Friday, August 30, 2013

Korea Facing; 10 Day Coaching-- Day Eight

It's Day 8 of the 10 day Korea Facing coaching series. The lessons' share hints for Korea facing business. In part, content will be excerpts from Korea Facing: Secrets for Korean Global Business. Plus, I will include some timely comments based on recent consultancy.

Lesson 8  Why Korean Brands Gain Ground in America

With work that centers on Korea-facing business, I have some deep insights into the extent and the role that South Korean companies play as top foreign investors in the United States. The many Korean brands with significant US investment include the familiar Hyundai, Kia, Samsung, and LG, along with Hankook and Hyosung (both car tire related), Doosan (Bobcat), Translead (trailers), Rotem (trains) MOBIS (auto parts), Innocean (marketing) and Forever 21 (apparel).

Surprising to many is that ever increasingly my “Korea work”  takes place here in America and globally, not in Seoul. I then explain that along with thousands of others I have benefited from the growing popularity of Korean brands. I expect this trend to increase with the EU and KORUS FTA (Free Trade Agreements).

Candidly, I feel the true impact of South Korea interests in the U.S. is overlooked when considering the magnitude of Foreign Direct Investment, employment opportunities, and product appeal across America—although the job side is most often promoted. By this I mean what is usually missed is “why” Korean firms continue to invest billions of dollars in facilities, people, and marketing in the U.S. 

Why? It’s a win-win. Frankly, Korean products sell. In other words, Korean brands have invested heavily in the U.S. market and continue to expand because they see significant opportunities for growth. Meanwhile, the American consumer finds products of high value and quality along with a trendy design.

And as a closing thought, I have seen Korean brands build upon themselves. By this I mean a Kia car owner might shop at Forever 21, while toting a Samsung Galaxy smartphone with plans for a K BBQ  lunch. Not to mention "Liking" Gangnam Style on TubeTube.

Questions, Comments, Feedback?  I'd be interested in your thoughts. Just email me.

As always, if you or your company has need for my consultancy, please let me know.   

1 comment:

  1. Anonymous6:05 AM

    South Korea has a militant unionized organized labor workforce and very little natural resources. They are taking advantage of ours in the US to build cheap affordable transportation...a page right out of Henry Fords playbook.