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Hyundai president speaks to GE execs

Chung Tae-young

There have been many superlatives used to describe General Electric’s John F. Welch Leadership Center at Crotonville: academy for extraordinary talent, breeding ground for CEOs, hotbed of innovation. Situated in Ossining, NY, the institute is the heart of GE’s leadership development.

Chung Tae-young, the president of Hyundai Card and Hyundai Capital, visited the center on Oct. 29. But he didn’t go to hear a lecture - he went to deliver one. He was the first local CEO invited as a speaker.

Chung offered his observations on the company’s operation methods, which focus on products and organization systems.

In a lecture attended by 40 marketing officials of GE Commercial from all over the world, Chung said, “It’d be a mistake to believe that just because one has good products and systems, one can do good business.” He stressed the importance of marketing tactics, especially those that “build a powerful brand by inciting empathy.”

Chung cited an example from his own company - namely, the unity of design in Hyundai Card’s marketing campaign.

But design, marketing and advertising are not all a company needs. Chung said the key to creating a successful financial company is “science in a Tiffany’s box.” Like a fancy box, the exterior attracts interest with its design, but the core of competitive ability comes from financial engineering and science.

He also emphasized the importance of emotion in advertising. “Most people think of trust or service when it’s a brand offering financial services, but we add anticipation, emotion and soul into the mix,” he said.

For Chung, it’s all part of building a distinctive global brand.

By Han Ae-ran [joyce@joongang.co.kr]