The purpose of this study was to figure out the answers on the successful global branding strategies for small·medium companies. It was tremendously necessary for them to seek for the answers because of the degree and the scope of the competitive env...
The purpose of this study was to figure out the answers on the successful global branding strategies for small·medium companies. It was tremendously necessary for them to seek for the answers because of the degree and the scope of the competitive environment that Korean small· medium companies face in the 21st century, which the border of the global economy collapses and it comes to the age of limitless competition over the world.
It might be a great way to look over the successful business models in terms of global branding as small·medium companies. Lock & Lock, Romanson, and Trekstar ware good models for it because they developed their own global brand even though they were small and they didn’t have enough money and skill for it. But they have made sure for their faith on global branding strategies and kept it until now. The common principles of them could be applied many other small·medium Korean companies
In this study, we have shown that the following 4 strategies could be answers for them. The first, they have to seek for efficient global brand strategies. 1) They must have a global brand name, which could be accepted any cultures and counties. 2) Their brand name has to be related their products and services, which consumers could easily recall their brand at the point of purchase. 3) They ought to unify their brand name and brand name to focus their energy. 4) They have to develop their own brand rather than OEM.
The second, they need to have smart product strategies. 1) An innovated product is the basic element for a successful business. Without it, everything could be useless. 2) They have to balance globalization and localization on the products. In order to meet the needs of other counties’ people, they have to develop localized products for them.
The third, they have to try to open the global market. Global market is open for every company in the world, no matter it is big or small. Domestic market is not that enough for small·medium Korean companies.
The last, they have got specialized marketing strategy in order to make their product unique and different from others. They have to spend their money to communicate with consumers on their good products. The first thing that they to do is to let people know their products. After that, people could buy or not. Marketing tools are numerous. They have to choose the best solution depending on the market situation.
Seeking for the global branding strategies is not just an alternative, moreover an option, but the requirement for survival in the 21 century even to small·medium Korean companies. We suggest that common principles of above three companies’ successful global branding stories could be applied many companies, which would result in another successful global branding story.
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