Essay on Personal Narrative- My Dream - 595 Words

Personal Narrative- My Dream I picture myself center stage in the most enormous and fantastically beautiful theater in the world. Its walls and ceilings are covered in impeccable Victorian paintings of angels in the sky. A single ray of light shines down upon my face, shining through the still, silent darkness, and all attention is on me and me alone. The theater is a packed house; however, my audience is not that of human beings, but rather the angels from the paintings on the walls come alive, sitting intently in the rows of plush seats. Their warmth encompasses my body, and I know at that moment that it is time to begin. I open my mouth. From deep inside my soul a melody flows out of my chest, off of my tongue, and finally†¦show more content†¦My whole world is aglow. For those precious moments, everything is right, and then I am alone. The angels have disappeared, yet the stage is still mine, and suddenly, from out of nowhere, a piano begins to play. I cant see it, but I can feel it in every cell of my body, and my voice again takes charge and rushes out to court the empty notes of the piano. The two become one, and never before have the theaters walls heard such awesome music. In this enormous theater, I am alone, but I have never felt so fulfilled in my life. I look out to the very last row of empty seats, but there appears a man. A moment of shock and fear is quickly overridden by a quieting peacefulness. The piano stops playing, leaving my voice the only noise in the arena. The melody I sing slows down to a soft and calm ballad that I sing wholeheartedly for the man, all the while with a locked gaze into the mans eyes. His eyes are a mirror. They show me myself. They show me my beauty - my beauty on the inside that I never allow myself to see. He shows me who I am meant to be. The ballad ends. There is silence, but a continuous locking of eyes. They are the most beautiful eyes I have ever seen - more beautiful than in my dreams. The silence continues, and my feeling of peace continues, until finally I say, Yes, I understand. In an instance He is gone. I take one last minute to breathe in the emptiness of the stage and toShow MoreRelatedPersonal Narrative : The Story Of My Dream2124 Words   |  9 Pagesthe blaring sound of my alarm clock go off. I slowly opened my eyes as the scintillating rays of sunshine were coming through my windows blinding me. I eventually accepted the fact that I had to get up and started to stretch out my limbs as I laid in bed. I slowly picked up my phone that had fallen on the floor in the middle of the night. The time read 11:30AM. I couldn t believe I had actually slept in that late, I had only set my alarm as a warning that I had to leave soon. My mom swung open theRead MorePersonal Narrative Essay : My Dream City1032 Words   |  5 PagesIt was a warm summer day, on the twenty-eighth of July. My mom, my aunt, Jennifer, my brother, Ben, my other brother, Jacob, and I were all exhausted. We had been walking all day, up and down streets, in a strange city, but also my dream city. It is a place that has a lifestyle that is very distinct. Its unique lifestyle is what makes it so interesting. The way people get place to place in the city. They wait in hours of traffic, they are shoulder to shoulder with people they have never seen beforeRead MorePersonal Narrative Essay : My Dream Hunting Camp1011 Words   |  5 PagesDream Hunting Camp As you can probably tell from the title, I love hunting. Everyday I dream of going out and sitting patiently; just waiting for the perfect broadside shot on a whitetail. Hunting is what i love to do the most, and if this place really existed i would never come back from it. I first went hunting when i was 9 years old with my dad. My dad has always loved hunting and wanted to show me what it was all about and why he did it. I hope that one day that I will get some land of my ownRead MoreThe Narrative of the Life of Frederick Douglass and its Illustrations of the American Dream1474 Words   |  6 PagesThe American dream can be defined as the promise of living in America with opportunities for all, regardless of social class, and according to their ability and effort (Schnell, 2010). Proponents of the American dream believe that there is equal opportunity for all in the American society to achieve success. Success is not pegged on social status, race, or creed, but rather on an indivi dual’s own efforts. The definition of the American dream has unique interpretations to different people. The mostRead MoreSandra Cisneros And Reyna Grande’S Representation Of Their1220 Words   |  5 Pagesjourneys across material and ideological borders that do not recognize transnational identities. To begin, in the jigsaw autobiography A House of My Own (2015) Cisneros mediates between her experience of growing up in Chicago, excavating into her Mexican father’s family history, being perceived as a gringa in Mexico and as working class writer. In â€Å"An Ofrenda for My Father on Day of the Dead† Cisneros stresses the fundamental contributions that her father’s Mexican lineage added to her identity formationRead MoreEdgar Allan Poe s `` A Dream?950 Words   |  4 PagesPoe was, his life was full interesting ups and downs ultimately influencing his writing. Poe s poetry has become a staple in the American literature classroom because of the way he approaches his poetry. Edgar Allan Poe s poem â€Å"A Dream Within a Dream,† is a narrative poem connect to Poe s life, poem’s physical structure, literal meaning, poetic/literary devices, and theme telling a story about someone who has loved and lost. First, Poe s life is a roller coaster that played into his poetry. PoeRead MoreImportance Of Personal Writing915 Words   |  4 Pagesinterest in music and poetry, sparking my interest to learn to write like musicians and poets. Up until that point, I had always been writing papers for school, often to write research papers or to write forced narratives. I never wrote anything for myself until about junior year in high school. I did always enjoy reading intriguing narratives that others didn’t enjoy though, so that’s exactly what I wrote. Even senior year, I was assigned to write a narrative story based around Arthurian legends;Read MoreLiterary Analysis : The Forest Of The Desert By Bill Walters842 Words   |  4 PagesFeathers and Nightmares Dream Boxes is collection of contemporary pieces put together by the UNM Department of Theatre and Dance directed by Bill Walters. Dream Boxes is split up into two acts. The first, My Father’s House, covers the well-known stories of Greek Tragedies including Orestia, Aeschylus and Iphegenia by Euripedes. The second, The Forest The Desert, is a collection of personal chronicles as told by the actors’ themselves on stage. Dream Boxes can be described as a visual and sensoryRead MoreContagious : Why Things Catch On By Jonah Berger979 Words   |  4 PagesPrime was to deliver the best steakhouse experience in New York. Wein was imagining luxurious bounties of furniture and an extensive seafood bar, extending from the West Coast of America to the East Coast of Russia. And to add on to that, Wein also dreams of delivering food delicacies to his consuming eaters. While Wein maybe over the top, the problem is attracting customers and bringing awareness of Barclay Prime in the one of the most competitive areas for a restaurant to thrive. From statisticsRead MoreAn Interview with F. Scott Fitzgerald964 Words   |  4 PagesDailyTimes Newspaper F Scott Fitzgerald has been one of the most recognizable authors out there today. Many people admire his work, but he’s hard to catch and follow due to his busy schedule and personal lifestyle being an alcoholic. On the 19th of November 1925 I was given a chance to meet up with F. Scott Fitzgerald, to discuss about the eminent novel written by him â€Å"The Great Gatsby† at his house in Los Angeles. The books about a poor turned wealthy man, Gatsby and his attempt on getting his

Medical Marijuana Should Be Legal - 1777 Words

Medical marijuana brings many benefits to the medical community and should be legalized. Medical marijuana also known as medical cannabis, brings relief too many people with multiple different types of diseases. One major benefit of marijuana being such a good relief medicine is that it is not addictive. Medical marijuana would also be very easy to regulate and bring many economic benefits to our country. Medical marijuana also known as medical cannabis brings relief too many people with many different types of diseases. There are many different diseases that medical marijuana can help patients with these diseases get relief but the ones explained here are some of the more serious ones. Doctors say medical marijuana needs to be legalized to bring the relief patients need, 69 percent say it can help with certain treatment and conditions. 67 percent say it should be a medical option for patients. 56 percent support making it legal nationwide. 50 percent of doctor’s in states where it is not legal say it should be legal in their state. 52 percent of doctors in states consider new laws say it should be legal in their states. (Rappold 2) American Glaucoma Society states the definition of Glaucoma, â€Å"Glaucoma is a disease of the optic nerve that can result in vision loss and blindness† (Jampel). Glaucoma being a disease that could cause eye loss it is a disease that cannot be taken lightly and people want to find a treatment to help their case as soon as possible. With medicalShow MoreRelatedMedical Marijuana Should Be Legal904 Words   |  4 PagesMedical Marijuana Although marijuana is illegal and lacks FDA approval it should be used to treat cancer. Opponents of medical marijuana argue that it is too dangerous to use, lacks FDA approval, and that various legal drugs make marijuana use unnecessary. They believe marijuana is addictive, leads to harder drug use, and injures the lungs, immune system, and brain. They also believe that medical marijuana is a front for drug legalization and recreational use. Benefit that it is isn’t a great treatmentRead MoreShould Medical Marijuana Be Legal?1249 Words   |  5 PagesMarch 1, 2017 Medical Marijuana Informative Unless you ve been living under a rock, you have probably at some point in the last few years had a conversation with a friend or family member regarding medical marijuana. Although it is considered a controversial topic, in recent months it has been gaining approval by the public. But it does not come without opposition and arguments. Medical marijuana is a complex subject and still requires more education for the public, the medical community, and theRead MoreMedical Marijuana Should Be Legal1651 Words   |  7 Pagesmost commonly referred to as marijuana. Medical marijuana refers to the use of cannabis and its cannabinoids to treat disease or improve symptoms (Wikipedia.com). Cannabis contains two active ingredients inside called cannabinoids (CBD) along with the delta-g-tetrahydrocannabinol (THC). The medicinal and psychoactive effects that personally associate with marijuana are caused by unique structures of cannabinoids. In addition, the major psychoactive ingredient in marij uana is THC, which additionallyRead MoreMedical Marijuana Should Be Legal1477 Words   |  6 Pagesacross the nation believe that medical marijuana can provide a variety of benefits ranging from pain relief to increasing appetite. Others won’t provide the drug to patients until more significant evidence is presented. The drug has been a topic of debate for many years, but one thing that researchers can always count on is a growing library of testimonials from patients who have legally experimented with the drug to manage their conditions. As it stands, marijuana has had a different impact in eachRead MoreShould Medical Marijuana Be Legal?1778 Words   |  8 Pagesusing medical marijuana for chronic pain outweigh the risks? Medical Marijuana is a topic we have all heard a couple of times in the past years. It has been a debatable topic since there seems to be a lot of opinions on what should be and shouldn’t be legal. Some say its benefits outweigh anything else, and some others state that there is a hazard involved with this drug. There are studies on both sides of the question that demonstrate what appear to be clear benefits for medical marijuana, asRead MoreMedical Marijuana Should Be Legal1545 Words   |  7 Pagesmedicinal utility of marijuana. However, the federal government opposes passing legislation that would legalize medical marijuana because of its potential to be abused or unregulated. The states are continuously challenging the federal government causing complications in legislation in regards to medical marijuana. Because of its history of medicinal properties and accumulating amounts of state and local legislation, the federal government should decriminalize medical marijuana an d legalize its useRead MoreMedical Marijuana Should Be Legal1053 Words   |  5 PagesMedical marijuana, also called cannabis, is used in some places as a medication to treat diseases and symptoms. Many people consider it helpful and harmless making it the most used illicit drug in North America. With legalizing medical marijuana people can alleviate some health problems and help ease physical pain, but it also can bring many concerns, questions, and responsibility. Legalizing cannabis can help many people with their health conditions. There are some advantages to taking medicalRead MoreShould Medical Marijuana Be Legal?1591 Words   |  7 Pagesdebated topic on marijuana legalization is widely argued. Whether it’s for medical or recreational usages, this topic is reaching boiling point. The complicity on the legalities of marijuana has reached a point in society where legal usage has been popping up across the country. In the medical sector, studies have shown benefits, and harmful effects in patients. Some physicians support, however some physicians do see health concerns that influence their stance on whether medical marijuana laws are toRead MoreMedical Marijuana Should Be Legal897 Words   |  4 PagesMedical Cannabis Weed Cannabis, also known as Marijuana has many effects to it. In recent years officials have decided that it should be used for medical usage. They have found out that it helps many medical conditions. Medical cannabis has many things that could cure. Studies has shown that it slows the response time in the synapses in the brain it helps the brain heal. For example if someone was in a bad wreck it allows the brain to eventually heal. Because it is unlike other prescribed drugs weedRead MoreMedical Marijuana Should Be Legal860 Words   |  4 Pagesthat medical marijuana might be useful in reducing this pressure. Marijuana has also became a common sight in the medicine cabinets of patients suffering from HIV/AIDS and many different forms of cancer. Cannabis consumptions has been known for its ability to stimulate appetite commonly referred to as â€Å"getting the munchies.† Medical marijuana can successfully benefit its patients with HIV or cancer by helping generate an appetite through the use of plant. Researchers have shown that medical cannabis

Research work in Business and Problems †MyAssignmenthelp.com

Question: Discuss about the Research work in Business and Problems. Answer: Introduction The main purpose of the business research work is to collect information that is necessary in preparing the operational plan of marketing that helps to establish a connection between the outcome and goals of the business. According to Hazen et al., (2014), a complete and thorough research of the market is an important part for all well organised business that helps them to get an idea of the overall market and also the demand of the target group. Quality is another important aspect of all business research that aims to collect information about the standard of the product that is being manufactured and also ensure that no compromisation is done on matters related to the quality of a product or service. With the help of proper business research it is also possible to collect vital information related to the buying behaviour of the customers and also detail information related to all the other competitors that exist in the market. The department of quality control is an important area of all business development process that helps to ensure that the standard of any manufactured product is maintained and is sold in the market only after proper testing and conducting proper research. The output of the quality needs to be measured in respect to the satisfaction level of the customer. Zikmund, et al., (2013), have mentioned that proper and accurate information related to the quality of a product is an important part of the business research that helps in the process of overall improvement of business planning. It is also the duty of the sales department to ensure that only high quality products are being launched in the market that can help to deal with the issues related to customer satisfaction. Problem Statement Poor business research and analysis can have drastic effect in the overall business process and can also compromise on the level of standard and quality of the product that is being offered by the business. Wilsdon (2016), has stated that poor research is generally associated with collection of inaccurate data and information related to the quality and quantity of a manufactured product that is being launched in the market. As business research is a process of getting systemic and in-depth study of all problems and issues related to various Department of Business without proper desserts it is not possible good deal with this major challenges in various operational activities of business. Inaccurate business research is also associated with poor systemic development and improper decision making process. The research in the quality check department of a business is an important part that helps to ensure only the best quality product is being launched in the market for sales. Poor quality of product can seriously harm the reputation of a business organisation and can also affect the overall sales of the company. It is one of the most primary duties of every business organisation to have proper quality Assurance check department which will help to conduct proper research related to the quality of the product and also collect proper information related to poor quality management. The poor conducted business research can come up with inaccurate data related to the quality of a product and hence the customer will not be able to get satisfied product. According to Drotar (2014), the overall process of the qualitymanagement process includes quality planning, quality assurance, quality control, and improvement. Without the help of proper business research it is never possible to fulfil all the criteria ofquality management and thereby the overall planning process can be compromised. Without the help of the research in the quality management department there is high risk involved about defective manufactured product being sold in the market that can seriously home the reputation and trustworthiness of a business organisation. Proper quality check Assurance is an important part to ensure high level of customer satisfaction and also to increase the brand value of a business organisation. This can help to improve the overall sales and marketing process of a product and thereby help to increase the level of profit that is being and from the market. Research Objective The main objective of this project work is to investigate upon the impact of for market research and development process in matters related to quality management of all business organisations. It also aims to investigate on the cause of poor sales andmarketing management that is related to inaccurate Data Collection related to the quality management department Conduct proper investigation and identify the cause of poor market research and quality development process. Properly identify the impact of poor research in the quality management department. Research Questions What are the cause and effect of poor market research and development process? What are the impacts of poor market research in the department of quality management? Rationale and Justification of the Research work According to Pagell0 Shevchenko (2014), the poor quality product that is being launched in the market for sales can have serious effect on the business reputation of an organisation. The quality of a product and also the level of standard has been one of the most ethical issues of business that helps to control the trustworthiness of a brand. Poor quality product can compromise on that total level of productivity and profitability of a company. In case low quality product is being used in the process of manufacture it can have serious effect on the overall rate of profitability of the company as most of the customers will not be willing to spend their money. Poor level of customer satisfaction can also directly affect the overall process of sales and marketing. Poor quality can also directly affect the overall capital that is being invested by a company in the process of manufacture. Hence, it is important for all business organizations to have primary focus on the research work of the overall performance of the quality and sales department, which will help them to maintain a high level of reputation and customer satisfaction rate. With inaccurate and wrong information that is collected from poor research of the quality and sales department it is never possible to improve upon the overall business performance and also increase the reputation and level of customer satisfaction in the market. Hence it is important to identify the effect of poor business research and also its impact on the overall process of sales and business. Expected Outcome The outcome of this business project will help to identify the cause of poor market and quality research that is being conducted in all business organisations. In spite of the challenges that are involved in the overall business process it is important to identify the impact of poor business research. With the help of the result of this project it is possible for all business organisations to improve upon the performance of the quality and sales management. The result of this project will also benefit all reputed organisation which will help them to take extra precautions while conducting any research work related to the quality management department. It will also help to identify the cause of collecting proper information related to business research. Hence, it is possible to avoid all circumstances related to poor and inaccurate accurate data collection. Conceptual Framework and Hypothesis The poor quality management service and more information collection system due to inappropriate research methods in business are regarded as one of the main cause of financial loss of business organisation. It is believed that the financial instability is mainly responsible for the overall poor quality of business research work that helps in the overall operational Management Service. Higher percentage of the profit can also be done with the help of proper quality management techniques. According to Goetsch, Davis (2014), it is also possible for a business organization to have better level of competitive advantage with the help of the effective quality management service. The overall framework and systematic guidelines of the quality management can also be modified with the working protocols that are related to the effective research quality. It is also the duty of the marketing manager to deal with the overall consequence that is associated with all poor and inaccurate research work. Based on the problem of the research work and research objectives, it is important to set the research hypothesis that is needed to meet the demand of the research work. With the help of the research hypothesis it is possible to deal with the issues that need to be addressed in the overall research work. The null hypothesis is one of the most important parts of the research work, which specifics that there is no difference between the specified population and also among the most important part of the research work (Vaioleti,, 2016). In this research work the null hypothesis is that the poor research work has direct impact on the overall quality management process of the business organization. In this case the research hypothesis is set as follows Methodology This section of the project helps to identify the overall method that is being applied in the research work. It will also help to provide proper justification for the exact method that is being used in the overall project. Literature Review The section of the research methodology will aim to identify all the existing literature related to the consequence of poor research in quality and sales management department. All the relevant theories and models along with the ideas related to poor business research will be critically analysed. The various themes related to the consequence of poor business research will be discussed thought only that will help to identify the common cause an impact of poor Quality Management Research. Various peer reviewed journals will be used for this section that will be available in Google Scholar and many others science database. All the previously conducted project work in the relevant department will also be considered for this literature review section. Data Series and data collection methods Proper method of Data Collection process is an important part of all research projects which will help to collect all necessary and relevant information for data analysis and discussion part. According to Taylor et al., (2015), there are two types of data that can be collected in all research project work. The primary data is the first hand data that is collected directly from the sample size. Interview survey and questionnaires are used in order to collect primary data for any research project work. On the other hand there is also the secondary form of Data Collection method in which the research focuses on collecting information from all previously conducted research work of the relevant topics and subject. However, one of the main advantages of collection of primary data is that it can provide the latest information related to the subject of the research work and also the issues that have been identified in the research problem areas. For this research project of identifying the effect of poor research work in quality management department it is essential to use the primary method of Data Collection that will be done using survey and questionnaires of various workers in the quality management department of a business organisation. With the help of the survey questionnaires it will be possible to collect necessary data and information that can help to identify the impact of poor research work. The data series is also one of the important parts of the business research project. It helps to represent all the collected data from primary and secondary sources in the form of flow chart diagrams and graphs (Silverman, 2016). This can help to identify all the statistical information related to the impact of poor research work. The balance sheet of the business is one of the most primary important documents in data series that can help to identify all the financial loss that occurred within a company due to the effect of poor quality product. The survey questionnaires will also aim to address the issues related to poor quality management system that is caused due to inaccurate and incorrect information system. It will also help to identify the proper intervention needed to avoid the effects of poor quality management and also to improve upon the research work in the quality management department that can ultimately help to improve upon the sales and marketing performance. The questionnaires of the survey will be designed in such a way which will help to identify all the impact of poor quality management and also the effect of poor research work in the following department. With the help of the proper research work, it is possible to identify the direct cause and impact of poor research work (Vaioleti, 2016). Liker scale is one of the commonly used effective tools that are used in all server assessment in order to identify the strength of positive and negative impact of poor quality management. The parameter in the liker scale will help to properly identify the impact of poor quality management (Panneerselvam, 2014). For example the workers of the quality management department will be asked questions related to the intensity of the poor research work that can be rated in the scale of 1 to 5 (where 1 will indicate strong positive effect and 5 will indicate strong negative effects). The proper analysis of all the result and data that is obtained from the survey using the liker scale will help the researchers to identify the exact impact and effect of poor quality management and poor research work in the sales department of a business organisation. Data Analysis Method The data analysis section is one of the most important parts of research methodology that helps to analyse all the collected data that is gathered from primary and secondary sources. Karp et al., (2016), have mentioned about the two types of data analysis methods that are used in all forms of the research work. Quantitative data analysis method is one of the popularly used systemic approaches that are used to in the investigation process to analyse the numerical data relevant to project work. Quantitative data management is also an important part of quality improvement service. With the help of quantitative data it is possible to improve upon all the collaborative approaches that help to promote the quality of the manufactured goods and also to identify the impact of poor research work. It is also important in this context to monitor the process of Data Collection method that can be properly analysed with the help of quantitative methods. All the statistical information related to the poor quality management can also be managed with the help of quantitative data analysis and also evaluate proper intervention steps in order to avoid the consequence of poor research work that can compromise on the level of Quality Management Service (Billig Waterman, 2014). In order to imply the qualitative data analysis method it is important for the researchers to deal with the existing literatures and secondary information that are available for the impact of poor quality management. It will also help the researchers to use the existing theories that can help to deal with the consequence of the poor market research and poor quality management. According to Bauer (2014), it is important to use all the relevant theories and models in the subject area of the research in order to properly imply the qualitative data analysis method. The qualitative data analysis is one of the most effective techniques that can be used to properly evaluate the effect of poor quality management and poor research work in a business organisation. It is important to identify the theories and models related to effective Quality Management Service that can properly help to identify the impact of poor quality and inaccurate information that is collected from poor research work. Hence, in the on-going research project work of identifying the causes and impact of poor research work in quality management department it is important for the researcher to use both primary and secondary data and also analyse them using mixed method of data analysis that implies the technique of quantitative and qualitative method. With the application of two types of research work and data analysis method it will be possible to identify the accurate cause and impact of poor quality management. Moreover critical evaluation of the existing literature related to the research project work will also help the researchers to compare the data that is needed in the data analysis. References Bauer, G. R. (2014). Incorporating intersectionality theory into population health research methodology: Challenges and the potential to advance health equity. Social Science Medicine, 110, 10-17. Billig, S. H., Waterman, A. S. (Eds.). (2014). Studying service-learning: Innovations in education research methodology. Routledge. Drotar, D. (2014). Measuring health-related quality of life in children and adolescents: implications for research and practice. Psychology Press. Goetsch, D. L., Davis, S. B. (2014). Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Hazen, B. T., Boone, C. A., Ezell, J. D., Jones-Farmer, L. A. (2014). Data quality for data science, predictive analytics, and big data in supply chain management: An introduction to the problem and suggestions for research and applications. International Journal of Production Economics, 154, 72-80. Karp, J. F., Dew, M. A., Wahed, A. S., Fitzgerald, K., Bolon, C. A., Weiner, D. K., ... Reynolds, C. F. (2016). Challenges and solutions for depression prevention research: methodology for a depression prevention trial for older adults with knee arthritis and emotional distress. The American Journal of Geriatric Psychiatry, 24(6), 433-443. Pagell, M., Shevchenko, A. (2014). Why research in sustainable supply chain management should have no future. Journal of supply chain management, 50(1), 44-55. Panneerselvam, R. (2014). Research methodology. PHI Learning Pvt. Ltd.. Silverman, D. (Ed.). (2016). Qualitative research. Sage. Taylor, S. J., Bogdan, R., DeVault, M. (2015). Introduction to qualitative research methods: A guidebook and resource. John Wiley Sons. Vaioleti, T. M. (2016). Talanoa research methodology: A developing position on Pacific research. Waikato Journal of Education, 12(1). Wilsdon, J. (2016). The Metric Tide: Independent Review of the Role of Metrics in Research Assessment and Management. SAGE. Zikmund, W. G., Babin, B. J., Carr, J. C., Griffin, M. (2013). Business research methods. Cengage Learning.

South Korea Country Attractiveness Report Essay Example

South Korea: Country Attractiveness Report Essay FACULTY OF BUSINESS AND ECONOMICS KATHOLIEKE UNIVERSITEIT LEUVEN D0M19B International Business Strategy SOUTH KOREA Shortened Country Attractiveness Report Antoine Hirschland Prof. Dr. Sleuwaegen Leo – 2010 – I. Introduction Thanks to the globalization, Asian economy is drawing more and more the attention of the rest of the world. Nevertheless, when we talk about economic growth in Asia, we think mostly about China, India or Japan whereas South Korean economy is staying quite unknown in Belgium. However, since the war in the Korean peninsula and the formation of the Democratic Peoples Republic of Korea (North Korea) and the Republic of Korea (South Korea) in 1948, South Korea has becoming a major economic power. Indeed, South Korea ranked fifteens (in terms of GDP) among the best world’s economies and fourth among Asian economies in 2009. To reach this, the Korean economy has experienced three development stages since the end of the Korean war: the economic autonomy increase from the ’50 to the ’60 in order to become less dependent on importations; the massive expansion of exportations during the ’70; the development of some industries form the ’70 until now to become one of the world leader in sectors like high technology, automotive, shipbuilding and steel industry. Furthermore, since the financial crisis of 1997, we can observe a decrease of the government intervention in the Korean economy and the development of a market-oriented economy. We will write a custom essay sample on South Korea: Country Attractiveness Report specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on South Korea: Country Attractiveness Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on South Korea: Country Attractiveness Report specifically for you FOR ONLY $16.38 $13.9/page Hire Writer But South Korea is currently facing important difficulties like the lack of raw materials, the small size of the country, the competition with Chinese and Japanese industries and the political and military issues with North Korea. The purpose of this paper is to study the economic attractiveness of South Korea based on the â€Å"Diamond Model† framework of Porter (1998). We will also examine the main industries, the balance of trade and the political and commercial risks of investing in South Korea. II. Main industries Even if the largest and most known Korean companies around the world are producing goods (LG, Hyundai, etc. ), services represent the highest share of South Korean GDP with more than 55%. Almost all the rest of the GDP consist of manufacturing industry (around 40%), agriculture representing only 4% (mostly rice crops). It is also important to know that South Korea is the largest shipbuilder and the first producer of semi-conductor worldwide, and that the country has one of the largest automotive- and steel-industry. III. Balance of trade South Korea has always been heavily dependent on international trade. In 2009, the country was the 8th largest exporter ($363 billion) and the 10th largest importer ($323 billion) worldwide and the trade surplus amounted to $40 billion. As we mention it in the introduction, South Korea is suffering heavily from the lack of raw materials. As a consequence, the largest share of the imports consists in mineral products -1- (33%). In total, imports amounted to more than 323 billion in 2009 and the most of those imports came from China (23,9%) followed by the United States (10,4%) and Japan (6,0%). In 2009, Korean exports amounted to more than 43% the GDP, South Korea being the most dependent country on exports of the G-20 major economies. Electrical and electronic products represent the largest share of the exports (38%) followed by the sale of ships (14%). In recent years, chaebols (large industrial groups such as LG, Hyundai, Samsung, etc. ) have adopted a new export strategy aimed principally to emerging economies (South-East Asia, Africa and South America) at the expense of developed countries. Indeed those markets are less saturated and Korean goods compete there better with North American and European products thanks to lower costs and the low purchasing power of those countries. IV. South Korean competitive advantage based on the Porter’s Diamond The â€Å"Diamond Model† framework developed by Michael Porter in his book The Competitive Advantage of Nations (1998) describes the reasons why a nation becomes competitive in particular industries. This framework consists in four attributes that promote or hinder the creation of competitive advantage for this nation. Firm strategy, structure, and rivalry Factor Endowments Relating and supporting industries Demand conditions A. Factor endowments Factor endowments can relate to either basic- (natural resources, climate and location) or advanced factors (skilled labour, infrastructure and technological know-how). i. Basic factors South Korea’s basic factors are not especially advantageous in general. Indeed, South Korea is characterized by a variety of different climates. Located in the monsoon region of East Asia, the country has warm and wet summers and dry and cold winters. On average, temperatures are equal to -10 °C in winter and 30 to 35 degrees in summer. In June, July and August precipitations are more abundant. -2- Moreover, South Korea has no natural resource setting apart coal, tungsten and graphite. Finally, the location of the country can be considered both as a drawback and as an advantage. On the first hand, South Korea has borders nly with North Korea and crossing this one is almost impossible. On the other hand, South Korea is located in one of the most growing economic region in the world, just between China and Japan. ii. Advanced factors Those factors are a lot more advantageous. South Korea enjoys high quality infrastructures (communication, transportation, etc. ) to ensure the functioning of economic activity. According to the Global Competitive Report (GC R) 2010-2011, South Korean infrastructure ranks 12 among a total of 139 countries. Regarding technologies, South Korean industry has always been a pioneer in the technological know-how which has allowed the country to become one of the most advanced countries in this field. Lastly, the education system has always been based on rigour and excellence (South Korean higher education and training ranked 15th in the GCR) that allowed the country to build up a high-skilled workforce. B. Demand conditions The Korean home demand is characterized by high buyer sophistication. Indeed, according to the GCR, South Korean buyer sophistication ranks 11. This can be explained (in part) by the high level of education. Moreover, this sophisticated home demand means that consumers require products of high quality and influences positively the development of capabilities and pressures South Korean firms to be competitive and to innovate in order to respond to this demand. C. Firm strategy, structure, and rivalry The Korean industry organisation is characterized by the predominance of large groups (as LG, Hyundai, Samsung etc. ) called chaebols doing business in a large diversity of activities. The structure is therefore principally oligopolistic. Currently, chaebols are responsible of the majority of Korean exportations. The Korean economic growth has therefore been mostly concentrated on the development of those -3- chaebols supported by financial institutions and the government at the expense of small and medium-sized enterprises. Even if the Korean market is defined by an oligopolistic structure (which normally does not promote rivalry), the global presence of the chaebols and the high competition in the global markets force the chaebols to innovate, to reduce cost or to improve quality. Nowadays, as far as innovation is concerned, South Korea ranks 12 the GCR, meaning that Korean companies spend significantly on R. Finally, with regards to the Korean management style, firms are generally organized with a clear hierarchy where values like respect, perseverance or obedience are quiet significant. D. Relating and supporting industries Since the ’60, the South Korean government has always promoted the development of clusters specialized in the sectors of exports, heavy industries and high technologies. This development has been supported by the high-quality infrastructures (transportation and communication). Moreover, the multiplicity of the chaebols’ activities has contributed to create international competitive and successful industries in South Korea. As a result of those government’s policies and the chaebols’ formation, South Korea rank quite high in the CGR: 33rd for its local supplier quality and 25th regarding its local supplier quantity and its cluster development. V. Business risks The risks of investing in a foreign country are determined by both political and commercial factors. According to the Ducroire-Delcredere’s Country risks analysis, South Korea presents a political risk of 1 out of 7 (â€Å"1† meaning low risks) and a commercial risk of â€Å"A† (â€Å"A† meaning low risks, â€Å"C† meaning the highest). Nevertheless some specific risks can be pointed out. The major risk by which the Korean business environment could be affected by political forces is represented by the actual conflict with North Korea. Recent military tensions between those two countries are indeed worldwide perceived as a threat to the region’s stability and making therefore investments in South Korea more risky. On political level, two other risks linked to the Korean government can also be identified. Firstly, the administrative bureaucracy seems to be inefficient to allow foreign investments. Secondly, in recent years, there has been an increase in corruption cases between politicians and some companies and we could think that in order to achieve a successful investment in South Korea, it seems quite important to have the favours of some government officials. 4- With regards to commercial risks, specific measures applied only to foreign investors can be considered as a risk in the sense that the Korean law is more restricting for foreign companies in general. Conclusions The Porter’s Diamond model applied to South Korea shows that despite the lack of raw material and its disadvantageous location, the country became the fifteenth world best economy in less than 60 years. This success has been made possible thanks to the creation of large industrial groups (the chaebols), the development of the infrastructures, the politics to acquire the highest technological know-how, the emergence of a high-skilled workforce and the massive expansion of exports. Nevertheless, some barriers seem to restrict the development of foreign direct investment in South Korea. Among them are the fears caused by the tensions with North Korea, the corruption issues and the government inefficiency. To conclude, it seems clear that South Korean economic attractiveness is high and that this country can represent a very interesting location for potential investors. List of references Ducroire-Delcredere SA. NV (2009). Political and Commercial Risks per country. http://www. delcredere. be/WebDucDel/Website. nsf/AllWeb/Korea+(South)? OpenDoc ument=1=en [24/11/10] KOTRA (2009). The Investment Environments of Major Asian Countries, Seoul, 176 p. http://www. scribd. com/doc/27330092/The-Investment-Environments-of-Major-AsianCountries [20/11/10] Ministry of Knowledge Economy (2009). Investment Environment Business Opportunities, Seoul, 40 p. http://www. Investkorea. com/ [20/11/10] OECD (2010). OECD Economic Surveys: Korea, 17 p. http://www. oecd. org/dataoecd/14/34/45432048. pdf [22/11/10] PricewaterhouseCooper (2009). Doing Business in Korea, 68 p. http://www. pwc. fr/assets/files/pdf/2010/07/coree/pwc_doing_biz_in_korea. pdf [24/11/10] Smart Export (2010), Market study: Rep. of Korea. http://www. smartexport. com/en/Rep. _of_Korea. html [21/11/10] Wikipedia (2010), South Korea. http://en. wikipedia. org/wiki/South_Korea#Economy