Thoughts on Korean Business by Don Southerton

Press Release La Jolla, CA (PRWEB) November 27, 2007 -- Bridging Culture Worldwide™ (BCW) president and CEO Don Southerton has announced that the firm will expand its Korean consulting operations. Southerton notes, "Recently a number of South Korea-based conglomerates have acquired established American and global firms. For a smooth transition, cross-cultural understanding will be required by both the teams--especially American and global teams new to the Korean management model." Southerton points out that in the past major Korean corporations like Samsung, Hyundai-Kia Motors, LG, and SK have grown through worldwide expansion and joint ventures. In contrast, some Korean corporations have recently adopted a strategy of growth through acquisition. This includes South Korea-based Hyosung, Doosan, and Hanhwa. For newly acquired American and global firms, BCW programs are designed to assist in the transition by providing insights into the dynamics of Korean business, specifically...

We are several weeks away from the upcoming 2007 South Korean presidential election. Three men are best positioned. With some controversies, I'm still not sure who will win. I'm currently polling across several generations of scholars, business, students, and workers to get more input. Readers to this Blog are asked to comment.... In the meantime, here is my update.... BTW For those working for and with Korea-based global firms, the outcome of the election will impact you. These include issues like the US-Korea FTA, the strong Won, and how aggressive South Korea embraces globalization. Yonhap did the following profiles on the three major candidates for the Dec. 19 presidential election. Each enjoys support ratings of more than 10 percent in opinion polls. There are also a number of men running with little chance of success. Lee Myung-bak -- the opposition Grand National Party (center photo). Lee would become the first businessman turned head-of-state in South Korean his...

Imports are a small part of the South Korean car market. Hyundai-Kia, followed by GM Daewoo, Renault-Samsung, and Ssangyong dominate domestic car sales. However, imports look to make inroads.... Despite high costs and hefty Value Added Taxes (VAT) many Koreans put national loyalty aside and buy imports. Status, image, and quality are key factors.... This Korea Herald article gives a nice snapshot into the dynamics of the import car market ( Honda, Saab, Land Rover, Mercedes Benz, Jag, Audi, Toyota, and VW.) Honda signs on dealer in Gwangju Honda Korea announced on Tuesday that it has signed a dealership agreement with J-one Motors, a subsidiary of the Jungheung Construction Co. This will be Honda Korea's ninth regional dealership and its first in the Jeolla Provinces. J-one Motors' showroom is scheduled to open in June next year. Honda Korea currently has six dealers -- in Seoul, Busan, Incheon and Gyeonggi Provinces. Two additional dealerships are scheduled to open next year...

One of my cross-cultural roles is to explain global customs, traditions, and expectations to others. This is a note to Korean teams on the upcoming American Thanksgiving. Most often, I discuss popular trends and less know aspects. Since global teams read this Blog, if you would like to add a comment, please do so.... Dear Korean Teams, I'm a strong advocate that learning about another culture is key to better cross-cultural understanding. Here are some insights into American culture. Many Koreans, especially those on global teams, are familiar with American Thanksgiving. Like Chuseok, it is a family-focused holiday. Every year it occurs on a Thursday in late November. This year most American business, schools, and government will be closed November 22 and 23. What you may not know… 1) To most Americans, Thanksgiving mean food, lots of food! Roast turkey, bread stuffing, mashed potatoes, cranberry sauce, and pumpkin pie are traditional Thanksgiving foods. What you may not know i...

My work requires that I watch, study, analyze, and then provide insights into Korean global business. I work closely with many of Korea's top global firms. The Hyundai-Kia Motor Group is the leader in global expansion. In addition to Hyundai and Kia Motors, a number of sister firms are making huge strides. This includes MOBIS ( car parts) and GLOVIS (logistics). Another success story is Eukor. This recent Invest Korea case study highlights the Hyundai-Kia/ GLOVIS affiliate's progress and successes.... Billion Dollar Story Sleek, trim but riding high in the water, they ply the globe's trade routes, bearing a cargo that is at once a mainstay of the world economy and vital accoutrement of contemporary civilization. They are the car carriers, the workhorses of the seven seas who toil virtually invisibly to ship almost a quarter of the automobiles produced annually from their place of manufacture to their intended markets. As a major element of Korea's rise as an industria...

One theme of this Blog is looking at Korea's status conscious society. Although some might see this as a modern trend, social status has deep ties linked to the past. In fact, Korean society during the Choson Dynasty (1392-1910) was highly stratified and hierarchical. In today's society watches have become a strong status marker. This article notes the recent trend. BTW The Korean workplace is one of great conformity and uniformity--for example, men in similar dark suits, white shirts etc. Watches are one of the few signs of distinction and achievement. Korea Times... The boom of mobile phones, MP3 players and blackberries _ all of which are automatic time-adjusting gadgets _ has been taking a toll on the popularity of wristwatches over the years, but a new consumer trend is giving hope to the once-fading business. Luxury watches, local retailers say, are enjoying brisk sales lately, which are pushing up the high-end market to new heights. Various department store-operate...

A characteristic of Korean business is its rapid pace. Like below one of the first Korean words, I too, remember is bbali bbali. Korea Times... Most office workers suffer from the so-called ``bbali bbali (hurry hurry) syndrome'' and think it has negative effects on them. Hastiness, or ``bbali bbali'' is one of the most widely known Korean characteristics. Guus Hiddink, former head coach of the Korean national football team, once said, ``The first Korean words I learned were 'bbali bbali.' '' It works well in Korea, where economic growth is the top priority in many cases. John Walker, the head of the Macquarie Group, Korea, told The Economist magazine that ``bbali bbali'' is good for the kaleidoscopic global financial market. Michael Roman, president of 3M Korea, also said the culture is very competitive because there is more diversity and flexibility in it. However, a survey conducted by online recruitment company jobkorea and bizmon on 1,042 ...

If asked where my work centers..._Everything Korean_ might be accurate. But actually, I try to focus on Korean global business and working with Korea's top firms in their global operations and expansion. Simply put, I help bridge gaps between Korean and host country team--from across North America, to Europe, the Middle East to Asia. This caught my attention. What's even more interesting is that the Korean retailer sells the California Look! Korean media notes... Who.A.U, the casual clothing brand of the Korean retailer E.Land Group, opened its first store in the United States recently, making it Korea's first clothing maker to enter the world's largest consumer market. The store, occupying a floor space, can be found on the first floor of Stanford Shopping Mall in Connecticut, E.Land said. It said Who.A.U will compete with global brands such as Gap, Banana Republic, and Abercrombie and Fitch. E.Land said the U.S. debut is the result of about 10 years of market studi...