Assessment Code: EGT1 Task 4
Cross Cultural Barriers in Korea
The purpose of this report is to examine the cross cultural issues faced by a firm while doing business in one of the world’s highest populist countries.
When the world trade organization emerged international trade increased drastically and countries began actively participating in foreign trade pushing their gross domestic profit and products respectively. With such an increase in and active participation in foreign trade it allows countries to create specialized goods and services. Trading agencies are facing certain trade barriers which restrict their expansion in foreign nations. Some trade barriers include, government policies, taxes, economic conditions, and cross cultural issues.
Cross Cultural issues in Korea
In Asia, Korea is becoming a super power and is challenging the world economic leaders. The Asian market has under gone massive social and economic changes at a staggering rate. Korea’s economic growth has grown substantially in the last four decades. Based on statistical analysis, Korea could potentially overtake the United States (global economic leader) within a few decades becoming the world’s largest economy in terms of gross domestic production.
The incentives and opportunities of trading with Korea are substantial. Korean businesses have a tendency in the course of direct contacts to be more complete. Something as simple as Face to face contact or shaking hands with the customers during the negotiation processes is a type of marketing strategy that our selected company uses instead of contracting through email or telephone communications. Contacting potential customers in the Asian market by email or telephone won’t help a company to increase the market share in an Asian market.
In the United States people rely more on their own views to decide what they should do but in Asian countries
References: Weisbrot, M. (2011, April 27), 2016; When Korea overtakes the US. The guardian, Retrieved from http://www.guardian.com.uk Anusorn Singhapakdi, Mohammed Y.A. Rawwas, Janet K. Marta, Mohd Ismail Ahmed, (1999) ;"A cross-cultural study of consumer perceptions about marketing ethics", Journal of Consumer Marketing, Vol. 16 Iss: 3, pp.257 - 272