The road of brand creation in Korea

2022-06-23
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Korean brand creation path

for China and India, Korean brands have set an excellent example for them, because their success path is easier to follow than that of Western brands. The problems faced by many Chinese and Indian brands can be reflected in the early experiences of Korean brands.

dae Ryun Chang (Professor of marketing and Dean of the school of business, Yonsei University)

the so-called BRIC countries, such as China and India, as promising economic entities, are trying to gain acceptance all over the world; The development of global brands is a key business engine to achieve sustainable growth. These two countries can be proud of their outstanding economic success, but there is an obvious shortcoming, that is, the lack of recognized Chinese and Indian brands, especially in the international market

for example, Interbrand (the world's largest brand management consulting company) and BusinessWeek's 2006 top 100 global brands did not mention any brands from the above two countries. Of course, this list is occupied by "habitual suspects" such as Coca Cola, Microsoft, LV (Louis Vuitton) and Toyota. However, recently, Korean brands from East Asian countries began to join this elite club. Samsung, LG and Hyundai Group have completely established the status of "big boy", and this echelon is rising steadily

for China and India, the Korean brand has set an excellent example for them, because their success is easier to follow than that of Western brands. In addition to the R & D and innovation of graphene itself, many Chinese and Indian brands are facing problems that can be reflected in the early experience of those Korean brands. Given that many European, American and Japanese companies have decades of brand management history, brand management is a relatively new thing for Korean companies. Therefore, the "footsteps" of Korean brands on the road to success can be easily tracked and emulated. So, what are the core courses

in terms of the understanding of brand management, companies will eventually usher in an evolution. First, it is common for companies in developing countries to view brands only as product names. This view is not entirely wrong, because the "brand name" itself is important, of course, but it is far from just a "name"

in South Korea, until recently 20 years ago, there was a family industry specializing in naming business near the tongindong area in Seoul. Those early naming experts named the company's products based on the principles of Feng Shui on October 20, just as they were naming children. Companies will also register hundreds of "good" names in advance, and think that using names such as "money rolling" will give them a competitive advantage. These habits are no longer in vogue

second, companies began to grasp the essence of brand and corporate identity (CI). This should begin with the company's attention to physical image and brand connotation. They began to hire CI consulting company to adjust their own brand design and brand concept

as far as Korean brands are concerned, the key step is the globalization of corporate identity. For example, in the early 1990s, Korea exploits was renamed Hanwha group (one of the world's top 500 companies), which is an abbreviation of the original name. It also replaced the company's graphic logo, which looked like a smoke window image before, with a softer and brighter logo. This strategy reflects Hanhua's diversification from a single heavy industry to a retail and leisure management industry. Last year, in order to enter the global financial industry, Hanhua hired Karim Rashid, a world-class Egyptian British designer, to update the corporate identity again

similar changes in brand philosophy are under way in China and India. When Legend Computer acquired IBM's ThinkPad business, it had transformed itself into Lenovo Group. Lenovo's strategy drew on the development track of Goldstar in Korea in the 1990s, and it was later renamed LG (the abbreviation of its Korean name lucky Goldstar). When its name was changed, LG also happened to win the famous Korean brand zenith This double adjustment received multiple results: the new name was proved to be successful, and the new and more friendly graphic signs were immediately remembered by people and known all over the world; But zenith never regained her former glory. Lenovo and LG are in different industries, but the growth experience of the latter is more independent. To be more precise, there is no shortcut to the success of the brand. Lenovo must ensure that it is accepted by its main market, and not only rely on products with the same name that have been recognized

finally, brand trust is a core corporate asset. The concept of brand value means that the brand should be equal to the monetary value of the company. For example, a brand can be considered as important as any other item on a company's balance sheet. A good brand valuation model can become the core driver of brand value. Asian companies that focus on brand value should accept appropriate brand consulting advice to see if it is conducive to brand building and maintenance. (end)

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