August 18, 2005
Business News: The Making of Korean Brands
From Asia Times:
Aug 18, 2005
By Ng Boon Yian
SINGAPORE - As high-tech Samsung phones, sleek LG flat-panel TVs and reliable Hyundai Sonatas make it onto the wish list of the modern consumer, it is clear that Korean brands have come a long way from the not-so-recent past when these very brands were associated with a low-end image and shoddy quality. Yet within less than a decade, these brands have muscled their way into the big league of global names. In the latest Top 100 Brands ranking compiled by BusinessWeek magazine and brand consultancy Interbrand, Samsung surpassed its Japanese rival Sony to take the 20th spot in the list, leaving the latter in 28th. More impressively, Samsung posted a steep 186% gain in brand value over the past five years.
The top 10 international brands are Coca-Cola, Microsoft, IBM, GE, Intel, Nokia, Disney, McDonald's, Toyota and Marlboro, Toyota being the only Asian brand in this elite club.
Hyundai and LG have also displayed their prowess by breaking into the top-100 list for the first time, landing the 84th and 97th spots, respectively. What lies behind the phenomenal success of the reinvention of Korean brands? It's a story of big ambitions, corporate culture shake-ups, and a laser-sharp focus on design and innovation as well as aggressive marketing and expansion strategies. The rising popularity of Korean pop culture - the so-called "kim chic" - has been another helpful bonus.
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Posted by Becky at August 18, 2005 6:31 PM Posted to International