Consumer Perceptions of Social Business Practices in South Korea and Thailand

The global economy is shifting from Western capitalism towards more inclusive alternatives. Leaders like Muhammed Yunus are normalizing global social enterprise opportunities and cross-sector collaboration. International certifications like B Corporations, Fair Trade, Cruelty Free (The Leaping Rabbit), 1% for the Planet, and the Rainforest Alliance are rapidly growing their networks. Universities, nonprofit organizations, businesses, and governments are incorporating social entrepreneurship into their best practices. In particular, Asia has seen significant growth in its social economy. Notably, South Korea and Thailand (with six other Asian countries) are included in the world’s 30 best nations to be a social entrepreneur. Particular attention is paid by both governments to foster social entrepreneurship through public policy. South Korea and Thailand were selected here because of their ranking, current policies, and existing research network. Survey data was collected from consumers in these countries to inform the perceptions of practices, presence, and values of social businesses in these economies. Strong recognition and positive perceptions exist around specific types of social business partnerships and certifications, though newer variations of partnerships and certifications were found to be less recognizable. For social business practices to expand and flourish in Thailand and South Korea, definitions of social business and entrepreneurship must be viewed as more dynamic in public policies in order include additional populations simultaneously working in this space. Stakeholders should devote attention to diversifying marketing efforts and developing robust, connected networks of stakeholders. Existing certification and social sector networks must improve the national and international sharing of available resources