Key Factors for Faster Development in South Korean Market – Deep Analysis
South Korean electronics and auto industries are exporting standard customizable products to other countries. The economic resilience of this nation is very good. Therefore, speedily, South Korean companies maintain the smooth growth in the business. The switchover to semi-conductor business is also a magnificent positive point for domestic companies to export cost effective products to earn international currencies. Explain and evaluate different reasons of the expansion of business in Seoul. Hyundai, Samsung and LG are key players in the global open market.
More Investment in R&D to Expand Business - South Korean Entrepreneurs Doing Good Jobs
South Korea is proud because there are sufficient manpower, talent, innovative technology and money to nourish the industries. After independence, S. Korea didn’t showcase indifference to the growth and development projects. Korean economy is powerful with eye-catching GDP growth to defy Japan and China. Government and private companies are collaborated and tuned up to implement new plans to establish more factories and manufacturing production units to export qualitative devices to other nations. The success in becoming one of the biggest entrepreneurs in the world lies in the investment of billion dollars for innovative research. R&D is receiving trillion dollars for conducting vast research to invent more ultra modern techniques to manufacture cheap eco-friendly devices.
South Korean companies have upgraded research labs, and experts to do the experiments. This R &D industry is also conjoined with the education of the country. To stop brain drain or talent exportation, South Korean government has changed the law. Competent students and skilled employees have opportunities to have jobs in R&D industry. They are appreciated if new things are invented or upgraded to manufacture qualitative devices. Through college campus, the open-to-all recruitment drive and online selection process, right candidates are absorbed for promoting their talent in the industry.
Hyundai automaker sells stylish glossy aerodynamic cars at competitive prices. Other countries like China and India are not able to manufacture eco-friendly cars at cheap rates. Kia is also a renowned figure in Korean automobile industry. These automakers in South Korea get success because of supporting innovation, dynamism and transition in research for developing the automobile industry. The market driven South Korean economy is not isolated from the business.
New econometric strategies are incubated to prevent the misuse of resources. Eminent economists and statisticians regenerate new theories to entrepreneurs how to build up industries using the scanty resources. Koreanyouths aretrained to becomeprofessionalmanagers, executives andcompetententrepreneursto operatelargescalecompanieswith competency. The slowdown in recession and speed in the economic development are stimuli for Korean businessmen. Samsung, Kia and LG have got new tenders to export customizable products to Europe and different nations in Asia.
Samsung has the big management team with many talented operational managers, HRs, admin, executives and experienced business advisors. This South Korean electronics company expands its management staff members to manage the business successfully. Qualified employees maintain flawless business ethics and codes of procurement to strengthen up the management of Samsung. Employers are not harsh or rough and tough to exploit employees. Needless to say, the ambience inside the company is very favorable and cool. The management takes care of needs of employees. Similarly, responsible employees of this South Korean company don’t forget what their bosses have ordered. Employees of this international South Korean electronics company are trained to control corruption inside the workstation.
Good Organization Culture with Strong Resolution to Stop Piracy/Corruption
Anti-corruption training courses have been crafted for enabling employees to work honestly. Workers of Samsung Electronics Company are competent to understand the voice of the management. They don’t do whatever is detrimental to the company. Anti-corruption department of the company in South Korea monitors and analyzes the activities of employees. Therefore, South Korean company provides only qualitative customizable products to customers. The management of Samsung, the top company in South Korea, has opted for the innovative anti-cyber crime technology to stop piracy. Similarly, this company in S Korea restructured its conventional establishments by installing more powerful networking systems including mainframe computers, Cloud based structures, and IOT enabled accessories to make the company a global leader with the world wide communication network. The company’s website guides customers how to process the order, go for online product purchases, to do online research and accumulate current information. This South Korean organization complies with all anti-corruption rules.
Strong Management Ethics with Innovative ECS Infrastructure
If employees of any large commercial organization are not able to know about the management ethics and vision of the company, they will have lot of intricate problems. A management of such a world class organization should have integrated correspondence mechanism to do the proper business monitoring, internal communication and the product checking. The code of business ethics must be accessible to all employees who should not overtake or overlook the ethical value of the organization. However, it needs a fair management which should be totally innovative with a compact network to ensure the proper data transfer and content management. Employees are found being connected with ECS set-up to cross verify the available data/ information. ECS infrastructure uploads all documents, and content on code of conduct/management ethics/ code of procurement. Therefore, easily, the organization has little difficulty to train the existing employees about the principles of the management. Employees are not ill treated or misled. They learn about their tasks to complete without valuing their own self-interests. Even workers of the company in South Korea take faster legal advices through this upgraded online ECS system. It makes employees more loyal to the powerful management of this South Korean organization.
More Innovation in Business Management
South Koran business magnets are not conventional with least vigor to accept innovation. They change and upgrade marketing strategies and principles of business management for enhancing more compactness in the process of business operating. Recent statistic reports show that the South Korean marketing share in global smart phone manufacturing industry is increased by 33 percent. In 2007, it was 22 percent. At present, in American market, Korean smart phones and iphones cover almost 50 percent of the total shares in US smart phone market. South Korean LCD television manufacturing market in the world is also galloping with the 37 percent increase in 2009. It was much higher than the market share estimated in 2007. If South Korean television companies sell more new ultra thin LCD devices, Japan will have to lose its first place.
Priority to Regional Economic Development
Regional economic infrastructures are being prioritized by the government of South Korea. The development in self-employed sectors is an opportunity for rural youths to have interest in the marketable products. Government sanctions small loans to local traders and youths to become economically self reliant. Rural areas are not ignored but brought under the profitable business development programs. More business management schools are open in the local areas to educate matured people to find their careers in lucrative industries. The crisis and its possible remedies are detected through joint approach. New business management plans and strategies are designed for crisis resistance.
Conclusion
Experts are quite hopeful that South Korean average GDP will touch 4 percent overtaking the turmoil. In 1989, South Korean market had to acknowledge the brunt of financial downturn with a steady sharp nosedive in the product exporting industry. However, it was the lesion for South Korean government as well as business tycoons to repair loopholes for accelerating mobility in business development.
