South Korea has some great companies that earn more and more prestige over their efficient business development strategies. Lately, Canadian businesses see South Korea as a model to follow in the automotive and new technologies sectors. Indeed Korean brands are a household name in Canada and around the world. Everybody knows about Samsung, Hyundai, LG, etc. This year, the singer Psy dominated the charts and downloads with his hit song ”Gangnam style”. It was such a phenomenon in 2012 that business analysts write about the Gangnam economy and call the song a ” satirical take on the rampant materialism Gangnam represents” (Canadian business, 2012, p.30).
The Canadian Business, one of the most renowned business magazines in Canada since 1928, nominated South Korea as the Big Winner of the year 2012. Korean businesses are dominating many sectors and profits are at record high after decades of meticulous strategies and organization for their companies. Their knowledge and products earn rewards around the world and consumers just love their simplicity and usability. This year the way consumers perceive Korean products changed dramatically. From an ulterior low-cost, lower-quality copycat reputation, they managed to rank among world leaders. At the same time South Korea has grown from one of the poorest countries in the world half a century ago with income levels equal to sub-Saharan African nations to the 15th GDP in the world in 2012. This year its revenue was bigger than countries like Holland and Sweden. A remarkable journey for South Korea that now spends nearly as much as U.S. on post-secondary education and is also known as the world’s most-wired country.
To illustrate their choice for the Big Winner, Canadian Business writes: ” Samsung beat Apple, Hyundai beat Honda, and ‘Gangnam Style’ beat Bieber. How South Korea went from bust to blockbuster almost overnight.”
Here are examples how some South Korean businesses did this year:
Samsung: sold 56.3 million smartphones, it is now the bestselling smartphone in the world.
Hyundai: sold over 130 000 vehicles in Canada and the Elentra model is Canada’s second-best-selling car.
Kia: ranked no 87 in the Top 100 Global Index ahead of Ferrari and Harley-Davidson.
LG: continues its rise to the top of consumer electronics, started a collaboration with Google and Nexus smartphone this year which will eventually lead to more high sales.
Psy: 787 million YouTube views, the site’s most-viewed video ever, analysts are talking about the Psy-economy and Gangnam socio-economics.
We are looking forward to 2013 for this great country and its economy and hope to see other Psy phenomenons in the years to come. We are sure South Korea will continue to surprise the business world with an innate sense of consumer satisfaction and great products.