Question

An overview of South Korea and analysis of political, economic, legal, technological, and cultural factors

Answer 1

Answer:

South Korea: South Koreas is a nation in the east Asia region, which is situated on the southern half of the Korean Peninsula. Seoul is the Capital of the South Korea country. Officially it is Republic of Korea (ROK). South Korean leads a distinctive urban lifestyle. South Korean Won (KRW) is the currency of the South Korea nation.

Political Factors: South Korea is a democratic country. It has many political challenges and issues in the country. They have poor governance, high level corruption, lack of leadership, political conflicts and lack of consensus on major political issues. These factor needs to be reviewed from the organization point of view. These may have significant impact on the organization in South Korea.

Economic Factors: South Korea has a rapid economic development in the country. The economic condition of the South Korea nation is good especially in urban regions. The people of South Korea has high saving rate for their future survival. People have efficient economic management and conducive culture.

Legal Factors: Legal factors are not much supportive for the foreign investments. Some of the sectors are restricted for foreign investment in the South Korea like Nuclear fuel processing, Electricity generation etc. We need to have detail understanding of the legal systems and formalities in the South Korea country.

Technological Factors: South Korea is technology embracing country and the country plan to have advancement in technology so that they can become the world’s best manufacturer or producer. They have many foreign investments especially Japanese setups large scale manufacturing in the country. People have good technology skills and favorable conditions for technological manufacturing setups.

Cultural Factors: South Korea has a Chinese culture in the country. It has a conducive culture in the country. People have high respect for ancestors, age and seniority. Management of employees in South Korea is unique and needs to have a good understanding of the local culture.