Executive Summary
This section looks into the inception of Disney Store in South Korea, which is the country of interest. Disney Store is a retail outlet that specializes in sales of merchandise that are unique to Disney. Disney Store traces its roots back in 1987, in Glendale, California. A country analysis of South Korea was done with detailed information being noted as far as population, GDP, per capita income, aesthetics, political system, legal system and the living conditions in the country just to name a few of the areas tackled. This was followed by an economic analysis of South Korea where matters population growth rate, economic standing and statistics, science and technology, media, transport, communication and distribution channels were addressed. A marketing action plan was developed by assessing the marketing mix as a competitive edge for Disney Store. Competitor analysis was done as well as an understanding of the regulations that are in place in South Korea, which would have an impact on the importation procedure.
The market mix provides opportunities for Disney Store. Disney’s products are perceived to be of superior quality, which customers get value for their money when they buy. The product positioning in the malls and business centers plus the up to date promotional strategies provide the soon to be a South Korean store, with a blueprint for success. The greatest challenge would be tackling and competing with the already established brands in the country. However, with the communication market mix in place, competition will be healthy as the company seeks to reach the target audience. The information supplied in the analysis is backed up by data that certify the reference points of the information mentioned therein.
The Walt Disney Company is the world’s leading entertainment and information producers and providers. The company’s mission is to provide entertainment that is not only innovative but profitable and creative. The company is diversified and is considered to be family based with its market segments having a presence in parks and resorts, media networks, studio entertainment, interactive media and consumer products. Under the consumer goods division, we have the Disney store, which is part of an international chain which specializes in sales of merchandise that is Disney related. The company is headquartered in Pasadena, California, in the USA since its inception in 1987 with the first store having been situated in Glendale Galleria in Glendale.
Introduction to the Cultural Aspects of the Country
Under this subtopic, the areas covered will be a brief history of South Korea with a glance at the geographical setting, social set up, religious background, living status and the languages of South Korea. South Korea is heavily populous translating to a high number of children in the country. Disney stores are an attractive point for kids, and so it only makes sense to give the children of the country a taste of what children in America and the rest of the world are getting, concerning the broad spectrum products offered by the brand.
Geographical Setting
South Korea is a country that is located in Eastern Asia with the southern area bordering both the Sea of Japan and the Yellow Sea with the total surface extending to a region of 99720 square km. Temperate climate describes the country with the summers being noted to experience rainfall while the winters are experienced to be freezing. The domineering topography of South Korea is Highlands (DuBois, 2004), with coastal plains evident in the west and the southern region of the country.
Social Institutions
Close family ties portray a South Korean family with the nuclear family unit viewed as being important. Children are believed to incur debt to their parents and ought to respect them at all costs whether the parents are dead or alive. Blood ties promote spontaneity among kin, and this describes the relationship with the extended family. Each family member has distinct roles independent from each other with the male considered to be the house head. Arranged marriages are still present in the country, but there are instances where individuals choose the spouses they opt to marry. Casual dating is present though the interaction between men and women is often limited to groups (Sorenson, 2016).
Education is an important subject in South Korea with adult literacy rate being at 97.3%. The quality of education from primary through high school is skills and attitudes improvement, language development and foster civic morality, cooperation, arithmetic, scientific skills, personal and emotional development as well as critical thinking abilities. Higher education is biased towards technology with accomplishments here enhances suitability for employment (Diem, Levy & VanSickle, 2016).
A liberal democratic system describes South Korea with the president being the head of the three branches of the government. The GNP, PP, and MDP are some of the political parties that are present in the country where one can be either the ruling or opposition party. Government stability is rooted in the constitution. The local governments deal with issues relating to the welfare of residents. The judiciary system constitutes of the High courts, appellate courts and district courts (Nations Online, 2003). The mixed legal system is present which combines European civil law, Anglo-American law, and Chinese classical thought. The American and Japanese culture govern the corporate culture in South Korea, but majorly, the Confucianism philosophies and military discipline have driven the country to prosperity (The Economist, 2015).
Christianity, at 31.6% dominates the religious system in South Korea however much the country is Buddhist by tradition which is at 24.2%, other religions are at 0.9% with 43.3% noted to have no form of religious affiliations. Aesthetics is a crucial aspect of the South Korean culture and forms part of the Korean culture identity. The hanbok dress, for instance, is part of the Korean folk culture, and it dates back to the mural paintings identified to have been present in the 6th Century. This traditional dress is considered to be ceremonial. Rituals are part of the aesthetics of South Korea with the incorporation of music, music which has evolved to pop culture music. Free use of color is evident in the aesthetics of the Shamans and color use is also apparent in paintings (Kwon & Lee, 2015). Visual rhythm is present in the Korean aesthetics plus performing arts of theater and dance which dates back to the religious beliefs and customs. Western style opera, dance troops, and ballet are present in the Korean aesthetics (Korean Performing Arts, 2016). The ethnicity in the country is homogenous.
Rice is the typical meal in the country with vegetable accompaniment. Beef is the primary source of protein with the conventional and available foods being variants of meat, poultry, seafood, eggs, legumes and cereal among others. Possible malnutrition arises from deficiencies in iodine, Vitamin A & E, folate, calcium, and iron (Santander Trade Portal, 2016). House renting is common in South Korea with the other form of housing being the traditional homestay or guest houses which are based on community living. Winter sports are a favorite in the country and recreational activities range from walking, bungee jumping, diving and cycling among others (Santander Trade Portal, 2016). The national attire for the South Koreans is the hanbok (Bowden, 2006) and the work attire is considered to be strict with dark colors preferred, with women wearing business suits and dresses, and jewelry accessories are adorned (Martin & Chaney, 2009). Social insurance and social assistance form part of the South Korea’s social security with the health care industry as of 2013 utilizing 7.2% of the GDP. The main languages notable in South Korea are Korean and English (widely taught in both junior and secondary school). The dialects present are the Seoul, Yeongseo, Chungcheong, Jeolla, Jeju and Gyeongsang (Song, 2005).
Introduction
The economic analysis of a country is paramount as far as preparation for the launch of a new product is concerned, in the case of foreign businesses. General economic data is noted below as well as the information channels and systems that are in place.
Population
The population growth rate was at 0.14% as at 2015 with 8.19% birth rate is projected to a population of 1,000 as of 2015 and live births of 96.14 births in populations of 1000 translating to births totaling to over 400,000. The population as at July 2015 was at 49,115,196. The distribution between age structures of the 2015 estimates is noted in Appendix A. The sex distribution ratio is at a total of 1 male: 1 female (CIA, 2016). The population in the geographic areas is 82.5% of the entire population located in the urban areas with migration patterns constituting of return migration and the influx of non-Koreans resulting in changes in the South Korean identity (Denney, 2015). The net migration rate noted at 0 migrant(s) in a population of 1000. The ethnic groups in the country are homogenous.
Economic Statistics and activity
The GDP of South Korea as at 2015 was noted to be 1.561 trillion US dollars with a growth rate of 2.6% estimated (The Heritage Foundation, 2016). Per capita income is recorded at $36,500 and average family income in 2014 was estimated at 30.2 (CIA, 2016). Wealth distribution in South Korea is noted to be in three different classes high class, middle class and low class whose income proportion are at 18.6%, 67.1%, and 14.3 % respectively; this was the percentage in 2013. The income is distorted and biased to the middle class (Kye-wan, 2015). South Korea has limited natural resources. Available resources are tungsten, iron, coal ore, graphite, limestone, molybdenum and HEP potential (CIA, 2016).
Transportation in South Korea is via railway, road, waterways by ship and ferries. These transportation modes are available in various cities with some regions interconnected with the various transportation modes. The transport usage for the surface mode of transportation is 1.39km/ 1000 people for the paved highways, 1.87km/1000 people as at 1999 total for all the roads, 0.07km/1000 people for the rail transport as at 2008. Motor vehicle usage was at 376/1000 people in 2014 (Nation Master, 2016). Major ports are utilized for international shipping and are also used as foreign flagged ocean liners.
The communication system is vast in South Korea. Telephone facilities, televisions, radios, PCs, post and high-speed communication networks e.g. the Internet are available. The level of information usage has increased in the vast fields of the modes of communication. Internet usage has grown since the 1990s. Internet usage has expanded by 105% since 1997. As at December 1998 out of 100 people, PC users were at 26.06, PC frequent users 19.01, Internet users 12.3, PC & internet users 10.16, Email users 3.84 and Advanced information users 1.3 (Cho, 2002). Availability of PCs, telephones, cellular, CATV and internet hosts have increased since the 1990s recording immense growth rates (Cho, 2002).
Employer- employee relations are not well supported in South Korea and the employees exercise autonomy in the workplace. The employees in the workplace work on shifts as well as long weekly working hours. The minimum wage idea saw its inception in South Korea since 1998 which is subject to reviews.
The service industry, 55% plays a significant role in Korea’s GDP followed by manufacturing 40% and agricultural 4% sectors. The industry took about 46% of the manufacturers in South Korea (Weissmann, 2012). Foreign investment in South Korea opportunities are present and are considered by property, securities, retail trade, imports, wholesale trade as well as financial businesses. Potential investment industries are biomedical, parts and materials, green energy and entertainment sectors (Samil PriceWaterhouse Coopers, 2012). Major imports are electronics, cars, consumer goods and energy resources while the exports include and are not limited to petrochemicals, automobile, semiconductors ships, wireless communication gadgets, flat displays, steel, plastics, electronics, and computers. Both the export and import trends declined between 2014 and 2015 (see Appendix B).
The balance of payments of South Korea is a surplus with the trend increasing since 2011 (Actualitix.com, 2016). Single exchange rate system exists between the South Korean Won per USD and the rate as at 2016 is at 1182.30 (Bloomberg Markets, 2016). The trend increased between 2011 and 2012 with a drop in 2013 and stagnation in 2014 followed by a rise in 2015 and 2016 (CIA, 2016). Tariff barriers exist between Korea and EU. Pre-approval has to be done by Ministry of Strategy before customs duties are an exemption. A flat 10 percent VAT is imposed on all imports unless not unless an import is customs duties exempted. All imports must have an exclusive license including the importers. A quota system that is in place is designed to stabilize the commodities in the domestic markets. Embargoes have prior been issued by South Korea to prevent imports that have the potential to cause a public health concern (Robinson, 2015). South Korea and other countries practice countertrades between one another in barter situations. Economic hardships promote the trade of product for non-cash items. The products of interest are vehicles and agricultural commodities, and such a trade has occurred between South Korea and Argentina. South Korea has evolved from a country that relied on foreign aids to a donor wing to its participation in development cooperation. South Korea’s labor force, as of 2015, was estimated at 26.89 million with the unemployment rate maintained at 3.5% in 2014, and 2015 and the taskforce size was distributed between three sectors agriculture: 5.7% industry, 24.2% services, and 70.2%. Inflation rate estimated at 0.7% in 2015 (CIA, 2016).
Developments in Sciences and Technology
IT is being applied in traditional South Korean industries such as automobiles, machinery, robotics and ship building. GNP allocated to research in science and technology was increased to 5% to cater for seven technological areas of interest. The younger people top the list of technical skills in the country with the labor force equipped with the knowledge to solve technical problems (Campbell, 2012).
Channels of Distribution
Over five retailer types are present ranging from drug stores, specialized stores, convenience stores and so on. They range from large discount stores to small stalls in the market (Santander Trade Portal, 2016). Customary markups are divided into either factory prices or factory prices and the most widely used payment mode is credit form with cash payment being evident as well (Chung, 2015). The operation is both vast and small scale. Exclusive stores sell specialized products; department stores offer a varied product range while chain stores offer merchandise that is similar. Wholesale marketing has a presence in South Korea but with the advent of online marketing, wholesale is gradually losing meaning. Payment is made after the retailer has completed the stocks and the mode of payment is cash. Customary markups are designed with the knowledge of retail prices and expected profit margin. Both import and export agents are present in South Korea but before entering into an agency agreement, screening of the possible agents is done. Warehousing is evident in South Korea, with the floor space as at 2008 noted at 296 million square meters, with 5% of the stock area (Sahling, 2009). Market penetration of both rural and the urban market is facilitated by the digital wave present in South Korea with the noted increase in broadband connection, reduction in the gap between the rural and urban areas by emphasizing on equitable resource allocation.
Media
Media available in South Korea is broadcast, internet and print. Television and radio are the examples of broadcast media. Multiple television networks are present plus publicly managed radio broadcast stations with about ten newspapers which are conservatively managed. Cinemas are also evident in the country with the first film having been shot in 1919. The media in South Korea has freedom for coverage; however, it acts in such a manner to show it is limited. Only one foreign news agency exists with limited independence on certain matters. Television sets in a population of 1000 are 331.9, 991.6 in 1000 for radio receivers, 397.5 internet users in every 1000 with magazine consumption of 10minutes per day (Press Preference, 2002).
2.0 The Marketing Plan
Introduction
A marketing plan portrays the strategies that a company ought to take in its quest for strategic market positioning. Estimates of the potential of the market are made with consideration being placed in the segmentation procedure.
The product- Disney Store (as an innovation)
Disney is a very trusted entertainment brand that has lived up to its expectations ever since its inception. This notion accords Disney a relative advantage given that the company offers the consumers what they need. Disney store in the South Korean market is bound to be compatible with the children’s needs given the vast products that the store would be able to offer. The kids in South Korea, as earlier mentioned, are introduced to American culture in their young age so having the opportunity to live and enjoy the same opportunities that American children are enjoying as far as entertainment is concerned is a plus. The products adopted for kids are often considered to be less complex thus facilitating its adoption. With the simple innovation such as simplification of product access via website use set in place, adoption would follow. Trialability is seen as a change when the potential users are allowed to partake in trials of the product before the actual launch. Trial periods for services offered on the Disney Store website, for instance, will be seen as innovation. Observability is the other change from that is evident when potential service or product users can see, note and observes the service or product come into life for them to believe that the service is indeed workable and helpful. In the Disney, this can take the form of new editions or new product lines that find a place in the store both online and physically.
Problems and resistance to the product
There are instances when the potential market segment may resist a new product. This happens when there would be changes in the shopping behavior and fear of conflict with a belief set up. These are the possible causes for resistance to the Disney store launch. The presence of an existing supplier who has already taken up roles in the South Korean market share would result in a consumer’s resistance to a new product.
The Market
The geographical set up where the Disney store product would be located is South Korea’s malls or business centers, a location that would be convenient for the consumers. The forms and modes of transportation in the business parks are superb, given their location in urban areas and the transport connection in surface transport and given then broadcast, cellulars, PCs, print and internet medias which promote communication in South Korea. Consumer usage of kids’ products is vast in South Korea with high spending in children’s products. South Koreans have a preference for American goods and brands, precisely for children. This occurrence provides a potential market for Disney’s merchandise. The shopping habits indicate that the South Koreans are willing to spend on kids’ stuff to emphasize identification to the American culture, given the high disposable income that is in place in the family households. Typical retail outlets in South Korea are developmental stores, specialized stores, convenience stores and so on with the presence of middlemen in the trade systems. Retailers and wholesalers are present in the business systems in the country. Wholesale systems as earlier noted, are dwindling owing to the advent of e-commerce that has picked up both in South Korea and globally. The advertising media that would work for the store given the IT revolution and craze that has hit South Korea; online advertisement would be the best shot in the venture. Updating of the website and making sure that real-time response is available would enhance quick adoption because of the reliability of the site which would, in turn, give the impression of a reliable store. Sales promotions that are applicable are offering discounts which attract customers (Disney Store, 2016). Sample offering would be given to help promote both loyalty and trialability. Customary markups are available for facilitation of pricing. Import prices, retail prices, and factory prices are compared concerning the market prices as well as the competitor pricing and with that, determining the best prices to be set. Various discounts can be promoted to enhance sales, and these are seasonal discounts, educational discounts, quantity discounts, senior discounts and cash discounts.
One competitor that is present is the Toys “R” Us brand that deals in kids’ toys and merchandise that are well positioned to facilitate differentiated shopping. The Toys “R” Us merchandise are well labeled with the company’s logo with e-commerce being the main characteristic of the products sold. There are avenues for seasonal shopping present in Toys “R” Us, which has facilitated the sale of goods during certain seasons or holidays and at the same time, having products that are of a high safety standard. Packages available in this competitor brand are wide product ranges that encompass stuffed toys, puzzles, clothing, outdoor play, holiday shops, birthday party supplies and electronics among others. Availability of a toll-free number for further company contact is available to supplement the above products. Price matching is employed in Toy “R” Us where Prices are matched after deducting any Toys “R” Us and coupon savings and other offers from the company’s costs. A strict guideline is followed in the price matching criteria. Toys “R” Us markets its products through advertisements, commercials, discounts, sales, direct emails, promotional catalogs, door to door distribution, in-store marketing, price match and the online presence that the company boasts. The distribution channels available in Toys “R” Us are the use of retail outlets which have a presence in over 37 countries (Vault, 2016). The estimated industry sales for 2016 in the US toy sector is $20billion and out of this, Disney Stores in South Korea has the capability of grossing in $7million per month with a growth rate of not less than 2% each month, given the diversified products and superior range of goods that Disney has. Agencies can be of assistance for Disney Store in South Korea, especially with the aid of the Korean government. In this sense, Disney store will have to comply with the government set regulations that will be in place. Import control rules that are in place include customs management, import duties, and taxes requirements and a note of restrictions such as embargoes.
Action Plan
A marketing communication mix applicable for the new Disney Store in South Korea can be arrived at by looking at various tools appropriate in the design of the mix. A market mix communicates the quality positioning of a particular product with excellent reach to the targeted audience. The possible mix is that that fuses personal selling, direct selling, sales promotions and public relations as a means of reaching the target market segment. These factors can be used to design both long term and short term equity (Dahlen & Lange, 2008). The four P’s of the marketing mix that are noted in this sense are Product, pricing, promotion and place.
The product uniqueness comes into play here where the features of the product are well noted. Disney has a broad range of products that are unique to it including the 3D animation and the Disney characters that are adored by children in South Korea. The Precise definition of the products can be noted in-store and from the company website among other avenues that are in place. Promotional channels meant to boost the confidence of the consumer to the products. The aspect of pricing is important and helps the potential user determine whether they would buy a product or not. Pricing positioning in such a manner product prices are attached to the benefits and so consumers get value for their money. In the case of venturing out in theme parks, Disney Store ought to connect the experience of the theme parks to the price and relate that to the consumers. Others are the provision of diversified products at various prices to attract and retain the customer. With the high disposable income in South Korea, the pricing strategy would be of great use. The promotional basis of the Disney Store would help spread the word about the store. Promotional avenues such as commercials using Disney characters, direct selling, and e-commerce by refurbishing the website, coupons, trials, discount, brand marketing strategies and sales are sound promotional tools that augur well with the children. The place variable ensures product availability when required by the consumer. The positioning of the Disney Store in business parks and malls where an influx of people is paramount is a good positioning strategy taking note of the distribution channels comes under this variable. The Disney Store operates in retail outlets in the countries of presence and so franchise option is the most workable option. Use of agents affiliated with the South Korean government and wholesalers are also good avenues for positioning. E-commerce is the “it” platform for selling in today’s world. Use of the Disney Store website is of importance in this case and simplifying the site with modifications will facilitate its popularity.
Appendices
Appendix A
The figures below show the 2015 estimates of population distribution of South Korea (CIA, 2016).
0-14 years: 13.69% (male 3,489,464/female 3,232,372)
15-24 years: 13.52% (male 3,518,488/female 3,122,997)
25-54 years: 46.63% (male 11,687,846/female 11,214,687)
55-64 years: 13.14% (male 3,190,093/female 3,264,411)
65 years and over: 13.02% (male 2,662,353/female 3,732,485)
Appendix B
The decline noted in export and import trends in South Korea is as follows;
Exports
2014 - $621.3 billion
2015 - $535.5billion
Imports
2014 - $528.6 billion
2015 - $430.8 billion
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