Exploring South Korean Culture and Business Opportunities

ESTABLISHING A BUSINESS IN SOUTH KOREA NAME INSTITUTION COURSE INSTRUCTOR DATE

PROPOSED BUSINESS The business will involve the wholesale supply of: Craft and sewing accessories Various kinds of fabrics

SOUTH KOREAN CULTURE Traditional Clothing South Korean traditional clothing is part of its culture Some of the characteristics include; There was a similarity in the design of the garments for males and females Clothing had functional differences depending on the wearer A common piece of clothing for females was ch'ima, a rectangular or cylindrical skirt and paji for males Jeogori, a shirt-like piece of clothing, was worn by both males and females

SOUTH KOREAN CULTURE Korean Food Korean food also symbolizes Korean culture, they include; Korean cuisine, often made of rice, vegetables and meat Kimchi made from several fermented vegetables and mainly consumed with other food Banchan which is served as a side dish with other meals and in large numbers The traditional food in South Korea is mainly served during ceremonies and to honour ancestors

SOUTH KOREAN CULTURE K-pop Music South Korea is globally recognized for K-pop music, which is representative of its culture. The music is influenced by other global genres including hip-hop, rock, jazz and RN. The music incorporates unique dances, fashion and skin care that help showcase Korean culture.

SOUTH KOREAN CULTURE Korean Traditional Arts Korean arts include; Paintings Calligraphy Pottery Sculpture and lacquerware. Korean arts are known for their simplicity, spontaneity and coherence to nature (Kim, 2015).

SOUTH KOREAN CULTURE Korean Holidays Besides the other common holidays celebrated worldwide, South Korea has two unique holidays linked to the culture. The two holidays are; Chuseok, which is viewed as a thanksgiving holiday, and Seollal, celebrated on the first day of the lunar calendar to mark a new year. The two holidays involve families coming together to celebrate and pay respect to the ancestors

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT Economic Overview The country is known for its tremendous rise from the poorest to a developed country in one generation. As of 2021, it is ranked 10th worldwide and 4thin Asia in terms of economic power. The country has, however, experienced two years of economic struggle attributed to impact of the covid 19 pandemic, China s economy shutdowns and uncertainties in the trade war between Beijing and Washington.

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT Economic Overview The country's GDP is projected to be 3.6 percent by the end of 2021and steady at 2.8 percent in 2022. The fiscal deficit is expected to remain at -2.2% in 2021, reaching -2.1% in 2022 In 2020 the public debt rose to 48.7% of the GDP and is expected to rise further by the end of 2021 to 53.2% ("SOUTH KOREA: ECONOMIC AND POLITICAL OUTLINE", 2021). In 2020 the inflation stood at 0.5% but is expected to rise to 1.4% by the end of 2021 The unemployment rate remains low at 4.6%, and income per capita stands at USD 31,762

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT Sectors of the Industry The country has devoted attention to technology and innovation, transforming it into an industrialized country. The main industries include textile, car manufacturing, electronics and shipbuilding. Contributing to 33% of the GDP The service sectors, including supermarkets and store chains, account for 56.8% of the GDP The agricultural sector account for 1.7% of the GDP Tourism is the fastest-growing sector, with a growth of 14% in 2020 ("SOUTH KOREA: ECONOMIC AND POLITICAL OUTLINE", 2021).

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT South Korean Political Overview It is a presidential republic with nine provinces and six cities with autonomous administration. The president heads the state, and is the commander in chief of the armed forces. With parliament's consent, the president appoints the cabinet and a prime minister who is not supposed to be a member of parliament (Cha & Lee, 2013). The legislature is unicameral, with the national assembly having 300 seats The judiciary operates independently.

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT Political Stability As of 2014, South Korea had the lowest political stability index of 0.11 The country`s political instability was mainly attributed to the internal conflicts between north and south Korea. In 2018 a peace treaty was signed to restore political stability between the two countries. Reforms in the judicial system have brought about increased public safety and significantly reduced the crime rate, which was a threat to social stability.

SOUTH KOREAN ECONOMICAL AND POLITICAL ENVIRONMENT Political Freedom and Freedom of the Press Political freedom relates to state freedom experienced by individuals in the country including political and civil liberties. South Korea is rated 2/7, indicating it is free. Freedom of the press relates to the freedom enjoyed by the press, media and digital citizens. South Korea is rated 48/180 worldwide.

MANAGEMENT APPROACH Why fabric craft and sewing supplies are likely to sell Some of the reasons why the supplies are likely to sell include; Fashion is highly regarded in South Korea The country culture values aesthetic artworks; hence craft materials will be in demand. Special occasions such as holidays and other celebrations call for the need for some of the traditional clothing.

MANAGEMENT APPROACH Adaptations Needed Some of the adaptations needed for the business to thrive include; Pricing that would bring about a strategic advantage Modified packaging to accommodate all customers, both large and small consumers (FastTrac, 2007). Delivery on the same day the order is made to save on customer s time.

MANAGEMENT APPROACH Distribution Channels Distribution would involve the use of; Distributors Retailors of the products And direct selling to the clients.

MANAGEMENT APPROACH Promoting the Product Some of the ways to promote the products would include: Influencer marketing to make use of the social media personalities with a large number of followers. Running a referral contest to let the customers spread awareness of the product. Intensive use of social media platforms including Facebook, Instagram, and Ejecting banners on the street as a way of advertising the business (ODUNLAMI & EMMANUEL, 2014). The promotional message would be, "let's equip you to create the design you desire."

MANAGEMENT APPROACH Pricing of the Products Some of the considerations that will affect pricing include; Customers expectations to meet their needs Market positioning of the business to avoid being the most expensive The costs of running the business to avoid running at a loss, and The goal of the pricing so that the prices set helps the business realize the objective. Competitors prices will guide in the pricing to avoid overpricing or underpricing of the products.

CONCLUSION As seen, South Korea is a culture-rich country whose cultures are still celebrated. K-pop music, Korean food, clothing and holidays form part of the Korean culture. The country s economy is one of the fastest-growing in the world. It is ranked 10thposition worldwide as the best performing economy. Textile, automotive, electronics, shipbuilding, and the service industry are the major contributors to the country's GDP. It is a presidential republic and a democratic country even though it is marked as the most conflict volatile region in the world following the internal conflicts between north and south Korea. Fabric, craft and sewing supplies will be the most viable business in the country mainly because the country values fashion and culture; hence the products will be in demand.

REFERENCES Cha, V., & Lee, J. (2013). Politics of South Korea. Oxford Bibliographies Online Datasets. https://doi.org/10.1093/obo/9780199756223-0110 Economic, Political and Social Environment in South Korea Free Essay Sample on Samploon.com. Samploon.com. (2020). Retrieved 20 November 2021, from https://samploon.com/economic-political-and-social-environment-in-south-korea/. FastTrac. (2007). Adapting to the Market. Entrepreneurship.org. Retrieved 20 November 2021, from https://www.entrepreneurship.org/articles/2007/01/adapting-to-the-market. Kim, Y. (2015). Korean art. Encyclopedia Britannica. Retrieved 20 November 2021, from https://www.britannica.com/art/Korean-art. Korean Culture Guide to History, Customs, People, and Modern Day. 90daykorean.com. (2021). Retrieved 20 November 2021, from https://www.90daykorean.com/korean-culture/. ODUNLAMI, I., & EMMANUEL, A. (2014). Effect of Promotion on Product Awareness. International Journal Of Education And Research, 2(9), 451- 473. Retrieved 20 November 2021, from http://ijern.com/journal/2014/September-2014/39.pdf. SOUTH KOREA: ECONOMIC AND POLITICAL OUTLINE. santandertrade.com. (2021). Retrieved 20 November 2021, from https://santandertrade.com/en/portal/analyse-markets/south-korea/economic-political-outline.