Economics 4 Essay Example | Topics and Well Written Essays - 750 words - 1

Economics 4 - Essay Example The context of this study is to address the following issues: The country identified for possible expansion of Country A in Asia is South Korea because this country has established relations with the United States, the home country of County A. South Korea also imports machinery and equipment from the United States and exports motor vehicles to the same country. As such, it is assumed that there will be a need for the product of Country A by Korean manufacturers. Company A should take cognizance of the cultural issues in South Korea in designing its marketing strategy of doing business in Korea. According to World business culture.com, it is very important to keep in mind that the quality of developed relations is the key to the success in dealing business in South Korea and it is developed by knowing the following cultural issues: South Koreans observe hierarchical business structure that recognizes major decisions coming from the top and transmitted down for implementation. Company A will find that much of the companies in South Korea are family-run companies wherein much of the power and ownership is with the founder’s family. Aside from the formal hierarchy, Koreans also gives importance to informal hierarchy based on personal and loyalty relations. Thus, Company A should know somebody or need a referral to establish business conncectons. Korean approach of management is holistic such that they take care of the well-being of their employees including their personal life. Initial meetings with Koreans should be polite and intended only for relation building, and most of all, do not show impatience during meetings. Koreans are particular about respect so that the delegation should be balanced, a senior officer should also meet a senior officer. (Worldbusiness.com) Company A’s vision is to double its size within the next four years. The marketing strategy identified to support this vision is to expand business in Asia. Tactics in doing