Issue Analysis

International Expansion
South Korea
Group 12 | March 2024
Friedrich von Dellingshausen (59668)
Rita Ferreira da Silva (59358)
Leevi Lokio (58010)
Leentje Schoneveld (63252)

1
CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

2
EXECUTIVE SUMMARY
OVERRIDING QUESTION: IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH
KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Confirm that the suggested approach is in harmony with the fundamental principles and presumptions.
Deductive Analysis The analysis methodically
External (Opportunities) Internal (Capabilities) investigates and evaluates the
IC’s offerings resonate with the preferences of both tourists IC possesses the capabilities to expand successfully with a
visiting South Korea and the residents. customized and personalized RV product. potential opportunities and
Why?
capabilities regarding Indie
Why? Attractive market, favorable regulations, and moderate Why? Consumer-centric approach, financial stability, and well-
competitors. established international brand image. Campers’ expansion into the South
Korean market.
Inductive Analysis Glean insights to construct hypotheses that will deepen our understanding of market behavior.

Tailored products for domestic customers.
How?
How? Accommodate product offering to customer needs, excel
through unique selling proposition, and adapt the efficient
features and benefits to the local conditions.
Analysis Generate recommendations and hypotheses for sub-issues.
It entails a comprehensive
Importance of local operations management for expansion.
examination of factors that could
affect the execution's success,
How? Performing comprehensive analysis of current local
functions, optimize the local functions that work well and enabling well-founded decisions,
implement technology solutions to refine automation processes.
reducing potential risks, and
crafting efficient resolutions.

Implement partnerships with local companies and determine the most efficient distribution channels.

Competitive pricing strategy and discount programs for existing and new clients.

Offer suitable products for the South Korean market and implement a marketing strategy.

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 3

CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

4
IC IS POISED FOR SIGNIFICANT GROWTH IN SOUTH KOREA, CAPITALIZING ON ITS
TAILORED RV OFFERINGS AND GLOBAL COMMITMENT TO EXPANSION
IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Deductive Reasoning
Why?
External Internal

The South Korean market has favorable conditions IC' offerings resonate with the preferences of IC possesses the capabilities to expand successfully IC' global footprint is
for IC to expand significantly both tourists visiting South Korea and the residents. with a customized and personalized RV product propelled by a commitment to growth

Customers crave Verified & reliable Proficient in

New trends of Consumer-Centric Robust global
Attractive market Favorable regulations individualized, vendor providing a managing internal.
travelling Approach infrastructure
unique experience comprehensive CE1) business
• Growing Tourism • South Korea's • High demand for • Youthful tourist • Multilingual • Global
Industry revised Adventure Travel majority Website operational
• Japanese & Automobile • Surging Interest interested in • Excellent 24/7 experience
Chinese tourists Management Act in Camping and camping Wide Social Network Customer Service • Skilled workforce
driving South RVs • Digital Reach • User-friendly
Korea's economic Connectivity customer journey
growth Experiencing
• Rising Japanese Surge
and Chinese • Rising interest in
Customization
disposable sustainable travel
Capability
income

Moderate
Financial stability
competition

• 2 strong players: • Resource

Hyundai & Kia strength
• Competitive
Pricing Edge
Absent
Note: 1) Customer Experience

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 5

CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

6
BY TAILORING ITS PRODUCT PORTFOLIO AND REFINING LOCAL OPERATIONS
MANAGEMENT, IC CAN ENSURE THE SUCCESS OF ITS FULL-SCALE EXPANSION
IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Inductive Reasoning
How?
Indie Campers offers a product tailored to domestic customers Indie Campers enhances its local operations management for full-scale expansion

Tailor product portfolio to meet Stand out by highlighting Customize product portfolio & its
Enhance efficiency of local support functions Streamline the current process management
customer needs Unique Selling Proposition1) benefits to suit local conditions

Collect customer input to Conduct a thorough

Match the product portfolio Analyze current processes to
Assess competitors’ USP inform adjustments tailored assessment of existing local
to the buyer personas uncover inefficiencies
to the local market support functions

Discover the key factors that Compare processes to industry

Leverage existing knowledge Ensure efficient management
distinguish Indie Campers Customize product portfolio best practices and those of
of RV customers of local logistics & supply chain
from its competitors the competitors

Modify existing product Provide support that is

Establish distinctive market Ensure smooth coordination
portfolio based on customer Provide tailored packages focused on the needs &
positioning via USP by unifying communication
requirements satisfaction of the customer

Collect customer feedback &
draw insights from it to iden-
tify areas for improvement
Ensure that the quality and
services provided align with
the USP
Monitor market trends Deploy technological solutions
Ensure local quality control
iteratively to assess product to improve automation
and inventory management
adaptation effectiveness processes

Consistently evaluate how the Ensure adherence to all local Define standardized operating
USP affects customer regulations and licensing procedures & implement KPI2)
satisfaction requirements tailored to local requirements

Harmonize core functions with Conduct iterative audits to

internal expansion continuously improve
initiatives/projects processes
Note: 1) In the following named as USP
2) Key Performance Indicator;eee

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 7

BY IMPLEMENTING A STRONG LOCAL PRICING STRATEGY AND ROBUST FINANCIAL
PLANNING, IC CAN ENSURE THE SUCCESS OF ITS FULL-SCALE EXPANSION
IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Inductive Reasoning
How?
Indie Campers develops a local pricing strategy Indie Campers ensures strong budgeting and financial planning

Develop an effective pricing strategy for South Korea Secure budgeting and financial planning

Estimate the costs associated

Evaluate competitors' pricing Assess customer and supplier
with establishing in South
strategies bargaining power
Korea

Continuously adapt pricing in Analyze financial projections

Develop a clear pricing
reaction to internal and & cash flow forecasts to
strategy within the market
external shifts assess profitability

Conduct cost-benefit
Assess discount possibilities Analyze the cost structure analyses to evaluate the
potential ROI

Compute the relevant Identify potential risks &

Assessing potential discounts
financial KPIs (e.g., profit uncertainties that may
as incentive
margins) impact financial performance

Monitor key financial metrics

Iterative monitoring &
& performance indicators to
assessing of pricing
track progress

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 8

BY ENGAGING IN PROMOTIONAL ACTIVITIES AND FORMING STRATEGIC PARTNER-
SHIPS WITH LOCAL BUSINESSES, IC CAN ENSURE ITS FULL-SCALE EXPANSION
IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Inductive Reasoning
How?
Indie Campers entices local customers through promotional activities Indie Campers establishes strategic partnerships with local businesses

Specify and define the target Define effective marketing Evaluate the effectiveness of
Identify and establish effective strategic partnerships in South Korea
group strategy for South Korea marketing initiatives

Analyze South Korean cultural Analyze & evaluate Define relevant KPIs to track Identify potential local
nuances for culturally sensitive competitors` marketing the effectiveness of businesses that align with
marketing resonance strategies marketing initiatives ICs’ brand values

Identify & segment the target
audience based on different
KPIs (e.g., demographics)
Choose the most effective Identify shared resources to
Leverage data for informed
marketing channels to reach maximize efficiency &
and ongoing decision-making
the target audience effectiveness (e.g., facilities)

Develop a clear positioning

Identify cross-promotion
strategy that highlights the
opportunities
USP of the products

Develop compelling and Maintain open

culturally relevant content communication channels
(e.g., ads) with partners for feedback

Monitor & evaluate the

effectiveness of partnerships
in achieving mutual goals

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 9

BY STREAMLINING DOMESTIC DISTRIBUTION AND EVALUATING LOGISTICS AND
INFRASTRUCTURE REQUIREMENTS, IC CAN ENSURE ITS FULL-SCALE EXPANSION
IS A FULL-SCALE EXPANSION OF INDIE CAMPERS' OPERATIONS INTO SOUTH KOREA A STRATEGICALLY SOUND DECISION FOR THE COMPANY?
Inductive Reasoning
How?
Indie Campers evaluates the logistics and infrastructure requirements necessary Indie Campers streamlines distribution for domestic customers

Perform thorough research and assessment Plan logistics and operations for RVs Provide products in strategically targeted regions Deliver products via optimal distribution channels

Assess the existing Conduct market research &

Assess the availability of Examine competitors' product
transportation infrastructure identify potential target
facilities (e.g., rental offices) distribution strategies
in South Korea locations

Identify suitable rental locations Determine the preferred sales

Identify potential risks considering proximity to channels for Indie Campers'
attractions, parking availability target groups

Tailor distribution channels to

meet customers' requirements

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 10

CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

11
FORMULATING HYPOTHESIS FOR ACHIEVING OPTIMAL DISTRIBUTION & MARKETING
WHICH WILL BE EVALUATED USING DESIGNATED ANALYTICAL TECHNIQUES
Main Issue Sub Issue Hypothesis Analyzing Method

• Market Research Reports

Should Indie Campers develop a product centered
around customer needs?
Offering an appropriate product
for South Korea
Should Indie Campers tailor the product (design) to
match the desired location?
Yes. IC should design its product centered on customer needs and wants. This can
• Comprehensive Competitor Analysis
be achieved by analyzing previous customer profiles, and creating a new persona
• Customer Surveys
based on customer analysis and market research specific on the new location.
• Customer Interviews
Yes. IC should design its product having into account the specifications of the • Market Research Reports
market they are entering. By analysing the new market, creating a new persona, • Competitor Analysis
IC can understand better the specific customer type they are targeting and adapt • Customer Surveys
its product to it. • Expert Interviews

Yes. IC should maximize its local support mechanisms by evaluating current

Should Indie Campers optimize
local support functions?
Enhance the management of
local operations
Should IC optimize (existing)
process management?
• Market Research
operations and integrating them with broader internal growth initiatives. This
• Internal Benchmarking
strategy will improve client satisfaction and solidify IC's foothold in the South
• Comprehensive Competitor Analysis
Korean market.
Yes. IC should enhance its process management by identifying inefficiencies and • Internal Analysis
integrating advanced technology solutions. These steps will lead to enhanced • Best Practices
effectiveness, cost savings, and improved operational performance overall. • Market research

Kick Off | Indie Campers x NovaSBE | International Expansion | March 2024 12

FORMULATING HYPOTHESIS FOR ACHIEVING OPTIMAL DISTRIBUTION & MARKETING
WHICH WILL BE EVALUATED USING DESIGNATED ANALYTICAL TECHNIQUES
Main Issue Sub Issue
Should Indie Campers define an effective price
strategy for South Korea?
Should Indie Campers define a competitive price
strategy for South Korea?
Define an adequate price Should Indie Campers have discount models
strategy for RV owners?
Should Indie Campers have discounts
for previous/returning renters?
Should Indie Campers have discounts
for new renters?
Kick Off | Indie Campers x NovaSBE | International Expansion | March 2024
Hypothesis Analyzing Method
Yes. Understanding what would be an adequate price regarding each offered • Customer Surveys
product is crucial to create a unique value proposition in the eyes of the • Market Research Reports
consumer. • Dynamic Pricing
Yes. Guaranteeing prices are at the same level as competitors will provide that its • Market Research Reports
unique product will stand out at the eyes of consumers. • Dynamic Pricing
Yes. An initial discount will incentivize current South Korean RV owners to
participate in the business model, unburdening IC's initial investment in vans in • Market Research Reports
the location.
Yes. An initial discount will incentivize current previous travellers to also travel to
• Customer Surveys
the new location, fostering a loyal base of customers. This can be beneficial in
• IC past customer accounts
terms of word of mouth and driving occupancy rates up in the new location in the
• Loyalty Schemes
early stages.
Yes. An initial discount will incentivize new renters to have its first experience
with IC, by lowering the risk. This will amplify brand reach and drive occupancy • Market Research Reports
rates up.
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FORMULATING HYPOTHESIS FOR ACHIEVING OPTIMAL DISTRIBUTION & MARKETING
WHICH WILL BE EVALUATED USING DESIGNATED ANALYTICAL TECHNIQUES
Main Issue
Ensure strong budgeting and
financial planning
Entice local customers through
promotional activities
Identify and establish effective
strategic partnerships in South
Korea
Sub Issue Hypothesis Analyzing Method
Should Indie Campers secure a strong budgeting • Market Research
Yes. Indie Campers should secure a strong budgeting and financial plan to
and financial planning for international expansion • Regulatory Analysis
optimize investments, understand costs, and mitigate risks.
in South Korea? • Economic Analysis.
Yes. IC should specify and define its primary/main target group through market
segmentation, deep audience understanding, and creation of precise buyer
Should Indie Campers specify define its • Market Research
personas. These steps will lead to more impactful marketing campaigns,
primary/main target group? • Customer Surveys
improved customer engagement, and increased attracting and retaining the ideal
customers.
Yes. IC should develop a comprehensive marketing plan that includes analyzing
the promotional tactics of competitors, allocating an appropriate budget for • Comprehensive Competitor Analysis
Should Indie Campers define specific
marketing efforts, and leveraging the power of social media and digital • Best Practices
marketing strategy?
advertising. This strategy is designed to engage with a wider audience, enhance • Benchmarking
brand recognition, and drive expansion.
Yes. IC should consistently monitor the outcomes of marketing efforts by
establishing key performance indicators (KPIs) and utilizing analytical data to
Should Indie Campers regularly evaluate the
inform strategic decisions. This will result in enhanced marketing returns on • Key Performance Indicators Definition
effectiveness of its marketing initiatives?
investment, more engaging customer interactions, and a strengthened marketing
approach overall.
Yes. IC should establish mutually beneficial partnerships that enhance brand
Should Indie Campers identify potential partners in
visibility and facilitate customer acquisition by identifying potential partners in • Market Research Reports
the South Korean tourism industry and establish
the South Korean tourism industry, including travel agencies, hotels, and outdoor • Competitor Analysis
partnerships with them?
activity providers.
Kick Off | Indie Campers x NovaSBE | International Expansion | March 2024 14
FORMULATING HYPOTHESIS FOR ACHIEVING OPTIMAL DISTRIBUTION & MARKETING
WHICH WILL BE EVALUATED USING DESIGNATED ANALYTICAL TECHNIQUES
Main Issue Sub Issue
Should Indie Campers confirm road conditions are
appropriate for RV travelling?
Evaluation of the logistics and
infrastructure requirements
necessary
Should Indie Campers plan logistics
and operations for RVs?
Should Indie Campers identify and concentrate on
strategically positioning its products in selected
regions?
Determination of distribution
channels
Should Indie Campers determine the most
effective local distribution channels?
Kick Off | Indie Campers x NovaSBE | International Expansion | March 2024
Hypothesis Analyzing Method
• Market Research Reports
Yes. IC should evaluate the adequacy of the roads, because it is crucial to the
• Mapping and Geographic Information
project's feasibility and to achieving customer satisfaction.
Systems (GIS)
Yes. IC should plan logistics and operations for RVs for international expansion
• Market Research Reports
into South Korea. Effective planning in these areas is essential for ensuring a
• Mapping and Geographic Information
smooth and successful expansion process while maintaining high standards of
Systems (GIS).
customer service and satisfaction.
Yes. IC should identify and concentrate on specific distribution locations as it's
• Market Research Reports
crucial for focusing resources, tailoring marketing efforts, and optimizing
• Comprehensive Competitor Analysis
customer reach.
Yes. IC should determine the right distribution channels, because it is crucial and • Customer Segmentation
not just to increase reach and coverage, but also to define the adequate brand • Market Research Reports
image and positioning. • Benchmark Analysis
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CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

16
AFTER DELIVERING THE ISSUE ANALYSIS, WE'LL MOVE TO THE THIRD WORKSTREAM,
CONFIRMING THE HYPOTHESES THROUGH EXTERNAL AND INTERNAL ANALYSES
2024
Feb Mar Apr May
Activity 07 08 09 10 11 12 13 14 15 16 17 18 19 20
1
1.1 Project Scope Definition
1.2 Primary Research
1.3 Status Quo Analysis
2
2.1 Hypotheses Definition
2.2 Analysis Plan Development
2.3 Data Acquisition
3
3.1 External Analysis
3.2 Internal Analysis
3.3 Hypotheses Confirmation
4
4.1 Recommendation Definition
4.2 Implementation Definition

Client Meeting Kick Off Issue Client Fact Pack Final Report Final
& Starting Point Document Analysis Meeting Deliverable Submission Client Meeting
14.02.24 04.03.24 11.03.24 10.04.24 15.04.24 06.05.24 08.05.24
Meeting Milestone / Deliverable
Expected Timeline Ongoing Buffer

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 17

CONTENT

01 Executive Summary

02 Deductive Analysis – The Why?

03 Inductive Analysis – The How?

04 Analysis Plan

05 Next Steps

06 Project Team

18
DYNAMIC DIVERSITY AS THE ENGINE OF OUR EXCELLENCE AS A TEAM

Friedrich von Dellingshausen
Partner
B.A. in Governance & Public Policy
M.Sc. in Management
Major in Strategy
Experience in Consulting, Lobbyism
and Legal Sector
Rita Ferreira da Silva
Senior Manager
B.Sc. in Management
M.Sc. in Management
Major in Strategy & International
Businesses
Experience in Human Resources
Management
Leevi Lokio Leentje Schoneveld
Senior Associate Associate
BBA in Finance B.Sc. in Organization & Management
M.Sc. in International Management M.Sc. in Strategic Management
Major in Strategy Major in Strategy
Experience in Financial Services Experience in Project Management

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 19

If you have any questions, concerns
or requests, please feel free to
contact us at any time!

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REFERENCES

• https://www.kedglobal.com/automobiles/newsView/ked202310040009
• https://www.statista.com/statistics/697661/south-korea-rv-mpvs/
• https://www.statista.com/statistics/639405/south-korea-producer-price-index-recreational-vehicles/
• https://www.statista.com/statistics/1134877/south-korea-travel-reasons-for-tourists/
• http://koreabizwire.com/govt-relaxes-regulations-on-rvs/154465

Issue Analysis | Indie Campers x NovaSBE | International Expansion | March 2024 21