Doing Business with Korea, 2014

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Information about Doing Business with Korea, 2014
Business & Mgmt

Published on March 7, 2014

Author: marketingjjh



Doing Business with Korea, 2014

Put together by Jay(Jihye) Jang

  March,  7,  2014   Jay  (Jihye)  Jang     1  

  March,  7,  2014   Jay  (Jihye)  Jang   2  

The  content  is  put  together  by  Jay(Jihye)  Jang.   Please  email  me  if  you  want  to  have  more   information.     March,  7,  2014   by  Jay  (Jihye)  Jang   3  

March,  7,  2014   by  Jay  (Jihye)  Jang   4  

¡  English:  speak  slowly,  summarize  your  key   points  often,  and  pause  frequently  to  allow   for  interpretation.     ¡  Body  language:  Avoid  touching,  patting  or   back  slapping  a  Korean.   ¡  Never  point  with  your  index  finger,  it  is  rude.       March,  7,  2014   by  Jay  (Jihye)  Jang   5  

¡  Some  Koreans  still  do  not  make  eye-­‐contact   for  any  length  of  time  when  in  the  presence   of  an  authority  figure.       March,  7,  2014   by  Jay  (Jihye)  Jang   6  

¡  To  enhance  communication  and  reduce  the   possibility  of  misunderstanding  due  to   language,  you  may  find  it  helpful  to  send   written  materials  (brochures,  marketing  materials,   proposals)    in  writing  to  your  Korean  counterpart   some  time  prior  to  the  meeting.   March,  7,  2014   by  Jay  (Jihye)  Jang   7  

¡  Korean  names:  opposite  of  Western  names   with  the  family  name  first,  followed  by  the   two-­‐part  given  name.     ¡  Example:  Lee  (Family)  +  DongSung  (First   Name)  -­‐>  Mr.Lee     March,  7,  2014   by  Jay  (Jihye)  Jang   8  

¡  Many  Koreans  shake  hands  with  expatriates   after  a  bow,  thereby  blending  both  cultural   styles.     ¡  Always  wait  to  be  seated  after  elders  and   people  of  importance  as  well  as  wait  to  pick   up  spoon  to  begin  eating.   March,  7,  2014   by  Jay  (Jihye)  Jang   9  

¡  Sharing  a  dinner  is  vital  to  building   friendships  that  foster  trust.  Your  business   success  is  directly  related  to  your  social   relationships.   ¡  Smoking:  During  a  meeting,  there  may  be   several  smoking  breaks  as  many  South   Koreans  are  smokers.   March,  7,  2014   by  Jay  (Jihye)  Jang   10  

¡  Gift:  It  is  also  common  to  give  gifts  to  your   Korean  business.  If  you  don’t  agree  to  take   the  gift  a  Korean  will  find  this  very  insulting.     March,  7,  2014   by  Jay  (Jihye)  Jang   11  

¡  Drinking  is  a  synthesizer  in  Asian  culture.   ¡  Do  not  refuse  when  the  partner  invite  you  for   drinking.   ¡  Don’t  pour  your  own  drink  but  offer  to  pour   others.   March,  7,  2014   by  Jay  (Jihye)  Jang   12  

¡  It  is  important  to  make  an  appointment  a  few   weeks  in  advance  of  a  business  meeting.   scheduled  a  meeting  (10  AM  to  12  PM)  or   (between  2  and  4  PM).   ¡  Punctuality  is  important  as  it  is  a  sign  of   respect.  If  you  realize  that  you  may  be  a  little   late,  it  is  best  to  call  ahead.   March,  7,  2014   by  Jay  (Jihye)  Jang   13  

¡  Professionals  meeting  for  the  first  time   usually  exchange  business  cards.  Present   your  card  and  receive  your  colleague's  card   with  both  hands.   ¡  Hierarchy  is  important  than  talent/ability  rank   ¡  Seniority  is  priority  to  support  the  hierarchy.     March,  7,  2014   by  Jay  (Jihye)  Jang   14  

¡  Decision-­‐  making  process:  collectively  and   up  through  the  hierarchy  and  therefore  does   take  more  time  than  you  may  be  used  to.  Try   to  be  patient,  and  even  if  you’re  not  feeling   patient,  try  not  to  show  it.   March,  7,  2014   by  Jay  (Jihye)  Jang   15  

§    §  Be  patience  on  changing  terms:  South   Koreans  treat  legal  documents  as   memorandums  of  understanding.   Acknowledge  those  with  the  highest  status   first  (respect  for  status  and  age)   March,  7,  2014   by  Jay  (Jihye)  Jang   16  

§    Business  Card:  When  introduced,  they   exchange  the  cards  first  and  read  thoroughly   before  they  open  discussion.  Handle  with   two  hands.     ¡  Use  simple  English,  speak  in  short.   March,  7,  2014   by  Jay  (Jihye)  Jang   17  

¡  Women,  be  sure  to  wear  cover  the  body   carefully  without  exposing  cleavage.     ¡  Do  not  call  first  name.     ¡  Do  not  panic  when  they  ask  personal   questions  (e.g.,age  or  martial  status)     March,  7,  2014   by  Jay  (Jihye)  Jang   18  

¡  Under  no  circumstances  insult  or  to  criticize   in  front  of  others.  (Saving  Face)   ¡  Make  sure  you  are  always  well  dressed  and     tidy.  In  business  conservative  dress  is   preferred     March,  7,  2014   by  Jay  (Jihye)  Jang   19  

    Population   Language   50M   Korean-­‐  Hangul   Religion   Christian:  25%   Buddhist:  24%   Confucian:  3%   126M   Japanese-­‐  Hirakana   (modified  Chinese)   Shinto  &  Buddhist:   84%   Christian:  0.7%   March,  7,  2014   by  Jay  (Jihye)  Jang   1.3B   Chinese-­‐ Cantonese   Buddhists:     11–16%   Christian:  3–4%   Muslims:  1%   20  

    Managerial   Principles     “Inhwa”   “Wa”   “Guanxi”   Harmony  based   on  respect  of   hierarchical   relationships      Value  place  on   group  loyalty  and   consensus.     Friendship  with   overtones  of   unlimited   exchange  of   favors.     March,  7,  2014   by  Jay  (Jihye)  Jang   21  

¡    Alston,  J.  P.  (1989).  Wa,  Guanxi,  and  Inhwa:  Managerial   Principles  in  Japan,  China,  and  Korea.  Business  Horizons,   32(2),  26.   ¡  Kim,  T.,  Wang,  C.,  Kondo,  M.,  &  Kim,  T.  (2007).  Conflict   management  styles:  the  differences  among  the  Chinese,   Japanese,  and  Koreans.  International  Journal  of  Conflict   Management,  18(1),  23-­‐41.   ¡  Rowley,  C.,  Benson,  J.,  &  Warner,  M.  (2004).  Towards  an   Asian  model  of  human  resource  management?  A   comparative  analysis  of  China,  Japan  and  South  Korea.   International  Journal  Of  Human  Resource  Management,   15(4/5),  917-­‐933.  doi:DOI:  10.1080/0958519042000192013     March,  7,  2014   by  Jay  (Jihye)  Jang   22  

The  content  is  put  together  by  Jay(Jihye)  Jang.   Please  email  me  if  you  want  to  have  more   information.   23  

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