Hankook SWOT Analysis, Competitors & USP

SWOT analysis of Hankook analyses the brand by its strengths, weaknesses, opportunities & threats. In Hankook SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Hankook to benchmark its business & performance as compared to the competitors. Hankook is one of the leading brands in the automobiles sector.

The article below lists the Hankook SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the Hankook SWOT Analysis:

SWOT Analysis of Hankook

For Hankook, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.

Hankook Strengths

The strengths of Hankook looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of Hankook :

1.  Company was Korea’s first tire manufacturing company and has been the largest manufacturer of tire since its inception in 1941
2. They have global reach with its tires being sold in more than 180 countries of the world
3. They are a rapidly growing company with increasing annual growth
4. Company is known for its excellent technology and believes in continuous innovation through its 5 R & D centers

5. They have 5 plants at present in three countries and have capacity projects in China and Indonesia

6. Company has healthy financial position.

7. Wide range of portfolio helps company satisfy varied demands of the customers all over the world.

Hankook Weaknesses

The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the Hankook SWOT Analysis:

1. They have less visibility in emerging economy like India, Brazil
2. Lack of diversification

Hankook Opportunities

The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in Hankook SWOT Analysis:

1.They have growth opportunity in emerging economies like India, China, Brazil etc.
2. Opportunity to diversify more strategically to mitigate the risk of putting all the eggs in one basket

3. Opportunity to improve its market share in motorbike category

4. Communicating their eco-friendly approach and improving visibility in market

Hankook Threats

The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of Hankook are as mentioned:

1. There is Stiff Competition from national and international brands.

2. European economy is not growing and has reached a maturity phase but it has its max sales in European
3. Government Policies w.r.t export duties, import duties, tax levied on automobile industries and economic condition of nation as it determines the sale of automobiles.

4. Introduction of other transport facilities like metro, monorails and local trains keeping pollution hazards caused by combustion of automobile fuels

Hankook Competitors

There are several brands in the market which are competing for the same set of customers. Below are the top 10 competitors of Hankook:

1.Goodyear
2. Sumitomo
3.Cooper Tyres

4. Michelin

5. Bridgestone

6. Continental
7. Yokohama
8. Pirelli

9. Apollo Tyres Ltd.

10. Dunlop Tyres  Ltd.

Hence this concludes the Hankook SWOT analysis.

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About Hankook

Hankook Overview
Parent Company	Hankook Tires
Category	Tyre Industry
Sector	Automobiles
Tagline/ Slogan	Driving Emotion
USP	Hi-technology and continuous innovation with global operations to fulfill varied demands of customer’s world over.
Hankook STP
Segmentation	Automobile industry
Target Market	Passenger car, winter, truck, and bus tires, automobile and equipment using micro-HEV batteries and batteries for renewable energy storage; industrial-use brakes; and steel belt cutters, bead winners, tire builders and curing press for tire manufacturing industries.
Positioning	Leading Global Tire Company, Excellent quality, customer-oriented approach

This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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