On May 10, 1948, he first elections were held in Korea and that is when North and South Korea became official and into existence. Around the sass, South Korea began to grow economically at an astounding rate, which surprised many people considering how long it normally takes for countries to bounce back after war, let alone three so close to each other. Thus, it was called the “Miracle on the Hanging River” because the progression South Korea had experienced. The product chose was created by LEG, formerly known as Lucky Goldwater, the new LEG GO smartened.
This is the first ever Quad HAD smartened meaning it was a resolution of 2,560 y 1,440, which is something even the phone and Samsung cannot boast about. Not only that, the 63 has a pixel density of 583 pip, something else that is unheard of from a phone. LEG is a company that everyone associates with telephones, televisions, and appliances and has worldwide recognition. Just like the government structure of the United States, South Korea follows a similar template.
An interesting fact that differs South Korea from the US, is that Republic of Korea has only amended their Constitution nine times and revised it five times.
Meanwhile, America has amended their Constitution twenty-seven mimes. South Korea also has a checks and balances system which consists of three branches of government: legislative, executive, and judicial. They also have a President and Cabinet, just as we do in the States. Only difference is that South Korea has a Prime Minister who acts as a Vice President. There are over fifteen diverse ministers that oversee many sectors which is comparable to the United States’ secretaries. One of the biggest challenges in marketing products in South Korea, or with any foreign country is knowing how to market the product.
For example, South Korea goes not oversensitive their advertisements like we do here in America. Also, what we find humorous, may not be considered funny overseas. Another challenge in marketing products over in South Korea is getting the permission to do so in the first place. The first step to market anything successful is know your target market and do extensive research about every aspect of the plan. If a company attempts to enter the South Korea market blindly with no idea of their culture or society, they are doomed for failure.
When a business decides to start selling in a foreign market, they are not only making financial risks, but possible lattice risks as well. Especially if it is a corporation that is making this attempt. The financial risks are usually the most obvious: Putting money into making the product, exporting the goods, paying for port fees or tariffs, setting up advertisements in the target country, hiring employees and creating stores if necessary, and so on. However, there are also political risks involved.
For example, if you offend someone in South Korea, or any other foreign country for that matter, it has the capability of causing political strain between either the country and company or between countries. According to Contain & Romaine, “The basic economic infrastructure consists of transportation, energy, and communication systems”. In other words, the infrastructure is the basics of an economy to function. This also includes other factors such as: population, water and electricity, roads, etc. The infrastructure of South Korea is probably one of the best in the world besides the United States and Japan.
South Korea has one of the fastest growing telecommunications and technology systems in the world; they are a major competitor in this market around the world which is where the elk of their gross profit comes from. Their road and transportation (public, land, and air) systems are massive compared to countries in relatable size. The estimated population as of July 2014 is 49,039,986 people, which places South Korea in 27th place in comparison to the world. Among those 49 million, the literacy rate, defined as a person 15 and older, is extremely high at 97. 9%: 99. % of which are males and 96. 6% are females. As of 2012, South Korea is ranked 2nd in the world in terms of global education systems, after Finland who placed first whereas the United States only came in 17th place. I believe that South Koreans education level is definitely moving the country into a different economic status, but in a positive manner. The college level graduation rate for South Korea is at 94%, however the United States only sits at 76. 8%. The unemployment rate in South Korea compared to America is less than half at 3. 4% to the U. S. ‘s 9%.
In my opinion, the rate of graduation and unemployment coincide with one another. Many countries believe that requiring South Korean children and teenagers to learn English on four levels is too much, however, the ambition for education is what put South Korea so far ahead of all the other entries in the world. In South Korea, there is quite a number of companies that are specific to the land, as well as those whom participate in the global business environment. Because of this, the children of those business owners are responsible of the upkeep and maintenance of the company once they become of age.
The term for this is cacheable – family-owned multimillion dollars businesses that have heirs. Those heirs are required to attend high level and quality post-secondary schools, equivalent of our Ivy League colleges which is sometimes in fact those schools, in order to be able to handle the managing of a easiness. There is a higher chance of more innovation to come from South Korea than almost any other nation, especially the United States, which would result in affecting the entire infrastructure of South Korea. South Koreans labor force participation rate is currently at 62. 80% which is roughly 25. 6 million people out of a little over 49 million population. The minimum wage in the Republic of Korea is 5210 won which equals about a little under $5 US American Dollars. In percentage by occupation, the majority of the work force in services at 69. 4%, the second was industry type careers at 23. 6%, and at 6. % is occupied by agricultural employees. The monetary system used in South Korea is called won, of which they use bills and coins much like the United States does. The most visible difference is that in South Korea, as the monetary value goes up, the size of the bill increase along with it.
For example, the 1000 won bill is noticeable smaller than the 10000 won bill. Another fascinating aspect about the money in South Korea, their paper currency contain dots for their blind citizens so they can tell which bill is which. South Korea has a global debt, much like the other countries around the world. However, it is not nearly on the same level as some countries, like the United States for example. The national debt of the Republic of Korea is only near about 490 trillion won, equaling to about $470 billion in US Dollars compared to United States’ national debt which is at almost $18 trillion dollars.
As for a debt structure system that I would suggest, it is the same that I would suggest for America as well. Basically, in order to lower or get rid of national and global debt of any country, especially South Korea, would need to have more money invested into the economy, if not the government. Celebrities and athletes make about as such money in a year that would could make a substantial impact on the national debt of any country. For South Korea, it would be a little bit more difficult to make a dent in the debt because those athletes and other celebrities are not as well known around the world like American celebrities and athletes are.
However, their debt level is a lot less than America’s is at the current moment even with having 1/6 of the population level the United States does. Not to mention, the chasubles of South Korea are the richest members of South Korea and could also invest more in the government and economy, which would also erroneously assist with the debt of South Korea. The Republic of Koreans economy is honestly a lot more sophisticated than America’s is because of the fact that so much technology comes from South Korea, whereas in the United States, we only have a handful of companies that manufacture and export technology to other countries.
Exports and imports are very different from each other, which a lot of people gets confused. Exports are the goods that are manufactured in one country, but sent out to other countries. In other words, moving things out of the country. Importing is when merchandise is received by he other countries from initial country that created it, or movement of commodities into a country. There are definitely imports still currently being delivered into South Korea. The top five category imports are: machinery, electric machinery, aircraft, optic and medical instruments, and organic chemicals equaling to about 20. Billion dollars. Considering that the top country origins for South Korean imports are China, Japan, United States, and Saudi Arabia, there are bound to be successes and struggles when it came to imports and exports simply because of the past history between the nations. One of the suggest successes and failures of when receiving imports is the rate of currency exchange. The value of the dollar has decreased so much over the years. It has a consistent pattern however, the value has a tendency to rise at the beginning or end of the year, but then just falls again.
For example, right now, $1 American Dollar equals to about 1087. 23 South Korean won. Also, failing to adhere to the foreign policies of other countries whether importing or exporting will definitely result in failure. Whenever a country does not follow the policies set for importing, South Korea will refuse the product, even if they end up losing none as a result of it because of how strict their policies are. However, with the United States, our policies are not as strict. A prime example of that would be when there recalls issued by the CDC because of something that is wrong or malfunctioning with the product.
One of the best examples would be the toddler toys that were recalled a few prior because of the lead content that was in the toys. The Republic of Korea has a few recalls, but not nearly as many as China has had recently. Another aspect of the imports into South Korea that I would consider a failure if anything, would be their relations with North Korea. A lot of countries have written off South Korea because its neighbor is the dictatorship country of North Korea. North and South Korea are still at odds with each other, granted not nearly as much as they used to be.
Decades ago, depending on the port, countries would be prevented from being able to dock their imports. Although this problem mostly occurred decades ago, that experience left a bad taste in the mouth of some nations which either keeps from doing business with South Korea at all, or just limiting the number of imports and exports that go in and out. For example, after World War II and the Korean War, South Korea limited the number of imports they received from Japan because of their strained relationship and past experiences with each other.
However, Japan and South Korea have one of the best business relationships in the world besides the United States and Japan or United States and South Korea. Even China and North Korea have a decent relationship now. The economic and social aspect of a society have a very close relationship with one another, because they easily affect each other, in which usually results in economic integration. According to Contain & Romaine, economic integration is when countries “engage in economic cooperation to use their respective resources more effectively and to provide larger markets for member-country producers” (2013).
There are levels of integration, or trading blocs that they are separated into which are:
- Free Trade – free trade among members like NONFAT
- Customs Union – common trade policy for nonmembers,
- Common Market – technology, labor, and capital utilized for productivity, and
- Economic Union – combination of economic policies.
One note that a lot of businesses may not understand, or perhaps haven’t even thought about it is that when they decide to enter the world of international marketing and business – pun intended – they have the capability to affect the way people think, see, and buy things globally.
Cite this Ashlei Smith MKT Assignment
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