...specific given country (South Korea), economic, socio-cultural and legal and political environment. Economic environment Past four decade South Korea showed an impressive growth as well as global integration to become a high tech industrialized economy. In past in 1960s, the Gross Domestic Product (GDP) per capita was compared to the poor countries (Africa and some parts of Asia), by 2004, it joined the trillion dollar club of world’s economies and currently in the top twenty largest economies (Globserver Asia, 2013). They achieved this by placing the system of close government and business ties, also including directed credit and import restrictions (Central Intelligence Agency, 2013). In 2012 due to the market slowdowns in United States, Eurozone and China, the economy has experienced slow growth. Though it is the 8th largest exporter in the world ($548.2 billion) which decreased 0.21% from prior year. The export goods are semiconductors, wireless communications equipment, motor vehicles, computers, steels, ships and petrochemicals (Central Intelligence Agency, 2013). In 2012 the country’s GDP was $1.622 trillion which ranks 13 on the world scale which increased 2.7% from previous year, and a GDP capita in US dollars was $32,400. The real GDP growth rate was 2.7%. The unemployment rate was 3.8% and the inflation rate was 2.2% (Central Intelligence Agency, 2013). Socio-cultural environment Main language spoken and written in South Korea is Korean. The religious belief...
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...PEST analysis korea I. POLITICAL ANALYSIS Current strengths: * Centralization of power * Political will for economic reforms * Strong foreign relationships Current challenges * Military influence in South Korean politics * Political violence Future prospects * Confidence building measures with North Korea * Strengthening relations with the EU Future risks * Uneasy relationship with North Korea * Government supports FTA * No red-tape & bureaucratic delays. * Transparent system II. ECONOMICAL ANALYSIS Current strengths ▪ Powerful export sector ▪ Successful economic reforms Current challenges ▪ Low level of imports Future prospects ▪ Competitive tax policy ▪ Liberalized service sector ▪ Implementation of free trade agreements (FTA) Per capita income is very high Corruption free environment, an educated & determinate workforce. Business friendly economy in the world III. SOCIAL ANALYSIS Current strengths ▪ High wages ▪ Highly educated workforce ▪ Rapid urbanization Current challenges ▪ Low fertility rates Future prospects ▪ Low unemployment rate ▪ Rising awareness of human rights multiracial & Multi cultural country High spending nature Future risks ▪ Rising power of labor unions IV. TECHNOLOGICAL ANALYSIS Current strengths ▪ Robust telecom sector ▪ Presence of large global and domestic players Current challenges ▪ Scarce natural resources...
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...SWOT Analysis of South Korea Market Strength 1. South Korea has a very high economic freedom. South Korea economic freedom score is 71.2 which makes its economy goes to the top 31st free economy in 2014. South Korea has improved on 0.9 point higher than last year due to their financial freedom and monetary freedom outweighing modest declines in business freedom, labor freedom, and fiscal freedom. South Korea is ranked 8th out of 42 countries in the Asia–Pacific region. 2. South Korea is moderately free of corruption. This makes South Korea a very clean place to conduct business where everything is fair towards the people which make it a very good place to conduct business if compare to country which has higher corruption rate. The Corruption Perception Index of South Korea is 5.60 out of 10; while countries in Asia score only 3.60 out of 10 and other all country corruption is 3.70 out of 10. This makes South Korea corruption level is lower than the other countries. It makes South Korea slightly better than the rest. Besides that, the Bribe Payer Index (BPI) of South Korea is quite high as it has score on 7.90 out of 10. This means that companies from South Korea are perceived as unlikely to engage bribery. 3. South Korea has a lot well educated labor which makes it easier to higher more labor to help them on their company. This is because South Korea has a very high education level. 4. The outbound travel market of South Korea is booming 5. Efficient in regulatory...
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...Strength 1. South Korea has a very high economic freedom. South Korea economic freedom score is 71.2 which makes its economy goes to the top 31st free economy in 2014. South Korea has improved on 0.9 point higher than last year due to their financial freedom and monetary freedom outweighing modest declines in business freedom, labor freedom, and fiscal freedom. South Korea is ranked 8th out of 42 countries in the Asia–Pacific region. 2. South Korea is moderately free of corruption. This makes South Korea a very clean place to conduct business where everything is fair towards the people which make it a very good place to conduct business if compare to country which has higher corruption rate. The Corruption Perception Index of South Korea is 5.60 out of 10; while countries in Asia score only 3.60 out of 10 and other all country corruption is 3.70 out of 10. This makes South Korea corruption level is lower than the other countries. It makes South Korea slightly better than the rest. Besides that, the Bribe Payer Index (BPI) of South Korea is quite high as it has score on 7.90 out of 10. This means that companies from South Korea are perceived as unlikely to engage bribery. 3. South Korea has a lot well educated labor which makes it easier to higher more labor to help them on their company. This is because South Korea has a very high education level. 4. The outbound travel market of South Korea is booming 5. Efficient in regulatory. In South Korea, you will only need...
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...South Korea: A Comprehensive Analysis Outline MGT448 March 28, 2011 South Korea: A Comprehensive Analysis Outline Country Analysis * Political Stability 1. A Republic with powers shared between the president, the legislature and the courts 2. Well established constitutional democracy which is conducive to overall political stability. * Economic Conditions 1. Market based economy; stable, affluent country a. High gross domestic product (GDP) per capita of $20,164.85 (USD,2010). b. Inflation rate: 3.1% (2010) c. Unemployment: 3.3% (2010) d. Gross National Product (GNP) is growing faster than the population. 2. 13th largest economy in the world and the 3rd largest in Asia a. Major industries: electronics, telecommunications, automobile production, chemicals, ship building, steel b. Exports contribute to 39.4% of the GDP 3. Import dependant – 5th largest importer of crude oil and 2nd largest importer of both coal and liquefied natural gas. 4. Free Trade Agreements with United States and European Union * Finance Options Available 1. Government committed to promoting exports and easing regulations to attract foreign direct investment. 2. Invest KOREA – Korea’s national investment promotion agency established within the Korea Trade-Investment Promotion Agency (KOTRA). The sole purpose is supporting the entry and successful establishment of foreign business into Korea. 3. Foreign Trade Zones and Free Economic...
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...Global Business Cultural Analysis South Korea By: Erik Mays Liberty University BUSI 604 Dr. Romanoski May 9, 2014 Abstract In this research paper I will be analyzing the cultural perspectives of doing business in South Korea. In doing so, I will be answering the four major questions as it relates to the major Elements and Dimensions of culture in South Korea. Also, since the dimensions of culture in any nation are many, it is necessary to analyze each category that makes up the Dimensions of one’s culture, these categories have been in place for many years in any given country. If we simply consider the Dimensions of Culture in the United States alone, which range from Religion to our Ethical standards, it would be clear that there are many categories within each of those. Therefore, it is important to analyze each category in detail, in an attempt to determine exactly what it will take to do business in that country or any country across the globe. This research paper will attempt to identify those major elements and dimensions of culture in South Korea. Once these elements and dimensions have been identified, it would give a clearer picture on how South Koreans integrate those elements and dimensions into their everyday business. Also, when comparing South Korean and the United States culture and business, there would naturally be implications that should be considered for US businesses that want to do business in South Korea. This research will also address those...
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...Cultural Analysis of South Korea John Smith University of Rochester BUS 800 – INTERNATIONAL BUSINESS Dr. Peterson March 6, 2015 Abstract Today, the United States conducts a substantial amount of business with South Korea. It is important that American managers, entrepreneurs, and businessmen understand the South Korean social, cultural, and religious dimensions of the nation. The South Korean culture and customs are uniquely different from those of the United States. The culture and customs of the United States are based on European traditions and religious Christian beliefs. The culture and customs of South Korea are based on Confucianism’s way of life, Buddhism’s individual salvation, and since the 1950’s Christianity’s redemption of the soul. American businesses that incorporate South Korean culture into American business practices will develop long lasting business relationships with their South Korean counterparts. American businessmen working in multinational corporations have adjusted well the collectivist culture of South Korea. Multinational enterprises considering cross border business in South Korea can feel safe investing in South Korea. Keywords: South Korea, United States, cultural dimensions, multinational business, Hofstede. Introduction South Korea is one of the United States most important strategic and economic partners in Asia. Members of Congress tend to be interested in South Korea for political purposes. South Korea has development...
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...Global Business Cultural Analysis: Republic of Korea Abstract The purpose of this paper is to provide information to business professionals about the Republic of Korea, the Korean culture, and the peculiarities of conducting business in this country. The topics discussed include a brief historical background about the nation, its dimensions of culture, how these elements are integrated by Koreans, and a comparison between these characteristics and American culture and business practices. The paper examines the implications for US firms wishing to do business in Korea using Hofstede’s Dimensions of culture, a SWOT analysis, and FDI analysis. Keywords: culture, religion, Confucianism, innovation, export, KORUS FTA Historical Background of Korea The Republic of Korea (ROK) is commonly known as South Korea. For the remainder of this paper, the ROK will be synonymous with "Korea". Korea is located in northeast Asia on the Korean peninsula between the Yellow Sea and the Sea of Japan. It borders the Democratic People's Republic of Korea (DPRK), also called North Korea (nK), immediately to the north, across the 38th parallel. Korea's total land area is nearly 62,000 miles, slightly larger than Indiana (www.cia.gov). It has an ethnically homogeneous population of over 49 million people, 83% of which live in urban areas (www.cia.gov). According to legend, Korea's birth as a nation was in 2333 BC with its early inhabitants coming from and heavily influenced by China...
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...SWOT Analysis of South Korea Market Strength 1. South Korea has a very high economic freedom. South Korea economic freedom score is 71.2 which makes its economy goes to the top 31st free economy in 2014. South Korea has improved on 0.9 point higher than last year due to their financial freedom and monetary freedom outweighing modest declines in business freedom, labor freedom, and fiscal freedom. South Korea is ranked 8th out of 42 countries in the Asia–Pacific region. 2. South Korea is moderately free of corruption. This makes South Korea a very clean place to conduct business where everything is fair towards the people which make it a very good place to conduct business if compare to country which has higher corruption rate. The Corruption Perception Index of South Korea is 5.60 out of 10; while countries in Asia score only 3.60 out of 10 and other all country corruption is 3.70 out of 10. This makes South Korea corruption level is lower than the other countries. It makes South Korea slightly better than the rest. Besides that, the Bribe Payer Index (BPI) of South Korea is quite high as it has score on 7.90 out of 10. This means that companies from South Korea are perceived as unlikely to engage bribery. 3. South Korea has a lot well educated labor which makes it easier to higher more labor to help them on their company. This is because South Korea has a very high education level. 4. The outbound travel market of South Korea is booming 5. Efficient in regulatory. In...
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...Quantification, Weighting and Ranking 6 Table 2 7 Internal Analysis 8 Overview of Iceland 8 Marketing Factors 8 Financial analysis 8 Manufacturing factors 9 Iceland’s current resources and competencies 10 Table 3 10 The Boston Consulting Group matrix (BCG) matrix 10 Figure 1 10 External Analysis 10 PESTLE 11 Competitive Environment 12 Retailers 12 Table 4 12 Frozen Food Manufacturers 12 Table 5 13 Customer Trends 13 Target Market 14 Porter’s Five Forces 14 Figure 2 14 Lotte Group Analysis 14 SWOT 15 Strengths and Weaknesses 15 Opportunities 16 Threats 16 Objectives and Market Entry Strategy 16 Objective 1(Short term: 12 months) 17 Objective 2 (Medium Term: 1-3 years) 17 Objective 3 (Long Term: 3-5 years): 18 Internationalisation objectives 18 Marketing Mix 19 Product 19 Price 21 Table 6 21 Table 7 21 Promotion 22 Place 23 People, processes and physical evidence 24 Implementation 25 Table 8 26 Figure 3 26 Figure 4 27 Control 27 Figure 5 28 Bibliography 28 Executive Summary This report has been produced to provide Iceland Foods Group with a strategy to further internationalise. After investigation of potential countries it was decided that South Korea was the best market to enter. Analysis has been undertaken into both the external and internal environments with regards to South Korea and Iceland. Research into the frozen food sector in South Korea has shown the market is growing .The success...
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...was filmed in South Korea; I will compare the movie with my culture as an Americanized-Hispanic. Introduction Ethnocentrism can be defined as our point of view of another culture; basing our opinion by comparing it to our own culture. Depending on how one uses this categorization we can easily come to a conclusion which becomes more of a stereotype or racist judgment. The effects of ethnocentrism can be negative and affect others in their life in great multitudes. We can use the example from 9/11. Since then many Muslims have been judged and put into a category simply because of their religion; not everybody who is Muslim is also tied into al-Qaeda. Just because woman/man wear head gear also make them an extremist who is out to bomb something. But because of this tragedy, we have done just that, accused and damned their religion and beliefs; because they are not like us and well because of 9/11. “The Chaser” The movie I chose was “The Chaser”; a movie filmed in South Korea about an ex-detective turned pimp who finds himself in financial trouble because two of his girls disappeared. After sending his last girl, he finds out that the customer is also the last customer of the other two girls who just went missing; in his quest of finding the where about of those two other girls he unfolds the truth. This customer is a serial killer! The reason I chose this movie was first because it was filmed in South Korea, second because I...
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...Throughout the 19th century into the 20th century, the west started to have an increasingly great influence on the other parts of the world. Asia, in particular, was faced with the decision of whether to adopt and conform to the western ways or to reject and stick with their traditional ways of life. In the end, Asia adapted to ways of the western “devils”, but most of their efforts seemed unsuccessful while others were quite successful. The main countries that experienced the western influence were China, Korea and Japan. Although all three countries experienced their share of internal and external strife, China and Korea’s modernization efforts were, in comparison to Japan, unsuccessful. The reason for this was because Japan was able to fully utilize their resources and take advantage of the opportunities that they were presented with in Asia, whereas China and Korea were occupied with internal and external conflicts. Although China and Korea weren’t total failures, the Land of the Rising sun overshadowed them. China’s first experience with western imperialism is seen in the 1830’s when they had conflict with the spread of opium and the dwindling of silver within the country. China wished to stop both these events so when they confiscated supplies of opium from British traders, the British government used its newly developed military power to make their dissatisfaction known to the Chinese. This, along with other factors, led to the First Opium War (1839-1842). The result...
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...About Japan International Cooperation Center (JICE) About Japan International Cooperation Center (JICE) Japan International Cooperation Center (JICE) has been involved in various international cooperation activities mainly for developing countries since its establishment in 1977. JICE contributes to the development of not only developing countries but international community through the implementation of the activities for strengthening mutually beneficial partnership between foreign countries and Japan. Our main activities are the management of international training courses entrusted by ministries and agencies including Ministry of Foreign Affairs, Japan International Cooperation Agency (JICA), universities, local governments, public and private organizations, international organizations and foreign governments; youth exchange programmes; assistance for students from overseas; dispatching interpreters; Japanese language lessons; supporting conventions, seminars and projects, operation of supporting development education. Besides the staff of 194, JICE has 1080 specialists who are specialized in 31 languages and engage in formulation, investigation, research, implementation and evaluation of projects by using their accumulated experiences and knowledge. JICE, with our motto “Share knowledge and experience. For our world. For the future”, links “Japan’s technology, knowledge and experience” to the world and works on developing future leaders of each country through...
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...KOREAN LITERATURE Korean literature is the body of literature produced by Koreans, mostly in the Korean language and sometimes in Classical Chinese. For much of Korea's 1,500 years of literary history, it was written in Hanja. It is commonly divided into classical and modern periods, although this distinction is sometimes unclear. Korea is home to the world's first metal and copper type, world's earliest known printed document and the world's first featural script. ------------------------------------------------- General overview In general, the written arts have a tradition in epigraphic inscriptions on stones, in early tombs, and on rarely found bamboo pieces that formed early books. Repeated invasions and sacking of the east and west capitals, as well as the difficulty in preserving written texts on bamboo, make works before 1000 rare. Those works were entirely written in Chinese characters, the language of scholars, but of course incorporated Korean words and mindset. Medieval scholars in Korea learned and employed written Chinese as western schoolmen learned Latin: as a lingua franca for the region. It helped cultural exchanges extensively. Notable examples of historical records are very well documented from early times, and as well Korean books with movable type, often imperial encyclopedias or historical records, were circulated as early as the 7th century during the Three Kingdoms era from printing wood-blocks; and in the Goryeo era the world's first metal type...
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...Writ 1301 The Tears of Korean Comfort Women After Chosun (the former name of Korea) was invaded by Japan in 1910, Korean women were forcibly sent to Japan as comfort women: sex slaves of the Japanese military. ‘Comfort woman’ is a euphemism for a female sexual slave to the Japanese Imperial Army before and during World War II. The Japanese military recruited young and unmarried Asian women to join the military, then sent them to brothels in China and other Asian and Pacific countries in order to “comfort” Japanese soldiers. One of the few surviving Korean comfort women, Soon-duk Kim, gave the following testimony to Sangmie Choi Schellstede, the editor of the book, Comfort Women Speak: Testimony by Sex Slaves of the Japanese Military: “I was promised a job as a military nurse…[however, the Japan military took us to] a ruined village of Shanghai. Rooms were divided into tiny cubicles. Each of our fifty girls was divided to one of these cubicles. Now this house became a brothel, and we were sex slaves in it” (38). Kim was wounded due to numerous rape. She explained about the horrible remedy she received: “One day our manager gave me packets of black powder to take once a day…[But] after I used it several times, he then told me the powder was made from a leg of a Chinese soldier’s corpse” (38). This experience is not limited to Kim. Approximately 200,000 Korean women suffered as sex slaves of Japan’s military system before and during the World War II. Today, however, not many...
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