From Korea to Philippines: A Study of Advantages and Disadvantages of Various Entry Strategies to Philippine Market Ayman I. Kour Ayra O. Albao Bridgette Blythe E. Tadlangan Cristine Juliana C. Larena Erwin J. Nieva Janna Marie M. Sangalang Rainey Ann S. Omampo Trizia O. Casas 11 ABM 01 Research Paper in Practical Research 1 Senior High School Department Adamson University, Ermita, Manila, Philippines Mr.Juvenal Dalimeg Research Adviser Mr.Juvenal Dalimeg Content Adviser Abstract Many papers in the social sciences, natural sciences, and engineering sciences follow IMRaD structure: their main sections are entitled Introduction, Methods, Results, and Discussion. People use the abstract to decide whether to read the rest of the paper, so the abstract for such a paper is important. Because the abstract provides the highlights of the paper, you should draft your abstract after you have written a full draft of the paper. Doing so, you can summarize what you’ve already written in the paper as you compose the abstract. Typically, an abstract for an IMRaD paper or presentation is one or two paragraphs long (120 – 500 words). Keywords: Most used/ Important Terms in your Research/ max of 6 keywords Introduction South Korea, Singapore, Hong Kong, and Taiwan are considered to be The Four Asian Tigers or also known as the Asian Dragons. They are regarded as fast-growing economies of the world. The four Asian nations have consistently sustained high-growth economic rate since the 1960s, charged by rapid industrialization and exports, which facilitated these economies to be in line with the world’s wealthiest nations. According to Docurex (2017), in 2015 South Korea officially overtook Japan in GDP terms moving second place to China in terms of financial feasibility. The country is considered as a gateway to Asia and the market culture. Expanding Korean Market had reached in particular the Philippines. In fact, Philippine Imports from the Republic of Korea as Top 10 Market Destination is about $291.17. (PSA May 08, 2019). More and more Korean products, such as food and cosmetics are finding their way to the Philippines with brands like Etude House, The Face Shop, Nature Republic, Tonymoly, Missha and Skin Food opening stores to take advantage of the country’s growing market for beauty products. On data, Skin Food now has 14 stores in the Philippines since it opened its first branch in July 2006, while Etude House has 37 branches since launching in 2010. The interest in Korean beauty brands is an offshoot of the current “Korean wave,” as many young Filipino girls want to look like their favorite Korean singers and actors. Through locally dubbed Korean soap operas, Filipinos have developed an interest in Korean culture, which has extended to products. It also helps that Korean cosmetic brands use famous K-pop stars to advertise their products in the Philippines. Etude House has Sandara Park, and Shinee, while Tonymoly features JYJ. According to Linda L. Yu of the Philippine Society of Cosmetic Science (PSCS), Korean cosmetics are popular among Filipino customers who want to appear young with “clean and white” skin. Moreover, many Filipino customers are curious about Korean cosmetic brands as they are quite “unconventional” compared to other local products despite their higher price points. Korean cosmetics are perceived as the high-end products with their high quality and great efficacy. Interest in Korean beauty products have led to other fields such as Korean dermatology and cosmetic surgery. These facts and figures is a notable indicator that Korea had entered the mainstream of the Philippine Market. This is attributed to the Korean Market Strategy focusing on establishing and maintaining a strong business relationship where Korea is at its best. Korea is set to be capitalizing on visiting countries like the Philippines and building business relationships among entrepreneurs leading to business partnerships and promoting products and services through agents. (www.trade.gov.ph Oct. 2019). Materials and Methodology This study is qualitative, for it is focused for indepth understanding of lived experiences and opinions of the respondents. The researchers used phenomenology method design where in participants experiences a specific event. The population of the study was the workers of Korean stores located in Pedro Gil St., Malate, 1000 Metro Manila area. The chosen area has dominant population of Korean stores, stalls and supermarkets. This paper facilitates the purposive sampling technique, a non-probability/non-random sampling technique was applied to create a sample that the respondents are accessible, available and ready to take part of the research easily. The reason why the researchers have designated the high-ranking workers of Korean stores is that it is believed that the respondents are available and are experienced enough to be able to give data. The researchers disregard the owners of the stores, for it will take a very long process to have time with them. This way, the researchers are assured safer and easier to administer with the professional respondents. The researchers settled standards of respondents as follows: Must be 18+ years of age (Legal Age) Male or Female Must be at least 6 months of service in business Store manager or Reseller/Distributor or Company/Store Representative The researchers utilized a semi-structured survey questionnaire. Those were carefully chosen with the help of the researchers' Practical Research I Teacher, and content adviser, Mr. Juvenal Dalimeg, who helped the researchers to come up with a safe and valid content of the questions. The data was collected by interviewing the participants face-to-face. For the reason that besides of it is time convenient, it is the easiest possible way to understand the answers given for follow up questions of the researchers may be asked on the spot. In this way, misinterpretation of data will be avoided during the analyzing of data. The data gathered were critically analyzed by identifying the theme of each answers of the respondents, and in relation with journals and existing researches. References Choi, C. (2013). Why Korean cosmetics are popular in PH. ABS-CBN Corporation. Retrieved from:https://news.abs- cbn.com/lifestyle/09/18/13/why-koreancosmetics-are-popular-ph PSA. (2019). Highlights of the Philippine Export and Import Statistics: March 2019. Retrieved from:https://psa.gov.ph/content/highlights- philippine-export-and-import-statisticsmarch-2019-0 Capistrano, E.P. (2018). Hallyu and corporate performance: The case of South Korean skin care companies in the Philippines. Retrieved from:https://www.researchgate.net/publicatio n/327075328_Hallyu_and_corporate_perfor mance_The_case_of_South_Korean_skin_c are_companies_in_the_Philippines Lisa & Yaine. (2018). “[FEATURE] 5 Korean Beauty Brands for Filipino Beauty Enthusiasts”. Retrieved from: https://theseoulstory.com/feature-5-koreanbeauty-brands-for-filipino-beautyenthusiasts/ Sanchez, M.J. (2019). Share of Korean beauty products in skincare routine among consumers Philippines 2019. Statista. Retrieved from: https://www.statista.com/statistics/1042007/ share-korean-beauty-products-skincareroutine-among-consumers-philippines/ Interaksyon. (2019). Reasons why Filipinos love Korean culture and products. Philstar Global Corporation. Retrieved from: https://www.interaksyon.com/trendsspotlights/2019/12/03/158231/philippinesfilipinos-korean-hallyu-no-brand/ From Korea to Philippines: A Study of Advantages and Disadvantages of Various Entry Strategies to Philippine Market REASERCH GUIDE QUESTIONS 1. What are the Marketing entry strategies used by Korea to enter the Philippine Market? 2. What are the advantages of the strategy used? 3. What are the disadvantages of the market strategy used? 4. What are the possible effects of the strategy to the Philippine economy? 5. How does the strategy impact the lifestyle of the Filipinos? 6. Is there any effect to education or knowledge formation of consumers? 7. What impact it has created to the local business? 8. What products or services are being introduced to the market? 9. How are Filipino values influenced by Korean market? 10. In general, what can you say about competing with other countries to enter the Philippine market?
