Year-End Reflections on Korean-American Business: Past. Present, and Future
For the past few weeks I have reflecting on relevant business events that occurred in 2004. I’d like to share those thoughts along with my forecast on trends that will impact 2005.
First, 2004 saw the continued expansion of Korean-based businesses globally, especially in America. Samsung, Hyundai, Kia, and LG are among a select few of Korea’s top conglomerates that have allocated billions of dollars to further their quests to become major global players. For example, Hyundai Motor America and Kia Motors America have made continued inroads (no pun intended) into the American car market. In fact, I now drive a 2004 Santa Fe. Moreover, Hyundia Motor Manufacturing Alabama is preparing to launch its billion dollar car manufacturing operation in early 2005, supported by a number of major Korean-based suppliers who have followed Hyundai to Alabama.
I also see the recent move by LG Electronic to boost its position in America as significant. LGEUS has embarked on a major brand marketing campaign to promote LG’s products that range for cell phones to kitchen appliances. Highly visible billboards and the frequent placement of prime time television commercials have showcased and introduced the LG logo, its “Life’s Good” trademark, and product line to millions of American consumers.
The move by major Korean manufacturing conglomerates to further their position in America will only continue. This comes as no surprise since Korea’s domestic economy has remained sluggish, while export driven global sales have grown. Thus, the need to build understanding between Korean and American business ventures is needed more now than ever—especially as global competition with for market shares intensifies.
To conclude, in 2005, two issues will prove invaluable for American operations of Korean-based firms. First, education has been and is the solution to cross cultural communication issues. Second, developing a corporate culture that builds on the strengths of both the Korean mother company and American division’s strengths is paramount to sustained growth and success. Bridging Culture is dedicated and committed to assisting in your efforts to building a strong vibrant organization. I look forward to reporting on major issues that impact U.S and Korean business in 2005. Have a healthy and happy New Years holiday.
Sae hae bok mani badeu say oh.
First, 2004 saw the continued expansion of Korean-based businesses globally, especially in America. Samsung, Hyundai, Kia, and LG are among a select few of Korea’s top conglomerates that have allocated billions of dollars to further their quests to become major global players. For example, Hyundai Motor America and Kia Motors America have made continued inroads (no pun intended) into the American car market. In fact, I now drive a 2004 Santa Fe. Moreover, Hyundia Motor Manufacturing Alabama is preparing to launch its billion dollar car manufacturing operation in early 2005, supported by a number of major Korean-based suppliers who have followed Hyundai to Alabama.
I also see the recent move by LG Electronic to boost its position in America as significant. LGEUS has embarked on a major brand marketing campaign to promote LG’s products that range for cell phones to kitchen appliances. Highly visible billboards and the frequent placement of prime time television commercials have showcased and introduced the LG logo, its “Life’s Good” trademark, and product line to millions of American consumers.
The move by major Korean manufacturing conglomerates to further their position in America will only continue. This comes as no surprise since Korea’s domestic economy has remained sluggish, while export driven global sales have grown. Thus, the need to build understanding between Korean and American business ventures is needed more now than ever—especially as global competition with for market shares intensifies.
To conclude, in 2005, two issues will prove invaluable for American operations of Korean-based firms. First, education has been and is the solution to cross cultural communication issues. Second, developing a corporate culture that builds on the strengths of both the Korean mother company and American division’s strengths is paramount to sustained growth and success. Bridging Culture is dedicated and committed to assisting in your efforts to building a strong vibrant organization. I look forward to reporting on major issues that impact U.S and Korean business in 2005. Have a healthy and happy New Years holiday.
Sae hae bok mani badeu say oh.
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