by Korean Businessmen
in Iloilo City
by: Sangsoo Hong
The growth in the economy of the Philippines triggered by foreign investors in the country showed that the Philippine business environment is thriving and opportunities exist. In Iloilo city, there was an influx of foreign investors setting up various businesses and the economy does not appear to be slowing down.
One noticeable fact when driving around the downtown area and business center of Iloilo is the presence of Korean restaurants, English Language Academy, grocery stores, internet shops, car shops, and other various establishments owned or managed by Korean entrepreneurs who decided to build their businesses in the city.
Behind these facts, this study was written to determine the different marketing strategies employed by Korean businessmen in Iloilo City. The influx of Korean entrepreneur engaging in businesses in the city demanded scrutiny because no study has ever been done to measure their impact in the economy. It is also interesting to find out how do Korean entrepreneurs survive in the cutthroat business competition, or how do they deal with the difference in culture of the Philippines and Korea but still maintain a steady stream of profits and customers.
This study also aims to identify the factors affecting Korean entrepreneurs in deciding the marketing strategy to be used. Can independent variables such as age, gender, type of business, and religious beliefs affect Korean entrepreneurs’ decision in selecting the proper marketing strategies? How does the difference in culture affect their decisions? These are the reasons for establishing this research study.
Statement of the Problem
This study aims to determine the different marketing strategies employed by Korean entrepreneurs doing business in Iloilo City and the factors affecting their decisions on what strategies to use.
This study aims to determine:
A. The number of Korean entrepreneurs present in Iloilo City.
B. The types of businesses wherein Korean citizens are engaged.
C. The different marketing strategies available to develop their businesses.
D. The factors affecting their decisions in employing the specific marketing strategies.
E. The most profitable type of business for Korean entrepreneurs in Iloilo City.
F. The most effective type of marketing strategy that delivers a profit.
A. There are a significant number of Korean entrepreneurs present in Iloilo City engaged in different sectors of the business.
B. Korean restaurants and Language academies are the two most popular businesses wherein Korean entrepreneurs engage.
C. Internet advertising for language academies and food discounts in restaurants are the most commonly used marketing strategies.
D. The type of business and the culture of the country affect the marketing strategies that Korean entrepreneurs employ.
E. Language academies are more profitable for Korean entrepreneurs in Iloilo city.
F. Advertising, specifically, internet advertising and word of mouth marketing are the most profitable marketing strategies.
While the existing data shows that Korean entrepreneurs are steadily increasing in Iloilo City, there is nonetheless a scarcity of research on the particular issues of marketing strategies employed by them. For this reason, other Korean businessmen who wanted to enter the market were unaware of the factors that affect the profitability of their ventures. To address this gap in literature, this study was conducted to specifically explore the marketing strategies that are employed by Korean entrepreneurs in the city and to identify the factors that affects their decisions in establishing a business.
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