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Market Strategies for South Korea
to improve Korean market
THEVINCI Consulting Group | 2014 | copyright © Woojin KIM
Practical Plans
Market Analysis!
4 things to know about the Korean Market
The Korean educational system
Korean students in France
THEVINCI!
There are more and more Korean students studying overseas. The number continues to be higher and the countries they choose become increasingly diverse. Not only the number of students but also the number of tourists who travel to France has skyrocketed since 2000s. However, unlike trips to Paris - Paris is one of the most popular cities to travel for Koreans -, ‘studying management in Paris’ is still unknown for the most of Korean students. Some people call this ‘Dead market but indeed, it is a true ‘Blue ocean’ for those who want to be a new market leader.
Market Analysis∠
WHY THE KOREAN MARKET?
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$
%
12
4
3
Increasing number of students abroad and tourists
○
One of the most wired countries in the World
○
High academic achievements and ardor for study
○
‘Studying management in Paris’ is still less known
○
THEVINCI!Market Analysis∠
THE KOREAN EDUCATIONAL SYSTEM
202
1,167
2,282
Nb. of Universities (2011)
Nb. of Graduate Schools (2011)
Nb. of High Schools (2011)
[ Chart 1 ] http://www.studyinkorea.go.kr/fr/sub/overseas_info/korea_edu/edu_system.do
THEVINCI!Market Analysis∠
KOREAN STUDENTS OVERSEAS BY FIGURES
Rapid economic growth gave birth to ardor for higher education in
South Korea. As a result, Korea became one of the countries that have the
largest number of students studying
overseas.
250,000
ANNUAL NB. OF KOREAN STUDENTS LEAVING ABROAD
The number is quite flexible. Studying in
France for Korean was started in the late 1980s and the fields of study have been diverse yet it is still mostly confined in
Art field.
10,000
ESTIMATED NB. OF KOREAN STUDENTS
IN FRANCE
France is ranked 8th following the U.S.,
China, Australia, Japan, the U.K., Canada, New Zealand. And it is the
second country in Europe.
8TH
RANKING OF FRANCE AMONG
DESTINATIONS OF KOREAN STUDENTS
Not only because of their art-related major, but
also the image of France tend to appeal more to
female students. Majoring in or
studying management is still rare for Korean
students in France.
80%
PERCENTAGE OF FEMALE KOREAN
STUDENTS IN FRANCE
THEVINCI!Market Analysis∠
CATEGORY OF KOREAN STUDENTS IN PARIS
Students who come to study their speciality.
Most of them, they start with learning French for
1-2 years.
UNIVERSITY ∠
40%
Students come to France in order to learn French.
Most of them are majoring in French language or French
literature.
LANGUAGE ∠
10%
It is still rare for Korean graduates to come to France for a master’s
course unless they study in Art or the school is
very prestigious like HEC.
GRADUATE∠
20%
Exchange programs are being activated in Korea
but a large portion of them go to French
national universities.
EXCHANGE PROGRAM
∠
10%
Unlike its original purpose, the large
number of Koreans want to study the culture or to
figure out before they really come to study.
WORKING HOLIDAY
∠
3,000 PEOPLE / YEAR
Paris remains its position firmly as the most
beloved travel destination for Koreans. The age range is getting
younger.
TRAVEL ∠
300,000 PEOPLE / YEAR
THEVINCI!Market Analysis∠
The Korean market is very promising in any perpective especially when it comes to educational businesses due to its passion for education. In order to develop the Korean market, there are some particular things that need to be taken into account. !Firstly, Korea is one of the most networked countries that have often ranked first in terms of household Internet penetration in the World. More than 11 million households in Korea have 24-hours Internet access, and about 70 percent of the population goes online periodically. Therefore advertising online can be very efficient and crucial in order to target the Korean market. !Secondly, university rank is quite clear in Korea unlike France so that we need to be aware when accepting students in order to keep the quality and the reputation.
TO RECAP…
Due to the small scale of the market, it is not easy to attract students for B.B.A. program in the beginning. However, there are chances to be a market leader with appropriate strategies.
LESSON 1 ∠
It is preferable to focus on Summer/Winter programs to finance the business especially with its ‘Luxury’ courses. Adopting right marketing strategies depending on the target is a key point.
LESSON 2 ∠
Considering the fact that Paris always attract more female students, it is necessary to target some women universities such as Ehwa Univ. with appealing advantages of ‘beautiful’ Paris for women.
LESSON 3 ∠
Using blogs, social networking services is critical. Furthermore, it is always better to have those pages in Korean language if possible in order to make them more accessible.
LESSON 4 ∠
Business Analysis!
Programs offered by PSB
SWOT analysis
Diamond analysis
THEVINCI!Business Analysis∠
BBA
(
M.Sc. + MBA
)
Summer/
Winter school
BBA!!!!
- Tuition fee: 8,000€ / year - Duration: 3 years
- Current nb. of students: 300
- Students from more than 70 nationalities
- provides 36 courses in total made up of 4 academic
requirements - Accredited by the IACBE
- Authorized by the ministry of education in Korea?
- Part of the Pôle ESG Group
M.Sc + MBA
!!!!!!- Tuition fee: 12,000€ to
24,000 - Duration: 1-2 years
- Current nb. of students: ? - M.Sc. in International
Management - International MBA
- MBA in Luxury & Fashion Management
- MBA in Arts & Cultural Management
- MBA in Hospitality & Lifestyle
- International Executive MBA - Part of the Pôle ESG Group
S/W school
- Tuition fee: 2000€ - Duration: 2 weeks
- Certificate for a course completed
- On process
PROGRAMS OFFERED BY PSB
THEVINCI!Business Analysis∠
- Paris, France - MBA in Luxury & Fashion
Management - Distinguished S/W programs - New Olympiades Cluster
campus - 100% English courses - French language courses
provided - Support by the Pôle ESG Group
- Pierce competition - Economic recession in Korea - ‘Studying Management in
France’ is relatively new for Koreans and can be considered a bit ‘risky’.
Weak name value - Lack of information on/offline - Absence of contacts in Korea -
Growing number of Korean d students studying abroad -
Growing number of tourists - Enthusiasm for high d education in Korea -
Well-settled online environment - European economic depression d
in terms of the exchange rate - Dissatisfaction in Korean d
educational system -
SWOT
S W
T O
THEVINCI!Business Analysis∠
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Lack of information on/offline
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Growing number of
Korean students and
tourists in France
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DIAMOND ANALYSIS
Internal Symptom
External Context
-
Absence of contacts in
Korea
+
Developed online
environment in Korea
-
‘Studying Management in France’ is still new to Korean
people
-
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+
Luxury & Fashion related
programs in English in Paris
+
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the printing
-
Weak name value
-
‘Studying Management in France’ is still new to Korean
people
+
Enthusiasm for higher
education in Korea
Issue Total lack of demands from Korean
Business Strategy!
Goals and targets
Mapping process
Detailed plans for actions
Necessary contacts
THEVINCI!Business Strategy∠
Considering the satisfaction of students, the maximum proportion of Korean students should not be over 10% out of all.
GOALS
2014 2015 2016 2017
[ Nb. of Korean students in BBA ]
10%
[ Maximum proportion of Korean students for each program ]
THEVINCI!Business Strategy∠
MBA
Why? ∠
M.SC
!- Language - Graduate
- Exchange program - Working holiday
Why? ∠
S/W SCHOOL
- Graduate - Working holiday
- Travel
Why? ∠
BBA
- University
Why? ∠
TARGETS
!- Language - Graduate
- Exchange program - Working holiday
∠
2014
∠
2027
2016 2018 2025
THEVINCI!Business Strategy∠
MAPPING PROCESS
THEVINCI!Business Strategy∠
We can begin with send an e-mail to introduce Paris School of Business to some foreign language high schools, private schools in Seoul and other areas where the middle-upper class dwell. Universities to make contact with should be carefully selected otherwise the PSB could eventually have bad reputation about the quality of students. Besides the main target is most likely to be those who major in business-related fields or France-related field(such as French language or literature) so that we should make sure to contact with some professors and students in the faculty. !Then sending brochures to present the Paris school of Business with a letter in Korean will definitely help establishing contacts with a number of establishments in Korea. Still, e-mail and real paper have different power. !When it comes to study agencies, we must give them an appropriate commission(3% to 5%) to motivate them to present the PSB.
ESTABLISH CONTACTS
Send e-mail to - every study agencies - some high schools - some universities and
relevant faculties - Campus France
STEP 1 ∠
Send brochures with a letter in Korean enclosed to - every study agencies - some high schools - some universities and
relevant faculties - Campus France
STEP 2 ∠
5% of commission for study agencies
THEVINCI!Business Strategy∠
ONLINE ADVERTISING - AD ON FRANCEZONE
FranceZone is one and only, the most visited website among Koreans who live in France. Fortunately, there are other web blogs, communities exist but their influences are ignorable in terms of contents, the number of visitors, etc. This biggest Korean community provides news to Koreans living in France and people can exchange information concerning studies, schools, life, housing. They use this website as an online flea market as well. As seen on the website, there are spaces for advertisements. Approximately 15 business entities are using it including some travel agencies, French language schools. I personally use this website for my businesses and I know about this website backwards and forwards. Obviously there are more and more Koreans in Korea who visit France to get information. In that regard, advertising on this website will facilitate to inform the existence of the PSB to both Koreans in France and ones in Korea.
∠WWW.FRANCEZONE.COMFranceZone
THEVINCI!Business Strategy∠
Naver is the most used & influential search engine in Korea. However, there is none of relevant contents searched when typing related keywords on the engine according to my research, which means the PSB is not accessible for most of Koreans now. This means very significant. That is the reason why registering the website is one of the most urgent and important things that needs to be done soon. !!Naver uses a different algorithm from Google. Unlike Google shows the linked pages with other pages on the Internet, Naver shows the pages who are sponsored - who pay money for them - on the top. This can be rather good for the companies who want to have immediate effects. !!Nonetheless, we must not make light of the influence of Google because Google is the most used search engine on mobile and Korean people use very often mobile phones to search something. The only way to be searched on the first pages at Google is, as far as I know, to have other relevant web pages such as blogs, which the information about the PSB is in it.
SEARCH ENGINES
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[ Market share of search engines in Korea ] http://nsyncjustin.tistory.com/410
THEVINCI!Business Strategy∠
SEARCH ENGINES - KEYWORDS TO REGISTER
THEVINCI!Business Strategy∠
OFFLINE ADVERTISING - NEWSPAPERS AD
Euro journal is a newspaper for Koreans living in Europe published in more than 10 european countries. This is an only Korean newspaper that contains the news around Europe for Koreans. Through advertising on this newspaper, the PSB could expect Korean students Not only living in France but also living near to France in Europe to read. !Whereas Han Weekly is published only in France. This newspaper is run by the company that owns FranceZone. Hence there is a reduction system offered by the company if one decides to advertise on both online(FranceZone) and offline(Han Weekly) media. !Both newspapers are for free so that we can easily find them in any Korean restaurants or language schools in France or other countries in Europe. Thus the advertisement reaches random readers.
WWW.EKNEWS.NET / WWW.FRANCEZONE.COMEuro Journal& Han Weekly
THEVINCI!Business Strategy∠
This project might seem unfeasible but it is worth to be discussed. I can arrange an orientation(a sort of lecture meeting) in Korea next year (20015) in order to give more general information about studying in France, which is not still well-known, and about Paris School of Business as well. In fact, I was planning to publish a book next year, so it will be a great opportunity to let Korean parent and students know about studying management in France. Plus I personally have lots of experiences of MCing in public (in France as well, I MC the language exchange every week).
HOLD AN ORIENTATION IN KOREA
THEVINCI!Business Strategy∠
PROMOTION - BLOG
2014-15
STEP 4
Advertising the blog
STEP 3
Participation from Korean
exchange students and other Koreans
STEP 2
Furnish basic contents
STEP 1
Create a blog (structure,
design, domain, etc.)
Today blog is the most efficient way to advertise one’s products or services. In Korea, Naver Blog is the most accessible thanks to its mother company, Naver. And personally I am running a Naver Blog that contains information with regard to my life in Paris, Korean restaurants in Paris, school life, places to visit in Paris and also my businesses. I think first we have to collect basic information about the PSB and translate in Korean. However, it is better off starting with my own blog since it has already a large number of visitors a day - nearly 500 visitors -.
Additionally we need to get some ‘personal’ review of Korean students who took a class at PSB in order to furnish contents of the blog. For example, the Korean students at ESG MS can participate in a course at PSB for free one time then we ask them to write a nice review about the school. Of course, the reward is necessary to motivate them, such as cash rewards or small gifts. And finally we will create a blog when enough contents gather. This blog will function as a communication and information centre for Korean students who are interested in PSB.
THEVINCI!Business Strategy∠
This project is related to the Blog project and also has a goal to attract more tourists, language school students, students with VISA working holiday who can be PSB’s future students.
Like I wrote earlier, students who are interested in PSB can take a free class one time and need to send a review for the PSB’s blog. In turn, PSB can aim more future students on/offline.
PROMOTION - VISIT TO PSB & FREE TRIAL CLASS
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THEVINCI!Business Strategy∠
A mobile application that will replace all the study agencies in Korea is being developed by THEVINCI Consulting.
This application will make Korean students find information about
PSB and enroll the school much easier.
MOBILE APPLICATION
0 #1
THEVINCI!Business Strategy∠
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[ University Ranking in Korea ] http://www.webometrics.info/en/asia/republic%20of%20korea
CONTACTS - UNIVERSITIES IN KOREA
THEVINCI!Business Strategy∠
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CONTACTS - STUDY AGENCIES IN KOREA
[ Study agencies for studying in France ]
Budget!Budget for each projects
Consulting fee
THEVINCI!
All the budgets need to be verified again to be precise.
PROJECT
Send brochures
Ad on FranceZone
Search engines
Newspaper Ads
Hold an organization
Blog
Visit to PSB & Free trial class
BUDGET ESTIMATED TIME OUTCOME
200-300 €
50€ / month
depends on the option
50 € - 100 € / month
up to 2500 €
100 €
-
2 weeks
1 week
2 weeks
2 weeks
2 month
5 month minimum
-
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Budget∠
BUDGET AND OUTCOME
THEVINCI!Budget∠
2,000 € (out of tax) for designing and managing a project !!3% of commission for each new Korean student by 2020 !!The right to use the title CMO(Chief Marketing Officer) of Asian Market of Paris School of Business to Woojin KIM, the CEO of THEVINCI Consulting
CONSULTING FEE
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THEVINCI! 6 < , / =