Research Article
The Marketing Success Factors of Hyundai Card Company: Business Model, Development of Goods and BTL Marketing
Chosun Ilbo Media Research Institute
Published: January 2014 · Vol. 18, No. 3 · pp. 147-170
Full Text
Abstract
Hyundai Card, which entered the market of credit card late in the end of 2001 which had entered its maturity, is approaching No.1 in market share by defeating its existing competitors in approximately 10 years. Its quantum growth is certainly a case of success nearly unprecedented in and out of Korea. So, this study reviewed the major contents and performances of the business model it has established at the beginning of company foundation, continuous development of goods based on the business model and BTL marketing as the marketing success factor of Hyundai Card. Hyundai Card, which had to compete ferociously with its leading competitors at the beginning of company foundation, tried to find out what is its advantage as a follower. Therefore, it selected the business model which could find out the blue-ocean by marketing with a new paradigm. The business model of Hyundai Card is to provide the essential function of a credit card to get profits. According to its business model, its first assignment was to become a card mainly used by blue-chip customers with higher credit ratings. To achieve these goals, Hyundai Card found out uncovered desires of consumers and then continuously developed new goods that provide different benefits customized to the characteristics of targeted customers. Followed by the development and launching new cards, Hyundai Card came to recognize the necessity to manage its brands systematically and adopt BTL marketing as a means to express its brand identity to the utmost. Hyundai Card has provided special experiences to the customers which no others could have imagined through BTL marketing represented as Super-Series, and has built its exclusive image. The success case of Hyundai Card provides any suggestions as to how a follower can survive. The follower must not jump into the battlefield that the leaders have already monopolized, and must not get involved in the rules of game they have formed. Making the rules of game they have not conducted at the battlefield which the leader has not discovered yet is the strategy which the follower should adopt.
