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Consumer Behaviour in South Korea - Essay Example
Pages 5 (1255 words)
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…
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. ...
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