Seoul, as the capital city of South Korea, is a growing and strong economic area, and now one of the main trading posts in Asia. Korean people have a very traditional business culture and practices and understanding the Korean culture is thus very important if you wish to succeed in business in Korea. Understanding the Korean way of doing things is essential. This article aims to throw light on the Korean business market, Korean business strategies, Korean business trends and Korean business culture.Korean business is well known for its vertical social structure based on age and social status. Korean companies’ organizational arrangement is highly centralized with authority concentrated in senior levels. Individuals having high rank likely to have more authority than their subordinates. Superior’s approval is necessary for finalizing a decision.In Korean business settings, superiors assign responsibility of business to trusted and reliable subordinates. Age is an imperative constituent within a relationship in Korean business. An older person holds a certain level of superiority and it is peculiarly apparent in Korean business settings.Punctuality is strongly valued in Korean business culture. All their business meetings start and finish on time. However, business people are always busy and due to their hectic… Read full this story
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