|
| Subject |
COWON Exports for 2005 Increase Sharply |
Date |
2005.12.26 |
Well-known for its MP3 brand 'iAUDIO',COWON doubled exports in 2005 compared to the previous year by branching out to new overseas markets in Japan, Indonesia and Germany during 2005 in addition to the USA and China. COWON also boosted overseas marketing activities through direct customer support and repair services as well as product sales, marketing and supply chain management in local markets.
Major accomplishments in overseas markets include a 7% market share in Sweden, sharp increases in sales in other major European countries such as the U.K., Germany and Spain, a 15% market share in the Chilean market, and a faster growth rate in Russia over the previous year. As a result, COWON expects total overseas sales of over $50 million this year. Especially, the new 'COWON A2' model introduced this year ranked at the top of the PMP sales chart in Yodobashi, a major electronics shopping center in Japan.
Furthermore, in Russia COWON is showing solid growth over last year with their market share ranking third at 10%. Given 2005's successes in overseas markets, 2006 looks very bright for COWON in the global marketplace.
COWON CEO Park Nam Gyu said,'We attribute our export growth to strengthened local marketing including new overseas branches. Establishing overseas branches is highly costly, has complex legal procedures and requires extensive human resources, but it is the foundation for market penetration bringing our corporate image of reliability and strong customer support, which has been well received by overseas consumers.'
While the business environment is becoming more intense as large manufacturers enter the MP3 market, COWON's market strategy to target growing overseas markets with decisive investments and advanced technology is proving itself to be effective. Now, COWON is drawing blueprints to advance further into overseas markets by branching out with aggressive localized marketing overseas in addition to marketing activities in the domestic market where the company is already well recognized as a market leader. |
 |
|
