...created an economy which is one of the strongest in Southeast Asia. “According to the World Bank, in the last 30 years, South Korea’s economy is one of the most outstanding success stories in international development.” (Globaled, p.1). Dating from the Japanese occupation of South Korea , from 1910 thru 1946, then the division of the peninsula enforced by the United States of America and the Union of Soviet Socialist Republics after Japan’s unconditional surrender during WWII; the Republic of Korea (ROK) had gone throughout drastic changes in its social, economic, and political structure, but in the 1960s, under the regime of Park Chung Hee, the Korean government implemented measures to increase export and decrease the import of foreign goods and at the same time nationalized banks, and persecuted South Korean business leaders for profiting from the corruption in the South Korean government. During this period South Korea woke up to a dawn of industrial revolution that changed the economic future of the Peninsula. Park started what would take the ROK from a agricultural economy, to one of the world’s largest economies. Although the Japanese government had put in place some infrastructure to developed the Korean Peninsula during the Japanese occupation from 1890’s to 1945, these infrastructures were solely for Japan benefit. “Many economists think it developed into the world’s 11th largest economy by following the model of the world’s second largest economy just next...
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...) Is the Global theme park industry is an interesting industry to be in? Yes. The five forces analysis supports as below. | |Strength of |Explanation | | |Force | | |Rivalry between |Medium |High industry concentration | |established competitors| |Competitors are more specialized than diversified | | | |Significant brand identities and product differences | | | |Industry is growing rapidly but no excess capacity | | | |High exit barriers | | | |Fixed costs are relatively low | | | |Low switching costs for customers | |Threat of entry |High |Strict capital requirement with large-scale initial investment and high upgrading | | | |cost ...
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...understanding Journal of International Business and Cultural Studies When East and West Meet, Page 2 INTRODUCTION Thanks to the rapid and continuous expansion of large global businesses, today people, capital, information, and technology travel more freely, rapidly, and widely than ever. The everexpanding scope and scale of large global firms over the recent decades have already been amply documented by numerous reports (See, among others, Barnet & Cavanagh, 1994; Korten, 1996; Karliner, 1997; Gottlieb, 1998; Worldwatch Institute, 2000; Chang & Ha, 2001, Schmidt, 2007; and Hynes, 2008). These and many other reports cite interesting and surprising facts about the growing size and influence of the corporate world. Although the world economy has been...
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...pointed out how the differently American culture was from her own. Such as when she was in school in Korea they bowed at the teacher every chance they got, but not in America. Based on her Korean culture she felt that it was disrespectful the way America ran their schools with no respect for the teacher. Suki describes how when she was in ESOL, and sadly none of the fellow Korean students had anything in common with her. It did not take long for Suki to discover that most of the Koreans that lived in New York with a decent amount of wealth lived in West Chester or Manhattan. Obviously she didn’t get along with the lower class Koreans because that was not how she grew up in her country. I believe the purpose of this paper was to make other cultures aware of how things are different in every country. Also I believe this was healing and closure for the pain she felt from being rich, then unexpectedly poor and moving to a new country. The audience behind this story was the general public I felt because she wanted to make others aware of how quick life can change. We live in a country where we are used to things being a certain way, but this story can teach so many life lessons. Businesses can be successful and producing great revenue, but tomorrow can go bankrupt we have seen this in with our economy from 2008 and currently. I picked up the tone of strength, hurt, awareness, and education through this story of this young lady. She endured a lot as a teenager that could have emotionally...
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...global business world. The researcher discovered that recent records show that less than a year ago in August 2013, Samsung was ranked number one in the top ten largest electronic companies in the world as oppose to its leading competitor the Apple company ranked at number four during this time period. This ranking was based on the most revenue produced, engineering and mechanical aspects. In addition, the smart television, the smart phone, the Samsung washing machine and the company is considered to be the most admired brand in Southern Africa. (Kwon, 2013) Samsung a Korean based company that was established on March 1, 1938 in a city named Taegu, located in South Korea by a gentleman named Byung-Chull Lee. This gentleman only had thirty thousand Korean won which is equivalent to twenty-eight U.S. dollars today which is not very much at all to start a company. The Samsung name means “three stars” in the Korean language and within several decades the company progressed into a prosperous global electronics company. (Samsung Corporation, 2013) The researcher gathers that the name meaning stars is catchy and seems to be an empowerment or motivator to reach for the stars. The evolution and creation of the Samsung Company’s success proves that hard work would someday pay off and to discover that from a small agricultural product selling company it has evolved into an innovative technological electronic company used in today’s ever changing modern society. Samsung has come a long way...
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...South Korean market was due to many reasons but the main issue was the ability to adapt to a new culture which Wal-Mart failed to do on many different levels. Although its’ strategy of low costs is a great competitive advantage in numerous markets, its’ ability to perceive a new foreign market was blurred and therefore Wal-Mart was not able to recognize the different expectations and market conditions that South Korea encompassed. Wal-Mart’s strategy fits well in North America where consumers are willing to compromise service and quality for low price however it had critical shortfalls in enabling Korean consumers to see the value in this approach to shopping because of the different tastes and preferences in their culture. Compared to Americans, who would rather make fewer frequent trips to supermarkets and purchase bulk sized products for longer storage, Koreans consider the freshness of food products very seriously and are willing to make frequent trips to the markets and buy in small volumes. Korean’s hypermarkets have live seafood, local delicacies, and on site packaging services that have the same features as outdoor markets and their merchandise mix is heavily focused on food and beverages. They have mastered their localization strategy which fits well with their consumers’ tastes. Wal-mart’s merchandising mix differs which has uniform merchandising and distribution strategies that limit differentiation which hinders its adaptation to local preferences. Koreans’ shopping...
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...Situation The United States-South Korea Free Trade Agreement (KORUS FTA) is a trade agreement between U.S. and South Korea. Signed on June 30, 2007 by President George W. Bush still has to be approved by Congress. This Free Trade Agreement would be the largest for South Korea and the second largest for US, after the NAFTA. As the fourteenth largest economy of the world, South Korea is the seventh largest trading partner of the United States. An agreement was reached in which it was concluded that an FTA between both countries would increase the investments industry and bilateral trade. In the proposed FTA issues like trade, investments, autos, agricultures, and financial services were included. However, there has been some dispute over the KORUS FTA (mainly about the auto and agricultural industry), which hasn’t allowed it to be finalized. U.S. debates about the non-tariffs impact South Korea can impose on the beef and automobile industry. Recommendations: In order for the KORUS FTA to be eligible for approval and both parties can be benefit from economic growth, an alliance, and stability, some changes need to be done. This review recommends approval to change the following key point of the agreement: • Auto industry: 1. The United States should ensure the complete or mostly elimination of South Korea’s non-tariff barriers that are created without input from foreign automakers and forced without warning. For example, the license plate size, keyless entry systems...
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...Case Study 2.1 SK Telecom goes egalitarian in a hierarchical society. Facts of the Case Korea is one of the most homogeneous countries in the world, racially and linguistically. It has its own culture, language, dress and cuisine, separate and distinct from its neighboring countries. Hard work, filial piety and modesty are characteristics esteemed by Koreans. They are proud of their traditional culture and their modern economic success. This paper documents a company which has a hierarchical culture and is attempting to adapt and practice a more egalitarian values. Problem 1) SK Telecom is attempting to distance itself from which South Korean cultural value? What indicators of this value are identified in this case study? What other artifacts of this cultural value would you notice while visiting a South Korean company that upheld this national culture? 2) In your opinion, why is this hierarchical value so strong in South Korea? What are the advantages and disadvantages of this value in societies? 3) Do you think SK Telecom will be successful in integrating a more egalitarian culture, even though it contrasts with South Korea's culture? What are some of the issues that may complicate or support this transition Discussion In this paper, SK Telecom is attempting to distance itself from strong hierarchical culture in their company and want to support a more egalitarian values. Such culture may be identified by the extent of how low-hierarchy employees are empowered. Employee...
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...influenced by Korean entertainment media of teenager in Mueang District, Chiangmai Province By Ms. Chmanana Wonkboonma 491660009 Present to Assoc. Kunsuda Nimanussornkul This paper is partial fulfillment of the course 751409 Research Exercise in Economics Semester 2 Year 2009 Faculty of Economics, Chiang Mai University 2 Research Summary 1. Name and Surname Student code Chamanan Wonkboonma 491660009 2. Title Consumer behavior and factor as influenced by Korean entertainment of teenager in Mueang District, Chiangmai Province 3. Statement of the problem Korea has become a stream of new waves of cultural globalization era in addition to Japanese and Chinese culture. Cultural influences that have spread in the West mephitis characteristics unique to different cultures in Korea, this does not mean that in the past cultural prosperity but now means the world to manufacture a new culture (Modern society) to comply the current generation and also a mixture of old world with new world seamlessly, enabling the industry have begun a cultural growth and change and making new forms of culture. Currently the word "Korea" stands for fashionable and stylish in Asia, which is largely due to South Korea's close ties with Western culture, while maintaining Asian values and themes. Korean culture is currently influencing to consumers in Thailand, especially the Korea entertainment is very influential to the young consumer that considered a significant combined with the modern Korean culture...
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...been impacted by globalization in which I will look at each country before globalization and the effects of globalization it has now. A1. Circumstances before and after event Before globalization, South Korea was considered a very isolated society (Ruediger, 2006), with deep cultural ideas, and one of the poorest countries in the world with most of its culture being based on farming rice. It was said that rice farming was more than just farming in was a way of life for the South Korean people. The majority of the population of South Korea was committed to growing rice, with rice being to major farming product. In the later part of the 1980’s, globalization was introduced to South Korea. They were persuaded to join the World Trade Organization (WTO) to open their economy to unrestricted trade. As South Korea opened to the idea of free trade, it meant that the farming communities would receive less subsides. The WTO was assuring aid and access to the new world markets (Malek, 2005). The Korean...
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...you have gained working with other similar situations. South Korean business would be the choice of a new client. In order to effectively adhere to their needs the choice of approach would be the regiocentric staffing approach. This approach will allow us to have an understanding of HRM policies that are given across all the subsidiaries. “This approach considers the needs of the entire region and managers from the host country are often selected for managerial positions in their own country and some may be promoted to regional positions” (McGraw-Hill, 2011). This lets our client know that we are all about finding the best person for the job. This is somewhat the same of what is done in the military in South Korea. The SOFA agreement prevents the United States Government from hiring mostly Americans for the jobs. The agreement is that the Korean Nationals are to hold at least 75% of the jobs on base. That has proven to be true. Every store and restaurant on every base in South Korea is operated by Koreans. It is not easy for any American to get a simple part time job. This is why regiocentic staffing would prove to work effectively. That way jobs are filled based on their nationality in order to keep the confidence of having a new client relationship with the United States. 2. Identify the areas of overlap in the new client organization with others that you have had as clients. Areas of overlap are that Koreans Nationals do business differently. In the United States it may...
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...knowledge you have gained working with other similar situations. South Korean business would be the choice of a new client. In order to effectively adhere to their needs the choice of approach would be the regiocentric staffing approach. This approach will allow us to have an understanding of HRM policies that are given across all the subsidiaries. “This approach considers the needs of the entire region and managers from the host country are often selected for managerial positions in their own country and some may be promoted to regional positions” (McGraw-Hill, 2011). This lets our client know that we are all about finding the best person for the job. This is somewhat the same of what is done in the military in South Korea. The SOFA agreement prevents the United States Government from hiring mostly Americans for the jobs. The agreement is that the Korean Nationals are to hold at least 75% of the jobs on base. That has proven to be true. Every store and restaurant on every base in South Korea is operated by Koreans. It is not easy for any American to get a simple part time job. This is why regiocentic staffing would prove to work effectively. That way jobs are filled based on their nationality in order to keep the confidence of having a new client relationship with the United States. Identify the areas of overlap in the new client organization with others that you have had as clients. Areas of overlap are that Koreans Nationals do business differently. In the United States it may take...
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...and a chauffeur when she lived in Korea. She didn’t need anything as she was growing up there. Her father was a millionaire from having a shipping company, a mining business and hotels. Then one day they lost all of their money and had to flee to America. Bankruptcy in Korea had jail time behind it, something that her father didn’t want to go through or put his family through. So they left Korea in the ‘80’s and moved to Woodside, Queens in New York. To what Suki says was an “ugly house” that a Korean family owned that ran a dry cleaners. Their sons, Billy and Andy became her playmates. Suki was picked on from the other Korean children both at home and in school. She felt out of place. Therefore the other students didn’t want anything to do with her kind. They were Koreans, but not Korean American. They would call her FOB, “fresh out the boat,” or “yellow.” Funny because they didn’t arrive in a boat, they flew here in an airplane. Even the rich Koreans that left there and came here moved to Manhattan or Westchester. The children were ashamed of her and her kind. In order for her to learn English, she would watch reruns of “Three’s Company.” “Immigration is meant to be the great equalizer, yet it is not easy to eradicate the class divisions of the old country.” (para. 7 pg. 63) Suki says that, “more brutal than learning English was facing poverty with a rich girl’s habits and memory.” (para. 11, pg. 63) Summary of Facing Poverty with a Rich Girls...
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...Introduction As Lowe’s seeks new international markets to expand its highly successful home improvement model, the opportunities in the Asia market provide a unique untapped region. In Korea, recent political changes have opened its economy to foreign investors and businesses. Korea’s strong economic growth provides Lowe’s with the ideal situation of opening up stores before their competitors. Based on research I conducted, this assessment considers the potential of expanding Lowe’s into the Korean market. With any major investment, it is important to consider the monetary and non-monetary aspects including gaining an understanding of the culture, the ideal management approach, past and future trends, along with political roadblocks. In this paper, the following information provides a roadmap to the decision-making process. First, an assessment of the Lowe’s vision, mission, and promise are discussed and compared to the similarities and differences within Korea. Then, an analysis considers Korean trends that support the expansion of Lowe’s. Next, a culture assessment of Lowe’s base country (USA) is compared against Korea including management styles to consider for the local corporate office and stores. Lastly, a communication strategy is discussed based on the cultural assessment and offers best practices for the expansion of Lowe’s into Korea. This paper is intended to assist Lowe’s senior managers begin an assessment of expansion into the Asian market via Korea by...
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...With a population of 50 million people, GDP of 1.13 trillion USD, strong purchasing 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...
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