Danish Electronics Company Bang & Olufsen Shares Its Marketing Strategy For The South Korean Market
According to The Korea Times report on January 24, the world-renowned Bang & Olufsen (B&O) shared the company's strategy in operating its global business into the South Korean market. Like all other technology inclined businesses, the Danish B&O hopes to spread its innovative products and devices to South Korea without compromising cultural differences.
The report said that the company acknowledged the fact that understanding cultural differences are one of the key factors for a company to successfully operate in a global business. Hence, it adopted a culture-oriented strategy in its expansion to foreign markets such as South Korea.
"We in Europe have a culture of inviting people to our homes, but homes are regarded as more private in Korea," said Company Brand, Design, and Marketing Division Vice President, Marie Kristine Schmidt during the 2016 Consumer Electronics Show (CES) in Las Vegas.
The company has introduced the "home demonstration" method as the primary marketing strategy for South Korean customers. This approach provided customers with an opportunity to experience the products before purchasing them. The company now also offer interior consultation as an extended service. In this way, customers' increasing appetite for private space decoration, along with the installation of luxury products and other entertainment elements, is satisfied by the company.
"Korean people appreciate luxury products with good quality and good sound," Schmidt said.
Bang & Olufsen already has several stores in South Korea, and the company plans to add more considering its evident success in the East Asian market. It seeks to spread its revenue streams by equipping shops with more luxurious interior and entertainment elements. Furthermore, it plans to increase the retail channels of its sub-brand, B&O Play.
"We are seeing our business growing in the Korean market, and plan to roll out more stores in coming years with the localized policy," added Schmidt.
The company has recently unveiled its newest music system called BeoSound 35 in the market. Last month Tue Mantoni, Bang & Olufsen's chief executive officer, visited South Korea to prop up its latest digital speakers called BeoLab 90.