Global Brand Portfolio Strategy of AmorePacific Corporation
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Founded in 1945, AmorePacific as a leading Korean cosmetic company has pioneered in the regional market through continuous growth and innovation. From a business historical perspective, the purpose of this study is to explore how AmorePacific has entered overseas markets using branding strategies in order to compete with other leading global cosmetics brands in the competitive cosmetics industry. Throughout its business history, AmorePacific has constantly focused on brand singularity and invested R&D for new product development and differentiation to establish strong presence in the marketplace. The case of AmorePacific has demonstrated how strategic brand portfolios played an important role in market entries and subsequent expansions. AmorePacific has managed brand portfolios depending on product categories and geodemographic segments with in-depth analyses of local markets and consumers. Further, AmorePacific has differentiated its brands to fit with the sophisticated and fragmented local markets. Industry leaders and followers in Korea may acquire with the knowledge of the importance of branding when entering overseas markets from the case of AmorePacific. Therefore, this paper provides managerial implications to the companies which seek to extend their businesses in foreign countries and ultimately to build into competitive global brands using brand portfolios.
Abstract
Founded in 1945, AmorePacific as a leading Korean cosmetic company has pioneered in the regional market through continuous growth and innovation. From a business historical perspective, the purpose of this study is to explore how AmorePacific has entered overseas markets using branding strategies in order to compete with other leading global cosmetics brands in the competitive cosmetics industry. Throughout its business history, AmorePacific has constantly focused on brand singularity and invested R&D for new product development and differentiation to establish strong presence in the marketplace. The case of AmorePacific has demonstrated how strategic brand portfolios played an important role in market entries and subsequent expansions. AmorePacific has managed brand portfolios depending on product categories and geodemographic segments with in-depth analyses of local markets and consumers. Further, AmorePacific has differentiated its brands to fit with the sophisticated and fragmented local markets. Industry leaders and followers in Korea may acquire with the knowledge of the importance of branding when entering overseas markets from the case of AmorePacific. Therefore, this paper provides managerial implications to the companies which seek to extend their businesses in foreign countries and ultimately to build into competitive global brands using brand portfolios.
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