Visa Case Study
Introduction
The South Korean market is an excellent opportunity for Visa to introduce new products, communicate a new facet of its brand, tap into the lucrative East Asian economies, and partner with many successful multinational Korean firms. Not only is credit card use prevalent in the country but the advanced technological infrastructure and adaptability of the culture to innovation sets the stage for Visa to introduce new products and even improve the brand. In a mature market like South Korea, Visa must set itself apart from competitors through innovative product offerings and partnerships. Where in Brazil and Russia Visa will have to focus more on brand recognition and product trial, instead Visa will have a chance to work on a facet of its brand that it wants to improve: innovativeness. In a country where more than half of private consumption is settled via credit cards; the government encourages its citizens with tax break incentives to use them; and, businesses in a wide range of industries offer promotions for the specific use of credit cards, many are educated about what electronic payments are and interact with Visa products on a daily basis.
Partnerships:
Partnerships will be extremely important to set Visa apart from its competitors as well as engage with users through merchant incentive programs. With cards everywhere, the challenge is choosing the right mix of partners in a wide range of industries to tap into their incentive programs as well as differentiate the Visa brand. The first company we recommend partnering with is the major conglomerate, CJ Group. The company comprises of numerous businesses such as biotechnology, home shopping and logistics, food and food services, and entertainment and media. Within these businesses, the company owns hundreds of different retailers that reach millions of consumers on a daily business. For example, Tous les Jours, a bakery chain, can be found all over Asia and even the United States. In
The South Korean market is an excellent opportunity for Visa to introduce new products, communicate a new facet of its brand, tap into the lucrative East Asian economies, and partner with many successful multinational Korean firms. Not only is credit card use prevalent in the country but the advanced technological infrastructure and adaptability of the culture to innovation sets the stage for Visa to introduce new products and even improve the brand. In a mature market like South Korea, Visa must set itself apart from competitors through innovative product offerings and partnerships. Where in Brazil and Russia Visa will have to focus more on brand recognition and product trial, instead Visa will have a chance to work on a facet of its brand that it wants to improve: innovativeness. In a country where more than half of private consumption is settled via credit cards; the government encourages its citizens with tax break incentives to use them; and, businesses in a wide range of industries offer promotions for the specific use of credit cards, many are educated about what electronic payments are and interact with Visa products on a daily basis.
Partnerships:
Partnerships will be extremely important to set Visa apart from its competitors as well as engage with users through merchant incentive programs. With cards everywhere, the challenge is choosing the right mix of partners in a wide range of industries to tap into their incentive programs as well as differentiate the Visa brand. The first company we recommend partnering with is the major conglomerate, CJ Group. The company comprises of numerous businesses such as biotechnology, home shopping and logistics, food and food services, and entertainment and media. Within these businesses, the company owns hundreds of different retailers that reach millions of consumers on a daily business. For example, Tous les Jours, a bakery chain, can be found all over Asia and even the United States. In
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