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Global Marketing
Wei-man Lee, Mengxia Lu, Difan Zhang, Cheng-chen Wei,
Kawai Chan, Tuna Ugur
China               Russia


                                                                         North Korea




                                                                                Japan




North-East Asia
It is bound by North Korea to the north, the Yellow Sea to the west as
well as the Korea and Cheju Straits to the south.
Population                       Religions                      Language
2010 Total population            Confucianism, Shamanism, Chr   The Korean language is related
(thousand persons): 49,410;      istianity, Buddhism and        to Japanese and Mongolian
                                 Chondokyo
Males: 24,758                                                   a large number of Chinese
Female: 24,653                                                  cognates exist in Korean

Source: Statistics Korea, 2011   Source: Datamonitor, 2011      Source: Datamonitor, 2011
Dry & Cold in winters   Famous for Winter Sport

Hot & Humid in summers      Activities fluctuate for heavy rain
WHICH MARKETS
TO ENTER           External analysis
                       Political factors
                     Economical factors
                        Social factors
                    Technological factors
                    Environmental factors
                         Legal factors




MARKET ENTRY         STP strategy
STRATEGIES       Entry mode strategy


MARKET          Marketing mix (the 4 Ps)
PROGRAMME             Case study


                     Opportunities
WHICH MARKETS
TO ENTER           External analysis
                       Political factors
                     Economical factors
                        Social factors
                    Technological factors
                    Environmental factors
                         Legal factors




MARKET ENTRY         STP strategy
STRATEGIES       Entry mode strategy


MARKET          Marketing mix (the 4 Ps)
PROGRAMME             Case study


                     Opportunities
PESTEL analysis of South Korea
A framework of macro-environmental factors used in the environmental
scanning component of strategic management.


      Political factors
             Economic factors
                       Social factors
                              Technological factors
                                      Environmental factors
                                                   Legal factors
Political factors


  Government Form: Republic

  Government effectiveness: 86.7 % (2009). Pursuit stability in policy formulation and
  implementation.



  International Relation: Strongly ties to the U.S., China, Japan, and Russia.
Political factors

  Current Strengths                       Current Challenges
  • Centralization of Power               • Military influence in South Korean
  • Political will for economic reforms     politics
  • Strong foreign relationships          • Factionalism in the ruling party

  Future Prospects                        Future Risks
  • Strengthening relationships with EU   • North Korea remains a major threat
                                          • By-election result indicate increasing
                                            discontent with the government


                                                                       Source: Datamonitor, 2011
Economic factors
  Strong economic growth in 2010 after achieving modest growth in 2009.




                                           GDP                Source: Datamonitor 2011
Economic factors
  Major business trade relation




                                  Source: Economist Intelligence Unit, 2009
Economic factors


  SMEs(small manufactures enterprise) in South Korea are financially weak.


  Foreign investment has been decreasing.




                                                                     Source: Datamonitor 2011
Social factors
  Low fertility rates and Aging society


  Rapid Urbanization

         South Korea                      1960        2000
         Population in the Seoul          5 Million   21 Million
         Metropolitan Area
         Percentage                       20.8%       46.3%



                                                                   Source: Datamonitor 2011
Social factors

  Highly-educated workforce.

  Working Age Population will be 72.9% in 2016.


  High wages and Rising power of labor unions


  Labor market flexibility has been hampered by high costs and the militancy of
  the country's labor unions.


                                                           Source: Datamonitor 2011; Korea Statistics, 2011
Social factors
  Cultural Dimensions

    Live in a hierarchical and collectivistic society

    Live in a feminine and long-term oriented society

    Most uncertainty-avoiding country




                                                        Source: geert-hofstede
Social factors
  Examples:

    Zhang and Dodgson(2007) have given an character sketch of the founder of a
    Korean start-up IT company, Mr. Lee:


    “We found Mr. Lee was influenced by his parents, and sometimes followed
    their advice-even though he knew they were not necessarily right, because he
    could not face losing business relations from his personal networks.“



                                                                            Source: Hollensen, 2011
Technological factors

  The most wired country- communications and internet facilities- in the world.


  Well known for technological innovation.
  • There are about 900 R&D centers that include foreign participation.
  • The gap between innovation and commercialization is very small.




                                                                          Source: Datamonitor 2011
Environmental factors
  Limited natural resources, soil erosion

  Strong governmental intervention to protect environment

  Environmental technology development




                                                            Source: Datamonitor, 2011
Legal factors
  Strong government support:

       • Simple foreign investment process.
       • Tax reduction and exemption.
       • Equal treatment with Korean nations


  Low investment freedom. (government intervention)
  Laws and regulations are often framed in general terms and are subject to differing
  interpretations by government officials, who rotate frequently.

                                                          Source: The PRS Group, 2011; Datamonitor, 2011
Insights:
   South Korea is a very attractive market due to:
   1) Fast pace of economic growth;
   2) Strong government support;
   3) Highly educated workforce;
   4) Technological capability.

   However,
   • North Korea issue arouse concerns both politically and economically.
   • Social and cultural pride may lead to Koreans’ restrict to new brand or foreign
     brand.

   Generally, South Korea is a country of moderate investment risk.
WHICH MARKETS
TO ENTER           External analysis
                       Political factors
                     Economical factors
                        Social factors
                    Technological factors
                    Environmental factors
                         Legal factors




MARKET ENTRY         STP strategy
STRATEGIES       Entry mode strategy


MARKET          Marketing mix (the 4 Ps)
PROGRAMME             Case study


                     Opportunities
Sensitive to health issues
 E.g. Health food market

 A consumer survey conducted in 2005, indicating that 80% of consumers
 purchased organic products because they concerned about their family’s
 health; 72% concerned about food safety.




                                                                          Source: OECD,2011
Decreasing   Increasing   Increasing
                                       Source: OECD,2011
STP strategy

  Longer life expectancy

  Increasing life expectancy and falling fertility is driving population ageing.
  People aged 65+make up 7% of the total population.

  Younger people purchase more

  Young consumers have become consumer trendsetters in Korea, as their
  spending power increases.


                                                                                   Source: OECD,2011
Market prospect
 Health food market expands




                              Source: OECD,2011
Entry mode strategy
  1)Export entry modes; 2) Contractual entry modes; 3) Investment entry modes


  Investment entry mode
  Requires the greatest commitment of management and financial resources.


  FDI Failure Examples:     Planet Hollywood restaurant




                                                                        Source: Hollensen,2011; Min 2005
Entry mode strategy
Joint ventures/strategic alliances


   In Korea, economy is dominated by business conglomerate like Samsung.

   There is a often complex love-hate relationship with foreign brands.


    Insights: In Korea, business relationships are built upon personal ties and social
    introductions. Language barrier and established business circles makes it extremely
    difficult to enter Korean market. Therefore, local representation is essential for the
    success of foreign firms in the Korean market, especially the support from chaebols.

                                                                          Source: OPA; Hollensen,2011; Min, 2005
Entry mode strategy
  Examples:




                      Source: Samsung, 2011
A unique opportunity: the rapidly growing LCD TV market and champions
industry-wide standardization of LCD TV sizes.

Goal
Construct a mutually beneficial relationship

After joint venture
A stable supply of LCD panels

Efficient production output in supporting the LCD TV
business efforts at both companies.




                                                                 Source: Samsung, 2011; BBC News, 2011
WHICH MARKETS
TO ENTER           External analysis
                       Political factors
                     Economical factors
                        Social factors
                    Technological factors
                    Environmental factors
                         Legal factors




MARKET ENTRY         STP strategy
STRATEGIES       Entry mode strategy


MARKET          Marketing mix (the 4 Ps)
PROGRAMME             Case study


                     Opportunities
Marketing mix: Product
  Koreans value product quality, service and safety, consumers focus more on
  health than before.

  Strong pride in domestic brands.

  High requirement of localization.


   Insights: Marketers have to adopt localization strategy when marketing
   their products to the demanding Korean consumers in face of their loyalty
   to Korean local brands. After-sales service is supposed to contribute the
   same importance compared to product quality itself.

                                                                        Source: OPA; Park, 2004
Marketing mix: Product
  Examples:                                McDonald’s double-digit growth for 5 years


    Customized breakfast.

    Kimchi and bulgogi burgers are offered along
    with a red bean pie.

    Home delivery




                                                                           Source: Kim, 2011
Marketing mix: Product
  Examples:




                         Source: Burt Herman, 2006
The Korean slice of the Web is relatively small
compared to the English-language chunks of
cyberspace.



NAVER: Knowledge iN, where users post
questions that are answered by other users.



"Korean netizens like to interact with other
people, they want to answer questions, they
want to reply."


                                                  Source: Burt Herman, 2006
Marketing mix: Pricing

  Generally price sensitive.

  Quality conscious and brand loyal, less likely to switch to less-expensive products.



   Insights: A strong brand loyalty is a very important aspect for marketers to
   consider in order to make more profits.

   Low price strategy should not be used for luxury brands because it may
   increase the intrust.

                                                             Source: Datamonitor,2011; M. Kim et al. 2010
Marketing mix: Distribution
                                   Korean corporate retailing
Traditional channel



  Department          Specialist       Franchising                    Non-store
                                                        Supermarket
  Stores              Stores           Chain Stores                   Merchandising



                Internet             Home TV           Catalogue      Home Visitation
                Shopping             shopping          Ordering       Sales



                                                                               Source: Min, 2004
Marketing mix: Distribution
  Korean distribution channel: Archaic, complicated network

  Traditional Distribution Channels: higher brand values.

  Mass distribution strategy threats luxury brand legitimacy.


   Insights: When choosing distribution channels, company should consider
   their positioning strategy and use proper distribution channels. Price
   sensitive products should not be distributed to Koreans through
   department stores.

                                                    Source: M. Kim et al. 2010 Dion&Arnould,2011 Min, 2004
Marketing mix: Distribution
  Examples:

                         LV’s distribution channel in South Korea: Specialty
                         stores and department stores.

                         Traditional Distribution Channels: higher brand values.

                         Achieving higher social value, utilitarian value and
                         emotional value.




                                                                 Source: M. Kim et al. 2010
Marketing mix: Promotion
  Koreans as uncertainty-avoidance consumers, prefer utilitarian benefits.

  Demonstrations, consumer contests, the use of novelties (free gifts), and
  guaranteeing quality.

  Using Coupons is viewed as being less affluent in Korea.

   Insights: Compared to more hedonic benefits, it is more effective to give out
   utilitarian benefits to attract more Korean consumers.

   Use free products and promotional sales rather than low price strategy.

                                                             Source: Kwok& Uncles, 2002; Raymond& Lim, 1996
Marketing Communication
                      TV and Internet share most of the media
                      market in South Korea.

                      Korean marketer tend to emphasize visual
                      brand information.


                          Insights: International marketers must pay more
                          attention to the communicative power of physical
                          attributes and features( especially virtual
                          communities) of brand identity that can translate into
                          gains in IMC.


                                                 Source: Koreanclick New Survey, 2008; Lee, 2011
Marketing Communication
  Conformity with family, friends, and neighbors opinions.

  Word of mouth is the most trusted source for Korean consumers.

  Respect for authority.

  Insights: Marketers should develop their promotion strategies through
  virtual, authority-involved-advertisements. Service aspect should be paid more
  attention due to the word- of- mouth effect.



                                      Source: Taylor et.al, 1993; Raymond & Lim, 1996; Koreanclick New Survey, 2008
Marketing Communication
  Examples: Brand placement
                              Korean practitioners connect symbolic
                              assertion and brand familiarization strategies
                              that were supported by indirect, mood-
                              creating visual messages to brand placement
                              practice.




                                                               Source: Lee, 2011
Case study



        Wal-Mart & Tesco & Costco
        in South Korea
               “Think globally, act locally”( R. Mead, 1998)
Background


     Sales of food retailers compare with GDP

                                    1998        2001        2003        2005
     Sales of big super chain       91.8        114.2       170.4       188.4
     GDP of Korea                   394.7       486.2       662.6       721.4
     Sales of big supermarket       20.2%       23.6%       25.7%       26.5%
     chain /GDP


     In spite of financial crisis, big supermarkets’ has been growing constantly,

                                                                           Source: The Bank of Korea, 2006
Korea Market                  Wal-Mart                        Tesco                     Costco
1994                                                                                           Price Club & Shinsegae:
                                                                                               Enter Korea
1996   liberalization of the food    • Market saturation in U.S.
       retail sector by the Korean   • Forced to develop
       government                      international market
                                     • Enter Korea
1997   Economic crisis                                                                         Resumed Costco brand
                                                                                               name
1998
1999                                                                 • Samsung needed a
       Foreign supermarkets’
                                                                       foreign partner for
       discount strategy 
                                                                       restructuring(financi
       consumers start to choose
                                                                       al crisis)
       foreign discount retailer
                                                                     • Samsung & Tesco:
       over department store
                                                                       Enter Korea
2006                                 • Withdrawal from Korea
                                     • sold 16 stores to Shinsegae
                                       for 882million

                                                                                                        Source: Choe, 2006
Tesco & Costco’s performance in Korea

           Sales Volume (₩ KRW)                                                       Market Share
             Costco Korea            Samsung Tesco                                Costco Korea       Samsung Tesco


                                                             10354.3                                  5.20%    5.20%     5.20%
                                                   9718.3                                    4.80%
                                       9145
                           7883.4
                                                                                    3.50%
               5532.4                                                     2.80%
   4364.2


                                                   1515.2     1845.6                                           0.80%     0.90%
                                       1250.3                                       0.50%    0.60%    0.70%
   683.1       808.3       994.3                                          0.40%

2006        2007        2008        2009        2010        2011       2006   2007       2008    2009      2010      2011

                                                                                                        Source: Euromonitor, 2011
Traditional markets are still Korean’s favorite place to purchase food (others 57%).



                                Costco Lotte
                                 1% 10%             E-Mart Hyundai
                                                      6% Department
                                                            Store
                                                             2%
                      Others                                           Samsung
                       57%                                               Tesco
                                                              Domestic    5%
                                                              retailers
                                                              (34 firms)
                                                                19%
                    Market Share of Food Retailing in Korea


                                                                                 Source: Euromonitor, 2011
Concept of value exchange

 Highlights the importance of focusing on value determined by customers
 and tailoring products and service accordingly rather than focusing on the
 comparison of the previous year’s figures as well as competitor-based
 performance.




                                                                Source: Grant and Schelsinger, 1995
Market entry Strategy


Wal-Mart              Tesco                                            Costco
• Enter Korean        • Use Samsung’s name to create domestic          • Price Club&
  market without        recognition                                      Shinsegae=
  any local partner   • Hire local managers with only a few              Costco of Korea
                        operational experts from UK
• Implemented its     • Support English training
  U.S. model          • Leverage on Samsung’s knowledge and
                        expertise of local market condition
                      • “Shinbaration” culture=eastern (contribution
                        &enjoy) +western culture(rational)
                      • Time ”mileage” system: awards those who
                        work overtime


                                                                            Source: Choe, S. H., 2006
Segmentation



     Wal-Mart         Tesco               Costco
     • Middle class   • Urban consumers   • Upscale shoppers
     • Lower middle   • Quality focused   • Especially small-business
       class          • Teenagers           owners




                                              Source: Gorton, M. & Sauer, J. & Supatpongkul, P., 2011
Marketing strategy: Product Decisions
   Korean’s Attitude                 Wal-Mart                          Tesco & Costco
   •   take freshness of food        • offer bulk-size products for    •   Focus on fresh food and beverage.
       products very seriously.        longer storage.                 •   Transform the traditional outdoor
                                                                           market into a convenient indoor
   •   Willing to make frequent      • Assume customers make fewer         format in hypermarkets by offering
       trip to markets to buy          frequent trip to supermarkets       live seafood, local delicacies, and on-
       small volume of fresh           like American customers.            site packaging services.
       products.                                                       •   Offers partially processed fresh
                                     • Uniform merchandizing &             products and repackaged into a
   •   Prefer small packaging          distribution strategies that        ready-to-cook(eat) form.
       products, given their small     limits product choice and       •   Its meat section has sales staff that
       houses with limited             constraint in adapting local        cuts and custom packages according
       storage and freezing            tastes and preferences.             to customer’s preference.
       spaces.                                                         •   A deli- section that sells popular
                                                                           traditional Korean food (Tesco).
                                                                       •   Costco don’t pretend to be Korean but
                                                                           sells lots of new/different products to
                                                                           make shopping interesting.

                                                                                           Source: Jungmo, K., 2008
Marketing strategy: Promotion & Pricing decisions


  Korean’s                  Wal-mart           Tesco                 Costco
  expectation
  • Prefer free products    •   Pricing        •   Homeplus Family   •   Worldwide standardized
    and promotional             System: EDLP       Membership card       membership System
    sales than every day        (Everyday
    low price                   Low Price)     •   Buy one get one   •   Offer discounted pricing
                                                   free                  on smaller quantities
  • Are quality conscious   •   Value=price                              (such as E-Mart)
    and brand loyal, and
    so are less likely to                                            •   Value=quality
    switch to less-
    expensive products




                                                                                     Source: Jungmo, K., 2008
Marketing strategy: Service

 Korean’s               Wal-Mart                            Tesco                   Costco
 expectation
 •   Unwilling to       •   Ware house style without        •   “Applause mileage •     Taking care of
     compromise             assistance of sales people          card” for good          customers and
     customer service       who give out free samples           service                 employees.
     and quality for        and help package and wrap       •   “Great Stone Face” •    Takes
     low price              products in the store               business model:         precedence over
 •   Expect more        •   Wal-Mart believes that              balancing               rewarding
     customer service       shareholders are best               growth(Market           shareholder
     (ex: salespeople       served if employers do all          Value) and Social   •   Average hourly
     in each aisle of       they can to hold down               Contribution(Social     wage is $17 an
     store)                 costs, including the costs of       Value)-”The Korea’s     hour.
                            labor.                              most admired
                        •   Average pay of a full-time          company”
                            worker at Wal-Mart is
                            $10.11 an hour

                                                                                         Source: Yoo-Taek Lee, 2010
Marketing strategy: Retail Environment

       House of Parliament in Britain vs. Samsung Tesco in Korea
                          We’ll always listen to our customers.




                                                                  Source: Jungmo, K., 2008
Marketing strategy: Internal Management


  Korean’s expectation              Wal-Mart                          Tesco
  • Location determines where       • Assume consumers use            • Strategically upscale its
    they shop                         vehicles to shop and              store atmosphere: Value
  • Shops mostly in the               distance is a less critical       Store  Touching Store 
    metropolitan areas                factor                            Green Store
  • Prefer stores with close        • Built stores in distant areas   • First retailer in the world
    proximity                         where land prices were low        who emphasize store
  • Expect a more tailored retail     (had only one in 16 stores in     identity->UK House of
    environment                       Seoul metropolitan area)          Parliament
                                    • Failed to achieve economies
                                      of scale because of store
                                      location




                                                                                         Source: Renee B. Kim, 2008
WHICH MARKETS
TO ENTER           External analysis
                       Political factors
                     Economical factors
                        Social factors
                    Technological factors
                    Environmental factors
                         Legal factors




MARKET ENTRY         STP strategy
STRATEGIES       Entry mode strategy


MARKET          Marketing mix (the 4 Ps)
PROGRAMME             Case study


                     Opportunities
Opportunities
 Flavored Alcoholic drinks
Market prospect
 Alcohol consumption: South Korea ranked 13th in the world. (WHO, 2011)
 Market value is expected to keep growing in the next few years




                                                              Source: Euromonitor International,2011
                                                                      WHO, 2011
The change of drinking culture

Socialize/ Business meeting/Gift

Women’s increasing participation in social and economic activities




                                                                     Source: Euromonitor, 2012
Flavored alcoholic drinks –pattern from strong to light drinking

More aware of their health.

The increasing popularity of luxury brands.

Branding and product image have a growing role in the market.




                                                                   Source: Euromonitor, 2012
Opportunities
 Fresh Coffee
Market prospect
Coffee continued to record strong retail sales growth in 2010.

             Annual coffee consumption per person in Korea


             400
                                             291              312
                                                       283
             300       253        248

             200
             100
               0
                      2006      2007       2008      2009    2010
                                                                    Source: Korea Statistics, 2011
Market prospect

 Coffee market is expected to grow continuously.


 Fresh coffee and instant coffee recorded positive sales growth while

 following health and wellness trends.




                                                        Source: Euromonitor , 2010; TransWorldNews, 2011
Coffee culture in Korea is booming

 Korean consumer increasingly enjoy the taste of coffee.

 More customers prefer high- quality coffee.

 Koreans like to spend a lot of time in coffee shops.

 Enjoy hanging out to socialize or study using a coffee shop.

 Coffee is also at the center of soap operas.
    e.g. 2007 , Popular TV series ‘The 1st Shop of Coffee Prince’
    e.g. 2010, Popular TV series ‘Coffee House’


                                                                    Source: Euromonitor , 2010; Southerton, 2007; Arirang, 2011
Fresh Coffee drives the coffee culture and follows the trend

Coffee has developed in line with the coffee culture in cafés and specialist coffee
shops.
E. g. Starbucks
Starbucks as a popular meeting place for Koreans
Starbucks as one of the top 3 chained specialist coffee shops in 2010
Over 1,392 branches across the country in 2010
e.g. Available customers to stay
e.g. Long opening hours
e.g. Provide quality coffee and food



                                                                        Euromonitor , 2010; Arirang, 2011
Opportunities
    Leisure hotel
Market prospect

 The market share of hotel industry in South Korea will increase by
 44.3%, 12.7 billion in 2015.
      Asia- Pacific Hotel industry market share


                  Others                  China
                   40%                     43%

                                    Japan
                                     8%
                      South Korea
           Taiwan         6%
             3%
                                                                      Source: Datamonitor,2011
Market prospect


     Host of 2018 Winter Olympics
South Korea has 62 legal holidays, not including weekends


Tend to travel in Groups, 56% consumers travel with families.


52% people have more than 3 vacations a year.




                                                                Source: Lee & Sparks,2007
Prices sensitiveness and prefer short vacation.

Brand recognition, prefer international brand.

      Leading company in South Korea hotel industry




      Wyndham Worldwide             Best Western      Accor   Hilton World Wide




                                                              Source: Datamonitor, 2011; Lee & Sparks,2007
Conclusion
 Merit:
 Economic strength and continues to report high growth.
 Strong support from Government to encourage foreign investment.
 World-Class Multinational Companies.
 Equal treatment with Korean nationals generally.

 Demerit:
 Language problem.
 Management style .
 Conservative culture.
Conclusion

 Recommendations:

   Respect Korea culture
   Cooperate with local companies
Limitations

  Cannot cover all industries.

  No in-depth analysis in each industries and products specifically.

  Difficult to access information.

  Neglect the comparison between neighboring countries such as China and Japan.
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•   Lee.H-J., Lim. H., Jolly. L. D. & Lee. J. (2009). Consumer Lifestyles and Adoption of High-Technology Products: A Case of South Korea.
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Thank you
  Q&A

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Global Marketing Project Presentation

  • 1. Global Marketing Wei-man Lee, Mengxia Lu, Difan Zhang, Cheng-chen Wei, Kawai Chan, Tuna Ugur
  • 2. China Russia North Korea Japan North-East Asia It is bound by North Korea to the north, the Yellow Sea to the west as well as the Korea and Cheju Straits to the south.
  • 3. Population Religions Language 2010 Total population Confucianism, Shamanism, Chr The Korean language is related (thousand persons): 49,410; istianity, Buddhism and to Japanese and Mongolian Chondokyo Males: 24,758 a large number of Chinese Female: 24,653 cognates exist in Korean Source: Statistics Korea, 2011 Source: Datamonitor, 2011 Source: Datamonitor, 2011
  • 4. Dry & Cold in winters Famous for Winter Sport Hot & Humid in summers Activities fluctuate for heavy rain
  • 5. WHICH MARKETS TO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factors MARKET ENTRY STP strategy STRATEGIES Entry mode strategy MARKET Marketing mix (the 4 Ps) PROGRAMME Case study Opportunities
  • 6. WHICH MARKETS TO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factors MARKET ENTRY STP strategy STRATEGIES Entry mode strategy MARKET Marketing mix (the 4 Ps) PROGRAMME Case study Opportunities
  • 7. PESTEL analysis of South Korea A framework of macro-environmental factors used in the environmental scanning component of strategic management. Political factors Economic factors Social factors Technological factors Environmental factors Legal factors
  • 8. Political factors Government Form: Republic Government effectiveness: 86.7 % (2009). Pursuit stability in policy formulation and implementation. International Relation: Strongly ties to the U.S., China, Japan, and Russia.
  • 9. Political factors Current Strengths Current Challenges • Centralization of Power • Military influence in South Korean • Political will for economic reforms politics • Strong foreign relationships • Factionalism in the ruling party Future Prospects Future Risks • Strengthening relationships with EU • North Korea remains a major threat • By-election result indicate increasing discontent with the government Source: Datamonitor, 2011
  • 10. Economic factors Strong economic growth in 2010 after achieving modest growth in 2009. GDP Source: Datamonitor 2011
  • 11. Economic factors Major business trade relation Source: Economist Intelligence Unit, 2009
  • 12. Economic factors SMEs(small manufactures enterprise) in South Korea are financially weak. Foreign investment has been decreasing. Source: Datamonitor 2011
  • 13. Social factors Low fertility rates and Aging society Rapid Urbanization South Korea 1960 2000 Population in the Seoul 5 Million 21 Million Metropolitan Area Percentage 20.8% 46.3% Source: Datamonitor 2011
  • 14. Social factors Highly-educated workforce. Working Age Population will be 72.9% in 2016. High wages and Rising power of labor unions Labor market flexibility has been hampered by high costs and the militancy of the country's labor unions. Source: Datamonitor 2011; Korea Statistics, 2011
  • 15. Social factors Cultural Dimensions Live in a hierarchical and collectivistic society Live in a feminine and long-term oriented society Most uncertainty-avoiding country Source: geert-hofstede
  • 16. Social factors Examples: Zhang and Dodgson(2007) have given an character sketch of the founder of a Korean start-up IT company, Mr. Lee: “We found Mr. Lee was influenced by his parents, and sometimes followed their advice-even though he knew they were not necessarily right, because he could not face losing business relations from his personal networks.“ Source: Hollensen, 2011
  • 17. Technological factors The most wired country- communications and internet facilities- in the world. Well known for technological innovation. • There are about 900 R&D centers that include foreign participation. • The gap between innovation and commercialization is very small. Source: Datamonitor 2011
  • 18. Environmental factors Limited natural resources, soil erosion Strong governmental intervention to protect environment Environmental technology development Source: Datamonitor, 2011
  • 19. Legal factors Strong government support: • Simple foreign investment process. • Tax reduction and exemption. • Equal treatment with Korean nations Low investment freedom. (government intervention) Laws and regulations are often framed in general terms and are subject to differing interpretations by government officials, who rotate frequently. Source: The PRS Group, 2011; Datamonitor, 2011
  • 20. Insights: South Korea is a very attractive market due to: 1) Fast pace of economic growth; 2) Strong government support; 3) Highly educated workforce; 4) Technological capability. However, • North Korea issue arouse concerns both politically and economically. • Social and cultural pride may lead to Koreans’ restrict to new brand or foreign brand. Generally, South Korea is a country of moderate investment risk.
  • 21. WHICH MARKETS TO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factors MARKET ENTRY STP strategy STRATEGIES Entry mode strategy MARKET Marketing mix (the 4 Ps) PROGRAMME Case study Opportunities
  • 22. Sensitive to health issues E.g. Health food market A consumer survey conducted in 2005, indicating that 80% of consumers purchased organic products because they concerned about their family’s health; 72% concerned about food safety. Source: OECD,2011
  • 23. Decreasing Increasing Increasing Source: OECD,2011
  • 24. STP strategy Longer life expectancy Increasing life expectancy and falling fertility is driving population ageing. People aged 65+make up 7% of the total population. Younger people purchase more Young consumers have become consumer trendsetters in Korea, as their spending power increases. Source: OECD,2011
  • 25. Market prospect Health food market expands Source: OECD,2011
  • 26. Entry mode strategy 1)Export entry modes; 2) Contractual entry modes; 3) Investment entry modes Investment entry mode Requires the greatest commitment of management and financial resources. FDI Failure Examples: Planet Hollywood restaurant Source: Hollensen,2011; Min 2005
  • 27. Entry mode strategy Joint ventures/strategic alliances In Korea, economy is dominated by business conglomerate like Samsung. There is a often complex love-hate relationship with foreign brands. Insights: In Korea, business relationships are built upon personal ties and social introductions. Language barrier and established business circles makes it extremely difficult to enter Korean market. Therefore, local representation is essential for the success of foreign firms in the Korean market, especially the support from chaebols. Source: OPA; Hollensen,2011; Min, 2005
  • 28. Entry mode strategy Examples: Source: Samsung, 2011
  • 29. A unique opportunity: the rapidly growing LCD TV market and champions industry-wide standardization of LCD TV sizes. Goal Construct a mutually beneficial relationship After joint venture A stable supply of LCD panels Efficient production output in supporting the LCD TV business efforts at both companies. Source: Samsung, 2011; BBC News, 2011
  • 30. WHICH MARKETS TO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factors MARKET ENTRY STP strategy STRATEGIES Entry mode strategy MARKET Marketing mix (the 4 Ps) PROGRAMME Case study Opportunities
  • 31. Marketing mix: Product Koreans value product quality, service and safety, consumers focus more on health than before. Strong pride in domestic brands. High requirement of localization. Insights: Marketers have to adopt localization strategy when marketing their products to the demanding Korean consumers in face of their loyalty to Korean local brands. After-sales service is supposed to contribute the same importance compared to product quality itself. Source: OPA; Park, 2004
  • 32. Marketing mix: Product Examples: McDonald’s double-digit growth for 5 years Customized breakfast. Kimchi and bulgogi burgers are offered along with a red bean pie. Home delivery Source: Kim, 2011
  • 33. Marketing mix: Product Examples: Source: Burt Herman, 2006
  • 34. The Korean slice of the Web is relatively small compared to the English-language chunks of cyberspace. NAVER: Knowledge iN, where users post questions that are answered by other users. "Korean netizens like to interact with other people, they want to answer questions, they want to reply." Source: Burt Herman, 2006
  • 35. Marketing mix: Pricing Generally price sensitive. Quality conscious and brand loyal, less likely to switch to less-expensive products. Insights: A strong brand loyalty is a very important aspect for marketers to consider in order to make more profits. Low price strategy should not be used for luxury brands because it may increase the intrust. Source: Datamonitor,2011; M. Kim et al. 2010
  • 36. Marketing mix: Distribution Korean corporate retailing Traditional channel Department Specialist Franchising Non-store Supermarket Stores Stores Chain Stores Merchandising Internet Home TV Catalogue Home Visitation Shopping shopping Ordering Sales Source: Min, 2004
  • 37. Marketing mix: Distribution Korean distribution channel: Archaic, complicated network Traditional Distribution Channels: higher brand values. Mass distribution strategy threats luxury brand legitimacy. Insights: When choosing distribution channels, company should consider their positioning strategy and use proper distribution channels. Price sensitive products should not be distributed to Koreans through department stores. Source: M. Kim et al. 2010 Dion&Arnould,2011 Min, 2004
  • 38. Marketing mix: Distribution Examples: LV’s distribution channel in South Korea: Specialty stores and department stores. Traditional Distribution Channels: higher brand values. Achieving higher social value, utilitarian value and emotional value. Source: M. Kim et al. 2010
  • 39. Marketing mix: Promotion Koreans as uncertainty-avoidance consumers, prefer utilitarian benefits. Demonstrations, consumer contests, the use of novelties (free gifts), and guaranteeing quality. Using Coupons is viewed as being less affluent in Korea. Insights: Compared to more hedonic benefits, it is more effective to give out utilitarian benefits to attract more Korean consumers. Use free products and promotional sales rather than low price strategy. Source: Kwok& Uncles, 2002; Raymond& Lim, 1996
  • 40. Marketing Communication TV and Internet share most of the media market in South Korea. Korean marketer tend to emphasize visual brand information. Insights: International marketers must pay more attention to the communicative power of physical attributes and features( especially virtual communities) of brand identity that can translate into gains in IMC. Source: Koreanclick New Survey, 2008; Lee, 2011
  • 41. Marketing Communication Conformity with family, friends, and neighbors opinions. Word of mouth is the most trusted source for Korean consumers. Respect for authority. Insights: Marketers should develop their promotion strategies through virtual, authority-involved-advertisements. Service aspect should be paid more attention due to the word- of- mouth effect. Source: Taylor et.al, 1993; Raymond & Lim, 1996; Koreanclick New Survey, 2008
  • 42. Marketing Communication Examples: Brand placement Korean practitioners connect symbolic assertion and brand familiarization strategies that were supported by indirect, mood- creating visual messages to brand placement practice. Source: Lee, 2011
  • 43. Case study Wal-Mart & Tesco & Costco in South Korea “Think globally, act locally”( R. Mead, 1998)
  • 44. Background Sales of food retailers compare with GDP 1998 2001 2003 2005 Sales of big super chain 91.8 114.2 170.4 188.4 GDP of Korea 394.7 486.2 662.6 721.4 Sales of big supermarket 20.2% 23.6% 25.7% 26.5% chain /GDP In spite of financial crisis, big supermarkets’ has been growing constantly, Source: The Bank of Korea, 2006
  • 45. Korea Market Wal-Mart Tesco Costco 1994 Price Club & Shinsegae: Enter Korea 1996 liberalization of the food • Market saturation in U.S. retail sector by the Korean • Forced to develop government international market • Enter Korea 1997 Economic crisis Resumed Costco brand name 1998 1999 • Samsung needed a Foreign supermarkets’ foreign partner for discount strategy  restructuring(financi consumers start to choose al crisis) foreign discount retailer • Samsung & Tesco: over department store Enter Korea 2006 • Withdrawal from Korea • sold 16 stores to Shinsegae for 882million Source: Choe, 2006
  • 46. Tesco & Costco’s performance in Korea Sales Volume (₩ KRW) Market Share Costco Korea Samsung Tesco Costco Korea Samsung Tesco 10354.3 5.20% 5.20% 5.20% 9718.3 4.80% 9145 7883.4 3.50% 5532.4 2.80% 4364.2 1515.2 1845.6 0.80% 0.90% 1250.3 0.50% 0.60% 0.70% 683.1 808.3 994.3 0.40% 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011 Source: Euromonitor, 2011
  • 47. Traditional markets are still Korean’s favorite place to purchase food (others 57%). Costco Lotte 1% 10% E-Mart Hyundai 6% Department Store 2% Others Samsung 57% Tesco Domestic 5% retailers (34 firms) 19% Market Share of Food Retailing in Korea Source: Euromonitor, 2011
  • 48. Concept of value exchange Highlights the importance of focusing on value determined by customers and tailoring products and service accordingly rather than focusing on the comparison of the previous year’s figures as well as competitor-based performance. Source: Grant and Schelsinger, 1995
  • 49. Market entry Strategy Wal-Mart Tesco Costco • Enter Korean • Use Samsung’s name to create domestic • Price Club& market without recognition Shinsegae= any local partner • Hire local managers with only a few Costco of Korea operational experts from UK • Implemented its • Support English training U.S. model • Leverage on Samsung’s knowledge and expertise of local market condition • “Shinbaration” culture=eastern (contribution &enjoy) +western culture(rational) • Time ”mileage” system: awards those who work overtime Source: Choe, S. H., 2006
  • 50. Segmentation Wal-Mart Tesco Costco • Middle class • Urban consumers • Upscale shoppers • Lower middle • Quality focused • Especially small-business class • Teenagers owners Source: Gorton, M. & Sauer, J. & Supatpongkul, P., 2011
  • 51. Marketing strategy: Product Decisions Korean’s Attitude Wal-Mart Tesco & Costco • take freshness of food • offer bulk-size products for • Focus on fresh food and beverage. products very seriously. longer storage. • Transform the traditional outdoor market into a convenient indoor • Willing to make frequent • Assume customers make fewer format in hypermarkets by offering trip to markets to buy frequent trip to supermarkets live seafood, local delicacies, and on- small volume of fresh like American customers. site packaging services. products. • Offers partially processed fresh • Uniform merchandizing & products and repackaged into a • Prefer small packaging distribution strategies that ready-to-cook(eat) form. products, given their small limits product choice and • Its meat section has sales staff that houses with limited constraint in adapting local cuts and custom packages according storage and freezing tastes and preferences. to customer’s preference. spaces. • A deli- section that sells popular traditional Korean food (Tesco). • Costco don’t pretend to be Korean but sells lots of new/different products to make shopping interesting. Source: Jungmo, K., 2008
  • 52. Marketing strategy: Promotion & Pricing decisions Korean’s Wal-mart Tesco Costco expectation • Prefer free products • Pricing • Homeplus Family • Worldwide standardized and promotional System: EDLP Membership card membership System sales than every day (Everyday low price Low Price) • Buy one get one • Offer discounted pricing free on smaller quantities • Are quality conscious • Value=price (such as E-Mart) and brand loyal, and so are less likely to • Value=quality switch to less- expensive products Source: Jungmo, K., 2008
  • 53. Marketing strategy: Service Korean’s Wal-Mart Tesco Costco expectation • Unwilling to • Ware house style without • “Applause mileage • Taking care of compromise assistance of sales people card” for good customers and customer service who give out free samples service employees. and quality for and help package and wrap • “Great Stone Face” • Takes low price products in the store business model: precedence over • Expect more • Wal-Mart believes that balancing rewarding customer service shareholders are best growth(Market shareholder (ex: salespeople served if employers do all Value) and Social • Average hourly in each aisle of they can to hold down Contribution(Social wage is $17 an store) costs, including the costs of Value)-”The Korea’s hour. labor. most admired • Average pay of a full-time company” worker at Wal-Mart is $10.11 an hour Source: Yoo-Taek Lee, 2010
  • 54. Marketing strategy: Retail Environment House of Parliament in Britain vs. Samsung Tesco in Korea We’ll always listen to our customers. Source: Jungmo, K., 2008
  • 55. Marketing strategy: Internal Management Korean’s expectation Wal-Mart Tesco • Location determines where • Assume consumers use • Strategically upscale its they shop vehicles to shop and store atmosphere: Value • Shops mostly in the distance is a less critical Store  Touching Store  metropolitan areas factor Green Store • Prefer stores with close • Built stores in distant areas • First retailer in the world proximity where land prices were low who emphasize store • Expect a more tailored retail (had only one in 16 stores in identity->UK House of environment Seoul metropolitan area) Parliament • Failed to achieve economies of scale because of store location Source: Renee B. Kim, 2008
  • 56. WHICH MARKETS TO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factors MARKET ENTRY STP strategy STRATEGIES Entry mode strategy MARKET Marketing mix (the 4 Ps) PROGRAMME Case study Opportunities
  • 58. Market prospect Alcohol consumption: South Korea ranked 13th in the world. (WHO, 2011) Market value is expected to keep growing in the next few years Source: Euromonitor International,2011 WHO, 2011
  • 59. The change of drinking culture Socialize/ Business meeting/Gift Women’s increasing participation in social and economic activities Source: Euromonitor, 2012
  • 60. Flavored alcoholic drinks –pattern from strong to light drinking More aware of their health. The increasing popularity of luxury brands. Branding and product image have a growing role in the market. Source: Euromonitor, 2012
  • 62. Market prospect Coffee continued to record strong retail sales growth in 2010. Annual coffee consumption per person in Korea 400 291 312 283 300 253 248 200 100 0 2006 2007 2008 2009 2010 Source: Korea Statistics, 2011
  • 63. Market prospect Coffee market is expected to grow continuously. Fresh coffee and instant coffee recorded positive sales growth while following health and wellness trends. Source: Euromonitor , 2010; TransWorldNews, 2011
  • 64. Coffee culture in Korea is booming Korean consumer increasingly enjoy the taste of coffee. More customers prefer high- quality coffee. Koreans like to spend a lot of time in coffee shops. Enjoy hanging out to socialize or study using a coffee shop. Coffee is also at the center of soap operas. e.g. 2007 , Popular TV series ‘The 1st Shop of Coffee Prince’ e.g. 2010, Popular TV series ‘Coffee House’ Source: Euromonitor , 2010; Southerton, 2007; Arirang, 2011
  • 65. Fresh Coffee drives the coffee culture and follows the trend Coffee has developed in line with the coffee culture in cafés and specialist coffee shops. E. g. Starbucks Starbucks as a popular meeting place for Koreans Starbucks as one of the top 3 chained specialist coffee shops in 2010 Over 1,392 branches across the country in 2010 e.g. Available customers to stay e.g. Long opening hours e.g. Provide quality coffee and food Euromonitor , 2010; Arirang, 2011
  • 66. Opportunities Leisure hotel
  • 67. Market prospect The market share of hotel industry in South Korea will increase by 44.3%, 12.7 billion in 2015. Asia- Pacific Hotel industry market share Others China 40% 43% Japan 8% South Korea Taiwan 6% 3% Source: Datamonitor,2011
  • 68. Market prospect Host of 2018 Winter Olympics
  • 69. South Korea has 62 legal holidays, not including weekends Tend to travel in Groups, 56% consumers travel with families. 52% people have more than 3 vacations a year. Source: Lee & Sparks,2007
  • 70. Prices sensitiveness and prefer short vacation. Brand recognition, prefer international brand. Leading company in South Korea hotel industry Wyndham Worldwide Best Western Accor Hilton World Wide Source: Datamonitor, 2011; Lee & Sparks,2007
  • 71. Conclusion Merit: Economic strength and continues to report high growth. Strong support from Government to encourage foreign investment. World-Class Multinational Companies. Equal treatment with Korean nationals generally. Demerit: Language problem. Management style . Conservative culture.
  • 72. Conclusion Recommendations: Respect Korea culture Cooperate with local companies
  • 73. Limitations Cannot cover all industries. No in-depth analysis in each industries and products specifically. Difficult to access information. Neglect the comparison between neighboring countries such as China and Japan.
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  • 79. Thank you Q&A