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Homework Help: Solved 191396

Six important factors about the culture and four important factors about the ethic in the South Korean market Ethical Factors Mutual Respect- South Koreans value mutual respect of persons. They frown upon any kind of disrespect and degradation of others. This means that in advertising, Canada Goose should never degrade a competitor’s products. This may give a negative image to their prospective customers. Chain-of Command – in South Korea, hierarchies are very important. People must respect authority. This is quite unlike the West where most companies have flattened their organization charts. Peace – South Koreans value peace. They strive to keep peace with themselves and those around them. This is done mostly through maintaining mutual respect and consideration for others. Trust – These people value mutual trust. They like to feel that the other party is concerned about their welfare as well. Therefore, Canada Goose should find a way to demonstrate care for its customers. Cultural Factors The family unit – South Korean people consider the family unit to be the basis of their society. Therefore, it is very important to respect one’s family members and put their needs before yours. Canada Goose could leverage this characteristic by portraying their products as family products. Language- The people speak Korean. Therefore, they all understand each other. This has helped to promote national pride and unity (De Mente, 2004). If Canada Goose decides to enter South Korea, it should consider using executives who speak the language. Pride in Family heritage- South Koreans take the time to celebrate their ancestors to the third generation. They also believe that one family member’s actions affect others. Therefore, the easiest way for Canada Goose to gain a foothold is to make positive impressions on important family members such as fathers. The other family members are likely to follow what their leader does. Value of relationships – South Koreans value personal relationships. They believe in doing business with friends and acquaintances. For such a market, it is important to get word of mouth recommendations from customers (De Mente, 2004). Also, the sellers need to treat each customer as an individual and forge a relationship with them. Significance of Age- In South Korea, people are respected based on their age. It, therefore, follows that though the young may be more successful than the old may, the old are still highly respected. Dressing- South Koreans are generally conservative dressers. Men do not normally wear jewelry and women do not wear revealing clothes. This factor should not affect Canada Goose because jackets are worn over clothing. List five advantages and five disadvantages for Canada Goose Inc. to enter this market and provide rational Advantages Entering the South Korean market is consistent with Dani Reiss’s goal of growing the company. It will result in increased sales revenue and profit. This market will enable Canada Goose to extend the lifecycle of some of its products. This is because it generally follows the trends of the west. Expansion into South Korea will mean that production capacity needs to be expanded too. Expanding production to a larger scale will result in economies of scale. This will eventually result in reduced costs for Canada Goose. Diversification –South Korea is a different market from the European market. It offers Canada Goose an opportunity to grow in a market outside the home. If the entry is successful, it can also reduce the risk of CG’s business failure by offering alternative customers. Canada Goose makes jackets for extreme weather. The weather cycles in the west are different from South Korea. Therefore, entering South Korea will provide alternative high selling seasons. Disadvantages Distribution- The Company would have no control over the distribution stores. This means that the storeowners could advance their interest instead of CG’s. Initial investment- Entering a foreign market requires a lot of capital. CG needs money for a complete market survey, for an initial down payment to the distributors, for shipment of the products, and many other expenses. The company does not have any idle money since its working capital is tied up in meeting current orders. Entering the South Korean market would divert resources from current Canadian operations. The problem with this is that the Canadian market is proven. People are loyal to CG. The demand has not been exhausted. CG should consider focusing on the domestic market before entering an unproven foreign market. The ESD president is opposed to this move. Dani has no idea how far he would go to protect his work on the products and therefore prevent South Koreans from using them. His opposition also creates unsolicited business tension that could affect Japanese operations too. The legal environment in South Korea is different from the Canadian environment. Canada Goose may have trouble adjusting to this. They may also be required to hire Korean lawyers with knowledge of this environment. Such a scheme may turn out to be very expensive. SWOT Analysis Strengths The young customers in South Korea who are early adopters already know about the Canada Goose brand from the internet. They might be enticed to but based on CG’s success in Canada and Europe in general. Secondly, CG has a very strong R


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