한화그룹의 전략적 선택

Abstract

In this research, we studied the growth of Hanhwa Group - founded in 1952 - based on corporate strategic choice. We divided the growth strategy of Hanhwa Group into 6 periods - the period of Establishment (1952~1963), Growth (1964~1980), Second Establishment (1981~1995), Restructuring (1996~1999), Take-Off (2000~2006), and Global Growth (2007~present) - and analyzed each period’s business environment, corporate strategy, and performance. In addition, we also compared the firm performance of before and after the period of Restructuring. Hanhwa Group promoted corporate strategies in each period to sustain her growth. In the period of Establishment (1952~1963), Hanhwa built up the business foundation through acquisitions. In the period of Growth(1964~1980), she established the growth base through internal growth, acquisition and diversification. The growth strategies of the Second Establishment (1981~1995) were related diversification, vertical integration, strategic alliance and business innovation strategy. In the period of Restructuring (1996~1999), she focused on enhancing competitiveness through restructuring businesses, and established the bases for take-off through strengthening her competitive advantages in the period of Take-Off (2000~2006). In Global Growth period (2007~present), Hanhwa sought to expand the major businesses into the global markets in order to promote her global strategy and to pursue the strategy to achieve new growth. The characteristics of Hanhwa Group's growth strategy can be explained by promoting various types of growth strategies suitable for each period, growing through acquisition, and strengthening competitiveness through restructuring and business innovation for the sustainable growth.