Abstract for: Dynamic Strategies for Apartment Brand Management in Korean Housing Market
Apartment brand, which is widely used in manufacturing sectors for many years, has been used as a new strategy of construction companies in Korean housing market since 1990s to survive in fierce competitions and fulfill customer's changing needs. Due to distinctive attributes of construction market and its product, various factors are needed to be considered in order to implement the strategy from other industries. A number of construction companies have succeeded in brand awareness and image building, however, they still struggle to establish brand loyalty and manage brand equity elements in balance. The purpose of this study is to introduce and analyze the brand equity building process of apartment products in Korean housing market and determine causal relationships among variables to propose strategies for long-term prosperity of the construction companies. System dynamics modeling method is applied to describe how variables affect and are linked to each other in terms of building equity and enhancing company profits from customers' brand awareness to brand loyalty. Based on the analysis model, strategies for construction companies were proposed and this may support the company to gain competitiveness among its competitors in the fast-changing market.