Market Entry Strategy for Wearable Technology entering the South Korean Market: Case Ouraring
Haapala, Niko (2024)
2024
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024121235164
https://urn.fi/URN:NBN:fi:amk-2024121235164
Tiivistelmä
The market for wearable technology has expanded significantly, with a growing emphasis on health and wellness devices. For businesses in this industry, South Korea offers a strong chance because of its tech-savvy population and quick acceptance of advances. The Oura Ring is a wearable device manufactured in Finland that offers sophisticated health measurements including heart rate monitoring, sleep tracking, and readiness analysis. This thesis investigates a market entrance strategy for the device. The goal of the study is to pinpoint the critical elements that could affect Oura Ring's performance in the South Korean market.
This study employs a mixed-methods approach, integrating qualitative insights and quantitative survey data to examine competitive landscapes, regulatory frameworks, and consumer behavior. The key findings show that, with an increasing focus on health and wellbeing, South Korean consumers place a higher value on wearable technology's usefulness, attractive design, and data security. However, obstacles like strong rivals in the region, sensitive pricing, and strict data protection regulations necessitate careful strategic preparation. To assess the internal and external variables influencing the market entry, the study uses SWOT and PESTLE analyses. The thesis suggests a staged market entry approach based on these findings, starting with localization and exporting initiatives and then progressively investing in direct operations. The focus is on using partnerships and digital marketing to increase brand awareness and to match local customer preferences and cultural norms.
This thesis advances knowledge of market entrance tactics for specialized wearables with a health focus in technologically sophisticated and culturally diverse areas. The results serve as a basis for further study on the growth of wearable technology in South Korea and offer practical suggestions for Oura Ring.
This study employs a mixed-methods approach, integrating qualitative insights and quantitative survey data to examine competitive landscapes, regulatory frameworks, and consumer behavior. The key findings show that, with an increasing focus on health and wellbeing, South Korean consumers place a higher value on wearable technology's usefulness, attractive design, and data security. However, obstacles like strong rivals in the region, sensitive pricing, and strict data protection regulations necessitate careful strategic preparation. To assess the internal and external variables influencing the market entry, the study uses SWOT and PESTLE analyses. The thesis suggests a staged market entry approach based on these findings, starting with localization and exporting initiatives and then progressively investing in direct operations. The focus is on using partnerships and digital marketing to increase brand awareness and to match local customer preferences and cultural norms.
This thesis advances knowledge of market entrance tactics for specialized wearables with a health focus in technologically sophisticated and culturally diverse areas. The results serve as a basis for further study on the growth of wearable technology in South Korea and offer practical suggestions for Oura Ring.