▲ The scene of 'Light + Building 2018'. (Photo courtesy of=Messe Frankfurt © World Lighting News.

 

 

Since the first report of an infected person to the WHO in China on December 31, 2019, the world has been fighting the 'Corona 19'. Corona 19' has already spread as it will spread all over the world.

 

Meanwhile, damage to lighting companies around the world is also increasing. What is

most worrisome is that the sales and profits of lighting companies are simultaneously

decreasing. If sales and profits continue to decline in this way, the end of the business will inevitably result.

 

The way to overcome this situation is for each lighting company to steadily increase sales, operating profit, and net profit despite 'Corona 19'. This is because there is no way for

companies to survive in the current crisis other than that path. In other words, it means

that the “Performance” of lighting companies is important.

 

◆ Ways to achieve 'Good Results'

 

Then, how do lighting companies achieve “good results” in “Corona 19”?

First, secure competitive technology. The core of the lighting business is also

manufacturing.

 

And the “key point of the manufacturing business” is technology that is superior to other companies. To develop these technologies, you need to be ahead in R&D.

 

Second, to create differentiated products. In the fierce market competition, only products

that are differentiated from other companies' products are chosen by consumers.

Therefore, lighting companies must have the skills to create products that dominate other companies' products in all aspects such as function, performance, quality, and design.

 

Third, you need to secure a brand. Brand is not just a trademark. A brand can be said to

be a positive evaluation of a company's product, a good corporate image, and a good

feeling and affection for a company and a product that are created when the likes of

consumers are combined.

 

These brands have a longer lifespan and higher value than Hwasa. For example,

Coca-Cola's brand value is higher than all of Coca-Cola's assets combined. It can only be

said that a company has entered the stage of success only after building this level of

brand value.

 

◆ 'Good Reputation' also contributes to Improving Performance

 

Fourth, a good reputation is also required. Reputation is the sum of the world's thoughts about a company. So, with a good reputation, a company can get good consumers. It is

natural that sales and profits increase.

 

Conversely, when the reputation deteriorates, consumers' perceptions of the company,

products, and services become negative. As a result, product sales decline. There are even a number of companies that suddenly fall into crisis due to the boycott of consumers.

Reputation is so important to a company.

 

Companies with these four factors as much as possible can increase sales and profits in

any crisis. This is because it can secure high competitiveness and market share.

The ultimate result of such high competitiveness and market share is the “company's

performance”. This means that the reason why lighting companies around the world

should achieve “good results” is not just because making a lot of money is good.

 

As such, there are many implications for a company's performance. This is why a

company's performance becomes a barometer for evaluating the company.

 

Then, from now on, the goals that the world's lighting companies must achieve have

become more clear. It is to keep producing “good results”. That is the most important task for lighting companies around the world to focus on right now.

 

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