Hyundai Cards Marketing Strategy
COMPANY
HyundaiCard was established in 2001. In Aug 2005 HyundaiCard established a strategic alliance with GE Consumer Finance. So, HyundaiCard’s largest shareholders became Hyundai Motor (31,6%) and GE Consumer Finance (43%).
HyundaiCard focused on its customer needs, developed new credit card products, and provided different online marketing campaigns. Its customer segmentation strategy focused on its customer needs: Lifestyle Influences à Activities. That why HyundaiCard formulated “Alphabet Marketing” named M, S, W, U, K and A, based on consumer lifestyle. The customized marketing approaches included “Alphabet Credit Cards” having unique and creative designs. HyundaiCard also diversified its product line and expanded into the premium market via the introduction of “the Black” and “the Purple” cards.
HyundaiCard scoured the world for top artists and designers to help create strong brand identity, incorporating unique, contemporary elements that resonate with today’s consumers. HyundaiCard’s also diverse marketing strategy was integration of online and offline channels. Thus, to carry out an effective marketing strategy and increase profits, HyundaiCard focused on customer value and online interaction through e-CRM. The company also strengthened its internal administration regarding customer service and guaranteed safe online business.
Long-term strategy in order to transform itself from an automobile manufacturer into the world’s leading provider of additional services related to automobile business. The company’sgoal was to strengthen its financial services, retail businesses and Internet fields, etc.
PROBLEM
In the competitive South Korean credit card market, a review of the past decade of HyundaiCard’s marketing strategies and evaluation of anticipated possible difficulties of being a market follower revealed several challenges for senior management. Despite a tremendously successful creative business model based on customer needs, innovative products
HyundaiCard was established in 2001. In Aug 2005 HyundaiCard established a strategic alliance with GE Consumer Finance. So, HyundaiCard’s largest shareholders became Hyundai Motor (31,6%) and GE Consumer Finance (43%).
HyundaiCard focused on its customer needs, developed new credit card products, and provided different online marketing campaigns. Its customer segmentation strategy focused on its customer needs: Lifestyle Influences à Activities. That why HyundaiCard formulated “Alphabet Marketing” named M, S, W, U, K and A, based on consumer lifestyle. The customized marketing approaches included “Alphabet Credit Cards” having unique and creative designs. HyundaiCard also diversified its product line and expanded into the premium market via the introduction of “the Black” and “the Purple” cards.
HyundaiCard scoured the world for top artists and designers to help create strong brand identity, incorporating unique, contemporary elements that resonate with today’s consumers. HyundaiCard’s also diverse marketing strategy was integration of online and offline channels. Thus, to carry out an effective marketing strategy and increase profits, HyundaiCard focused on customer value and online interaction through e-CRM. The company also strengthened its internal administration regarding customer service and guaranteed safe online business.
Long-term strategy in order to transform itself from an automobile manufacturer into the world’s leading provider of additional services related to automobile business. The company’sgoal was to strengthen its financial services, retail businesses and Internet fields, etc.
PROBLEM
In the competitive South Korean credit card market, a review of the past decade of HyundaiCard’s marketing strategies and evaluation of anticipated possible difficulties of being a market follower revealed several challenges for senior management. Despite a tremendously successful creative business model based on customer needs, innovative products