...power, low and predictable taxes and the 12th largest economy in the world, South Korea becomes a fantastic opportunity market (investinkorea, 2013). Although the global financial crisis had its repercussion, it did not affect the private consumption and the Government has been continuously engaging in efforts to strengthen the groundwork for long-term growth and boost the economy. The economic improvement of the past 30 years highly changed Korean’s business environment: personal income together with the level of education have significantly increased consequently improving local living standards (statistics Korea, 2013). Higher levels of education, travelling abroad, international tourists and technology, have all helped to widen horizon and open the door to new products. Datamonitor shows a solid increase of the overall annual food consumption and eating out expenditure (see appendix 8), moreover it seems that tastes are evolving and consumers are becoming progressively more sophisticated and open to western influences (statistics Korea, 2013). Korea is undergoing a fast transformation, accepting numerous overseas concepts relative to life's basics such as for instance food. South Korean consumers appear now appear to be rapidly embracing international influences, particularly regarding food (market analysis report, 2011). Korea also displays a very peculiarity culture with a mixture of traditional and contemporary elements: although it still displays a strong collectivistic...
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...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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...Korean Cuisine There are several famous food and cuisine in South Korea, like most ethnic group throughout the world, South Korea has developed their own food culture which suit their unique history and climate. Koreans actually feel strongly that food should be harmonized with natural spices and balanced meals during daily routine are essential in order to have a healthy body. Examples of natural spices are sesame oil, ginger, salt, soy sauce, pepper flakes, doenjang (fermented bean paste), gochujang (fermented red chili paste) and garlic. Besides, Koreans place great importance on proper table settings, table etiquette and they have special food for different seasons and for seasonal festivals. Basically, Korean cuisine is largely based upon rice, noodles, toufu (in Korean, dubu), vegetables and lastly meat. Korean traditional food is one of the most unique and special cuisine throughout the Asia region. Traditional Korean meals are noted for the amount of side dishes that come together with steam-cooked short-grain rice. Some examples of the traditional delicacies are Kimch’i, Pulgogi, Kalbi, Shinsollo, Hanjongshik, Pibimpap, Kujolp’an, Sollong T’ang, Samgye T’ang, and lastly Naengmyon. Types of food | Description | Kimch’s | * Is the most well known Korean food. It is a fermented vegetable dish highly seasoned with red pepper and small amount of garlic complemented by salted fish and other seasonings that will give it a unique flavour. Its hot and spicy taste is...
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...KOREA Managing International Cultural Differences Fall 2010 Introduction The Republic of Korea, also known as simply South Korea or even just Korea has an extremely long, rich, and varied history. Some Korean mythology has the origins of Korea dating as far back as 2333 B.C. The first settlements occurred 700,000 years ago. The Goguryeo kingdom prospered from 37 B.C. until they fell to an alliance of Silla and Tang forces in 668 A.D. The Unified Silla Kingdom promoted development of culture and arts, and the popularity of Buddhism reached its peak from 676 – 935 A.D. The Goryeo Dynasty was established in 918. Buddhism became the state religion during this time and greatly influenced politics and culture. The Goryeo Dynasty’s strength decreased gradually in the latter half of the 14th century. The Joseon Dynasty was formed at the end of the 14th century and during this time Confucianism became the state ideology. The Joseon Dynasty produced the Korean alphabet, which was invented in 1443. Their power declined because of the Japanese invasion of 1592. The Japanese annexed Korea in 1910 and the Korean people suffered under their rule until Japan surrendered in 1945 to the United States of America which ended World War II. The economic and business industry continued to develop and change throughout this long period of history in which Korea was alternately controlled, occupied, unified, invaded, at war, at peace and at a cease fire by and with various other...
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...adopted by the retailers around the world. Today there is an increasing need for every giant company to look for the emerging economies for growth. But in that growth pursuit are they slipping from the home grounds or the established markets! Also when the retail company enters into new established markets for expansion, they need to do something innovative which also suits those markets. So what should the retailers do to balance the growth of the established & emerging economies for the expansion! What provokes this thought is Tesco’s rare success in the Korean market. Why to call it rare! As Korea is the retail market where the Retail Giants like Carrefour had bowed to the knees in the battle of retail with the Korean retailer E- Mart, Lotte, the Market Retailer of Korea. Knowing such a market back ground Tesco did something, which stormed the market & brought Tesco into the big league of Korea. Before going into what Tesco did, let’s learn about Tesco and the Korean retail battle ground in light of the global retail scenario. Tesco History Tesco was founded in 1919 by Jack Cohen from a market stall in London’s East End. Over the years the business grew around the world in 14 countries with a team of over 500,000 people serving millions of customers every week round the clock. Today Tesco is known for one the best shopping experience destination...
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...in South Korea with two theories of consumer behavior as following, social classwhich include the income of different levels of class and their behavior toward beef and wine. In addition, in this report, the attitudes of consumer will also be taken into account as the main focus to evaluate the points of marketing strategy and how South Korean consumers buying behavior different from Australian. With social class and attitude these two aspects of consumer behavior can provide the Australian beef and wine markers the better information about their target market and to understand how they response to the importing products. Background The economy of South Korea is ranked eleventh in the world and third among Asian countries, thus unquestionably South Korea consumer has a certain buying power and might be a potential market for Australia. From Department of Environment and Primary Industries 2012, with a GDP of $1.46 trillion (USDA, 2011), the economy of South Korean was ranked 13th largest in the world in 2010. Approximately 6.1% economy inclined in 2010 and it brings per capital of buying power about $ 30,000 USD (CIA, 2011). The demand for the healthy products and with high quality food is increasing in South Korean market. Owing to the climatic reasons and the capacity of the land is limited in South Korea to expand the farms and wine vineyard thus Australia has been one of main exporter to South Korea. According to government report, for Australian wine South Korea...
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...Date: April 18, 2016 References: * Shin, H. I. (2004, August 26). Keeping the ‘Korea wave’ washing onto Asian shores. The Korean Herald * Ravina, M. (2010, November 21). Introduction: conceptualizing the Korean Wave. http://findarticles.com/p/articles/mi_7066/is_31/ ai_n45060645/ * Hallyu Korean Wave. (n, d.) http://www.korea.net/AboutKorea/Culture-and-the-Arts/Hallyu * Rachel. (2015, May 24). The Hallyu Wave: How Crisis Led To K-Pop. http://seoulbeats.com/2015/05/hallyu-wave-crisis-led-k-pop/ * Fuelled by fashion, the Korean wave is taking the world by storm. (n, d.). http://www.scmp.com/magazines/post-magazine/article/1870798/fuelled-fashion-korean-wave-taking-world-storm First operated by the spread of K-dramas shown across East, South and Southeast Asia during its beginning stages stages, the Korean Wave evolved from a development within the country, into a global phenomenon due to the rapid increase of Korean pop (K-pop) music videos on YouTube. Currently, the expansion of the Korean Wave to other corners of the world is visibly seen amongst teenagers and young adults in around Latin America, Western Asia, North Africa, Southern Africa, Central Europe, Eastern Europe and other places among Western world. As Korean pop, or K-Pop culture becomes an increasingly globalized phenomenon, its fast-growing popularity in many parts of the world has encouraged South Korea to utilize its cultural and entertainment area to access, tap and break into foreign...
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...Doing Business in South Korea South Korea has to be classed as one of the world’s great economic success stories. Along with Taiwan, South Korea is the only country which has recorded five consecutive decades of economic growth in excess of 5%. This is an amazing achievement which is the result of careful governmental macro-engineering, sound business practice and sheer hard work from the population at large. Economists feel that, given the lengthy stagflation seen in Japan, that it will not be too long before South Korean levels of prosperity are at a par with Japan. Both South Korea and Japan are intensely conformist societies (one of the many similarities between the two countries) but they differ in one fundamental thing. When faced with hardship or adversity the Japanese tend to turn inwards and backwards towards the familiar and comfortable whereas the South Koreans are absolute masters of change and rebuild. If things aren’t working, they just change them and they have proved adept at doing this very quickly and very effectively – you only need to look at the contrasting reactions to the crisis that hit Asia in the 1990’s. Japan is, arguably, still recovering while South Korea has long been in rude health. South Korea has also re-invented itself as the cultural epicentre of Asian culture. Korean pop music, or K-pop, has been exported with great success all over the continent and Korean TV dramas are watched from Tokyo to Beijing. South Korean films are...
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...South Korea is one of the best cases of foreign aid, which was assisted by the other countries’ foreign aid like the U.S. Owing to foreign aid; South Korea has been able to become a developed country. Recently, South Korea wants to help undeveloped countries which such as Vietnam, Philippine and Myanmar. So, there is constant controversy concerning the foreign aid. Some of critic claims that South Korea gives little foreign aid to other countries. However, they say that South Korea wants to make profit use of foreign aid. Even though many experts support disadvantages of foreign aid, it also has many good ways to help undeveloped countries because it purpose is not profits but relief. Foreign aid can help support to poor countries’ economic system, education system, and medical services and provide food. According to Shah (2004), “Foreign aid, which can be defined as the transfer of money, goods, and services from one country to another, is an important part of the foreign policy” (para.1). The first foreign aid began in the immerse war. In “A Brief History of U. S. Foreign Aid” the author writes that “Foreign aid began in World War II and evolved through reconstruction after that war, through the Cold War, after September 11, and to the present day” (para. 1). Foreign aid has been around since just after the end of the Second World War. Today foreign aid can be given in a number of areas, including developmental, humanitarian, military, disaster relief, and security. Also,...
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...their research on the country it‘s self. “Wal-Mart failed to take into account Germany’s cultural attitudes, especially with regard to such matters as labor law and the role of unions.” Wal-mart’s guide lines are focusing on just the company and not about the different countries values. “Wal-Mart also runs afoul of requirements that workers‟ representatives be consulted before introducing changes in working conditions.” If Wal-mart would have did more research on Germany, because Germany expects a discount store to stick with their corporate values. Wal-mart’s company would have been successful, but their company failed at make an equal understanding with Germany. 2.) A: “Most individuals believe that Wal- Mart failed to understand South Korean’s consumer preferences. Wal-Mart had relied on its proven business model and its strategy in...
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...South Korea has an impressive body of work regarding the introduction and the use of the home Internet service. The small country already claims the world’s fastest Internet connections and is by far, the fastest globally. My company intends to connect every home in the country to the Internet at one gigabit per second. That would be a tenfold increase from the already blazing national standard and more than 200 times as fast as the average household setup in the United States. The US, on the other hand, has a "closed network" system—it doesn't require ISPs to share their pipes, making it harder for other companies to enter the market. South Korea's network is more open, allowing for more competition, which drives speeds up and prices down. The country also has a super dense population, with some 1,200 people per square mile. Today, more than 80 percent of South Koreans are wired, and Seoul's been called the "bandwidth capital of the world." When we talk about Korea, we must first understand how the country began and the particulars of its culture. The family is the most important part of Korean life. In Confucian tradition, the father is the head of the family and it is his responsibility to provide food, clothing and shelter, and to approve of all of the marriages that occur within the family unit. The eldest son has special duties: his first duty is to his parents, followed by duty to his brothers, from older to younger, then to his sons, then to his wife, and lastly...
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...KOREA by Tahnee Robinson Introduction In Korea, growing, harvesting, preparing, and eating food is a social event for the Korean people. The people are a large population of people that live in close proximity to each other. This fact has resulted in Koreans that live in clustered village communities outside their major cities. This type of communal lifestyle, historically, made eating one of the most important times of day in a farm home or the royal court. Although the variety and quality food differed between farmer and the royal court, the importance of Korean cuisine and meal time remained the same. Korea descended from Mongolians, and was governed by imperial dynasties since before the Common Era. Korean cooking has a distinct national identity that, in its contemporary, form combines dishes and techniques from both peasant diets and royal palace foods. Korean food is very spicy. Korean cooks in the 16th century were delighted by the chili, introduced by the Portuguese. The information used to create this paper are sources located by internet searches and one book. Please see the attached reference page. Royal Cuisine Korean royal cuisine, at one time was only enjoyed by the royal court. This type of cuisine takes from a few hours to several days to prepare. The chef harmonizes warm and cold, hot and mild, rough and soft, solid and liquid, and balances colors. The meal is served on hand-forged bronzeware. The specific arrangement of dishes alternates...
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...book Korea: The Impossible Country (and taking classes in college), I did not know much about South Korea or North Korea. The focus of this book is on South Korea but as both Koreas are historically intertwined, North Korea is also many times cited or referred to in the pages of this work. Korea: The Impossible Country, written by the journalist and writer Daniel Tudor and published by Tuttle Publisher - Tokyo, is a book acclaimed by the international press. The author is a correspondent for the Economist in Korea. He is also a regular contributor to Newsweek Korea and other publications. Tudor has gained a solid educational background in the Oxford and Manchester Universities. With all these professional credentials, Tudor is more than qualified to write about South Korea, the place he calls home. He has developed in this book an almost encyclopedic work that can not be missed by anyone interested in understanding South Korea, with all its deep historical and cultural roots. This is the Korea which caused a economic and political miracle when in a relatively short period of time became a wealthy and democratic nation surpassing all its limitations of an "impossible country" Also, South Korea is considered to be an "impossible country" because of the pressure to which its citizens are exposed to accomplish goals that many times are unrealistic to most humans (the author's premises lead to the title of his book). The book begins with a brief history of Korea from its...
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...Hmong culture is a combination of Chinese, Vietnamese, Laos, and Thai, making them very unique in the basics of culture, where they live, and their global landscape. Hmong people are very unique in a few ways and are not well-known as an Asian culture if you were to ask someone. Although they are not a country, Hmong people have lots of pride in their culture and ancestors. From the fancy traditional clothes to living in the mountains between countries and being separated from China and Vietnam, Hmong people are very independent and are influenced by many countries. Hmong is a very independent Asian culture and community and has very unique and colorful traditional clothes. Traditional women clothes contain long black pants or skirts, hand...
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...Z01_JOHN2020_09_SE_EM18.QXD 10/13/10 9:09 Page 658 CASE STUDY Tesco: from domestic operator to multinational giant Michelle Lowe and Neil Wrigley This case considers the emergence of Tesco plc as one of the world’s leading multinational retailers. In a remarkable 10-year period, Tesco has transformed itself from a purely domestic operator to a multinational giant – with subsidiaries in Europe, Asia and North America – and in 2009 had 64 per cent of its operating space outside the UK. Examining market entry into Asia in more detail, the case compares ‘success’ in Thailand and South Korea with ‘failure’ in Taiwan. It also considers ‘a high risk gamble’ in Tesco’s entry into the US market, long considered to be a graveyard of overambitious expansion by UK retailers. ● ● ● Introduction In April 2009, Tesco, the UK’s largest retailer and private sector employer of labour, announced annual sales for 2008/09 of almost £60 billion (x66bn or $90.2bn) together with profits of £3 billion (x3.3bn or $4.5bn). After a dramatic decade-long transformation from purely domestic operator to multinational giant, Tesco now had a remarkable 64 per Source: Getty Images. cent of its operating space outside the UK, was developing increasingly strong businesses across 11 Asian and European markets, had a rapidly expanding ‘start-up’ subsidiary operating in the western USA, and had announced its entry into the Indian market. Moreover, as signalled in both the title of its Annual Report...
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