Group 3
KOREA
BM 2 - HRDM 1
HISTORY OF BUSINESS
In the 1950s Korea was torn apart by war. Seoul was one of the poorest cities in the world and relied on overseas
aid.
To rebuild, South Korea allowed large enterprises – called “chaebols” – to build business across industries. The likes
of Samsung, Hyundai, and LG propelled the economy as they produced ships, cars, household products and
consumer electronics.
Manufacturing overtook agriculture as the country’s main source of income.
South Korea had been a developing country until the 1960s. Due to far-reaching economic reforms (referred to as
the Miracle of the Hangang River), the country’s economy entered a period of rapid growth (about an annual 10%
for over 30 years).
The country’s leading industries are electronics, vehicle production, telecommunications, shipbuilding, steel, and
chemicals. The top agricultural products are rice, vegetables, fruits, cattle, poultry, fish, and root crops.
Today, South Korea‘s GDP is about $2 trillion, and it’s one of the most developed and industrialized countries in the
world
HISTORY OF
ETHICS
it come from society and the collective beliefs and
values of its citizens
ethical philosophy began in the fifth century BCE
(Socrates, Plato, Aristotle)
In Korea, although ethical standards and
procedures for research have developed closer to
global standards, applying them have led significant
conflicts widely due to the cultural differences
(Hwan, 2016).
BUSINESS ETHICS
1. Hierarchy structure 2. Bow and Shake Hands 3. Giving and Receiving
Koreans bow to one another as a symbol of
Business Cards
In Korea, age and status has an impact on all It is critical to bring a supply of business
respect. This is a typical occurrence both within
aspects of social interaction. In Korean cards with you when conducting business
and outside the workplace. With hands by the
culture, respect for position and age is meetings in Korea. They can use a business
side, keep your legs straight and together.
essential. Because hierarchy implies that The most senior party initiates handshakes. card to examine their possible business
everyone in society has a job to fulfill, it is People of lesser social position should wait for a partner's title, status, and position.
important to respect that role. hand to be extended to them before accepting it.
BUSINESS ETHICS
4. Give Appropriate 5. Use Family or Given 6. Build Strong
Gifts Names Properly Professional Relationships
While speaking to your business partner
When doing business in Korea, it's important
Gifts are usually appreciated in Korea since directly, it's ideal to use a Korean family
to have good relationships. When you have
they represent the value of a relationship. name.You can, however, use their given name
informal social gatherings, you can build
once you have established strong relations
these connections.
with them.
BUSINESS ETHICS
8. Prepare Yourself for
Business Dinner Invitations
In Korea, business dinners are only for people who
are doing business, so you should not invite your
spouse or partner.
7. Dress in Professional 9. Speak Korean
Business Attire
In order to impress your Korean business
Appearance is vital in Korea. Koreans dress
partners, you need learn their language.
more professionally, wear highly traditional
business apparel, and don't pay much attention
to their individual expression.
DIFFERENCES OF BUSINESS
ETHICS BETWEEN KOREA AND
PHILIPPINES
PROS
Korea has modern and well-maintained infrastructure
Great that makes logistics a breeze. It also has some of the
fastest internet speeds in the world. You won’t be fighting
Infrastructure an uphill battle to communicate or transport goods.
When Koreans set their minds to A culture of getting
something, it gets done. You might find
yourself being the bottleneck sometimes. things done
PROS
Korea is one of the most connected countries
in the world with the highest literacy and
secondary education rates. You won’t have to Perceptive and
worry about communicating value to
customers there.
educated customers
Food-centric Korean culture is based on food. There’s a saying that goes,
“everything begins with a meal”. Businesses that
culture understand this thrive.
PROS
Dense cities
Korea has 9 cities with over a million people. This makes it
easier to access customers.
Located between Japan and China, Korea
provides an optimal location to gain a
foothold in Asia.
Strategic location
PROS
Overnight adoption
Koreans are known to be interested in
overseas products and have a high demand
for them. Trends are very important and can
spread like wildfire.
Government These include economic free trade zones and tax rebates.
incentives
Koreans have one of the highest average incomes in the world and
a strong consumer culture. Needless to say, the minimalist trend
did not last long there. High incomes
CONS Tough
competition
Chaebol are very powerful conglomerates.
In fact, they make up 67% of the GDP.
Koreans have a love hate relationship with
them. Chaebol are both credited with
building the economy after the Korean
War and holding it back now.
They are well-established in the country
and can move mountains to get their way.
CONS
Cultural
Korean business culture is based on
Confucianism and military hierarchy.
Understanding this can make your
Differences business venture a lot easier.
Trend conscious
Trends can die down in a few years if
you aren’t careful.
Everything from street food to even
consumers neighborhoods can go from boom to
bust in a few years.
CONS
Protectionism
High Rent One need look no further than the
case of Uber.
Once a store or neighborhood
They tried to open up without
becomes popular, there’s a risk of
landlords jacking up the rent or
permission and were driven out.
evicting it so they can open the You must play ball with the
same one. government if you want to succeed.
It’s important to have an ironclad
contract to prevent this or plan
for it.
감사합니다!
Thank you!
Baybay, Yllaiza
Boco, Niza Angelie GROUP 3
Calixto, Ezra
Cuadra, Nicole
Ebron, Gabrielle BM 2 -HRDM 1
Macarine, John Louie
