Marc Hoffman Outlines History of American Buying Habits for Asian Brands
The Center for Asian Business welcomed entrepreneur and business strategist Marc Hoffman on October 1st as part of the Y.B. Min Lecture Series. He presented a fascinating lecture titled "The Enablers to Succeed for Asian Companies in the U.S. Market." In the presentation, Hoffman discussed Japanese and Korean automobile companies and their initial struggle to capture meaningful sales before gaining expected profits in the United States.
He started off by highlighting what factors drive the American buyer – nationalism, quality, innovation & style, technology, value, low cost, brand power, fears & stereotypes, and speed. Hoffman said that U.S. consumers typically don’t care where the product came from, but they will buy American if a product is superior. He said Americans have short memories, but usually make buying decisions based on substance. Above all, the level of quality is the most important factor for consumers.
In today’s fast-spaced world, Hoffman said it’s critical for products to get to the market ahead of the competition. This “speed” based approach is the system that’s driving Asian auto manufacturing in the U.S. As a result, Asian auto companies have opened operations in the U.S. for greater efficiency and quicker output.
Hoffman is a growth-oriented senior executive specializing in venture capital startups and business turnarounds for private equity funded companies. As CEO at Glacier Bay, he led the launch and growth of the company’s product ‘ClimaCab’ to a top market position in less than two years. During this same period, Glacier Bay was recognized as one of Inc. Magazine’s Top 500 North American growth companies in 2009.
Hoffman has been a recognized pioneer amongst U.S. companies, implementing ‘World Class’ business improvement initiatives in a wide range of industries including aerospace, automotive and medical. In 2014, his company, Innovus Power, will introduce a high efficiency electric power generator which will allow its customers to save 25 percent in operating costs over all other generators in the market today. Hoffman graduated from Cornell University with a B.S. in Material Science Engineering.