Monday, August 24, 2020

Effective Communication in Business-Free-Samples for Students

Question: You will compose a Memo because of the Case Study gave. Answer: To: Mrs. Rania Singh, Customer Services Agent From: Director of Sigma Global Date: 4.8.17 Re: Change of Policy This is to educate you for the sake regarding the authority of Sigma Global that we are adjusting a portion of our authoritative strategies because of miscommunication among the operators and the hierarchical administration. The strategies that are being adjusted are as per the following: Each specialist of the organization needs to get endorsement from the association for creating any showcasing material with the end goal of the nearby commercial. Showcasing is one of the key achievement variables of the association and the authoritative improvement is profoundly reliant on advertising. In this manner, specialists should know about their job and obligation towards the association. As it is significant for each operator to keep up the business morals, they should maintain a strategic distance from any exploitative practices. They should ensure that organization knows about their all sort of movement. They have to educate the hierarchical authority about the practices. While promoting in the neighborhood advertise, they have to keep up customary correspondence with the association to maintain a strategic distance from any sort of disparity. Powerful correspondence will assist them with earning the confidence of the association and keep up a drawn out connection with th em. Specialists must be not associated with any sort of uncalled for rehearses. They should treat the whole community similarly and advance their name suitably. Prior to beginning any sort of special movement, understudy must ensure that they know about all the courses conveyed by the association and the positioning of the association. It will assist them with promoting the brand name in a proper way. They should not be one-sided towards any middle. It will influence their moral practices. Operators should know about the way that they should not be engaged with any sort of untrustworthy practices, which can devastate their connection with the association. So as to keep up a solid and straightforward connection with the association, the operators need to advance the brand name in such a way, that it can assist the association with earning notoriety in the general public comprehensively. Settlement exhortation should be precise where guarantee must meet desires and experience. As the understudies are originating from the global nations, they have to discover a spot that will assist with pleasing themselves just as their families in the event that they are coming. On expansion to this, the spot ought to be inside the spending plan of the understudies. On the off chance that the operators are promising a spot inside the financial plan of the understudies, at that point the spot ought not accompany any shrouded cost. In addition, the understudies will require a spot that is close to the instructive establishment where they have taken up the course. In the event that the understudies are choosing a convenience that is close to the college then the spot ought to be inside the separation that has been guaranteed to them. There can be various civilities that are available in the convenience, the data with respect to the courtesies ought to be exact and the understudies ough t not be frustrated after they have gone to the spot or shiftedto the new area from their nation. Since Australia is a worldwide center point for advanced education, understudies originate from various pieces of the world. Those incorporate the primary world just as from the underdeveloped nations. Because of the financial divergence in the nations, the understudies experience various kinds of transport framework in their nations of origin. The Australian vehicle can be an entirely different framework for a portion of the outside understudies. In this way, the arrangement with respect to transportation ought to incorporate a clear portrayal of the vehicle system of the nation. It ought to have a guide of the framework alongside the vehicle choices. Alongside the guide, there ought to be a portrayal of evaluated cost, for example, transport ticket value, metro ticket value, railroad ticket cost and so on. It ought to likewise make reference to the concession strategies, for example, understudy rebate pass and different advantages, for example, month to month pass, numerous ride ti ckets and so on ought to likewise be incorporated to make the understudies OK with the vehicle. Understudies who are coming to Australia may go in close vicinity to their family and kids. Childcare is one of the most significant necessities for the understudy who are moving with the family. The names of the youngster care benefits, the location and the telephone numbers ought to be given to the understudies and the data ought to be precise so they would confront no issues in finding the spot. The offices of the youngster care administrations ought to be referenced appropriately. The opening and the end hours of the kid care administration ought to be right as the understudy would picked the administration dependent on span of the college. The college breaks and the days when the childcare will be shut ought to likewise be referenced. The breaks of the college ought to concur with the breaks of the youngster care administrations. The location of the kid care ought to likewise be exact as the understudies would jump at the chance to keep their youngsters set up that is closer to the college.

Saturday, August 22, 2020

KFC Corporation Essay

KFC Corporation, or KFC, established and furthermore known as Kentucky Fried chicken is a chain of drive-through joint situated in Louisville, Kentucky. KFC is a brand and working section, called a â€Å"concept† of Yum! Brands since 1997 when that organization was spun off from PepsiCo. KFC basically sells chicken in type of pieces, wraps, servings of mixed greens and sandwiches. While its essential center is seared chicken, KFC additionally offers a line of cooked chicken items, side dishes and pastries. Target Market â€Å"The procedure of assessing each market segment’s engaging quality and choosing at least two segments† As the outlets of KFC are in luxurious region and costs are excessively high (overhead costs lease, cooling, workers), so KFC target upper and white collar classes. Target showcase relies on size and development pace of populace, organization assets and auxiliary engaging quality of market section. Market Positioning For an item to possess an unmistakable, particular and alluring spot comparative with â€Å"competing items in the brains of target consumer.† In KFC criticism is taken from the client so as to realize the client requests and afterward enhancements are made in the item. KFC centers around unadulterated and new food so as to make an unmistakable and away from in the psyches of clients, KFC has a solid brand name and they are driving business sector in seared chicken.

Saturday, July 25, 2020

How to Cite a Pamphlet

How to Cite a Pamphlet (3) Working on a project about a museum exhibit? You’ll likely want to cite the pamphlet given to visitors, in addition to newspaper clippings about the exhibit or books written on the subject presented. Compiling information about a business? You may want to quote directly from the company’s brochure. Citing a pamphlet may seem like a daunting task at first. You may be more accustomed to writing citations for scholarly works, rather than for primary source documents. But with the proper information, you’ll find that citing a pamphlet isn’t as challenging as it might seem initially. In fact, the information required is quite similar to what you’d need if you were citing a book. Let’s review how to do this in MLA format (8th ed.), APA format, and Chicago/Turabian. For our example, let’s look at the pamphlet “Access” by the Metropolitan Museum of Art in New York City. To cite a pamphlet properly, you must identify the following pieces of information: The author of the pamphlet. This can be an individual, group, or organization Title of the pamphlet URL of the website that the pamphlet was found on (if found online) Date the pamphlet was published Publisher of the pamphlet City where the publisher is located (for Chicago/Turabian) Use the following structure to cite a pamphlet in MLA format: Last name, First name of the author or Organization responsible for the creation of the pamphlet. Title of the Pamphlet. Publisher*, date of publication, URL. (remove http:// or https:// from the citation). *Note about the Publisher: If the name of the publisher matches the name of the author, start the citation with the title and do not include the author information. If in Print: If the pamphlet is found in print, end the citation with the date of publication and a period. Exclude the URL. Here’s how the above example would be cited in MLA format: Access. The Metropolitan Museum of Art, Fall 2017, metmuseum.org/-/media/Files/Events/Programs/Progs%20for%20Visitors%20with%20Disabilities/AccessCalendar.pdf. *The Metropolitan Museum of Art is both the author and the publisher. To prevent duplication of this information twice in the citation, The Metropolitan Museum of Art is only included in the publisher position.   Use the following structure to cite a pamphlet in APA: To cite a pamphlet found online in APA, use the following structure: Author’s Last name, First initial. Middle initial. or Name of Organization. (Year the pamphlet was published). Title of pamphlet [Brochure]. Retrieved from URL If in Print: To cite a pamphlet in print in APA, use the following structure: Author’s Last name, First initial. Middle initial. or Name of Organization. (Year the pamphlet was published). Title of pamphlet [Brochure]. City of publisher, State abbreviation or Country: Publisher*. *When citing a pamphlet in print in APA, if the name of the publisher matches the name of the author, place the word Author in the place where the publisher’s name would be. Here’s how the above example would be cited as an APA citation: The Metropolitan Museum of Art (2017). Access [Brochure]. Retrieved from https://metmuseum.org/-/media/Files/Events/Programs/Progs%20for%20Visitors%20with%20Disabilities/AccessCalendar.pdf If citing the same pamphlet in print, the APA citation would look like this: The Metropolitan Museum of Art (2017). Access [Brochure]. New York, NY: Author. Use the following structure to cite a pamphlet in Chicago/Turabian: Last name, First name of the Author or Name of the Organization who wrote the pamphlet. Title of Brochure. City of Publication: Publisher, Year published. URL. If in Print: If citing the pamphlet in print in Chicago/Turabian, exclude the URL from the citation and end the citation with a period. Here’s how the above example would be cited in Chicago/Turabian: The Metropolitan Museum of Art. Access. New York: The Metropolitan Museum of Art, 2017, https://metmuseum.org/-/media/Files/Events/Programs/Progs%20for%20Visitors%20with%20Disabilities/AccessCalendar.pdf. One Last Option If you like guided forms better, has a citation form specifically for pamphlets that tells you exactly what information is needed for the citation. Simply fill in the form with the correct information and the citation will be generated for you. Click here to try it out.

Friday, May 22, 2020

The Effects Of Cell Phones On Our Lives - 1053 Words

The discovery of cellphones is one of the countless innovations in the past years that improve our everyday lives. The wide use of cell phones has caused a remarkable impact on physical, and social aspects of our life. Cell phones impacts have contributed positively to our lives, but still others have influenced negatively on our life. With technology, the way we communicate has changed over the past year with our smart phones we can surf the internet, check our social media accounts, use GPS, and text and call our families and friends. The cell phones have made a significant impact on the social life of people. It helps us to communicate and stay connected around the world. People use their cell phones for nearly everything from cameras, alarm clock, radio, social networks and access to Internet to mobile money transactions. In the past few years the use of cell phones has suddenly increased, since we can do almost everything in our phones. The smart phone keeps us in touch with family members, and friends. If we want to talk to them and they live far away from us, we don’t have to write a letter and wait for days to receive it. We can just text, call or e-mail them with our smart phone. Phones made easier to stay in touch with the people we care about. The calendar in our phone made it easier to plan, schedule our daily routine and made it harder to not forget about work. Smith stated that cell phone owners are more likely to view their phone as a time saver. When weShow MoreRelatedCell Phones And Its Effects On Our Lives938 Words   |  4 Pagesout lives. We use our cell phones for everything from finding directions, to taking pictures of moments you do not want to forget. Everywhere you go, you cell phone goes with you, if you forget it at home, somehow we feel naked without it. Cell phone s have become so powerful and useful for so many things other than just making phone calls; I do not even know why we still call them phones. With that, we have the right to feel secure and free from unwarranted searches though our cell phones andRead MoreCell Phones And Its Effects On Our Lives1366 Words   |  6 Pagestechnology and increasing use of cell phones, a lot of studies are taking place. Even though cell phones today have been helpful with communicating with people far away, these cellular devices still are dangerous in many extravagant ways. Dangerous can mean many things when it comes to cell phones. Billions of people throughout the world are implementing cell phone use in their daily routines. Cell phones are becoming a prone addiction which causes us to not be so aware of our surroundings when using itRead MoreCell Phones Effect Our Lives977 Words   |  4 PagesHow Cell Phones Effect our Everyday Lives Once upon a time, cell phones did not exist. If you wanted to make a call you had to use a home phone or a pay phone, but cell phones are now common place in our everyday lives. Almost everyone has one, even children in elementary school have cell phones. So how does having such easy access to a cell phone effect our everyday lives? The positive effects of cell phones are easy to see, as cell phones can be convenient and used as a life line in an emergencyRead MoreCell Phones And Its Effect On Our Lives1612 Words   |  7 PagesFollowing the time when the mid 1980s, phones have been rapidly moving their route into our commonplace lives, particularly with the presentation of cam telephones in the early part of the new thousand years. As cells develop they have more of an effect on our commonplace lives and I need to exactly how much they are affecting. Similarly as with new engineering in whatever other structure, phones have changed enormously over their generally short life com passes. As these progressions happen, soRead MoreCell Phones And Its Effects On Our Lives862 Words   |  4 Pageshouse without theirs. The answer to this riddle? Cell phones. Children and adults alike are partaking in the growing addiction to their mobile devices. Can we blame them though? The sheer amount of uses, features, along with other various gizmos that come along with a cell phone are enough to make not having one a handicap on most people. Schools, websites, work places, all are integrating cell phone use into their everyday tasks. Downsides to cell phones do exist, but the benefits of having one farRead MoreThe Effects Of Cell Phones On Our Lives2011 Words   |  9 PagesDue to increasing technological innovations, many people are gradually trapping themselves in the web of cell phones. Even with primary laws in effect, drivers are tempted to text and drive on the road, and it has only brought grave consequences. According to the United States Department of Transportat ion, â€Å"It is estimated that drivers who text while on the road contribute to at least 100,000 collisions each year (qt. in Northwest drivers Admit). Besides causing careless accidents, intexicated driversRead MoreCell Phones And Its Effects On Our Lives924 Words   |  4 PagesCellular Distractions Can Wait. Cell phones, otherwise known as smart phones by today’s standards, are an immense help to most Americans in many ways. We use our cell phones daily for communication with friends and family through texting and phone calls, scheduling appointment, or social media. However, the convenience of smart phones is being abused daily in several ways that can lead to severe impacts with the distractions they cause. The advancement of cell phone technology in the last decadeRead MoreCell Phones And Its Effects On Our Lives Essay1222 Words   |  5 PagesGone are the days when cell telephones were considered as extravagance thing to have with. The developing rivalry in portable makers has brought down the costs of cellular telephones to that degree that these days, purchasing a cell telephone is not a major ordeal. Simply spend a couple bucks and you are pleased proprietor of a cell telephone. In today s opportunity, it s elusive a man who does not possess a cellular telephone. The little contraption is an essential need of life. In any case, whyRead MoreCell Phones And Its Effect On Our Lives894 Words   |  4 Pages The first cell phone that was build in a car the reason why it was because it was too big to carry around in your pockets. Buying a phone in 1980 were very expensive, not everyone can afford a phone for themselves. Cell phones back in the day would cost just about over a couple thousand of dollars. The mobile devices that were made in that time was only for phone calls without any caller ID s to tell who s calling you. .Cell phones have been producing a lot better over these few years. BackRead MoreCell Phones And Its Effect On Our Lives934 Words   |  4 Pagesanother being exist, especially in our generation. This seems to be not a problem at moment, but with advancement of technology and new ways of meeting people digitally is seems people feel it’s appropriate to constantly be on their mobile devices without any consequences or surroundings. With Mobile device and other forms of wireless communication also effecting on distracting driving. The use of cell phones pose a risk for society in many ways involving cell phone conversations and texting or instant

Friday, May 8, 2020

The Legalization Of Recreational Drugs - 1807 Words

In 2013 there was over a hundred thousand drug related crimes recorded in Canada. Some countries around the world, such as the Netherlands, have loosened their restrictions on recreational drug use in an attempt to lower crime rates in their nation. The current law in Canada strictly prohibits the use and distribution of all recreational drugs. Many people, however, question if this is the best way to regulate drugs. Some would argue that legalizing drugs would create an economic opportunity for the government, reduce crime, reduce drug illnesses and fatalities, and give citizens their justified rights. Thus, the government should legalize recreational drugs to be consumed and distributed in the same way as alcohol. Many people do not put enough thought into the idea of how the state should regulate drugs; they feel that since they do not use drugs, it does not affect them. However, the truth is the legalization of recreational drugs would be a huge change for Canada. It would change the lives of all citizens, whether they use drugs or not. How the state regulates drugs will force a change on even a non-users social life, taxes, morals, and much more. The first reason the state should legalize drugs is because if recreational drugs were sold in the free market, the state would be able to make large economic gains. Introducing drugs to the free market would allow the government to put a high tax on drugs just as they do with cigarettes or alcohol and make a hugeShow MoreRelatedThe Legalization Of Recreational Drugs1551 Words   |  7 PagesThe legalization of recreational drugs in the United States is a polarizing issue that affects every American, whether they are a drug user or not. Both sides present arguments that call for changes to federal drug policy. The pro-drug side says that the recreational use of drugs should be allowed and the law should change to legalize it. The anti-drug side says that the use of drugs should continue to be illegal and more should be done to control drug use. All side of this issue have a point theyRead MoreShould Legalization Of Recreational Drugs Be A Great Nation?977 Words   |  4 Pagesdecrease in prisons and prisoners, legalization and decriminalization of recreational drugs are some of the core issues the US needs to strengthen to become a great nation. There is an utmost need to legalize and decriminalize recreational drug use in the US, now more than ever. The government no longer needs to intervene upon the personal rights and freedoms of adults. One should have control over the choices of his/her own life. Rather than criminalizing drug addicts they should be given a choiceRead MoreShould Marijuana Be Legalized? Essay1223 Words   |  5 Pageseconomies of the states which have legalized recreational marijuana use for consumers over the age of 21. Many predictions were made referring to the outcome of marijuana legalization, however, most predictions made did not foretell the actual outcome. The act of legalization in the state of Colorado has yielded many advantages in the field of marketing. With these advantages, however, come many disadvantages. This study will identify how marijuana legalization can affect the US market economy. This studyRead MoreWhy Not Legalize Marijuana? Essay1173 Words   |  5 PagesMarijuana should be legalized for both recreational and medicinal use because the US economy can reap significant benefits from legalization as well as create an influx of jobs and also to reduce street and gang disputes relating to marijuana. Also, marijuana should be legalized because it has been dealt an unfair hand by society and is justifiably safer than most know it to be. First, marijuana should be legalized in the US for both recreational and medicinal purposes because there is a very substantialRead MoreShould Marijuana Be Legalized?972 Words   |  4 PagesMarijuana Legalization For thousands of years, marijuana has been used for a myriad of purposes ranging from medical use to recreational use. Although small steps are being for marijuana legalization across the country, there is still a long way to go. Some folks argue that marijuana is a gateway drug and impairs judgement, causing people to act recklessly. However, extensive studies have been conducted on the effects, risks, and benefits of marijuana, and have proven marijuana to be safer thanRead MoreShould Marijuana Be Legalized?1004 Words   |  5 Pagesmost people are not properly informed of the facts. Cannabis is the third most widely used recreational drug, after alcohol and tobacco (About Marijuana). Yet, it is the only contender out of those three that is not legal. While marijuana is very addictive, recreational marijuana should be legalized because of the benefits it could provide for our economy and society as a result of the loss of business for drug dealers, less arrests and freeing of space in prisons, and major tax revenue. â€Å"MarijuanaRead MoreThe Legalization Of Marijuana And Marijuana Essay1314 Words   |  6 Pagesof the bused drugs in America and the rest of the world. Interesting accumulating evidence show that the significant negative impact of this drug outweighs the positive effects. However, the medical benefits of the drug seem on the process of chemical compounds as compared to the drug itself. Medical debates show that chemical compound in marijuana are the problem as compared to the plant. The said chemical compound affects the mental and physical health of the persons abusing this drug. There haveRead MoreShould Marijuana Be Legalized?1565 Words   |  7 PagesMarijuana Legalization From mandatory crop to illegal drug, cannabis has gone from revered to criminal in the course of United States history. Its fall from grace has been an education in mass hysteria, propaganda, market manipulation and greed. Fortunately, for those suffering debilitating medical conditions and those that wish to enjoy its euphoric effects alike, it appears that the pendulum is swinging in the opposite direction. The close of the 2015 legislative session revealed a potentialRead MoreShould Marijuana Be Legalized? Essay1372 Words   |  6 PagesLegalization of Weed Growing up, everyone is told that, â€Å"Drugs are bad for you,† time and time again. Now as a kid you don’t really understand the reasoning behind it, but you listen to your authority figure regardless. I remember being told this my entire life and even to this very day. But as I got older I realized that people would still use drugs even though it’s illegal. I could never understand why someone would go against the law and jeopardize their life just to use drugs? The drug thatRead MoreThe Legalization Of Marijuana Legalization1282 Words   |  6 PagesMarijuana Legalization Initiative may be included on the ballot. The people of California will vote on whether to legalize the recreational use of cannabis for adults. The move targets at regulating the consumption of the drug and taxing it like other legalized drugs. California was the first state to legalize medical marijuana in 1996 (National Institute of Drug Abuse). The state prohibited any legal action s from being taken on patients and recognized caregivers arrested in possession of the drug. This

Wednesday, May 6, 2020

James Baldwin Free Essays

Language is a very controversial topic. The way many people hear language and judge others based upon it differs from place to place. Personally, I completely agree with James Baldwin. We will write a custom essay sample on James Baldwin or any similar topic only for you Order Now In his defense, language is what the general population uses to stereotype, it leaves us identifying each another, and language also can cause social exclusion. First off, language is widely used to stereotype others. One can judge others based on their accent, choice of words, or grammar. For instance, during James Baldwin’s time a Man with a sophisticated British accent was seen as an educated man with a decent income. Language also allows people to stereotype people based on where they come from. For example, people with bad grammar and used words such as â€Å"ain’t† or â€Å"y’all† typically are from the southern area of the United States. Next, people identify others personality based on word choice and grammar. George Bush, one of our very own U. S. residents, had a southern accent, and had he not been president, people would have most likely negatively identified him. They would assume he is a dumb, ignorant southerner because of his views. However, sharing his views as the president allowed him to be respected with the views either way, while some people disagreed with him, many saw him as a leader which would be very different had he been your average joe. Last but not least, language can lead to social exclusion. Because of poor language on someone’s part, others can exclude them. People can be excluded because of bad language that makes them sound dumb, or even language that makes them sound too smart like a know-it-all. Similarities in language create cliques among people and it is very easy to be shunned out of these cliques if one is noticeably different. To recapitulate, language is the cause of many stereotypes and differences in society. Language can be used to stereotype, or it can be used to identify others. Also, it can lead to social exclusion because of differences in language. All in all, language is a huge contributing factor to society How to cite James Baldwin, Papers

Monday, April 27, 2020

Transforming of South Korean Economy and the “Chaebols”’ Riddle Essay Example

Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle Paper Nadezhda Sarelska ID: 10210680317 EMA- Chinese Economy School of Economics Fudan University Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ riddle Political Economy of East Asia Term Paper Professor Dingping Guo October, 2012 Shanghai, China Table of contents: 1. Introduction 3 2. The beginning of Korea 4 2. 1. Collective will for success of South Korea 6 3. South Korea and modern economy 7 3. 1 Reasons behind Economic growth 8 4. The Birth of â€Å"Chaebols† 9 4. 1 Factors of Development of â€Å"Chaebols 10 4. 2 â€Å"Chaebol† and 1977 Asian Crisis 14 5. Case Study of Samsung Group 15 6. Conclusion and Recommendation 19 . Reference List 21 1. Introduction South Koreas ‘s significant transformation an evolution from impoverished to high-income economy during three decades starting from 1960s to 1990s is one of Asian phenomena famous as -â€Å"Four Asian Tigers†- a term used to describe the tremendous performance of four Asian economies Hong Kong, Singapore, Taiwan and South Korea. Between the early 1960s and 1997s, the four Tigers rapidly industrialized and maintained sustained high growth rates (Ref*1). We will write a custom essay sample on Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Transforming of South Korean Economy and the â€Å"Chaebols†Ã¢â‚¬â„¢ Riddle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Today, Korea is an example for a market economy, one highly developed country which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies(Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. 2 million vehicles annually. The success of South Korea is often called The Miracle on the Han River and it has been identified by several factors where the presidency of Park Chung-Hee (1961-1979) played a vital role. Under the President Park Chung-Hee’s era, the government played a dominating role in a country’s economy. His policies of shifting away the focus from import substitution strategies towards export- orientated industrialization and technical progress, favored the development of South Korean economy and establishment of a strong business environment appeared with a result of large conglomerates called â€Å"Chaebols†. To be defined as a â€Å"Chaebol†, an organization should satisfy two conditions: it should be owned by family /relatives members and it should have a diversified business operations ( REF*3). The â€Å"Chaebols† have created such a diversification that, as Anna Fifield said in her article, â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). The giants of yesterday are one of today’s best brands in technology field as Samsung, Hyundai and LG. They and the other â€Å"Chaebols† was the core of Korean spectacular growth and still their success can be accepted as South Korea’s success. How and why Korean’s economy was shaped by historical events and what are the reasons behind â€Å"Chaebol† establishment? What was the impact they have created over South Korean economy and could we say â€Å"Chaebols†are the reason for the Miracle on the Han River. ? Case study of Samsung will be performed in order to give us better understanding of one of the largest and famous â€Å"Chaebol† ever and its influence over South Korean economy. 2. The Beginning of Korea The land of the morning calmâ€Å"–this is the meaning of Korea’s original name â€Å"Choson†. The time of establishment of this country and its exact geographic location is still a matter of scientific research even it often believed that human activity in Korea can be traced far into the Pal eolithic period, about 500,000 years ago (Ref*5). In Asia, Korean’s history is known to be second longest following that only of China. (Ref*6) But there is a belief, according to the Korean legend, that the God-King Tangun a legendary figure born of the son of Heaven, (which existence is still disputable among scholars) and a woman from a bear-totem tribe founded the Korean nation in BC 2333(Ref* 7). Not many present- day nations can be praised with so long and rich history even this countrys time has been shaped by difficult and frequent invasions ( as many as 900 by some accounts)( Ref*6), wars and influence from its neighbors. The beginning was often said to be the time of â€Å"The Three Kingdoms† â€Å"Silla† â€Å"Goguryeo† and â€Å"Baekche† where â€Å"Goguryeo† was known to occupy the Northern part of the peninsula from the Chinese border to the Han River, while â€Å"Silla† and â€Å"Baekche† have dominated the Southern regions (Ref. 11). But in 668 AD â€Å"Silla† (668-935) unified the Korean peninsula and start developing a country with an economy, a culture and Buddhist philosophy. † Koryo dynasty† from which the English name Korea originates succeeded â€Å"Silla† in 935 and the country’s boundaries reached level which is very similar to its current size today. â€Å"The Choson dynasty† displaced â€Å"Koryo dynasty† in 1392 and moved the capital to Hanyang-gun (todays Seoul) in 1394. Soon after Confucianism replaced Buddhist philosophy and was adopted as the countrys official religion and â€Å"Hangul† -the Korean alphabet was invented. Korea’s history was filled with prosperity, but also a lot of suffering coming from external forces like Japan, Mongolia and China and this provoked Korean closed-door policy, famous as â€Å"Hermit kingdom†. In the beginning in 1876, the Japanese forced a series of Western-style trade agreements on Korea, leading to Japans annexation of the country in 1910. Due to growing anti-Japanese sentiment, in 1897 King Kojong declared himself to be emperor of the Taehan Empire, an independent Korea (Ref*9). Eventually this move helped Korea to preserve its own language, culture, traditions and sense of identity (Ref*6). However, during the Russo-Japanese War (1904-1905), Japanese forces moved onto the peninsula despite Korean declarations of neutrality and Japan-Korea Protection Treaty in 1905 gave Japan virtual control over Korea. Korea was colonized by Japan in 1910 year, but exactly at that time many modern aspects of Korean society emerged included rapid urban growth and infrastructure, the expansion of commerce, and forms of mass culture such as radio and cinema, which became widespread for the first time. Later had to endure the Korean War (1950-53), but it has achieved amazing economic growth in a short period, dubbed the Miracle on the Han River. (Ref* 2) 2. 1 Collective will for success of South Korea During Japanese influence starting 1920 and later (1937-45) – harsh measured reintroduced by Japanese, Korea had to go through a lot of confusion coming from changes in values and social order after Japanese colonial rules was introduced (Ref* 610). During its occupation, Japan built up Koreas infrastructure, especially the street and railroad systems. However, the Japanese ruled with an iron fist and attempted to root out all elements of Korean culture from society. People were forced to adopt Japanese names, convert to the Shinto (native Japanese) religion, and were forbidden to use Korean language in schools and business. Also the temp of development was rapid and the country’s population was inexperienced and unprepared in economic aspects and knowledge because was coming for monarchy of over 1000years compared to Europe and Japan. Ideological confrontation was visible in Korean society and soon after status of families with long traditions; history and wealth were no more subjects of respect and power, society followed the â€Å"money ideology† which was a way of survival. Soon after the democracy was introduced by USA in August 15, 1945, with the end of World War II, The Soviets and Americans failed to reach an agreement on one unified country and government, so in 1948 two separate governments were established the Republic of Korea in Seoul called -â€Å"The American zone†, and the Democratic People’s Republic of Korea in Pyongyang, North Korea called -â€Å"The Soviet zone† (Ref* 10). This is how the challenge for South Korea and â€Å"The American zone† has started with era of knowledge, where an investment of fond and solid education and hard work were again respectable, thus offered an equal chance to success to everybody despite their origin and status. The whole society desired a better life and this is how they have adopted the concept that â€Å"economic development is a cultural product representing the collective will of the people† (Ref*6). 3. South Korea’s modern economy In July 1953, after three years of bloody fighting in which around three million Koreans, one million Chinese, 54 000 Americans and several other nations including Turkish were killed, the Korean War ended in a truce with Korea still divided into two mutually antagonistic states – American influenced zone in South and Soviet influenced in North, which were separated by a line called â€Å"De-Militarized Zone† (DMZ). Korea has remained divided ever since(Ref*10). After the official division of Korean peninsula, a modern economy study was introduced by USA in South Korea which was differentiated from Marxism idea popular in Japan. However, after 1965 when Japan and South Korea improved their diplomatic relationships, Marxism prevailed into their economy simply because was more community oriented, instead individualistic something which was and it is a basic concept of Confucianism which was influenced South Korea in their earlier stages of history. The ideas of individualistic consumer with no intervention of government for business were too far away of Japan’s model of successful rapid grow which later in years South Korea adopted and adapted into their economic situation Table 1 – Comparison between USA and East Asian capitalism 3. 1 Reasons behind Economic growth Mutual desire for better standard of living and a chance for success were deeply rooted into society’s mind, after the country was left in poverty in the end of Korean War in 1953. The significant growth of South Koreas economy which became independent in 1945 began in May of 1960 when Park Chung Hee and a group of other military officers of the South Korean army took over the control of the government or â€Å"coup d’etat†(Ref* 11). Soon after that in 1961 Mr. Park Chung Lee became president of South Korea and the strategic planning for economic development started focusing on lifting up the South Korean economy out of poverty. The strategy Park Chung Lee developed was based on that of South Koreas nearest rivals Japan rather than Western policy advisers. (Ref*12) Export –oriented policies were implementing as a tool trying to focus the shift into international business. South Korea simply had to survive and find a way to expand economically, but looking outside of its peninsula because with its small and limited land and natural resources caused from its mountainous terrain and climate, as well the small size of the domestic market shaped the Paradigm shift in their economy†. (Ref*13) The emphasis was added on communal productivity, education and quality as Japan did with examples of so called Keiretsu. Another measure was the military-dominated government which installed itself after the coup in 1961 quickly announced an end to the corruption of the First Republic and its intention to use economic growth and development through industrialization to legitimize its authority (Ref* 14) and imple menting state policies providing the basis for successful late industrialization( Ref*15). Twenty four of the leading businessmen were arrested. The founder of Samsung, Lee Byung Chull, escaped this treatment only because he was out of the country at the time. When Lee Byung Chull returned to Korea he met with Park and agreed to cooperate with Parks economic development program. Later Lee and other prominent business leaders offered to donate all or a substantial portion of their fortunes to the government. They ended up paying fines but not giving up their businesses (Ref* 15). 4. The Birth of â€Å"Chaebols† In the process of export-led market economy the government ruled by President Park Chung Lee for 18 years reign (1961-1979) decided to work with five- year’s plans, starting the first one in 1962 which was focused on developing the industrial base and setting the stage for South Korea’s economic prosperity. (Ref* 16) After this step, the government encouraged their local, domestic business enterprises to work and expand by choosing which markets must be developed and allow entry only to several of those local companies. To be accepted as â€Å"Chaebol† a company need to be family-owned and usually this type of organization is influenced by growth-oriented family-centered business, where family male has the dominant role in a hierarchy and almost unlimited power to which his subordinates are loyal (Ref*17). This idea of Pyramid frame of working had an origin of Confucianism which teached several concepts as social hierarchy, harmony and â€Å"the concept of saving face†, kindness and care; modesty and diligence. For instance, in Japanese companies â€Å"had more visible mutual obligation which is unlikely to be seen in â€Å"Chaebol† structure, where the boss is superior compared to employees. As an incentive for local companies, financial motivations were offered such as low- interest loan, tax breaks and others simply because all the banks were nationalized as well for the purpose of economic development. This is how so called â€Å"Chaebols† -which literally mean â€Å"business association†, were born into South Korean history. 4. 1 Factors of Development of â€Å"Chaebols† With its fast speed of industrialization, the economy nourished and supported heavily â€Å"Chaebols† which were often â€Å"family-centered† enterprises. Their brands, products and companies diversified quickly and soon they were responsible for the majority of the exported products which simply meant that private owned companies were responsible for biggest share of South Korea economic development. Not only have they expanded in international level, but also started to grow bigger in local land. Brands like Samsung, Hyundai and LG were a measure for quality, technology and innovation. We could say that even today the same conglomerates are still driver force in Korea. Another â€Å"significant economic decision made by government’s planners was to focus market development through export-oriented industrialization â€Å"(Ref* 18). Because of its enough to produce, but less to consume population and still not existing local markets, all efforts were putting into creating international markets where South Korea could have an advantage and generate a profit. The results started to be visible in fast digit rate at average 10% annual growth between 1962 and 1994. The large and fast expanding multinational conglomerates enjoyed strong support from government and good success of foreign markets. While the contribution of agriculture to the economy declined from 37% in 1965 to 3% in 2008, the industrial sector increased its contribution from 20% to 37%, that of services from 43% to 60% and exports remain the cornerstone of this economic development with their share in GDP accelerating from 8% in 1965 to a whopping 53% in 2008(Ref* 13). Table 2 Share of Top 30 â€Å"Chaebols† in South Korea’s GDP Source â€Å"Chaebol Powered Industrial Transformation† by Ahn Choong-yong, Korea Institute of Public Administration and Korea Times. April 2010 All the conglomerates were liberally permitted to access foreign loans promoted by the government to support fast-paced economic development, while in contrast outflows of domestic capital were effectively curbed ( Ref* 19). The Foreign Direct Investment (FDI) was also restricted in order to keep positive economic growth, except in cases where technology and know-how were involved. In exchange of this, all the â€Å"Chaebols† were obliged to fulfill ambitious plans and to develop for the next three decades. This financial help actually protected the companies from bankruptcy and soon they turned on into â€Å"octopus†, regulating and expanding into more and more branches, industries and brands, even not related to their core scope of business; increasing their power and wealth into public level and became too difficult their decisions to be influenced. For example, a ship building company could decide to enter into a market of cosmetics products or pharmaceutical industry. Of course, simultaneously they opened more factories, created jobs and promoted economic boom. Basically they became a voice in South Korea. In this manner they grew so large that the top fifty â€Å"Chaebols† had sales equivalent to almost 94% of the total national GDP by 1984( Ref*20). In fact as a second measure introduced from President Park Chung Lee was diversifying of â€Å"Chaebol† into heavy and chemical industries, simply to be protected from North Korea . ( Ref*21)As we can see on Table 2, their share in GDP increased dramatically from 9,8 % in 1973 to 29,6% 1989 Table 3 The Growth Rate and Total Factor Productivity by country According to International Institute for Management, South Korea is ranked 5th in terms of education level, with 40 percent of the population completing higher education after high school. This movement into very strong foundation of education was resulted of democracy brought by USA , President Park Chung Lee’s reforms, but also Confucianism’s which, was earlier in history, influenced the social mind of South Korea. Understanding that high level of education and qualified human resources are powerful driver of economy and quality was one of the best tools for sustainable growth. Education system which was a resource highly appreciated by traditional values in the society and was a chance for everybody in quest of success. Moreover, South Korean workers work more hours of the day than most countries reflecting 10 to 13 percent increases in productivity per year( Ref*22). The willingness of hard-working and co-operating were very important for the efficacy and quality of the economic boom. Krugman (1994) claims that the â€Å"Four tigers† achieved the rapid growth rate because they successfully managed the resources associated with high employment share to population, efficacy of work, up-graded educational standards and the high rate of investment(Ref*19). Looking into Table 3, it is clear that South Korea achieved the highest grow rate of 8,5% per cent annually from 1960 to1994. Table 4 Domestic Saving per GDP (per cent) Another tool which helped â€Å"Chaebols† to flourish was high-saving ratio, which was initially originated from uncertain life conditions and missing social system. In Korea the social welfare system was not well established (Ref*23). In this kind of situation, similar to China’s beginning, individuals are trying to save as much as they can in order to ensure their future. Furthermore, high savings and investments also contribute to capital accumulation. For example, Kim and Lau (1996) extend their input-analysis which covers Indonesia, Malaysia, Thailand and the Philippines reveal that capital accumulation associated with high domestic saving and investment level significantly contributed to strong growth in East Asia. Also, Collins and Bosworth (1996) emphasize that saving, investment and government policy are the main contributor to high capital accumulation ( Ref. 19) 4. 2. â€Å"Chaebols† and 1997 Asian Crisis The financial crisis that hit Asian countries in early July 1997 was an unexpected situation for â€Å"Four Tigers† including South Korea which were witnessed a rapid and sustainable growth in several decades in row, offering high standard of living into their citizens, high annual growth and successful export economy. They were accepted and perceived as models of economic boom. A lot of foreign investment were flowing and then government help like bank loan , preferential policies and incentives which were used to stimulate the economy through so called multinational companies â€Å"Chaebols† . All this led to excessive diversification, a debt, a difficulty to be measured the credibility of a company and its real proportion due to unlimited bank loan with 0 interest they were given; lack of business transparency, superior managerial behavior and more. All these reasons led to so called† Asian Contagion, this was a series of currency devaluations and other events  that spread through  many Asian markets. As a result of the crisis, South Korea adopted different protectionist measures, government and financial reforms to ensure the stability of their own currency and reforms inside of â€Å"Chaebols† structures. ( Ref*24). 5. Case of Samsung Group Samsung Electronics integral part of is a multinational, family-owned company with headquarters located in Samsung Town in Seoul called â€Å"Samsung Group†. Samsung Group has grown to become one of the worlds leading and respectuful electronics companies, specializing in digital appliances and media, scycrapers, petrochemicals, fashion, medicine, hotels, semiconductors, memory, and system integration. Ref *25). As journalist Anna Fifield said in her article, â€Å"You can be born in a Samsung hospital and end up in a Samsung mortuary† (Ref*4). They operate in more than 65 different countries as sales and plants; also they are responsible for appointing for more than 170,000 employees worldwide. In 2009 the company was c lassified as largest IT Company in world with biggest sales revenue of memory chips, LCD and LED displays. For TV and smart phones devices markets, Samsung is in top position, especially after launching Galaxy 2 Note competing with Apple and theirs I pad mini and I phone. Its growing share in smart phones and tablet’s market is very high with around 20% for the first quarter in 2011 compared to 16, 1% in same time previous year. [pic] Brief history and Economic Overview The Samsung Group was established in 1938 in Taegu, Korea by Byung Chull Lee and its main scope of business was export of fish, vegetables and fruits to Mainland China. In 1951, Samsung Corporation was officially established with name Samsung Moolsan which means â€Å"Three Stars† (Ref*25). The company started to grow and later in 1958 when Ankuk Fire Marine Insurance as well DongBang Life Insurance in 1963 was acquired, the name was changed into Samsung Fire Marine Insurance and respectfully Samsung Life Insurance. In 1969 Samsung Electronics and Samsung Sanyo Electronics were established, but in 1977 they also merged and diversifying started into heavy, chemical, shipbuilding, IT and other industries. The reasons behind such a diversification could be the same between all â€Å"Chaebols† examples, but very true for Samsung. They assumed that if investing into new business or a product will avoid potential risk of a single bankrupt, gaining knowledge for a technology and know-how patents; competitions and bigger market share and another factor could be because of persuading better wealth in order to ensure all the family members. ( Ref* 21) Thanks to its clever moves and business/political decisions Samsung developed excellent domestic and international market and 1974 they bought 50% of share of Korea Semiconductors, which gave them the first place of semiconductor manufacture SWOT ANALYSIS Samsung Group is one of the largest â€Å"Chaebols† in South Korea with world-class quality products and brand. The company has dominance into digital and electronic components markets, with more than 40 existing affiliated companies. Fig. 1 SWOT ANALYSES – Samsung Group STRENGTHS Strong brand and loyal customers; Leader in several markets as IT and electronics; Excellent supply chain; Capital; Confidence; Trustworthy and Credibility; Innovation; Technology level and skilled worker HR; Product Strategy WEAKNESS Serious Competition; High Marketing cost; Managerial Behavior; Centralization; Corruption OPPORTUNITIES Good economic conditions; highly disposable income local market; Government support; International relations and business expanse; Technology development THREATS Patent’s legislations; Regulatory issues; Technological changes; Economic Crisis; China Table 5 Samsung Electronics Marketing Expenses Marketing Mix for Samsung Group – 4P Product Strategy Samsung’s diversified line of products in 3D market for example which is offering LTD, LED and Plasma TV is one of best positioned into product strategy. Their electronic market is also very good example for product strategy which is one of their strengths in SWOT analyses Focusing on unique products and innovation to compete like 3D Plasma TV with unique design and functionality allowed Samsung to became a leader into this direction. Another very well presented idea of their product strategy is smart phone Galaxy Note 2 which competes directly with Apple’s I pad mini. Among some of the benefits of Galaxy Note 2 is its display, price, Android operating system, Bluetooth, slightly lighter, removable memory, flash, front camera/rear camera and few more. Ref* 26). At the moment this is the best tablet produced by Samsung and as product strategy unique was chosen and improvement inside of the functionality. Price strategy – Samsung strategy according their pricing is being available for more consumers than I pad mini/ I phone, which is persuaded as a luxury and fashionable product, thus its price differentiates – some times even double less expensive. Another factor regarding price is that Samsung produce a big amount of it’s and also Apple’s components’ which results into higher cost and price for Apple’s products on market. Thanks to diversification mentioned earlier we can see that Samsung actually have the advantage to produce by themselves most of the electronic components of their smart phones/ tablets, but also to their competitors, so they became superior in the Pyramid. Promotion strategy: This is one of most weak part of SWOT Analyses of Samsung, because it cost billions of USD in advertisements and promotions which are conducted in three continents – Europe, Asia and USA. 8 billion USD were spending in Europe compared to 3 billion in Asia and 12 billion in North America. Using famous American singer/groups such as Black Eyes Peas into their promotion strategy is adding high cost for the â€Å"Chaebol†. Product Placement: The strategic idea here is that Samsung tablets Galaxy 2 Note are not positioned on the luxury market, but at the same time will not be sold in low-level stores as Wal-Mart. Targeting young people across three continents, Samsung focused on uniqueness, creativity, design and promotion. Apple’s product focuses on luxury and fashionable segment of the market where consumers are ready to pay more premiums. Conclusion and Recommendations Transforming South Korea’s economy was an experiment and example of â€Å"Tiger measures† conducted by the government of President Park Chung Hee in quest of best way to expand the economy in sustainable way and improve the quality of people equally. Focusing on export-oriented economy with solid foundation of education, willingness of hard-work, high saving ratio and allowanc e of private family- own enterprises in national sectors and important industries helped The Miracle on the Han River to become history of success. Chaebols† were and still are enormous part of South Korean Economy, which for three decades created a country -an example for a market economy, which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies (Ref*2). In 2010, Korea’s trade volume amounted to US$892 billion, ranking the country the 7th largest exporter in the world(Ref*2). Korea’s shipbuilding sector currently accounts for about 34% of the world’s total shipbuilding orders. As a major auto manufacturer, Korea produces over 4. million vehicles annually. The majority of export related goods are produced by top â€Å"Chaebols† companies which appeared in late 60s after government of Park Chung Hee offered them unlimited incentives and industries in exchange of economic growth with 10% on average. The impact of those conglomerates was measurable and visible, even though 1997 Asian crisis shaped up them and reformed these â€Å"octopus† inner structures by implementing more transparent policies and less corruption. Nowadays â€Å"Chaebols† are still the driver of South Korean’s income and economy. As recommendation for the largest â€Å"Chaebol† at the moments, Samsung Group- focusing on innovation and technology improvement will be useful, because China is starting to emerge and also other competitors are weak point for Samsung. Combing their efforts could be a good strategy in order to protect South Korean’s reputation and export share. Focusing on domestic market and not being so dependent on export. 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