Country Notebook for South Korea

Topics: South Korea, Korea, North Korea Pages: 21 (7594 words) Published: March 5, 2013
Country Notebook for South Korea

James Jones
Dallas Baptist University

Table of Contents
Executive Summary5
Culture Analysis7
Introduction7
Brief discussion of the country’s relevant history7
Geography setting8
Area Comparative:9
Land boundaries:9
Coastline:9
Climate:9
Elevation Extremes:9
Natural Resources:9
Natural Hazards:9
Social Institutions9
Family:9
Education10
Literacy Rates11
Political System11
Legal System12
Six Basic Codes and Other Laws13
Social Organizations14
Religion16
Living Conditions19
Diet and Nutrition19
Housing20
Clothing21
Recreation, sports, and other leisure activities21
Economic Analysis23
Introduction23
Economic Statics Activity24
Gross National Product24
Minerals and Resources24
Communication Systems25
Working Conditions26
Principle Industries27
Foreign Investments28
International Trade Statistics29
Trade Restrictions30
Labor Force30
Inflation Rates31
Developments in Science and Technology31
Market Audit and Competitive Analysis32
Product32
The Market and Advertising32
Compare to Competition33
Works Cited35

Executive Summary

In 1997, Outback entered the South Korean market through the franchise agreement with Aussie Chung Inc. Currently there are 101 Outback Steakhouse locations throughout South Korea. I recommend continued expansion in South Korea and would target the city of Busan in the southern region of the country. Busan is city with over 2 million in population with a highly educated population who have expendable income available for entertainment. South Koreans spend about 18 percent of their expendable salary on entertainment.

Outback Steakhouse if marketed properly could become the third place that educated working South Koreans frequent other than work and home. Koreans are big on freshness and most of their food is made from fresh products that are never frozen. Outback meets this requirement perfectly since they never use frozen products, and everything is made fresh every day and disposed of that same day if it is not used. The freshness of the food could be used to pull in customers since it what they expect and enjoy in their culture. Beef is the most prized of all meats, with the cattle holding an important cultural role in the Korean home.

The benefits of opening additional Outback Steak House are listed below: * Expand the Outback Steak House brand in South Korea
* South Koreans spend a large amount of expendable income on dining out * Outback makes everything fresh and does not use any froze products * They also toss out any unused food items each day ensuring freshness, which aligns with Korean culture * Steak and meat products are seen as luxury items and Outback could market the restaurant towards these items * Family is the most important thing in South Korea and Outback Steak House could market to this by representing itself as the place where families get together

About 48% of the population lives in Korea’s six biggest cities. Outback Steak House should focus its expansion efforts to have restaurants located in each of these cities. These cities are all very populated and can support more than one restaurant due to their size. South Koreans are highly educated and skilled society and rank 5th in the world in education. They could target college students as their workforce since they typically are good staff members in the United States. Outback will have to make sure they are educated on the local laws since worker are not allowed to exceed 80 hours in a two week period. Etiquette follows strict rules in South Korean society. The bow is still practiced, with the person of lower status bowing to the person of higher status. Korea is one of the few countries in which ethnicity and nationality coincide. The only immigrant ethnic minority group is a Chinese community of about 20,000 that...

Cited: Countries and Thier Cultures. (2008, Feb). Retrieved Dec 1, 2011, from Every Culture: http://www.everyculture.com/Ja-Ma/South-Korea.html
Exploring the Business Customs of South Korea
Korea Legal System Overview. (2009, March). Retrieved December 1, 2011, from Korea Law: http://www.korealaw.com/sub/information/boardView.asp?brdIdx=1&mode=view&brdId=overview
(2010, Feb)
(2011, Dec 2). Retrieved Dec 1, 2011, from Kwintessential: http://www.kwintessential.co.uk/index.php
Company Info
Country Studies. (n.d.). Retrieved 11 28, 2011, from The Library of Congress: http://lcweb2.loc.gov/frd/cs/krtoc.html
Korean Legal System Overview
Reynolds, B. (2011, December 4). International Marketing Manager . (B. Leach, Interviewer)
South Korea
Zachary, L. (2011, December 5). Franchisee/Owner. (J. Jones, Interviewer)
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