Entering the South Korean market: a marketing planning process for marketers based in overseas companies

Purpose – The purpose of this paper is to outline how a three phase marketing planning process model can assist marketing managers based in overseas companies to formulate a strategy for entering the South Korean market. Design/methodology/approach – A review of relevant literature and the development of a conceptual marketing planning process model. Findings – South Korea has undergone rapid transformation in the past twenty years and South Korean electronics companies have established themselves as global companies. Overseas companies can operate in the South Korean market provided that they form partnership arrangements with domestic companies. Prior to attempting to enter the South Korean market, managers in overseas companies should study how South Korean companies implement their global marketing strategy(ies). This should provide them with an understanding of the Korean organizational value system and prepare them to enter into partnership arrangements based on mutuality. Research limitations/implications – Managers based in overseas companies need to understand how facilitating technology such as the internet is helping to transform the retailing sector in South Korea. Practical implications – There are a number of problems associated with the retail distribution system in South Korea and senior managers based in overseas companies need to have an appreciation of how South Korean companies compete and how they respond to government initiatives/pressure. Originality/value – The model outlined in the paper should allow marketing managers in overseas companies to implement the strategic marketing approach and select the most appropriate partner organization to do business with