Hyundaicard’s Marketing Strategy
Case study 2-HyundaiCard’s Marketing Strategy
Goal
Company’s goal was to strengthen its financial services,retail businesses and Internet fields
S.W.O.T. ANALYSIS
Strengths : ● Strategic alliance with GE Consumer finance (GECF)(gain cumulative expertise and Know-how, upgrade of creditability and financial stability) ● Unique, customized service via alphabet card marketing activities ● 12 finance shops ( all-in-one shop) ● Differentiated marketing based on consumer lifestyle ● High sales volume per cardholder in comparison with the competition ● Enhanced Internet system environments and integrated customer relationship management ● Extensive use of online and offline channels to collect customer information
Weaknesses: ● Latecomer (low customer counts) ● Web traffic website was low ● Low brand awareness ● Weak marketing communication ● Weak card services
Opportunities: ● Cooperation with a well-known financial institution ● Cross-selling services [pic][pic] ● Legislation that supports the use of credit cards ● Alliances with well-known global brands (e.g. Wall-Mart, Tesco) ● Multi-functional credit card combined with conglomerates ● Credit card was the most common mode of paying products and services ● Credit card web sites gained nationwide popularity
Threats: ● Korean credit cards Crisis ● Downsizing of company’s operation ● Tough competition from leading card players ● Constantly changing domestic market ● Non-compatibility with US market
Customer Segmentation 1. General 2. Low 3. Middle 4. High
1) How could Hyundai Card, a market follower, successfully position itself as a market leader? ● the alliance with GECF, through which gained cumulative expertise and know how ● segmentation strategy ● usage of websites (on-line marketing campaigns) ● strengthening of internal
Goal
Company’s goal was to strengthen its financial services,retail businesses and Internet fields
S.W.O.T. ANALYSIS
Strengths : ● Strategic alliance with GE Consumer finance (GECF)(gain cumulative expertise and Know-how, upgrade of creditability and financial stability) ● Unique, customized service via alphabet card marketing activities ● 12 finance shops ( all-in-one shop) ● Differentiated marketing based on consumer lifestyle ● High sales volume per cardholder in comparison with the competition ● Enhanced Internet system environments and integrated customer relationship management ● Extensive use of online and offline channels to collect customer information
Weaknesses: ● Latecomer (low customer counts) ● Web traffic website was low ● Low brand awareness ● Weak marketing communication ● Weak card services
Opportunities: ● Cooperation with a well-known financial institution ● Cross-selling services [pic][pic] ● Legislation that supports the use of credit cards ● Alliances with well-known global brands (e.g. Wall-Mart, Tesco) ● Multi-functional credit card combined with conglomerates ● Credit card was the most common mode of paying products and services ● Credit card web sites gained nationwide popularity
Threats: ● Korean credit cards Crisis ● Downsizing of company’s operation ● Tough competition from leading card players ● Constantly changing domestic market ● Non-compatibility with US market
Customer Segmentation 1. General 2. Low 3. Middle 4. High
1) How could Hyundai Card, a market follower, successfully position itself as a market leader? ● the alliance with GECF, through which gained cumulative expertise and know how ● segmentation strategy ● usage of websites (on-line marketing campaigns) ● strengthening of internal