The Company needs to consider its cost control policies. The gap between revenues
from sales and cost of sales is narrowing down as cited previously. This not only has the
effect of deteriorating investor confidence but also hampers growth due to dwindling
support from internal financial resources.
Environmental Laws and Safety Awareness
The governments across all developed countries and some developing countries
including Pakistan have promulgated statutory amendments making safety of the
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consumer and environmental protection mandatory for all manufacturers. This increase
cost of production due to additional components being incorporated to the design of the
vehicle but also creates problems for the Companies to pass the Local standards.
3.9
PESTEL Analysis
PESTEL Analysis is one of the most commonly employed appraisal techniques used by
Companies to evaluate the effectiveness of their marketing strategies. It analyses the
political, economic, social, technical, Environmental and legal factors concerning the
entity.
Following
diagram
provides
Pak
Suzuki’s
PESTEL
factors.
(Strategicmanagementinsight, 2013)
Figure 17- PESTEL Analysis
Import Quotas
Economic Crisis
Embargos
Rising Cost of
Production and
Capital
International
Relations
Consumer
Prferences
Hybrid
Technology
Cost effective
production
techniques
Awareness
about
environmental
effects of
Carbon
emmission
Stutory
Involvement
Currently, Pak Suzuki faces a need for accelerated investment, in order to deploy the
new technologies, for pressing geo-political, economic, environmental and societal
reasons.
Political
Observers will see a continuing progression in the ruinous steps which have forced the
industry into a socio-politico-economic corner. Whether this is related to flat demand or
to the company’s creation of an ever-wider range of vehicles that many buyers seem to
care little about, there is a problem. The company is likewise linked closely to the
policies of governments, the earnings of banks. Little wonder then that so many
emerging countries are keen to develop an auto sector or that there is such a political
pressure to protect it in the developed countries. Pak Suzuki Motor Company Ltd. is
currently dominated by little more than a handful of firms, each wielding colossal
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financial, emotional and political power. The company’s approach to dealing with
political institutions has not always been brilliant. It tends to be good on technical
issues, although it has not always fully presented the longer-term options, in order to
make the choices and their implications clear.
Economic
For much of the developed world, and increasingly for the developing world, Suzuki is a
pillar company in auto mobile business, a flag of economic progress. Without Pak
Suzuki in automotive industry, it is impossible to develop an efficient steel business, a
plastic industry or a glass sector – other central foundations of economic progress. The
Company has been a core company, a unique economic phenomenon, which has
dominated the contribution to the national exchequer for over a decade now. However,
the automobile industry including the Pak Suzuki Company now suffers from a series of
structural schisms and has become riddled with contradictions and economic
discontinuities. For the capital markets and the finance sector, it has lost a lot of its
significance, as a result of falling sales of flagship models. The proliferation of products
means that it has become hopelessly wasteful of economic resources. While all these
and more sound like a very gloomy assessment of such a vast economic phenomenon,
the industry is not in the end despondent. A different future is possible for the industry, a
highly desirable one.
Social
As part of the development in automotive industry, the Pak Suzuki Motor Co. Ltd.
actually affects the society as a whole. It employs over eleven hundred people directly,
Labor is also involved indirectly. Its products have transformed society, bringing
undreamed-of levels of mobility, changing the ways people live and work. The social
value of the additional mobility that this industry brings involves the value of the people
being able to commute over longer distances easily, among many others. For most of its
existence the Company has been a model of social discipline and control and it is not
just that the auto sector offers a ‘pillar’ of national growth. There are, on the other hand,
particular social issues to address in many developing countries, often those that are
the result of an undertone of religious faith. The Company has the role to play in helping
develop the mobility of the Country and it can be achieved at an acceptable social cost
of the country is prepared to learn the necessary lessons from those who have traveled
this route before it, and to make the necessary investments.
Technological
The Pak Suzuki Motor Company works on a scale so awe-inspiring and has an
influence so vast that it is often difficult to see. The level and diversity of technologies
that it must deploy are increasing, which imposes both new investment burdens and
new uncertainties and risks. Roughly a million new cars and trucks are built around the
world each week – they are easily the most complex products of their kind to be massResearch and Analysis Report
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produced in such volumes. The industry uses manufacturing technology that is the
cutting edge of science. But still, the potential for developing coordination skills,
intellectual capabilities and emotional sensitivities through electronic technologies
remain far from fully exploited. There are numerous additional near-term technological
opportunities to adapt the company to changing energy availability. The possibilities
suggest that automotive technology is unexpectedly robust and provides a powerful
defense against energy starvation even if the real price of oil climbs steadily during the
next couple of decades.
Legal
Pak Suzuki Motor Company is subject to numerous technical directives and regulations,
as well as legislation of a more legal nature. The legislation covers areas such as
competition law, intellectual property law, consumer protection and taxation, and
emissions (air quality and fuels). When the auto parts industry reached full
development, accelerated technological efforts were made to create a web of local
suppliers that would make it possible to meet the growing legal requirements for the
national integration of production.
Environmental
Other than the vehicles themselves, and the roads and fuel needed to run them; the
business is intricately tied to the manufacture of a wide range of components and the
extraction of precious raw materials. Indirectly, it brings people road congestion, too
many fatalities and a wave of other environmental troubles. The effect to the Pak Suzuki
Motor Company is that they needed to establish R&D centers to take advantage of
research infrastructure and human capital, so that they can develop vehicle products
locally to satisfy the requirements of the environmental and safety regulations more
effectively.
Research and Analysis Report
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4. Conclusions & Recommendations
4.1 Recommendations
In the light of the above analysis it is clear the Company is stably positions as a market
leader and low cost high quality manufacturer of automobiles. The growth of the
Company over the past deserves applaud. It has survived through all the global
financial crisis of the last century and has emerged as an exemplary organization. A lot
of credit goes to the industrious engineers who have developed the automobiles
keeping in view the requirements of the masses. The marketing of Pak Suzuki deserves
equal praise for its astounding success. Amidst immense pressure and competition they
have managed to foster growth and prosperity. We would like to bring to light the
following important factors which the Company needs to consider in order for
strengthening its position as a global leader of automobile manufacturing firms.
Proactive Marketing Strategy
As cited in the previous analysis the Company needs to reconsider its marketing plan
which has exceedingly become responsive to competitor actions. It needs to come up
Research and Analysis Report
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with an aggressive and proactive marketing strategy. Its status as market leader is a
huge support in terms of risk associated with change. It needs to consider redesigning
its marketing plan keeping in view the requirements of the European consumers who
are fond of luxury and convenience.
Focus on Product Market Mix
The Company should consider focusing its marketing resources on promoting its
premium models such as the Suzuki Liana and Suzuki Swift which despite having huge
potential have been unable to make their mark especially in the affluent domestic
consumers.
Expansion in African States
The Company needs to expand more significantly in African markets like most
international players are currently doing. There can be many ways to substantiate this
expansion. One of them could be collaboration with local partners through licensing
agreements. This is one of the most economical means of expansion in that the
financial stake is minimized. The African market currently depends on used Japanese
cars for satisfying the demand. By introducing locally produced low cost models the
Company can make use of the enormous potential of this important segment.
Diversification
Pak Suzuki needs to explore other fronts for growth. Unlike Toyota and Honda who
have a history of manufacturing four wheelers and aeronautical equipment, till present
Suzuki has focused completely on producing automobiles which has ripped great fruit
for the Company. However, at the current position of the product life cycles most
products have matured and the market completely saturated. This calls for
diversification and moving to other product lines.
5.
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