Even world-class businesses have failed to understand South Korean consumer behavior, but their culture has a big influence upon it. Introduction: The Importance of Consumer Behavior Research Understanding consumer behavior is a very important ability for marketers to have. This knowledge helps them plan marketing strategies that are effective for their target audience thereby increasing their ability to produce sufficient profits. Products have to be produced and presented in a manner that is appealing to potential buyers. In order to understand what the definition of appealing is to various consumers studies have to be undertaken that will reveal this information. Consumer behavior can vary greatly based on a wide variety of factors. Failure to understand consumer behavior has lead to the failure of many businesses and resulted in high amounts of monetary loss. To avoid the negative consequences of such ignorance, many companies perform market research before, during, and after the implementation of their plans. South Korea: Consumer Behavior and Culture One of the areas that have presented problems for companies seeking to expand their territories is the South Korean market. This is because consumer behavior is very different than that of those in other developed countries. South Korea has a culture all its own and it has effected consumer tastes. Companies who wish do business in this country and move hastily may find that they experience disastrous results. In order to properly and effectively enter into the South Korean market, companies should make sure that they perform thorough research. Even business giant Wal-Mart that has succeeded in establishing stores in many countries had to close and sell the stores that they opened in South Korea (Gandolfi & Strach 2009). The problem was that Wal-Mart had relied on the formula that had brought them so much success in other markets and failed to tailor their business to better suit the consumers in South Korea. The company, not accustomed to failure, had tried to save their sinking stores only to finally resign. While it is odd to think that a world-class company like Wal-Mart would lapse so greatly on a basic consideration like generation a proper understanding of the consumer behavior of the country in which they seek to practice business, that is exactly what happened. As Yakup (2011) reported, “International marketers believe that consumers would increasingly resemble each other and that they will eat the same food, wear same clothes, and watch the same television programs to an increasing proportion. But the reality is very different”. Somehow Wal-Mart assumed that they could peddle their culture in the South Korean market and be assimilated into it. However, South Korea consumers are not at all interested in adapting to a new culture in their own country. They, while being innovative consumers of products that fit in with their culture, have very traditional tastes. More specifically, the consumer behavior in South Korea reflects a preference to keep in line with what is culturally familiar. And, while it is true that many cultures can be divided into various sub-cultures that can be targeted and that people are subject to their own personal styles and tasted, the culture of South Korea is not individualistic. Rather, people there more or less follow the crowd. South Koreans carry more of a group identity, making it harder to introduce things of
A Taste for Tradition: South Korean Consumer Behavior A Taste for Tradition: South Korean Consumer Behavior Abstract Companies have tried to enter the South Korean market only to fail miserably. Billions of dollars have been lost for failure to understand consumer behavior as it occurs in that country…
The discussion will attempt to address the primary question framed as follows: What was the role of Chaebols in South Korea’s economic performance before and after the East Asian Crisis? Why would an open economy perform better than a close economy? The researcher will use comparative advantage to explain the gains from trade.
UATION OF ALTERNATIVES 26 PURCHASE 26 CONSUMPTION AND POST-PURCHASE EVALUATION 27 CONCLUSION 27 REFERENCES 29 INTRODUCTION In the simplest of terms, Consumer Behaviour (CB) can be defined as “those acts of individuals directly involved in obtaining, using, and disposing of economic goods and services, including the decision processes that precede and determine these acts” (JF Engel, 2006).
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