LIVING CULTURE - COWAY
|A model poses with one of Coway’s water purifiers.|
Coway, the country’s leading water purifier maker, is maintaining its dominance in the local market through innovative marketing and vigorous research and development.
“Coway is always launching innovative products such as the Da Vinci that allows you to select the taste of the water, and the country’s smallest purifier that produces ice,” Coway CEO Kim Dong-hyeon said.
The country’s smallest ice-making water purifier, the CHPI-380N, reflects the company’s dedication to meeting consumer needs, which in this case involved a demand for smaller water purifiers.
In addition to its compact size, the model is able to keep track of daily water intake for up to three individuals to ensure that the World Health Organization’s recommended daily intake of 2 liters is met. The model also uses more than 80 percent less electricity than comparable products, and produces ice cubes that are larger than those of conventional products.
As part of its research and development efforts, the company has been building a database of water quality from around the world.
The company’s success has also been fueled by innovative marketing strategies that allowed Coway to maintain the largest market share since rolling out its first product in 1989. Such tactics have also enabled the company to keep growing even in times of international economic crisis.
During the 1998 Asian Financial Crisis, the company introduced the rental system for the first time in the field to allow consumers to avoid making large purchases.
“Rental marketing lowered the psychological barrier consumers have about water purifiers and dramatically increased the consumer base,” a company official said.