International Business
South Korea International Business
South Korea: Introduction and Business Potential
South Korea is the 12th largest economy in the world. It has made tremendous growth in all manufacturing, industrial, and services sectors to become economically and technologically strong. Due to rapid economic growth and positive governmental behavior, South Korea has become an attractive target country for foreign corporations for their international business expansion strategies (Central Intelligence Agency, 2013). However, these foreign corporations face huge differences in the cross-cultural values, marketing practices and ethical values when they enter into South Korean market (Ball, 2010).
Cross Cultural Differences
Language Barriers:
The most significant cross-cultural difference which the U.S. businesses face in South Korea is the language barriers. In the U.S., people speak louder and more aggressively; whereas in Asian countries like Korea, they are soft in voice tone and communication styles. Moreover, differences exist in the native language and English-accent in the South Korea. This cross-cultural difference can directly impact the way U.S. businesses design their marketing and communication plans for their internal and external stakeholders. For example, they need to institute an organizational culture where employees should communicate with their local (South Korean) coworkers and customers in a voice tone and accent which is acceptable and understandable for them according to their local communication styles. The employees should also take care of fluency level and selection of technical terms while talking or writing to the South Korean stakeholders (Lee & Trim, 2008).
2. Decision Making Style:
Decision making style refers to the way managers in an organization make decisions, delegate authorities, divide job tasks and roles, evaluate alternatives, and resolve organizational problems. Managers in the local organizations in the U.S. give more preference to majority rule; whereas, South Korean managers believe transformational style. U.S. managers prefer group orientation while South Korean managers implement individual orientation at the workplace. The participation of female employees is also higher in the U.S. organizations as compared to South...
International Marketing International growth strategies bring a number of challenges for business organizations. They not only have to analyze the business environment in the new markets, but also formulate effective international marketing strategies which enable them to compete in a competitive and profitable way (Cadle, Paul, & Turner, 2010). International expansion may become a disaster if an organization tries to penetrate the market without a careful analysis of the external environment
International Marketing A situation analysis is termed as a foundation to be used for a marketing plan. A situation analysis normally includes an examination of both the internal and external factors that can affect a business. A situation analysis creates an overview of the organization that acts as a guide to understanding the factors that influence the future of an organization (Lorette, 2010). The paper will look at the situation analysis
Business Organization Theory: Sony This is a paper that analyzes an article from the business organization theory perspective. It has 2 sources. Organizations in the international business setting nowadays face tremendous competition as they are not only competing with local competitors but also with those abroad as well (Hill 1999). This had been the case with Sony whose arch rival Samsung and LG Electronics of South Korea have in the recent years
At the same time, one does not know whether they offer the workers any benefit or perk as is provided by Korean employers. This matter has to be sorted out by the Korean partner as the workers are more likely to trust him than Australians. He may also find it possible to offer the workers the same perks that are offered to his employees in other concerns. The hours of
International Business and the Regions How far has the competitiveness of two East Asian firms been based on: (1) national networks and institutions, including localised clusters; (2) regional links and networking across the East Asian region; (3) transnational links beyond the East Asian region and; (4) support from the policies of one or more East Asian governments? Over the last several decades, globalization has been having a tremendous impact on the way
International Business 5 Pertinent Topics The Cultural Effect on International Business Description Political Issues Affecting International Business Description Regional Economic Integration AND INTERNATIONAL Business Description Impact of Exchange Rates on International Business Description Corporate Strategy in International Business Description An Analysis of International Business Today No one can dispute the fact that the world economy is increasingly globalizing as we move into the 21st century. As this internationalization of business grows, there is an increasing challenge being faced to deal with cultural
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now