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    Global Marketing Project Presentation Global Marketing Project Presentation Presentation Transcript

    • Global MarketingWei-man Lee, Mengxia Lu, Difan Zhang, Cheng-chen Wei,Kawai Chan, Tuna Ugur
    • China Russia North Korea JapanNorth-East AsiaIt is bound by North Korea to the north, the Yellow Sea to the west aswell as the Korea and Cheju Straits to the south.
    • Population Religions Language2010 Total population Confucianism, Shamanism, Chr The Korean language is related(thousand persons): 49,410; istianity, Buddhism and to Japanese and Mongolian ChondokyoMales: 24,758 a large number of ChineseFemale: 24,653 cognates exist in KoreanSource: Statistics Korea, 2011 Source: Datamonitor, 2011 Source: Datamonitor, 2011
    • Dry & Cold in winters Famous for Winter SportHot & Humid in summers Activities fluctuate for heavy rain
    • WHICH MARKETSTO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKET Marketing mix (the 4 Ps)PROGRAMME Case study Opportunities
    • WHICH MARKETSTO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKET Marketing mix (the 4 Ps)PROGRAMME Case study Opportunities
    • PESTEL analysis of South KoreaA framework of macro-environmental factors used in the environmentalscanning 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 countrys 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 MARKETSTO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKET 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 strategyJoint 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 championsindustry-wide standardization of LCD TV sizes.GoalConstruct a mutually beneficial relationshipAfter joint ventureA stable supply of LCD panelsEfficient production output in supporting the LCD TVbusiness efforts at both companies. Source: Samsung, 2011; BBC News, 2011
    • WHICH MARKETSTO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKET 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 smallcompared to the English-language chunks ofcyberspace.NAVER: Knowledge iN, where users postquestions that are answered by other users."Korean netizens like to interact with otherpeople, they want to answer questions, theywant 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 retailingTraditional 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 Costco1994 Price Club & Shinsegae: Enter Korea1996 liberalization of the food • Market saturation in U.S. retail sector by the Korean • Forced to develop government international market • Enter Korea1997 Economic crisis Resumed Costco brand name19981999 • 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 Korea2006 • 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 StrategyWal-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 MARKETSTO ENTER External analysis Political factors Economical factors Social factors Technological factors Environmental factors Legal factorsMARKET ENTRY STP strategySTRATEGIES Entry mode strategyMARKET 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 cultureSocialize/ Business meeting/GiftWomen’s increasing participation in social and economic activities Source: Euromonitor, 2012
    • Flavored alcoholic drinks –pattern from strong to light drinkingMore 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 prospectCoffee 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 trendCoffee has developed in line with the coffee culture in cafés and specialist coffeeshops.E. g. StarbucksStarbucks as a popular meeting place for KoreansStarbucks as one of the top 3 chained specialist coffee shops in 2010Over 1,392 branches across the country in 2010e.g. Available customers to staye.g. Long opening hourse.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 weekendsTend 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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    • Thank you Q&A