Strengthening Market Position through Branding “CheongKwanJang” - The Case of Korea Ginseng Corporation
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Korea Ginseng Corporation is a global ginseng company, owning one of the most leading brands in Korea, CheongKwanJang. Although Korea Ginseng Corporation was an undoubted market leader in the red ginseng market, it faced a new challenge in 2012 due to the changes in market environment. In order to keep its market leadership in a saturated and competitive market, the company decided to extend its product lines alongside the launches of new brands. In this article, the authors demonstrate the development process of the company’s brand portfolio strategy to reveal how the company turned CheongKwanJang into a mega-brand. Also, this paper explores the impact of CheongKwanJang’s reputation on new brands, thereby illustrating how the company successfully managed to introduce new products outside of the red ginseng category, ranging from organic food to a pet food market.
Abstract
Korea Ginseng Corporation is a global ginseng company, owning one of the most leading brands in Korea, CheongKwanJang. Although Korea Ginseng Corporation was an undoubted market leader in the red ginseng market, it faced a new challenge in 2012 due to the changes in market environment. In order to keep its market leadership in a saturated and competitive market, the company decided to extend its product lines alongside the launches of new brands. In this article, the authors demonstrate the development process of the company’s brand portfolio strategy to reveal how the company turned CheongKwanJang into a mega-brand. Also, this paper explores the impact of CheongKwanJang’s reputation on new brands, thereby illustrating how the company successfully managed to introduce new products outside of the red ginseng category, ranging from organic food to a pet food market.
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