Growth Strategy of PASECO as a Global Electronic Company: Focusing on the Middle East Market

Kim,, B. G. , & Lee, C. S. (2019). Growth Strategy of PASECO as a Global Electronic Company: Focusing on the Middle East Market. East Asian Journal of Business Economics, 7(4), 27-40, https://doi.org/10.20498/eajbe.2019.7.4.27

copy

Abstract

Purpose – This study aims to analyze PASECO's environment and strategies during its advance into the Middle East to find out the success factors of the kerosene heater market and provide strategic implications for small and medium enterprises' growth based on these factors. Research design and methodology – This study analyzes the success factors of companies operating in the Middle East. As a case analysis study, the method of research analyzes case enterprises through existing literature, newspaper articles, and corporate interview materials. Results – PASECO’s success was shown by its high technological power in kerosene heater products, understanding customers' needs, understanding the Middle East market and localization strategy. Conclusions – PASECO has been constantly developing R&D capability to secure competitive products and has released localized products to enhance the satisfaction of its customers in the Middle East and has also been successful by constantly creating new opportunities. The firm’s success strategies provide implications for small and medium-sized businesses for greater growth.

keywords: Core competence, Middle East market, Kerosene heater, Localization

Reference

Ahn, J, K. (2013). PASECO, Selling oil heater in the desert. HanKyung. 28 November, Section 2-3. Seoul, Korea.

Cho, H. J., Choi, I. H., & Kim, H. G. (2016). Emergence of PASECO as a global appliance company form a kerosence heater wick. Business Education Review, 31(6), 173-201.

Herald Economy News (2019). PASECO's heater export to U.S. and the Middle East. Herald Economy, 12 June, Section 4-5. Seoul, Korea.

Jin, B. H., Jung, J. E., Jung, S. W., & Yang, H. S. (2015). Brand swallows the world: DNA of the success of small and medium-sized Korean small and medium-sized businesses. Seoul, Korea: Edam-Books.

Jung, B. H. (2010). A Case Study on Developing a Global Market by Developing New Products: Kerosene wick heater. Proceedings of 2010 Integrated Conference of KASBA (pp.12-32). Seoul, Korea: KASBA.

Kang, M. S. (2014). 2014 Success Story. IBK Economic Research Institute, 1(4), 170-197.

KBS (2005). Sell the oil heater in the land of the heathen! Korea's No. 1 exporter of oil heaters to the global market – PASECO. KBS Special Myth Creation Program

Kim, J. H. (2018). PASECO’s Business Strategy. ZITA, 3 May, Section 7-8. Seoul, Korea.

Kim, Y. J. (2010). Iraq, high demand for kerosene heater. KOTRA.

10.

Korea Investor Relations Service (2018). Technical analysis report for PASECO. Korea corporate data, Retrieved October 25 from http://w3.kirs.or.kr/download/tech/315_%ED%8C%8C%EC%84%B8%EC%BD%94_%EA%B 8%B0%EC%88%A0%EB%B6%84%EC%84%9D%EB%B3%B4%EA%B3%A0%EC%84%9C.pdf

11.

Lee, B. M. (2017). "Perfect" "Ace" is in front of the English word, plus a smart home appliance company, PASECO. Financial News, 29 October, Section 2-3. Seoul, Korea.

12.

Lee, S. H. (2015). PASECO, 45% market share of U.S. Kerosene heater, ‘unrivaled’. Maeil Business News, 11November, Section 2-3. Seoul, Korea.

13.

Lee. J. Y. (2016). Sell oil heaters in the desert? Paceco, the world's No. 1 oil company. Ministry of Trade, Industry and Energy. Retrieved September 29 from http://blog.naver.com/PostView.nhn?blogId=mocienews&logNo=220886703667&parentCategoryNo=&categor yNo=87&viewDate=&isShowPopularPosts=true&from=search

14.

Myoung, S. Y. (2010). PASECO, the world's No. 1 oil heater company in the Middle East. MaeKyoung Economy, 31 May, Section 6-7. Seoul, Korea.

15.

Oh, K. J. (1999). PASECO, The world’s No.1 kerosene heater, market share 35%. Hankyung, 2 November, Section 6-7. Seoul, Korea.

16.

Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Reviews, 86(1), 137-145.

17.

Seo, E. N. (2018). PASECO, the No. 1 kerosene heater, a second leap. The bell, 5 April, Section 3-4. Seoul, Korea.

18.

Won, B. C. (2010). Sanzai, which is becoming more sophisticated, needs countermeasures. Security World, 31December, Section 2-3. Seoul, Korea.

바로가기메뉴

Article Contents

Vol.7 No.4

Growth Strategy of PASECO as a Global Electronic Company: Focusing on the Middle East Market

Abstract

Reference

East Asian Journal of Business Economics