Journal of Korean Society for Quality Management (품질경영학회지)

Korean Society for Quality Management (한국품질경영학회)
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The Value Innovation Strategy of the Korean Manufacturing Companies

한국기업의 가치혁신 전략 : 제조업을 중심으로

  • Chung, Kyu-Suk (Department of Business Administration Kangwon National University)
  • Received : 2009.10.28
  • Accepted : 2010.01.08
  • Published : 2010.03.31
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Abstract

The competitive strategies of the Korean manufacturing companies have changed from the "cost leadership" strategy in the early developing stage since 1960's to the "stuck in the middle" position since 1990's in the face of emerging new cost leaders as the Chinese companies. The data on the strategic contents of the Korean manufacturing companies show that their strategies are seeking the value innovation through not only quality improvement but also cost reduction altogether rather than selecting one on the trade-off relation between the both competitive dimensions. Their strategic actions seem to be seeking the operational efficiencies through all the value chain activities rather than the strategic effectiveness by selecting and focusing on the specific competitive dimension, which is considered as a typical strategic approach. Their strategy seems to be non-strategic in the general sense. But their non-strategically looking behaviors can be reasonable enough for their sandwiched competitive position between the global quality leaders and following cost leaders. This paper explains why their strategies can be right through the theoretical explanations by using the quality-price elasticity approaches for the consumer behaviors. We can call their strategic activities as the value innovation strategy.

Keywords

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