Indian highways account for a vast minority Essays

Indian highways account for a vast minority Essays Indian highways account for a vast minority Essay Indian highways account for a vast minority Essay Table of Contentss 1. Introduction 2. Background and Literature Review I ) From Domestic to Foreign Car Purchases: The Turning Shift two ) Automotive Companies in India: Foreign and Domestic three ) Anatomy of a Developing Economy four ) Consumer Behavior Characteristics: Value vs. Ostentation V ) Brand Image: Domestic vs. Foreign six ) A Assorted Market: Rootss and Consequences seven ) Cases in Point: Foreign Investment Plus Domestic Equity Equals Success 3. Datas Analysis I ) Gross saless Figures two ) Customer Satisfaction 4. Discussion I ) Consumer Purchasing Model 5. Decision 6. Literature Cited 1. Introduction The Indian domestic car market represents a turning industry both through direct gross revenues and component supply. Several factors are acknowledged in literature as engines behind growing within the car sector. These include an addition in metropolis industrial growing, rural agricultural sector growing and constitution of several foreign houses such as Toyota and Hyundai. The growing in car gross revenues can hence be seen as a microcosm of capitalist economy booming in a antecedently state-run economic system. Highlighted under such protections is a fresh pick among consumers between domestic and foreign produced merchandises. Commercial attempts are hence dually fronted towards streamlining production and accommodating theoretical accounts to typical Indian consumer life style and budget – moves aimed to minimise costs and maximise gross, severally. The rise in car gross revenues can besides be analyzed from the position of the effects precipitated. One of the most powerful effects stemming from rise in car gross revenues is that of nursery gas ( GHG ) emanations. India has now a population good entrenched above one billion occupants, triping widespread recognition that it poses a important environmental menace in footings of domestic gas emanations. With a national route substructure web far flung from run intoing car traffic demand, congestion has created a dead cesspit of auto-emitted gases. On the political forepart, developing states such as India and China are non under duty to curtail gas emanations under international pacts such as the Kyoto Protocol [ 1 ] . Such non-requirement among developing states has become a delicate issue frequently at the head of diplomatic argument sing clime alteration. This is mostly due to the impugn felt by developed states such as the US and UK. Such states contribute emanation degrees ord ers of magnitude greater than those of their developing state opposite numbers on a per capita footing. However, it is argued that a deficiency of countenances imposed upon developing states represents a possible grave mistake in judgement given the leaning for aggregative emanations within full dullard, industrialising economic systems. Marketing enterprises represent another consequence precipitated from the rise in car gross revenues. Such runs have taken the head under the control of several car houses viing for portion in a comparative junior market. The instance for portion is so faced from a different angle by foreign houses both due to regulative limitations and the demand to equilibrate pricing with consumer buying power. The coming of inexpensive, fuel efficient vehicles is expected to function as a pillar within the car market given consumer demand. Possibly most of import among challenges faced by domestic and foreign car houses alike is that of accommodating theoretical accounts to Indian consumer life style to confirm trust and dependability among clients. The new-age Indian markets present both chances and challenges. Consumer behaviour represents one of the most important tendencies to supervise among car house direction so as to fulfill market demand and increase market portion. This is non to sabotage inventiveness and invention in production and selling. To the contrary, much is to be said based on foreign establishment success narratives – intra or inter-industry – for making demand out of unrealized vacuities within the consumer market. For illustration, such a scheme has been invoked by Ikea with its move into Russia – a developing state with similar capitalistic roots to those of India. In the automotive sector, Suzuki pioneered a joint venture with so Maruti Ltd – a authorities owned steadfast – to fit theoretical accounts to consumer tendencies and demand holes. Consumer behaviour with regard to car purchases within Indian car market is analyzed in footings of three primary factors: I ) a p arallel displacement in in-between income net incomes and comparative high deserving personal point ownership, two ) fiscal and cultural enablers of car purchases and three ) influence of foreign car house selling runs. Through an analysis of such factors, a theoretical account for Indian consumer car buying tendencies between domestic and foreign trade names is developed and presented. This theoretical account is of possible usage to domestic and foreign car house direction as it is multi-factorial based – an advantage in an inherently liquid consumer market. In peculiar, the theoretical account considers past gross revenues and client satisfaction figures as campaigners for roots and grounds for alteration in consumer inclinations off from ethnocentric trade names. 2. Background and Literature Review A displacement among Indian consumers towards buying foreign made vehicles has occurred with the constitution of several houses such as Toyota, GM, Ford and Hyundai. The double merchandise of a immense consumer base by volume and deregulating among the car market has led to a market place dotted now both by domestic and foreign shapers. As a consequence, consumers now possess a greater component of pick across the car sector. Auto houses are forced to plan and market merchandises in touch with the worlds of Indian consumer life style and fiscal budgets. For the domestic shapers, the state of affairs is simple: fend off foreign rivals both by keeping bing clients with tried merchandises while introducing to run into new-age concerns such as those centered on emanation degrees. For foreign shapers, the chance is slightly more complicated. In add-on to designing and selling consumer-demanded merchandises, medium and long term schemes must integrate macroeconomic factors such as involvem ent rate and currency fluctuations. Such factors are of peculiar importance within a developing economic system because they are frequently misrepresented through early development phases. The ability to attune operations – in peculiar production and supply concatenation direction – to predominating conditions of Indian economic system is hence of cardinal importance. The displacement in Indian consumer buying wonts off from domestic to foreign made vehicles can be attributed to several implicit in grounds. Three prevailing factors are discussed below, each of which envelops several undertones: I ) competitory distinction, two ) image and three ) concern moralss. It is of import here to measure up the intent of including the latter factor of concern moralss. Ethical motives are discussed non as a motive among consumers towards any one merchandise or company, but as a decreasing hurdle to be overcome by marketing sections. It is asserted that concern moralss in countries such as advertisement are frequently ignored by foreign car shapers given favourable supply/demand fortunes. Besides, population volume of the in-between category can falsify any rejection of concern pattern because these consumers make up the largest proportion of foreign car shaper clients. In today’s car sector, companies must endeavor to stand out amidst rivals in any given market. Over the past decennary, increases in rivals within old oligopoly markets – for illustration, the US and, more recent, Indian car sectors – and decelerating of demand growing has led to general overcapacity. Taking these two markets as illustrations, permeation of foreign car shapers such as those Japanese ( i.e. Toyota, Honda ) and Korean ( i.e. Hyundai, Kia ) has forced domestic pillars to reassess concern programs and merchandises marketed to altering consumer demographics and tendencies in this. Tay ( 2006 ) notes that within developed and flush markets, demand has leveled while consumer demand is yet to the full realized in developing markets such as India and China. The consequence of this excess of participants of lessenings in demand growing rates is double pronged. Namely, car shapers have been beset by overcapacity and a attendant premium on deriving consumer concern and trueness. Competitive distinction within crowded market places hence stands a critical challenge in turning market portion ( Tay 2006 ) . Tay ( 2006 ) asserts in a reappraisal of automotive companies and sectors worldwide that competitory distinction is a critical component in company image and fiscal wellness. It is of import to measure up the significance of competitory distinction. Tay ( 2006 ) offers a proficient definition, allowing organisational procedures in the spotlight. In peculiar, it refers to how an car manufacturer innovates and delivers its merchandises and services – compared with the competition – in three parametric quantities: quality, cost/value and seasonableness measures. ( Tay 2006 ) . From an organisational position, competitory distinction is therefore a fluid procedure whereby merchandises and procedures are in-touch with and anticipant of consumer demand. The consequence is a company-consumer relationship that transcends cold supply and demand economic sciences into something of a common apprehension and satisfaction. In this sense, competitory distinction can hence be thought of in a Darwinian model: companies apt to survive’ tough times are those able to accommodate to environing rough environmental conditions. All markets – developed or developing – nowadays challenges that must be faced and overcome by car shapers in order to turn market portion. In observing three beginnings of competitory distinction – quality, value and seasonableness – Tay ( 2006 ) asserts that each beginning will change in importance depending on the market. For illustration, it is asserted that within developed economic systems ( i.e. Europe or North America ) , accent is frequently placed upon quality niceties given copy cat and attendant impregnation of one time vanguard characteristics ( i.e. power guidance, clime control, ABS brake systems etc. ) ( Tay 2006 ) . By contrast, developing markets ( i.e. India ) still virgin to the unmasking of auto theoretical accounts and associated characteristics and tag lines may further value pricing ( Tay 2006 ) . Auto line R A ; D, production and gross revenues and selling channels must therefore attune to properties of the specific economic syste m in which operations are based. India’s car sector presents a regular balance between Tay’s outlined standards by which car houses may be benchmarked by consumers within a given economic system. On the one manus, quality exists as a critical component in car gross revenues because of natural benefits reaped by given consumers. Quality besides represents the suite of benchmarks by which a consumer weighs future purchases. Same shop gross revenues on a year-over-year footing are a critical step of success both in retail and fabrication industries, both of which are incorporated by car houses. On the other, value must be factored by car shapers via production ironss because of the distinction of the in-between category as a mark demographic. Value can besides be seen as holding common good consequences to company and consumer likewise. This statement is leveraged on the rule of cost nest eggs. From a consumer point of view, increased cost nest eggs can take to higher disposable income militias and a high er leaning for farther discretional disbursement ( i.e. a 2nd auto ) . From a company position, cost nest eggs provide a safety cyberspace in the case of overcapacity. One basis rule distilled from the Indian car sector is that the consumer is in the driver’s place. Indeed, the present car market in India remains in developing phases but has however endured exposure to foreign car houses since the mid 1990s [ 2 ] . The coming of synergistic selling runs with increasing consumer entree to new age communicating interfaces such as the cyberspace has endowed an information overplus non antecedently available to such a widespread audience. Tay ( 2006 ) asserts that online characteristics such as dedicated web sites with rental rate reckoners and merchandise scope galleries have in consequence rendered a true unfastened market place. The state of affairs as per the Indian car market is accentuated because of the high comparative consumer buying power para ( Tay 2006, acquire other from initial pages ) . Remember buying power para is determined by trade good pricing, in bend dependent upon all conducive elements associated with a given trade good. Such elements include labour and production capital and are much cheaper sourced within India than abroad. The significance of buying power para is that car shapers can non reimburse surplus costs through monetary value hikings. Alternatively, cost nest eggs must be generated through streamlined supply and production ironss ( Tay 2006 ) . The above discussed cost nest eggs statement provides an disposed segue into a treatment of Tay’s 3rd benchmark value: seasonableness. Tay ( 2006 ) discusses the importance for car houses to pitch production and gross revenues ironss to existent consumer demand. In peculiar, it is noted that processes such as constituent ordination and vehicle line production quota scenes be fluid so as to run into consumer demand as it arises ( i.e. merchandise design to market period of ~12 months ) ( Tay 2006 ) . From a market version point of view, such flexibleness permits companies to translate market tendencies into merchandises thirstily sought by buyers. ( Tay 2006 ) . In consequence, the quicker the response, the better opportunity of eating the demand to consumer satisfaction. Tay ( 2006 ) notes several houses that have achieved such a unstable production procedure ( i.e. Toyota, BMW, and Hyundai ) . Firms that have in the past suffered overcapacity due to falling gross revenues of peculiar theoretical accounts must redesign production and gross revenues ironss through audience with several on-site directors. The critical consequence is to derive a alleged intelligent platform ( Tay 2006 ) that stocks stock list in touch with consumer demand during periods of a given tendency. The image factor must besides be considered as contributive of a widespread consumer displacement towards the purchase of foreign made cars. However, it is first of import to clear up the context in which image is used. Here, image takes on a nonliteral, non actual significance. Image within the head of a consumer is hence based non purely upon vehicle physical visual aspect, but instead the position it commands as portion of a occidentalizing economic system. Aside from the car industry, many sectors in India have experienced foreign constitution. For illustration, fiscal services, telecommunications and consumer electronics are all representative of industries now comprised of domestic and foreign participants. In a holistic sense, the basket of goods and services from which to pull by consumers has been transformed from a local to planetary market. Tay ( 2006 ) reinforces this claim by reasoning global-enabling communicating engineerings have allowed consumers to first acknowledge and finally know apart between merchandises offered by sellers of different states of beginning. The consequence is a market scrimmage that can, over a period of old ages, influence consumer consciousness in merchandise buying. In the yesteryear, the determination was de facto because of the deficiency of free trade and being other protectionist steps such as duties and import responsibilities. Through the 1990s and into the 21stcentury, the determination has been reversed because of steps easing India’s embracing of globalisation. Foreign car houses have applied selling engineerings used in other markets in an attempt to suede consciousness to their merchandise – image selling. In big portion, Indian houses have yet to catch up. Demographics are one lending factor towards image selling. In the context of India, see the immature age market ( ages ~20-35 ) . This market consists of many on the job persons who are viewed as less tied to old traditions and cultural pattern than their parental coevals opposite numbers. Given a general gravity – or, at really least, consideration – towards western consumer merchandises in stead of monetary value favoritism, the consequence is a market geared towards foreign made vehicles. Physical particulars are good documented among foreign made cars. Vehicles such as the Chevrolet Aveo and Toyota Camry athletics characteristics that convey both nicety and practicality to Indian consumers. For illustration, the future Aveo U-VA theoretical account commands a short relation turning radius, designed to ease tight bends on narrow Indian roads ( Chevrolet India 2006 ) . However, branding of such theoretical accounts has been designed to integrate Indian civilization so that foreign merchandises are viewed as balanced between nuts and bolts and local modishness. Foreign car houses in India besides use the image factor as a collateral consequence. Lodging with the mark demographic of consumers aged 20-35, foreign houses recognize the potency for downstream ego advertisement. For illustration, persons who have purchased and become satisfied with a GM or Toyota vehicle are likely to go through on positive word of oral cavity feedback to equals. Given significant communicating volume – a critical mass, per se – a trade name may go the donee of widespread image acknowledgment and credence. The opportunity for such image credence is increased for trade names of foreign houses as compared to domestic opposite numbers because of their freshness. For illustration, see intercrossed engineering. Hybrid vehicles are really much a new and recent phenomenon within the Indian car market. Matching to this new age engineering is a acknowledgment among Indian consumer base of environmental disturbance that is exacerbated through car ingestion. T he potency for image credence among intercrossed theoretical accounts is hence bolstered by three separate phenomena. First, intercrossed vehicles are marketed by new market participants ( i.e. acquire steadfast here ) . Second, intercrossed exterior design is alone and provides the component of contrast – a potentially moneymaking quality in the context of consumer buying inclination. And 3rd, environmental nest eggs conferred through intercrossed as comparative to gasoline vehicle usage are viewed as admirable and may transport extra advantages such as revenue enhancement credits. three ) Ethical motives The issue of ethical concern pattern represents a farther conducive factor to consumer purchase behaviour. The issue of moralss in concern is slightly of an intangible construct. Indeed, moralss are by and big the merchandise of recognized traditions over many coevalss within a given civilization. The effects of political and economic intervention such as jurisprudence devising on moralss can hence be distorted because those who instigate such actions are replaced at frequent intervals. Thus what is taken as ethical under the protections of a Communist vs. democratic government varies based on value airings of either government. However, moralss can act upon consumers based on cultural heritage and personal values. Religious beliefs and moral values can rule consciousness and life style of certain persons in specific states. As such a consciousness is woven over a long comparative length of clip, sensitiveness towards perceived unethical concern activity may happen given a deficiency of regard among concerns. The state of affairs in India is pronounced, as many persons pattern Hinduism or outgrowths of it as portion of a balance between spiritual look and twenty-four hours to twenty-four hours life. Ethical criterions are implicitly recognized by all consumers. In the Indian market place, several patterns can be assessed for their ethical upholding. Biswas ( 1998 ) discusses several such countries, all of which revolve around gross coevals and increasing net income ratios. For illustration, advertisement is highlighted as an oft misleading pattern ( Biswas 1998 ) . Biswas ( 1998 ) concedes that by sound concern pattern and practicality, advertisement is an indispensable conduit towards determining consumer purchase. However, the nature of advertisement among several companies is criticized for its top-heavy accent on ingestion in the face of restraint. The issue of monetary value show – or deficiency thereof – is assessed as non-beneficial to consumers because it limits pick based on disposable income budgets ( Biswas 1998 ) . Besides, the inquiry of whether to include semi-graphic content such as partly clothed adult females in advertizements is raised ( Biswas 19 98 ) . Ramifications to the automotive sector are obvious given the male enticement of certain theoretical accounts. In peculiar, Sport Utility Vehicle ( SUV ) lines offered by American houses such as GM and Ford may affect advertisement that transcends cultural restrictions. In a reappraisal of concern moralss within the Indian market place, Biswas ( 1998 ) identifies certain characteristics engrained in both economic sciences and morality. Mention is made to important cultural transcripts and figures such as theVedic literaturesand Ghandi, severally ( Biswas 1998 ) . Ancient transcripts such as theVedic literaturesdo mention to the intrinsic harmoniousness between economic pattern and moralss. In every sense, continuing moralss is dependent on sound economic pattern. This relationship is said to be because moralss are the exclusive merchandise of single content. Individual content must hence be achieved through support – prosperity – which itself is a merchandise of sound economic pattern. Biswas ( 1998 ) calls on Shakespearean idiom to bolster this point of good moralss as dependant on one’s state of affairs – Virtue is made by circumstance. ( Biswas 1998 ) . Biswas ( 1998 ) surmises the relationship in matter-of-fact manner : True economic sciences in India neer militate against the highest ethical criterion, merely as all true moralss to be deserving its name must at the same clip be besides good economic sciences as it reveals in theVedic literatures. ( Biswas 1998 ) . The deduction taken from this averment is that economic pattern and moralss saving are per se intertwined. One ground for a possible ethical ignorance among Indian consumers involves population size ( Biswas 1998 ) . Biswas ( 1998 ) makes mention to India’s big population insofar as the consequence of disintegration is concerned. The statement here is that while foreign transnational houses may disavow ethical pattern – for illustration, through selling or monetary value puting negative reaction among consumer base may be washed out by indifference among aquiline purchasers. In this sense, foreign ( or domestic ) car sellers may derive impunity to unethical pattern based on positive gross revenues. The critical point to be recognized is that although moralss may hold been imbued by past Indian commercial entities, the clime within that epoch was one of isolation. At present, India has opened its doors to foreign multinationals and therefore the influence of competition. In the context of this thesis sing India’s car sector, the grade to which moralss will impact consumer purchase behaviour is a affair of speculation. Onus is placed upon foreign houses both in footings of acknowledging and honouring Indian traditions in melding merchandises into Indian market place. However, it is asserted that moralss continue to linger in background raid amidst a market place dotted with houses in ferocious competition over procuring clients at all costs. The Indian car market consists of several participants. The present auto shapers runing within the local environment may be separated based on several position as domestic or foreign. Domestic houses include Hindustan motors, TATA, Mahindra, Maruti Udyog Ltd. and Premier Automobiles. Foreign houses include American-headquartered participants such as General Motors ( GM ) and Ford Motor Co. , every bit good as Asiatic opposite numbers such as Toyota Motor Corp. , Honda, Hyundai and Daewoo ( a Korean subordinate of GM ) . Foreign constitution within India’s domestic car industry is mostly a merchandise of authorities liberalisation associated with ownership Torahs ( Rathore and Swarup 2006-B ) . Rathore and Swarup ( 2006-B ) note that get downing in the early 1990s, partial ownership bets could be held by foreign houses in undertakings run by domestic houses. However, as the Indian economic system continued to turn through technological progresss and increasing instruction among young person ( i.e. under age 20 ) demographic, foreign involvement increased within car sector. The consequence has been a progressive liberalisation in policy devising towards allowing foreign competition within the car industry. Trade parametric quantities have underlined this policy displacement. For illustration, strike responsibilities – revenue enhancement paid by consumer on specific merchandises – levied on little vehicle [ 3 ] purchases within India are reported by Rathore and Swarup ( 2006-B ) to be reduced to 16 % from current rate of 24 % . It is helpful to supply comparing of scheme and investing between domestic and foreign car shapers in analysing altering consumer penchants. Constitution, initial production and selling operations and client service all constitute critical countries of development in footings of cementing and turning market portion. Such countries are approached and executed in different manner by domestic and foreign houses mostly based on past success within a given market – frequently that of a place state. Thus scheme invoked by American car shapers such as GM or Ford involves following traditional US theoretical accounts to Indian consumer life style within a turning economic system. Traveling off from a stylistic position, some differences ( i.e. production related ) may be the consequence of statute law prefering certain car theoretical accounts ( i.e. revenue enhancement inducements related to increased intercrossed vehicle production ) . Regardless of the drift – consumer life style, legal-based, environmental etc. – all houses must accomplish a balance between local imposts and civilization and marketed merchandises. Discussed below is a series of car house overviews designed to exemplify differences in marketing scheme ( discussed inSelling Scheme) . In peculiar, two houses are discussed harmonizing to headquarter part: General Motors ( US ) , Toyota ( Japan ) . In the instance of the GM and Toyota, old international enlargement is discussed as per constitution in India and consumer entreaty of several theoretical accounts. General Motors I ) Overview GM stands at present as the planetary leader in automotives by production volume ( Rathore and Swarup 2006-B, see Hoovers link to General Motors ) . The GM narrative is mostly one of a tail of two epochs. Through US industrialisation during the 1960s, 70s, 80s and 90s domestic US car giants – GM and Ford – controlled a bulk of market portion. However, the oncoming of several factors such as high fuel monetary values, skyrocketing wellness and pension costs and automobile-based environmental disturbance have parlayed foreign constitution within the US market into an scoured portion for GM and Ford. The consequence is a sector now parsed between foreign and US cars, with market portion go oning to widen in favour of the foreign participants. Such domestic market portion eroding coupled with the purpose to capitalise a mostly developing consumer market within Asia ( i.e. first clip auto purchasers ) has led GM to put such international markets. Recent one-year fiscal consequences underscore GMs loss in US domestic market portion and attendant move into international markets. Financial informations can be distilled down to a gaping failing that has become manifest with superior competition within the US domestic market: bequest costs under-compensated by gross. For the financial twelvemonth 2005, net gross revenues and gross totaled approximately US $ 192.6 billion ( GM Annual Report 2005, Financial Highlights ) . Such gross stood on the dorsum of a planetary production end product of over 9 billion vehicle units, an addition of ~10 % relation to 2003 planetary production of 8.2 billion units ( GM Annual Report 2005, Financial Highlights ) . However, net net incomes amounted to an overall one-year loss of about US $ 10.6 billion. This net incomes figure translates into a loss of approximately $ 18.50 per portion ( GM Annual Report 2005, Financial Highlights ) . The loss is magnified in badness when compared to the 2004 fisca l twelvemonth consequences, in which net incomes per portion were US $ 4.94 – a net income border of 1.4 % . Put from a stockholders position, net incomes were depleted by over four times over the class of one twelvemonth from the black to red. The hapless GM cost construction and depletion in operating hard currency flow can be attributed to a high comparative budget for employee pension and health-related costs. The consequence is equivalent to retaining a lead ball while trying to travel frontward. From a statistical analysis, GM incurred US $ 5.3 billion in wellness attention duties over financial 2005, or approximately US $ 600 per vehicle sold. In his Letter to Stockholders – published as portion of the 2005 GM Annual Report – CEO Rick Wagoner placed an accent on cut downing such costs through assorted streamlining steps ( GM Annual Report 2005, Letter to Stockholders ) . These include US works closings and associated employee layoffs, renegotiated active and retiree benefit programs and direct and indirect investing in foreign markets. two ) International Presence This figure of planetary production laterality is mostly the merchandise of its many trade names based both in the US and abroad. These trade names include Chevrolet, Buick, Pontiac, GMC, Saturn, Hummer and Cadillac in the US. GM controlled international subordinates include Saab ( Sweden ) , Opel ( Germany ) and Daewoo ( Korean ) . In footings of branding in foreign markets, GM has fabrication operations in 32 states, while GM vehicles are imported by 190 states. For illustration, within Asia and the Middle East GM operates in China, India, Thailand, Bahrain, Kuwait and the United Arab Emirates ( UAE ) ( GM Worldwide 2006 ) . Within Africa, GM operates in Egypt and South Africa. To exemplify the usage of subordinates, GM operates under the protections of Chevrolet, Opel and Saab in South Africa. From 2004, GM South Africa has besides acted as a distributer for Saab vehicles in South Africa ( note that the two companies facilitate joint client service operations ) . Non-US gross revenues have over the past decennary increased to represent approximately half of GMs entire planetary gross revenues. The 2005 GM Annual Report quantifies such gross revenues figures. For illustration, of the 9 million planetary gross revenues units GM tallied over financial 2005, merely over half were from outside of the US ( GM Letter to Stockholders 2005 ) . It is besides noted that greater than 1 million gross revenues were recorded throughout the Asia/Pacific part ( GM Letter to Stockholders 2005 ) . Gross saless volume was reported up 20 % year-over-year within South America, Africa and the Middle East ( GM Annual Report 2005, Letter to Stockholders ) . GM executives attribute such gross revenues growing to strength of internationally recognized and truste