Social Factors Affecting Businesses in South Korea
Social factors refer to the influences in a group of people’s lives or a nation at large that cause them to behave in a certain way or adapt a certain system of living. South Korea is affected by its distinct and homogenous belief system that has created a sense of pride in its people and this consequently influences every avenue of their lives. It is also known for its s technological advancements and innovations which have been mashed up with the culture but this still makes it a good market for the DUBAL Company.
The first factor that the company will face is the South Korean culture that embraces a culture of gift giving in order to create trust and these are given within the first meeting. It is very important that the gift is received with both hands and that the host gives his gift first which is met by a gift of equal value in order to save face (Communicaid Group Ltd., 2006). The DUBAL Company will thus have to take such cultural practices into serious consideration as the S.Koreans take personal relationships very seriously. The second factor to be considered is that South Koreans expect contracts to be signed at the beginning and not at the end of negotiations unlike with other cultures though they expect the terms of the contracts to remain flexible enough. The DUBAL Company will thus have to make room for such practices as the S.Koreans do not take the contract to be more important than the creation of good rapport thought they understand the significance of the contracts. The third factor to consider is their way of making meetings. The appropriate time to set up meetings is considered to be between 10-12 noon and 2-4pm and should be set up by a mutual friend and at the appropriate level as S. Koreans place a lot of meaning on their personal relationships. The DUBAL Company thus has to focus on