Practical plans to improve Korean marekt by thevinci

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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Increasing number of students abroad and tourists

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One of the most wired countries in the World

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High academic achievements and ardor for study

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‘Studying management in Paris’ is still less known

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THEVINCI!Market Analysis∠

THE KOREAN EDUCATIONAL SYSTEM

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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

http://www.studyinkorea.go.kr/fr/sub/overseas_info/korea_edu/edu_system.do


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


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


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


- 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


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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

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Absence of contacts in

Korea

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Developed online

environment in Korea

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‘Studying Management in France’ is still new to Korean

people

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the printing

+

Luxury & Fashion related

programs in English in Paris

+




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 ]


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


MAPPING PROCESS


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


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


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

http://nsyncjustin.tistory.com/410


SEARCH ENGINES - KEYWORDS TO REGISTER


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


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


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.


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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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

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[ University Ranking in Korea ] http://www.webometrics.info/en/asia/republic%20of%20korea

CONTACTS - UNIVERSITIES IN KOREA

http://www.webometrics.info/en/asia/republic%20of%20korea


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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 €

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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 < , / =

Practical plans to improve Korean marekt by thevinci

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