Thoughts on Korean Business by Don Southerton

By Don Southerton Within academia, I see myself as a cultural historian. From that perspective, consumables can tell us much about a society. Korean Lux and upmarket trends are an area I research and follow carefully. It explains much and helps define what I call Korea 2.0. It has also manifested in, for example, Hyundai Motors' move toward luxury cars like the Genesis. They will soon launch the Equus (pictured above) in the states to compete against Lexus, MB, etc. Another example is Samsung's quest for exceptional and upscale designs. In previous posts, I have shared the link to Korea's upmarket and Lux trends to its Confucian past. That said, it's a society where Lux and upmarket goods serve as status markers. This Chosun Ilbo article notes that high costs do not defer sales, but it encourages some to buy-- since it drives up status value. Interested in entering the Korean market? Need to better understand Korea's drive upmarket? Wondering how status and Kore...

Carlsbad, CA February 18, 2010 -- Korea Business Central , the premiere Korean business and networking site’s ongoing interview series looks to Marcus Noland, author and noted scholar, for insights in recent events in North Korea. Marcus Noland is an economist working at the interstice of economics, political science, and international relations. His book, Avoiding the Apocalypse; the Future of the Two Koreas, won the prestigious Ohira Memorial Prize. He also co-authored Famine in North Korea: Markets, Aid, and Reform with Stephan Haggard. In this interview, Noland discusses recent economic events in North Korea, including last year’s currency reform, as well as scenarios for the future. Noland explains how China and South Korea have undercut US efforts to eliminate nuclear weapons in the North and indicates that unification of the Korean peninsula is not inevitable, even after the Communist regime falls. As for North Korea's economic plight Noland notes, “It’s a terrible thing. ...

Welcome to this vodcast edition of Everything Korean: Insights into Korean Business sponsored by Bridging Culture Worldwide and Korea Business Central.com. Questions? Dsoutherton@bridgingculture.com

By Don Southerton Welcome to this edition of Everything Korean: Insights into Korean Business sponsored by Bridging Culture Worldwide and Korean Business Central.com . In a recent conversation with a colleague, we discussed how an American firm new to Korea contacted us and inquired how best to enter the Korean market. After some deliberation, the firm decided they would handle the Korean market launch themselves. My colleague and I agree, they would have a rough time not going with Korea-savvy professional assistance. Sadly, I felt that by not offering their team consulting, training, and coaching, and “to handle things” themselves was in my experience “famous last words.” Why? Well my experience has been that organizations hoping their team will “get it” and adapt quickly rarely works—even if the plan includes hiring Korean or Korean heritage staff, which is helpful in language issues, but can have little impact on dealing with more complex issues. It takes an expert and skilled s...

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Korea will celebrate its annual Lunar New Year holiday from Feb. 13-15. I have some recommendations. This year the holiday is Sat., Sun, and Monday (a legal holiday). For your Korean colleagues in Korea, you can wish them Happy Lunar New Year by phone or email on Thursday Feb. 11 (which is Friday in Korea). For Koreans working in the U.S. or globally, you can wish then Happy Lunar New Years on Friday Feb. 12 (pm) or on Monday Feb. 15. Here is the formal greeting, Sae hae bok mani ba deu say yo . Or, just say Happy Lunar New Year. I suggest you also share with your non-Korean team the significance of the holiday. Here is some info to share with the team: 2010 Korean Lunar New Year The 2010 Lunar New Year celebration (Seol) is Feb. 13-15. This is the year of the Tiger. Along with Chusok (the fall harvest festival), Lunar New Year is the most important of traditional Korean holidays. Throughout its history, the tiger may be Korea's most beloved animal. The country was once dubbe...