It is important to keep certain rules of thumb in mind when marketing to Koreans. While not every Korean will share the following outlooks completely, these ideas represent conventional social views in Korea and are applicable and useful for a wide range of marketing purposes. Idea 1 ― Koreans aspire to high achievement quickly Koreans credit much of their success to one thing: hard work. Even today, with government-mandated shorter workweeks, many Korean “salarymen” still put in full days at th

Local CEO of French company says wind and tidal energy look promising for KoreaMultinational companies often face challenges when doing business in foreign countries. For Alstom Korea, one of the ways to overcome these problems is to pursue strategic partnerships.“Local manufacturers tend to have a monopolistic grip (in the power and transport industries) and they don’t have any real challenges ... so the key to growth for Alstom here is strategic partnering with local companies,” said Barry How

Al Capone‘s green and black Cadillac touring car was among the items on the block Saturday at a Michigan auction. Alan Squindo of RM Auctions told the Detroit News the car could go for as much as $500,000 at the sale in Plymouth, Mich. The event was not open to the public. Squindo said the car would be valuable even without its history. “This is a very special automobile, not withstanding its Capone history,” Squindo said. “It is a luxury car from a classic era as one of the first bulletproof ca

Hanwha Group said Sunday that its chairman Kim Seung-youn praised pistol shooter Jin Jong-oh for capturing Korea’s first gold medal at the London Olympics on Saturday. “I’m very proud of Jin for impressing the public with the nation’s first gold medal. I feel boosted on my way to Iraq,” he was quoted as telling Jin’s coach by phone from a Dubai airport. On Saturday, Kim was leaving for Iraq where Hanwha Engineering & Construction will carry out a $8 billion housing project for 100,000 houses in

Renault Samsung Motors has gained popularity in the local market with its SM sedan series over the past decade.Of the automaker’s lineup, the mid-sized sedan SM5 and compact SM3 have long been among the top sellers in their respective segments.The mid-sized and compact sedan segments collectively account for about 50 percent of Korea’s passenger car market.Company executives say that the quality of its vehicles is the secret of its success, and a string of awards and consumer survey results back

Experts concerned by government’s hasty measures to save sinking housing marketThe housing market is continuing to stagnate, with industry sources saying sales volume dropping by 20-50 percent every month compared to the same period last year. Following the sluggish demand, house prices are falling in the metropolitan area. Prices for apartments in Gangnam, where prices peaked in 2007, have been decreasing steadily since 2010. The 149.79-square-meter apartments at Daechi I’Park, which were price

Hong stresses growth; FKI chief says existing rules enoughPoliticians’ latest calls for “economic democratization,” or efforts to promote balanced growth, prevent market domination by a select few and abuse of economic power, are drawing critical responses from policymakers and business leaders.Both ruling and opposition lawmakers have tabled a number of economic democratization bills to toughen regulations on large conglomerates ahead of the Dec. 19 presidential election. Knowledge Economy Mini

BAENGNYEONGDO, Incheon ― SK Telecom announced Friday that it has expanded its domestic VoLTE, HD Voice service, to the West Sea islands of Korea, in the latest move by the telecommunications provider to broaden its service network for customers. The company held a successful trial run of the service on Baengnyeongdo, located about 380 km west of Seoul on Friday. According to a company official, the area has traditionally been isolated and has received spotty reception compared to other regions,

LG Electronics said Sunday that it will roll out its smartphone Optimus Vu in Japan on Aug. 3, the first overseas launch for the flagship phoneThe company said that the smartphone, which will be serviced by NTT Docomo, has been taking pre-orders since Saturday. The gadget, which features a 5-inch display, will be the third LTE handset to be unveiled in Japan.The firm also said it will sell 15,000 limited units which have the image of Hirohiko Araki’s popular comic “JoJo’s Bizarre Adventure” on t