LABEL Issue V
Americans do. Because of the proximity of
2006).South Koreans do not distinguish
the stores, they were frequent shoppers.
between normal and discount pricing.
Hence the discount pricing was not
Local Market
compelling for them..
The South Korean culture is very tied into
the markets; it is one of the largest
Product Mix
countries that is deeply involved in local
South Koreans have different consumer
markets
Korean
preferences than North Americans do;
consumers expect to see local products
they are not necessarily interested in the
presented in a localized fashion; this is
same products. The pursuit of Western
probably the main reason why South
market strategies that mainly focus on dry
Koreans did their shopping at E-Mart, the
goods, electronics, and clothing hurt Wal -
company Wal-Mart sold its operations to,
art while in South Korea (Murdoch,
rather than Wal-Mart. E-Mart has a
2006). For instance, South Koreans like
decidedly
localized
fresh vegetables and fresh food rather than
approach to selling products, with a more
dry products and the type of clothing that
local feel to their stores.
Wal-Mart sells. A South Korean marketing
(Gen,
2006).
different,
South
more
professional stated:
Need for Opulence and Quality
Korea's got the longest work hours in the
developed world, and it's not even really
close
to
her
western
counterparts.
According to the OECD's 2004 report,
Korean average work hours per year come
in
at
2390.
Japan,
internationally
renowned workaholic land has only 1828
and USA has 1777. Koreans work a lot.
When they're not working, they're not
interested in lower quality experiences for
less money
Review
of
Management
What lessons can be learned? The most
important aspect for firms going global is
an in-depth understanding of what the
local customers really want, desire, and
need. As firms expand internationally the
virtues of flexibility and adaptability
become of primary significance. However,
these areas of strengths are by design,
rather than by accident. They need to be
incorporated into