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South Korea

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Sarah F.

on 11 June 2014

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Transcript of South Korea

SOUTH KOREA

By Kashmala Nasir and Sara Fazal
1. Introduction and Overview (Chapter 1 - 2)
2. Human Resources & Skills (Chapter 1 - 10)
3. Economy
4. Trade Agreements & Regulations (Chapter 5)
5. Competitive Advantages and Risk Assessment (Chapter 9)
6. Major Trends (Chapter 10)
7. Culture, Business Ethics and Social Responsibility (Chapters 3, 6)
8. Marketing (Chapter 7)
9. Global Distribution and Logistics (Chapter 8)
Table of Contents
Introduction and Overview
Location:
South Korean is located in Eastern Asia
Capital City:
Seoul
Physical Characteristics:
It has mountains, river basins, valleys, coastal planes and rolling hills.

Introduction and Overview
Population:
50 million
Language:
Korean
GDP:
$1.12 trillion dollars
Currency:
Won

Introduction and Overview
Climate:
4 distinct seasons
Type of Government:
Republican
President:
Park Geun-hye
Religion:
The 3 main religions areBuddhism, Protestanism and Catholicism
Human Resources and Skills
- South Korea has a large labour force and many skilled individuals.
- Over 24 million people over the age of 15 in the labour force
- Agriculture - 69.9%, industry - 23.6% and services are 69.4% of the labour force
Human Resources and Skills
- Minimum wage is $10.00/hour
- 8% of annual income spent on education
- Top performing students in math, science and reading comprehension in the OCED
Human Resources and Skills
- 77% of people aged 25 to 54 in labour force
- Senior workers aged 55 to 64 make up 63.7% of labour force
- For cultural reasons, Korean people want to avoid jobs that they see as being "
lower class
"
- Current literacy rate is 97.9%
Human Resources and Skills
- Typical school day is from 8 a.m. and 4 p.m.
- Maximum work hours is 8 hour per day and 40 hours per week
- Federation of Korean Trade Unions formed in 1960
- Currently has over 700,000 members
Human Resources and Skills
- Korean Federation Trade Union made in response to concerns
- Created on November 13th, 1970
- Strive for more female workers, working hours, better employment and safety
Human Resources and Skills
- People who are 65+ make up 11.7% of population
- By 2050, the ratio of senior citizens to working age people expected to rise to 1.5 to 6
- One of the lowest birth rates in the world
-
Cons:
More cost to train young employees and greater health care cost
- Pros:
Aging population is good for investments
Competitive Advantages and Disadvantages
- Located between Japan and China
- One of the world's largest Information and Communication Technology Providers
- Seoul ranked top in UN Global e-Government Survey
- 8th largest investor in R&D
- Government helps by giving cash grants, advertising support and tax support
Competitive Advantages and Disadvantgaes
- Develops and sends out high quality electronics
- South Koreas avid consumers of digital media
- More than half of South Korea's play computer games
- Many professional gamers have six figure salries, university offers etc.
Competitive Advantages and Disadvantages
- Most Koreans play gaming rooms known as PC Bangs
- Simply Local Area Gaming Network Centres
- Ranges from $1.00 to $1.50 per hour, but a lot of people come
- PC Bangs a great part of Korean culture

Competitive Advantages and Disadvantages
- Gaming industry earns $5 billion annually
- That is about $100/every person in South Korea
- Chang-Ang University (one of top 10 universities) give scholarships to gamers
Competitive Advantages and Disadvantages
- Culture, bribes, corruption,
- Corruption Preception Index 5.6/10
- 26% of Koreans felt government effective against corruption
- 2% of people paid a bribe in past 12 months

Culture
Cultural Dress
- The
Hanbok
is a part of Korean history. Women wear skirts while men wear baggy pants.
- Koreans typically dress in Western clothing
- However, they do wear traditional clothing during special occassions
Culture
Food
- A staple is rice and kimchi
- Various side dishes like soup, veggies,
meats, shrimp and fish
- Fresh fruits or rice cakes for dessert
Culture
Table Manners
- Start with soup or kimchi, then other dishes
- Do not make loud noises with utensils
- Do not shake off seasonings you don't like
- Do not leave table without excusing yourself
- Do not reach across for an item, but ask someone to give it to you
- Chew with mouth closed
- Pace yourself at the speed others are eating
Culture
- An extremely important aspect of youth culture is Korean pop music (K-pop)
- Taken the world by storm
- Millions of sales worldwide and billions of youtube views
Culture
- Korean Dramas (K- Dramas)
- Created a Korean wave (promotes peace and
anti-racism for Koreans)
- Boosted economy because of tourism and
exports of Korean items
- Watched by several foreigners
K - Pop
K- Dramas
Culture
Marriage, Family and Kinship
- Family background and education important when seeking a partner
- Union between two people and families
- Freedom to choose who to marry
- Eldest son gets most inheritence
- Family important aspect of life
Culture
Sports
- Tae Kwon Do Existed in Korea for 2,000 years
- System of self-defense that creates emotional well-being
- Meditation and yoga
Business Ethics
- Modest character and hard work very important
- Business relationships extremely important for building trust
- Communication is important (interpreter)
- Patience required because negotiations take several meetings
Business Ethics
- When meeting people, bow as a sign of respect
- Often men shake hands while women nod slightly and do not shake hands with Western men
- Always be addressed by their professional title
- Avoid physical contact with strangers e.g. patting, touching
- Be on time!
Business Ethics
- For business meetings, business attire is worn
- Men wear dress shirts, dress pants and suits
- Women wear dress shirts, blazers, dress pants or skirts that come up to the knee
Social Responsibility
- Corporate social responsbility a new concept
- Many large companies like Samsung, Hyundai etc. have their own CSR departments
- In 2008, largest Korean companies donated over $24 million to charity
- Top 500 companies contributed 4.76% of total income
Social Responsibility
- Heavy Emphasis on Environment in CSR
- This is because South Korea wants to be known for their environmentally-friendly products. They also want to have more alternative energy sources
- Want to protect Korea's local ecosystem
- Many corporations invest money to reduce gas emissions, carbon emissions and into green technology
Economy
Market economy ranks 15th worldwide

Member of OECD

Large interna consumer market

GDP increase 3.9% yearly

Rising exports
Economy
http://www.heritage.org/index/visualize?countries=southkorea|canada&src=country
Trade Agreements - Canada
Boosting Canada’s economy by $1.7 billion

Increase Canadian exports to South Korea by 32 %

South Korea is not only a major economic player in its own right and a key market for Canada; it also serves as a gateway for Canadian businesses and workers into the dynamic Asia-Pacific region as a whole.
Trade Agreements - United States
Launched March 15, 2012

More jobs for US exporters

80-95 % exports to South Korea made duty-free

Benefits South Korea Agriculture


Major Trends
33,527,534 active smartphones and tablets in South Korea.

Samsung Home Market

Phablet Fans

Major Trends
Latest South Korean Online Trend Paying To Watch A Pretty Girl Eat

http://au.ibtimes.com/articles/536674/20140131/south-korea-online-trend-watch-pretty-girl.htm#.U5hdHvldWKI
Marketing
Marketing
Global Distribution and Logistics
High population with land constriction

Efficiently designed disribution facilities represent less than 5%

95% outdated and cramped facilities

Create worldclass logistics to remain competitive
THE END.
South Korea
Full transcript