Hyundaicard Marketing Strategy
INTRODUCTION In 2009, HyundaiCard’s vice-president of marketing Jae-Woo Park met with several other marketing managers to discuss new strategies for the HyundaiCard in Korea. HyundaiCard entered the Korean credit card industry in 1999; they initially started with their “M” card that was targeted to their customers buying an automobile. This card proceeded to be a success and jump started their dive into the credit card industry to a full. Although the card was a success, HyundaiCard suffered from minimal customer count which is a key to becoming one of the leading players within the credit card industry. However, as a result of an innovative marketing plan they were able to establish themselves as on of the market leaders in the Korean credit card market.
PROBLEM STATEMENT HyundaiCard was able to establish itself into the Korean credit card market as one of the leaders by implementing an innovative marketing plan and following some of the other leader’s actions within the industry. However over the past years, the market has become more competitive, partnerships and acquisitions has placed other credit card companies ahead of HyundaiCard and they are faced with the challenges of maintaining its position in the industry. Therefore with new laws regulating credit card issuance, other credit card companies grasping a better hold of the industry and HyundaiCard currently positioned as a market follower, how can they position themselves as a market leader by utilizing newer and fresher marketing strategies?
SITUATIONAL ANALYSIS (SWOT) HyundaiCard established itself as a key market player in the Korean credit card industry. They were able to achieve this due to their innovative marketing plan. However there are other factors that helped established them as a key player in the market. One of those being the name brand recognition of the card, Hyundai is the major automotive producer in Korea and is well recognized as a brand throughout Korea and the
PROBLEM STATEMENT HyundaiCard was able to establish itself into the Korean credit card market as one of the leaders by implementing an innovative marketing plan and following some of the other leader’s actions within the industry. However over the past years, the market has become more competitive, partnerships and acquisitions has placed other credit card companies ahead of HyundaiCard and they are faced with the challenges of maintaining its position in the industry. Therefore with new laws regulating credit card issuance, other credit card companies grasping a better hold of the industry and HyundaiCard currently positioned as a market follower, how can they position themselves as a market leader by utilizing newer and fresher marketing strategies?
SITUATIONAL ANALYSIS (SWOT) HyundaiCard established itself as a key market player in the Korean credit card industry. They were able to achieve this due to their innovative marketing plan. However there are other factors that helped established them as a key player in the market. One of those being the name brand recognition of the card, Hyundai is the major automotive producer in Korea and is well recognized as a brand throughout Korea and the