Indie Campers -

Expansion into South Korea

Issue Analysis

11.03.2024

Sven Thiergard (58102)

Lukas Drömann (59974)
Beatriz Gens (59302)
Arianna Castellini (59905)
Lucas Sousa (38952)

3/11/2024
Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 2

 Executive Summary
Executive Summary
The following issue
analysis assesses
Overriding question
opportunities and
capabilities for IC to
expand into the Korean
market.
The comprehensive
analysis of all relevant
information, data, and
facts serves as a sound
and objective basis for
decision-making and
enables potential
opportunities and risks to
be identified and the
expansion strategy to be
adapted and optimized
accordingly.
Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team,
SHOULD INDIE CAMPERS (IC) EXPAND TO THE SOUTH KOREAN MARKET? Yes!
Analysis
WHY? HOW?
✓ IC should take advantage of the
booming digital environment to
Deductive Analysis Inductive Analysis
increase brand awareness and
strengthen brand engagement
External (Opportunities) Maximize the digital experience and the already on-site
The South Korean market features favorable conditions resources ✓ The expansion into Asia should
for IC´s market entry as a first mover with high growth
focus on South Korea,
rates and promising potential. HOW? HOW?
maintaining the core functions
Leverage local media Establish close contact with local
WHY? WHY? for engagement and suppliers and touristic agents to (such as dynamic pricing
Rising demand for RV’s Partner and dealership marketing incorporate previous lessons strategies) while adapting to
opportunities learned the preferences of local
customers
Internal (Capabilities) Promote flexibility in its modus operandi and approach to
IC holds an international strategy and the experience a new market ✓ Market entry in South Korea
needed to perform a steady and promising expansion should be based on a
strategy in South Korea HOW? HOW? partnership strategy to align
Use technology for Integrate customers’ IC´s offering with local demand.
WHY? dynamic pricing and preferences and proceed with
Operational excellence and strategic advantages, with segmentation of local responsiveness to trends
the willingness and expertise to grow and expand. customers.
Indie Campers | Group 5 3
Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 4

 Executive Summary Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team

Deductive Analysis
The external and internal analysis reveals promising opportunities ´for IC to successfully enter the South Korean market and further grow internationally

Should Indie Campers expand into the South Korean market? Yes!
Deductive Reasoning
Why?

External (Opportunities) Internal (Capabilities)

The external environment shows significant growth and rising demand for IC to succeed in the new market IC’s internal resources and capabilities present a strategic edge and a solid groundwork for its expansion

The South Korean market IC´s offering aligns with local Operational excellence and Dynamic environment driven by
presents favorable conditions customer preferences strategic advantages strong desire for internal growth

Rising demand for RVs: The total of registered campsites has
reached a record high of more than 3,600 while the Asia-Pacific RV
market is projected to grow at a CAGR of 12% through 2027
Competitive landscape: Young market with low international
competition provides first mover advantage for IC
Attractive geographic locations: South Korea offers various
campsites in the mountains and on the coasts
Economic Stability: South Korea is one the most stable countries in
Asia with a high GDP and low record inflation of just 2.8%
Digitalization trends:
Consumer behavior is shifting
towards digital services,
especially in Asia
Strong leadership and vision: IC is led by an innovative
team with a growth-focused vision and entrepreneurial spirit.
Digital marketing experience & customer journey: IC excels in digital marketing
and customer shopping experience, a strength that can be leveraged for establishing the
Korean RV sales and rental platform (Australian entry example)
Loyal international customer base: IC has a strong customer base
and stellar reputation across the tourism business
Employee competencies: IC's recent substantial growth, fueled by its competent
and motivated staff, provides a strong foundation for further expansions.

Partner- and dealership opportunities: South Korea offers
various local dealers and RV manufacturer‘s
Diverse Age groups: Multiple generations are interested in RVs,
including Millennials (35%), Generation X (38%), and Baby Boomers
(11%)
Operational Infrastructure: The recent experiences of launching RV rental
infrastructure in Oceania can be leveraged The continuous improvement of RV
rental infrastructure, comprising storage and maintenance facilities, can be used
Leverage of synergies: IC should capitalize on synergies by utilizing data from the RV
rental launch, analyzing customer feedback, and and preferences regarding RV sales.
Deep Dive on slide 10

Sources: Economy (central banking), Statista (2023), Indie Campers | Group 5 5

Graphical Research
Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 6

 Executive Summary Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team

Inductive Analysis
To successfully launch RVs in the South Korean market Indie Campers needs to define a clear strategy and implementation plan, based on three pillars

Should Indie Campers expand into the South Korean market? Yes!

HOW?

Digital Experience and Partnerships Partnerships International Strategy Product and Pricing

Customer and Digital Experience
Enhance the user online experience on the
website and mobile app for the South Korean
market
Collaborate with tourism agencies and local
Tailor online advertising campaigns specifically
for South Korea
Actively engage with customer reviews on South
Korean online platforms
Establishing Partnerships for Successful
Implementation
Establish local RV supplier contracts
camping grounds
Approach to a new geographical market
(Asia)
Launch market expansion into Asia in South
Korea
Implementation of the international
strategy
Adopt to local conditions when entering the
South Korean Market
Implementation of a competitive pricing
strategy
Implement dynamic pricing algorithms
Develop targeted pricing for different traveler
segments
Introduce discounts and loyalty rewards
Product Customization for the South Korean
Market

Adapt vehicle offerings to align with South

Integrate the new South Korean business
Korean market preferences
globally

Areas of action Main-issue Sub-issue

Introduce varied customer preferences

Indie Campers | Group 5 7

Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 8

 Executive Summary Deductive Analysis
Analysis Plan 1/4
After conducting an in-depth analysis of the main issues, our journey continues with formulating hypotheses
MAIN ISSUE SUB ISSUES
Should IC adapt the user
online experience on their
website and mobile app
for the South Korean
market?
Customer and Should IC tailor online
Digital Experience advertising campaigns
specifically for South
Korea?
Should IC actively engage
with customer reviews on
South Korean online
platforms?
Should IC establish local
Establishing RV supplier contracts?
Partnerships for
Successful
Implementation
Should IC collaborate with
Tourism Agencies and Loc
al Camping grounds?
Inductive Analysis Analysis Plan Next Steps Project Team
HYPOTHESIS ANALYZING TOOLS
YES. With over 65% of RV users aged 30 to 45, introducing ICs website and app for the South Korean market • User feedback
aims to ensure a seamless online journey, potentially increasing conversions and user satisfaction. By surveys
leveraging online tools, Indie Campers should enhance user interfaces, implement user-friendly features, and
streamline navigation to create a digital space that resonates with the South Korean audience, making their
exploration of Indie Campers' offerings efficient, and enjoyable with a positive customer experience.
YES. Tailoring online ad campaigns for the South Korean audience means adapting content to local • Market Research
preferences. Incorporating Korean language options, localized content, and streamlined navigation can create • Social media
a culturally sensitive digital experience that will help IC engage clients and foster customer loyalty while insights
enhancing the effectiveness of marketing campaigns. • Customer
segmentation
YES. Actively engaging with customer reviews on South Korean online platforms, responding promptly, and
addressing feedback is likely to enhance customer satisfaction and build brand trust. Additionally, it provides • Customer
valuable insights into the South Korean market's specific needs and concerns, enabling continuous satisfaction
improvement.
YES. By establishing contracts with local RV manufacturers, IC will benefit from Korean car expertise as well • Market Research
as cheaper and more efficient logistics. Likewise, the recent regulatory change that allows the rental of RVs • Competitor
to 3.5 tones will lead to an increase in demand and competition. Furthermore, it can avoid the 10% import Analysis
taxes associated with the importation of vehicles, resulting in significant up-front cost savings. Additionally,
relying on local manufacturers entails easier access and shorter wait times for replacement parts.
YES. By collaborating with local Tourism Agencies, IC will be able to integrate deeper knowledge of the Asian • Market Research
consumer and its preferences into its decisions. Likewise, by establishing partnerships with Camping • Best Practices
Agencies, IC will have better access to its targeted customer audience, as well as be able to directly promote • Competitor
specific package deals. Analysis
Indie Campers | Group 5 9
 Executive Summary Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team

Analysis Plan 2/4 (In-Depth Digital Experience)

South Korea's hyper-connected society entails the need for a strong digital presence, relying on campaigns that the high smartphone penetration and internet usage

Insights on Digital Consumers in South Korea Prospective Digital Marketing Campaigns for Indie Campers

Internet Usage in Korea Naver Blog

✓ At the start of 2023, there were 50.56 million internet users in South Korea, corresponding
to an internet penetration rate of 97.6.
✓ In early 2023, a total of 64.19 million cellular mobile connections were active in SK,
equivalent to 123.9 % of the total population.

With Naver being the leading search engine in South Korea, Indie Campers should
Naver’s Competitive Advantages Leading search engines in South
leverage this platform to directly advertise its RV rental business through Naver’s
Korea in 2022, by share of users keyword research as well as promote its services to a broader customer base through
✓ Naver prioritizes Korean-language additional blog features, such as Road Trip Itineraries.
content and caters to local search 10%
preferences, thus resonating with Korean
users. YouTube Metro Billboards
29%
✓ Comprehensive web browser with 61%
information search and integrated
shopping, business, blogs, and
navigation services. Naver Google Others

Key Takeaways
✓ 97% of South Koreans are internet users. With the average Korean spending 39h Korea is the country with the highest rate
✓ Over 100% of cellular mobile connections. per month on YouTube, Indie Campers of public transportation usage, with
✓ Naver is the prevalent search engine, with the possibility of integrating business and blog should make use of video ads showcasing Gangnam Station reaching 70,000
functions. national road trip landscapes. travelers daily, making a broad ad target.
Source: Statista (2022)

Indie Campers | Group 5 10

 Executive Summary Deductive Analysis
Analysis Plan 3/4
Indie Campers should tackle the South Korean market by aligning global expertise and efficiency with local responsiveness
MAIN ISSUE SUB ISSUES
Should IC expand
to several Asian
countries at the same
time by replicating its
expansion strategy?
Approach to a new
geographical
market (Asia)
Should IC start
its expansion into Asia e
xclusively in
South Korea?
Should IC adapt to local
conditions when enteri
ng the South Korean ma
Implementation of rket?
the international
strategy
Should IC integrate the
new South
Korean business
globally?
Inductive Analysis Analysis Plan Next Steps Project Team
HYPOTHESIS ANALYZING TOOLS
NO. Considering operating in different countries in Asia would entail the risk of not being able to • Market Research
position oneself properly in the diverse Asian markets and increase the risk of failure. In addition, more • PESTEL Analysis
financial resources would have to be allocated for investments and the different political and legal ( • Hofstede model
regulatory) specifics of the individual countries would have to be taken into account. Immersing in just one • Between countries
market with a different culture (such as South Korea) will give the opportunity to take advantage of the " research
takeaways" from vital experiences.
YES. South Korea is very attractive for entering the Asian markets due to its political stability, strong economy, • Market Research
and outstanding technological expertise, and provides decisive data on quantitative aspects (usage • Customer
rate, retention rate, or customer acquisition costs) and qualitative indicators (customer satisfaction, Satisfaction Survey
commitment, and recommendations). • Analysis Consumer
Behavior
• Market Research
YES. It is key to adapt to trends and customer preferences with a strategy similar to that of • Customer
transnational companies: aligning global efficiency with local responsiveness. When entering an unfamiliar Satisfaction Survey
market such as Asia, where the risk of cultural discrepancy and different perceptions from the Western world • Analysis of
is more pronounced, it is essential to consider how to integrate country and consumer specifics into Consumer
operations, particularly in terms of internal resources to leverage. Behavior
• Local agents on-
site
YES. To maximize the benefits of its current operations, IC should maintain its knowledge center and already- • Market Research
in-place processes (e.g. dynamic pricing algorithms) without establishing independent business units for • Current financial
each country it enters. Knowledge gained in other locations will thus be easier to transfer to operations in situation
South Korea.
Indie Campers | Group 5 11
 Executive Summary Deductive Analysis
Analysis Plan 4/4
Indie Campers should implement a competitive pricing strategy and tailor their product portfolio to the South Korean market
MAIN ISSUE SUB ISSUES
Should Indie Campers
implement dynamic
pricing algorithms?
Implementation Should Indie Campers
of a competitive develop targeted pricing
pricing strategy for different traveler
segments?
Should Indie Campers
introduce discounts and
loyalty rewards?
Should Indie Campers
adapt its vehicle offerings
Product to align with South Korean
customization for market preferences?
the South Korean
Should Indie Campers
Market diversify its RV fleet to
meet various traveler
segments' distinct needs?
Inductive Analysis Analysis Plan Next Steps Project Team
HYPOTHESIS ANALYZING TOOLS
• Market Research
YES. Utilizing dynamic pricing algorithms will enable to adapt prices to real-time market demands and
• Competitor analysis
customer booking patterns, increasing revenue during peak seasons. This flexible pricing mechanism also
• Best Practices
allows for adjusting rates in quieter periods to attract price-sensitive travelers, enhancing occupancy rates
Benchmarking
and maintaining a steady stream of bookings throughout the year.
• Internal analysis
• Market Research
YES. Developing a pricing strategy that caters to the varied preferences and budgets of different traveler
• Competitor analysis
segments—such as solo explorers, couples seeking luxury experiences, or families needing spacious and
• Pricing Analysis
functional accommodations—will allow Indie Campers to meet diverse customer needs more effectively.
YES. Implementing a strategic discount and loyalty reward system will strengthen customer relationships, • Market Research
foster long-term loyalty, and increase rental frequency. By structuring discounts and rewards, Indie Campers • Competitor analysis
can appeal to new and returning customers and incentivize repeat business, critical for growth in the South • Pricing Analysis
Korean market.
• Market Research
YES. By offering vehicle models and features tailored to the South Korean market, such as advanced
• Competitor analysis
technological amenities, eco-friendly components, and compact size, IC will better meet domestic demands
• Best Practices
and preferences. This customization, with consideration of Chinese tourist preferences, will enhance market
Benchmarking
penetration and increase user satisfaction.
YES. Indie Campers should enhance its product range with more models per category, thus offering tailored • Market Research
options that satisfy the unique preferences and requirements of different traveler demographics, ensuring • Competitor analysis
that each customer finds a vehicle that meets their specific travel needs and enhances their road trip • Best Practices
experience. Benchmarking
Indie Campers | Group 5 12
Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 13

 Executive Summary Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team

Next Steps
After conducting an in-depth analysis of the main issues and main pain points, our journey continues with a formulated strategy and implementation plan

Our Journey to Excellence

Status Quo
1. Collection of Data and issue analysis of main root causes
✓ Kick-Off Document
2. Strategy Formulation and tailored implementation plan
3. Risk assessment and KPI monitoring

✓ Issue Analysis Hypothesis: South Korea is an attractive market and the current conditions are favorable for a strategic expansion

Challenges

Regulations Awareness Offering

Fact Pack

Key Focus on…

Digital customer experience

Local partnerships & platform management

Final Presentation

Pricing & product strategy

Indie Campers | Group 5 14

Agenda

01 Executive Summary

02 Deductive Analysis

03 Inductive Analysis

04 Analysis Plan

05 Next Steps

06 Project Team

3/11/2024 Indie Campers | Group 5 15

 Executive Summary Deductive Analysis Inductive Analysis Analysis Plan Next Steps Project Team

Project Team
Introducing our cross-functional team to deliver the best possible results to our client

Sven Lukas Beatriz Arianna Lucas Sousa

Thiergard Drömann Gens Castellini

Engagement
Partner Manager Associate Industry Expert Associate

• B.A. in Accounting & Data
Analytics at Stetson
University, Florida
• MSC in Management at
Nova SBE (Fellowship
recipient)
• B.A. in German Sport
University Cologne, Cologne
• MSC in Management at
Nova SBE
• LLB in Law at Nova Law
School, Lisbon
• MSC in Management
at Nova SBE
• BSc in Economics and
Management at Università
Bocconi, Milan
• MSc in Management at
Nova SBE
• BSc in Economics at Nova
SBE
• MSc in Management at
Nova SBE, with a Stream in
Strategy

• Industry Experience: FMCG,
Energy Sector, and Financial
Services
• Functional Experience:
Strategy, E-commerce and
strategic foresight
• Industry Experience: Sports
Sector, Market Research
• Functional Experience:
Brand Consulting, Project
Administration
• Industry Experience:
Financial Services
• Functional Experience: Tax,
Strategy.
• Industry Experience:
Financial Services
• Functional Experience:
Strategy, Product
Management
• Industry Experience: Tax
Consulting, Public policy
• Functional Experience: Tax,
Project Management.

Indie Campers | Group 5 16

 “Roam Freely, Explore Boldly:
Indie Campers Unleash Your South Korean Adventure”

3/11/2024 Indie Campers | Group 5 17

Q&A
THANK YOU FOR YOUR
ATTENTION!

3/11/2024 Indie Campers | Group 5 18