Assignment Sample on Breaking Grounds into Developed Markets
Introduction
The cultural economy refers to economic operations which capitalizes on human ingenuity in the areas of creative art and aesthetics (Leriche and Daviet, 2010). Throsby (2001) agrees with this broad definition, viewing the cultural economy as the collection of businesses that make and sell cultural products and services that are creative in nature, incorporate intellectual property, and communicate symbolic meaning (such as music, film, dance, painting etc). The film industry as part of the cultural economy, is made up of two main branches, Television and Cinema. Although the value chain of this industry is quite different from that of manufactured products (see appendix A), it is still not immune to the pressures of globalization and the risks accompanied with seeking to do business outside the home country.
The Korean Film industry termed Hallyuwoodhas so far been successful in carving a niche for itself in neighbouring East-Asian countries and is currently seeking to expand into the western market (Parc and Messerlin, 2021). The United Kingdom is hence an attractive choice since it ranked 8th on the World Bank ease of doing business report (World Bank, 2020) and the Global competitiveness index (Schwab, 2019) respectively (see appendix B and C) The robust nature of the British Film and Tv industry makes it the third largest centre for film production worldwide (Holmes, 2022). The gross revenue as at 2020 was recorded to be £2.64 billion, arguably not it’s best considering revenues before the pandemic, but this is estimated to increase by 90% come 2025 (Statista, 2023a). The British film industry is said to be in itsgolden era, this creates an opportunity that can be exploited by the South Korean film industry although not without its challenges.
The Bartlett and Ghoshal (1989) matrix proposes a framework for multinational corporations (MNCs) to choose a strategic management model based on the pressure to adapt to local responsiveness (tailor the movie to the host country citizens taste) and global integration (economies of scale and scope by standardization).
Figure 1: Local responsiveness vs Global integration (Smartling, n.d)
The creative industry is highly volatile because of its dependence on local responsiveness, this implies that the Multinational Company from South Korea would have to adopt a transnational approach to strategic management, by adjusting to customer demands but retaining its unique value and business core competence.
“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle” Sun Tzu (2020).
In light of the forging, this study would examine the forces that come to play in international business, ranging from an analysis using Porter’s Tripod model to examine both institutions and the film industry; the VRIO model for the resource-based analysis; Uppsala model and the EP(R)G framework to propose a mode of entry; Benefit and risk analysis then a final conclusion.
Porter’s Tripod Model of Strategic Analysis
Figure 2: (Hofstede Insights, 2022)
Institutional Analysis
The Formal and Informal Institutions of South Korea are founded on Confucianism (International Market Advisor, 2018) which is a huge contrast to that of the UK. Hence government policies and laws that concern business ethics are tied to cultural values like respect for age, hierarchy or class in society, marital status, household lineage etc (Scibiorska-Kowalczyk and Cichoń, 2021). By using Hofstedes (1988) cultural dimensions to analyse the cultural distance between South Korea and the United Kingdom, the multinational company can make informed decision on what values are of importance in the host country to avoid taking offense or causing one.
Power Distance: Hofstede (2001) described this as the level at which people expect power to be distributed evenly, from the pictorial representation above South Korea operates in a structure where hierarchy is very important, the gap between rich and poor or CEO and employees is quite wide. This is not the case in the UK as there seems to be an unspoken balance of power, where no one is truly better than the other or have a right to exert dominance on the rights of others simply because of wealth, age or status (Kim and Kim, 2009). Hence, when conducting business in the host country, the manger from South Korea must take caution to not cross the line.
Individualism versus Collectivism: This refers to the extent people subscribe to the idea of belonging to a ‘Herd’ for the rest of their lives (Buja, 2016). The United Kingdom is an individualistic society, where individuals put their needs first in pursuit of their own happiness as against South Korea, where the collective need of others is prioritized over one’s personal desires (Hofstede, 2011) or risks bringing shame to the society (Buja, 2016).
Masculinity versus Femininity: This is often used to depict the level to which a country is focused on the assertion and competition for material gain (masculine) or focused on modesty, diplomacy and hesitant to assert oneself on issues with a greater outlook on the quality of life (feminine) (Hofstede, 2011). South Koreans tend to be more feminine while the British tend to be masculine, this might pose a problem if the Korean manager is unable to be firm on his decisions based on the culture of ‘Kibun’ (saving face, saying what others will like to hear as opposed to saying No, so as to avoid confrontation), chances are that this might come of as weak and if this is not exploited to the others gain, it might put them off from doing business with someone who can’t make up his mind or keep to his words (International Market Advisor, 2018).
Uncertainty Avoidance: This is the extent to which members of a cultural group function within unstructured situations with ambiguous details (Hofstede, 2011). Managers in the United Kingdom might be okay with seeing how things unfold along the way but South Koreans prefer to know all the details from the beginning and to take their time making decisions. However, as this is not the case with the host country, a layback attitude might cost them deals, they must understand that sometimes pressure needs to be applied on the decision maker (Kim and Kim, 2009).
Long Term Orientation: Hofstede described this as an individual or groups tolerance level towards long or short term benefits (Hofstede, 2011). Hofstede rates South Korea uncertainty avoidance level at an all time high of 100% and implies that managers might be slow in making decisions until every ground has been covered (Kim and Kim, 2009), hence they are less likely to take risks even if it promises huge immediate returns unless they know for sure that the future wouldn’t suffer a set back because of it. Managers in the United Kingdom, however, are not so risk averse as they believe every risk comes with its own reward.
Indulgence: This is not far from the long versus short term orientation, as it refers to the tendency to splurge on luxury for the sake of pleasure rather than need (Hofstede, 2011). South Koreans are least likely to do this than the British.
Language: Verbal and Non-verbal languages are components if culture that can be quite tricky (Cavusgil et al., 2017) as certain words when translated to a different language might send the wrong message (Axtell, 2007). This is a major barrier that the South Korean Multinational can definitely expect to encounter. Although translators might bridge this gap when conducting business transactions, the same cannot be said with non-verbal cues. Some signs, symbols, numbers and gestures are regarded as immoral only in the Korean culture, so managers must take care to understand that the same sentiment is not shared in the west. The evolution of technology has made it such that movies can be subbed or dubbed in English, which makes it easier for citizens in the UK to understand the movie being watched.
Industry Analysis: Porters Five Forces
Competitive rivalry: The UK is a major market for international films; hence the competition is quite fierce from major players like Warner bros, Walt Disney, Paramount etc. Apart from facing competition from it’s counterparts like Hollywood, the Chinese film industry and France industry, the South Korean multinational would have to deal with the London Korean Film Festival as a rival or an ally. on the other hand, competitors such as Warner Bros, Paramount and Walt Disney have diversity in their films and also in their work culture towards the film industry and also industry growth of those major filmmaking companies have huge industry growth in the UK as well as globally. and also those filmmaking company has a strong brand presence in the film industry. So the competitive rivalry factor is high for the South Korean film industry (Lee, 2021).
Threat of New Entrants: This is moderately-high due to the high cost of entry and exit involved in the industry. However, developments in technology and the internet are constantly providing opportunity for low-cost barriers. This is especially high with competition for cinematic screen time not meeting the influx of movie supply. As a new entrant in the UK film industry, the South Korean film industry can face various challenges to access the distribution channel that result in switching costs will be higher for the South Korean film industry. Also, the South Korean film industry can face challenges to create better brand loyalty in the UK film industry because of the existing well-known industry and the South Korean film industry can face numerous government policies that need to be maintained to enter the UK film industry. Those factors can be considered as the biggest threat for the South Korean film industry to enter in the UK film industry. So the threat of new entrants factor is high for the South Korean film industry.
Bargaining Power of Audience: This is moderately-high because the audience has the power to determine the success of a film through box office sales and word-of- mouth promotion. Studios and filmmakers consider audience preferences and trends when developing and marketing films. Audience reviews and ratings on platforms such as Rotten Tomatoes and IMDb can have a significant impact on a film’s perception and performance. Audience demand can lead to sequels, spin-offs, and adaptations of popular films. Social media can amplify the audience’s voice, allowing them to make a significant impact on the conversation around a film. The biggest opportunity for the South Korean film industry is that the UK people can love the culture of South Korean films and also the popularity of actors and actresses in South Korean films can increase the brand awareness of South Korean films. So the bargaining power of the audience factor is high for the South Korean film industry (Lee, 2019).
Bargaining Power of Distributors: This relatively moderate as distribution of films into the UK is often done by UK based distributors and there are severalof them in the independent and government owned sectors. As a new industry in the UK, the South Korean film industry can find difficulty to find a proper distributor for the South Korean film, because of the high brand presence of the existing film industry, the film distributors of the UK can ask for a high rate for the distribution process. So the bargaining power of distributors factor is high for the South Korean film industry (Lee, 2021).
The Threat of Substitution: This is low because there are no direct substitutions to the Korean film industry as a result of the core competences it possesses, however indirect substitutions from other national cultures like China and Japan or other movies in general are still a valid concern. The biggest opportunity for the South Korean film industry is that the UK people can love the culture of South Korean films and also the South Korean film has various diversity in South Korean films, this factor can be considered as the biggest opportunity for South Korean films and also other competitors of South Korean films such as Japan and China can find difficulties to compete with South Korean films (Lee, 2019).
Resource Based Analysis
The resource-based view complements that of the industry analysis as it is not enough to know the external environment without an analysis on internal competencies (Peng and Meyer, 2019). The VRIO framework by Barney (1991) is a great choice for determining if company resources have a shot at establishing sustainable competitive advantage (Barney and Hesterly, 2019).
Valuable: Resources, first and foremost, must have value. As company’s assets are most valuable when they allow it to put into action tactics that boost productivity and profitability by, capitalising on opportunities or warding off potential threats (Barney, 1991). Net Present Value (NPV) can be used to determine the worth of an investment or resource value by comparing the upfront costs with the discounted value of the cash flows predicted in the future. In recent years, Korean films have found considerable success in foreign film festivals and academy awards. Squid Game 2021, one of Netflix’s original programmes, once again broke the record for the site’s most viewed television programme (The Korea Times, 2021). According to a report published by Arirang News in 2021, the Wall Street Journal has observed that this success has solidified Korea’s reputation for producing high-quality shows on a tight budget, thus making it very valuable (Kang et al., 2022). South Korean film industry can use digital marketing strategies to create a strong brand presence in the UK film industry and this strategy can help the South Korean film industry to compete with other existing well-known filmmaking companies in the UK (Wichmann et al., 2021).
Rare: Rare resources are those that only one company, or at most a small group of companies have direct assess to obtain. If many firms in an industry have access to the same potentially game-changing resource, they can all use that resource in the same way, eliminating any potential for differentiation among them (Barney and Hesterly, 2019). The term “competitive parity” is used to describe this type of circumstance (Peng and Meyer, 2019). As of early 2010s, Korean box office revenues per capita were around 1.2 times higher than those of France and the UK, twice that of Japanese box office sales per capita, and more than seven times that of China (Parc and Messerlin, 2021). More surprisingly, in 2017 and 2018, they are roughly equivalent to those prevailing in the US domestic market, which is a “first” considering the US has been the unchallenged worldwide leader of the industry since World War II (Parc and Messerlin, 2021). The South Korea film industry has a lot of rare and valuable resources, it will likely enjoy the advantage of outperforming its rivals for a while. Cultural diversity is the main resource of the South Korean film industry that can help attract the people of the UK and the South Korean film industry can use SEO tools for reaching out proper audience in the UK for their films (Wichmann et al., 2021).
Imitability:There is no assurance of long-term competitive advantage, even if a company has access to rare and valuable resources that allow it to pursue tactics that rival companies cannot. It might only provide temporary early advantage because rivals will likely strive to copy its methods and materials. Therefore, another requirement for resources is that they be difficult and expensive to copy or substitute. (Barney, 1991; Barney and Hesterly, 2017). When a firm’s most valuable asset is dependent on intangible factors such as the quality of its social network, interpersonal ties, culture, and reputation among suppliers and consumers, we call it social complexity. Since a social network is dependent on a wide variety of interconnected elements, it is difficult for rivals to create an equivalent one. A major aspect of South Korea outperformance is its ability to use cultural values strategically (Kang et al., 2022). South Korean film industry can use an email marketing strategy to create awareness about their films in audiences in the UK and also that can create proper brand awareness for the South Korean film industry (Sari and Gultom, 2020).
Organization: If a corporation is not structured to fully exploit its resources and reap their benefits, then those resources alone provide no advantage (Wernerfelt, 1984). This means the central organisation needs strong resource collection and management capabilities. Even with valuable, rare, and inimitable resources, businesses will not be able to establish a lasting competitive edge if they lack the proper infrastructure to acquire, deploy, and track those assets (Barney, 1991; Barney and Hesterly, 2017). Although, the South Korean film marketing strategy and communications have a wide, consistent strategic focus, specialized at several regional levels, and tailored for nations based on various target populations and groupings raising its visibility and acceptance worldwide. There is still a lot of work needed in its organization of resources to be on par with competition like Hollywood (Yong, 2021; Lee and Kim 2018). It is safe to infer that a company has a distinctive competency that may be leveraged as a source of sustainable competitive advantage when all four resource attributes are present.
Mode of Entry
There is always the question of where, when and how to internationalize in strategic management (Sakarya et al., 2007), the previous sections have handled the Where (UK) and this section covers the when and how. Seeing as Hollywood has already captured majority of the UK market share, Hallyuwood then becomes a late entrant and in most cases, this would be a good thing if the early entrant had failed, but this is not the case so it wouldn’t be wise to compete on the same grounds with rivals. However, there are still some advantages the South Korean Multinational can exploit as a late entrant if they direct their resources towards their core competence as examined in the resource based view.
The Uppsala Model posits a framework on the various pathways multinationals can use in entering foreign markets (Forsgren, 2002; Magdalena Grębosz, 2016).
Indirect exports have to do with manufacturing the products and outsourcing the export process, while direct exports takes care of the entire process. Contract manufacturing implies outsourcing or offshoring parts of the manufacturing process or final assembly to another company. These three modes are more in line with the manufacturing industry, while the next three are more suitable for the creative industry. Licensing involves giving a company in the host country right to make use of resources patent to the company from the home country. Joint Ventures is the coming together of two or more companies to firm a new business entity separate from the parent companies. Foreign Direct Investment (FDI) involves investment in various business entities for a given period of time (Magdalena Grębosz, 2016). Amongst the major film producing companies in the world, the South Korean film industry is the only one not heavily subsidized by public funds and the government (Parc and Messerlin, 2021) and while it has done remarkably well on the support of various private companies, embarking on a high-risk investment in a very competitive environment like the UK would be too expensive without the support from home to cushion any losses. Therefore, Joint Ventures and FDIs despite their advantages are not the strategies to employ at this time, this leaves theme with Licensing. The Williamson Transactional cost theory (Williamson, 1993) informs this choice. Although the eclectic paradigm (OLI model) doesn’t favour the licensing mode of entry (Dunning, 2000), as a means for competitive advantage, the film industry makes an exception to that view.
In the Film and Tv Industry, a distributor will acquire the legal rights to distribute a film through the licensing procedure with the owner retaining all other rights. Consequently, licences cover a wide range of rights grants, from a one-day pay-per-view television license to international rights for a period of 25 years (Moore, 2019). Typically, the distributor (Licensee) in the value chain will guarantee the producer (Licensor) a minimum payment in exchange for the licence. This sum will change according to the film’s prestige, the distributor’s estimation of its commercial potential, and the rights the latter choose to promote. The signing of the license contract transfers the responsibilities of distribution to the licensee. Theatrical rights allow a distributor to sell the film to cinemas, while video rights allow the distributor to sell the film on video and DVD, and television rights allow the distributor to sell the film to a television network (David, n.d)
The distributor will be required to pay the film’s producer royalties, which are a percentage of the film’s gross earnings, as part of terms on the license contract. The local distributor will split box office profits from the cinema 50/50 with the filmmakers, pay greater royalties for Tv and online broadcast rights and less for video/DVD (David, n.d). Films in the United Kingdom are first shown in cinemas as this is widely regarded as the best strategy for generating buzz around it (the total box office earnings in the UK as of 2021 was about £556.9 million) (Statista, 2023b). The general view is that nothing beats watching movies on such big screens with every sound traveling across the room in a theatrical fashion.
A film will first premier in theatres, then be shown on pay television, then on free television channels around the world two years after its first release on DVD and VHS. The film’s initial investment in its theatrical run pays rewards throughout the rest of its release cycle in terms of both audience size and box office receipts. To be successful, the licensee needs to be well-versed in every aspect of the local market, from knowing which theatres, video stores, and television stations have the biggest audiences to understanding how much it will cost to promote the picture in each area. Licensing offers a very fast entry into the host market, the required resource commitment is low, high returns on investment and patent/core competencies are still protected. On the flip side, it has its drawbacks, for example the licensee can be incompetent and not fully utile the market opportunity leaving room for competitors, it is difficult to exert control on the licensee and in future they might become threats, transactional costs involved in renegotiating expensive and governmental policies can sometimes affect royalties.
The EP(R)G framework proposed by Wind, Douglas and Perlmutter (1973) describes various strategic approaches to international marketing. The selected mode of entry being licensing implies that the licensee would distribute the film of the multinational using a Polycentric marketing approach considering the disparities in cultural values and taste between the UK and South Korea.
Benefits and Risks of HallyuwoodEntry to UK
One of the benefits of entering the UK Market as an emerging economy is having an increased demand from the British citizens for something different. The multinational from South Korea can use this opportunity to connect to new consumers that previously wouldn’t have been able to make use of their products. However, the multinational should not assume they will easily gain popularity from the British citizens. According to Broadcasters’ Audience Research Board October 2021 report, traditional British television such as ‘Strictly Come Dancing’ received over 5 million more viewers than Squid Game, which was the most watched Korean cinema in the UK in 2021 (Broadcasters’ Audience Research Board, 2021). Thus, showing the British citizens have some demand for Korean cinema but still favour those created in the UK so popularity cannot be assumed. Furthermore, the London Korean Film Festival has been running annually since 2003 which intended to capitalise on the popularity Korea gained after the 2002 World Cup (Gowman, 2019). This could be seen as a threat due to there already being a presence in the Korean cinema market which creates competition however the multinational could use this as an opportunity. There is an opportunity to licence their product to the festival to create brand awareness to a consumer who has an existing interest in Korean cinema and market the brand.
By choosing the UK as a host country, the multinational, shareholders and the British citizens all are able to gain. With low corporation tax and secure business regulations the UK is attractive to invest in (Department of International Trade, 2023). Additionally, the UK would provide a gateway into the European market for the Korean multinational giving them access to other European countries quicker with the benefit of establishing physical presence within the UK in the future (Goodman, 2012). However, the Korean multinational would have to consider the cultural risks when expanding into the UK market. The biggest collision Korean cinema has with the UK citizens is the language barrier. If the British citizens have to keep up with reading subtitles, they may not understand what is playing out on screen. On the other hand, dubbing can have translation issues and reduce the overall quality of the cinematic experience (Language Insight, 2019).
A key benefit for using licensing as an entry strategy into the UK is that it creates business opportunities. It will initially be quicker and more cost effective to begin trading in the UK if the company the multinational licence their products to is already established. If the company already has a market presence within the target audience of the multinational it will avoid risk they would incur if they went into the market individually (Luoma, 2019). The companies who go into business with the multinationals will also benefit as they will be able to offer a different product allowing them to compete with bigger multinationals, such as Netflix, whilst making more profit. However, it could also be in the multinational’s interest to licence their products to big multinationals such as Netflix, rather than compete with them (Brummell, 2021). If the Korean multinational’s strategy is to licence to Netflix, they could avert them from entering the market and creating their own Korean cinema service which would become direct competition.
Although, if the Korean multinational agrees with the licensee to get paid via royalties, licensing alone does not guarantee payments. If the licensee is not able to receive any sales of the multinational’s Korean cinema, then there is no promise of profit. By choosing to license, the multinationals are creating a dependency on the licensee to market and sell their product. Furthermore, if the multinational licences with multiple companies it could result in different companies competing against each other with identical products. This could result in a reduction in demand and price point as the Korean cinema loses its exclusivity. Moreover, it will be challenging for the multinational to get licensed initially if there is no interest there (Gaille, 2018). The multinational is also putting their trust in the security of the licensee. By exposing their products with the licensee, the chance of theft and piracy is heightened (Devenney, 2022). This will further drive down demand if consumers are able to watch for free via piracy channels. It could also hinder future opportunities of licensing and growth in other countries where the pirated products are accessible.
Conclusion
The process of strategic management and carrying out due diligence in international business is no easy feat, but it is essential to bridging the uncertainty of entering new markets caused by asymmetric information. The models and strategies used in this paper are not in any way exhaustive as there are many other strategic options to be explored.
The United Kingdom is a very attractive market for Korea to expand its operations into based on its ease of doing business and favourable policies like tax break on foreign film industries. The South Korean Multinational being a late entrant would face major world players as competitors, however by using the licensing mode of entry, a lot of these challenges would be mitigated as distribution and marketing is outsourced to the licensee. Other challenges faced would include, competitive forces of the industry, cultural distance as seen in Hofstede cultural dimensions and difficulty in managing licensee activities.
The multinational could focus on specific niche markets within the UK, such as film festivals or specialty theatres, to build a following. They could partner with UK production companies to create co-produced films that could appeal to both Korean and UK audiences. Developing strategic partnerships with UK distributors, exhibitors, and film festivals can also be a great way to gain more visibility. Moreover, utilizing all channels of distribution on the value chain (see appendix A) would ensure increased economies of scale as opposed to focusing on just Cinema or Tv.
All in all, the rewards of entering the UK market supersedes the transactional costs if core competencies are exploited.
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