The significant escalation of South Korea's economic growth in recent years is undeniable. Therefore, in the next chapter, I will take the responsibility of analyzing how influential the Global Hansik campaign is to the economy of South Korea.
Research Question
I hope this will be used in the future as reflection material and as a ratio component for future authors. Useful for those interested in studying in the same field or gaining knowledge about gastrodiplomacy.
Nation Branding
Before the storm of Hallyu wave, the national image of South Korea was weak, outdated and undervalued. Often, South Korea's product will be rated 66% to 67% very identical to the US, which further adds, South Korea's brands are often confused with Japanese brands, for example: Samsung (Ongkowidjojo & Hikam, 2015, p. 1330) . In other cases, Europeans and Americans still seemed to have a hard time getting rid of the image assumptions because they thought that North Korea was part of South Korea and that they were one big country.
The next few reasons mentioned above are enough to pump up South Korea's eagerness to use nation branding concept to stand out from the rest. Malaysia and Singapore, having earned themselves a very strong nation brand, the South Korean government got the idea to follow in their footsteps and found that the strongest way to create a solid and robust impression of its nation brand to make their "Hansik" (food) to enter international level.
Methods of Study
Regarding the bold headline of this particular thesis, the first chapter describes a series of sub-topics such as a general description of the introduction of the research content, consisting of: background of the problem, research objectives, research benefits, conceptual frameworks, introduction of the methods which will be applied throughout the writer's research. Meanwhile, in chapter two, a series of literature reviews will be revealed that contain theories related to his research. Turning the page to Chapter Four, reports on the results of research with exposure to data and research findings are expected.
Last and not to be forgotten, the final conclusion of the journal will be chapter five, where it should be the conclusion that contains conclusions of the overall study case of the variable, implications and suggestions. An excellent thesis or journal not only examines the most recent research on the main focus of the topic's variable, but must also take into account the gaps in the literature and the most important essential issues that highlight the topic and give consideration and consideration. direction as well as aspects for future research.
The Concept of Market-Share
Firms or organizations that are creative in their innovation are likely to have the greatest percentages of chances to succeed in the market share game in the world as. Firms that offer fresher innovations and improvements to existing mainstream products will enjoy the value of market share gains. The ability to make accurate predictions of future stocks is indeed a major contribution of market share analysis, but it is not enough at that point.
The author may have come to the realization that Market Share can be defined as referring to the portion or percentage of a market earned by a company or an organization. In other words to sum it up, a company's market share is its total sales relative to the overall operating sales of the industry in which it operates (Lee G. Cooper, 1988).
Formula of Market Share Understanding
After analysis, market share is competitive because many factors need to be done to stand out from the rest, such as better marketing strategies, market share forecasting, which involves predicting the future actions of competitors. Third, market share analysis is well profit oriented, in the context of understanding that companies must not only understand the concept of market share movement, but also anticipate its profit implications. Therefore, the ability to predict the cost of achieving a certain level of market share is essential and should be a valuable asset to a company, as should the ability to estimate the likelihood of achieving that share.
Having a large current market share in the marketing world will affect many factors, including influencing the rise of a company or a nation, which allows the company to operate on a larger scale, which makes it possible to increase profitability. With an increasing rate of increase in market share, a company begins to possess market power and thus dominate the market as well as the economic industry, which allows the company to control and exercise certain powers such as greater bargaining power, which was an argument proposed by an online journal.
The Concept of Nation Branding
In this case study, Branding played a vital role in the success of the Hansik Global Campaign. It is undeniable that today South Korea is at the top as one of the most valued countries in the world in terms of industry and sectors of sustainable growth and development. Further supported by a continued commitment to building the country's high-speed broadband infrastructure and technology, making South Korea the most connected nation in the world (Akamai Technologies, 2016).
It creates and develops its IT companies to become one of the best broadband networks in the world. Thus, in 2017, South Korea came in second place in the world according to the ICT development index, right after Iceland.
The Campaign of Global Hansik
We can see that food is the best medium to communicate values and identity non-verbally. From time to time, food spread through migration, trade routes and globalization and this was how the main goals of South Korea's government were framed. If we study Thailand's case of gastrodiplomacy, it justified and verified that food or cuisine could not be better to promote the true perception of "Nation-Branding" which is always strongly linked to "National-Identity" (Saleh, 2015, p. . 12).
Due to the continuous progress, the food slowly attracts people from all over the world from time to time, making the tourism industry receive boundless revenue every year. Today, Thailand has managed to present to the public an important identity: Tom Yam stands as its national cuisine: “Tom Yam is Thai;
Food holds power to control people and acts as a symbol of power
Global Hansik Campaign penetrates South-Korea’s Economy
Besides the Hallyu wave, its food has made South Korea's characteristics stand out very uniquely in this modern society. One might ask why South Korea chose food instead of developing its Korean entertainment industries. According to the World Bank, South Korea ranked fourth in the overall Ease of Doing Business (DB) index in 2018, while the U.S.
Among the list of criteria shown above, it can be seen that South Korea dominates in the specific areas such as the level of ease of starting a business and enforcing contracts, investment, production, communication and finally economic growth with passing of time. In fact, South Korea currently spends most of its GDP on research and development (R&D), through research and data, even more than the United States and its neighbor, Japan, the duo of world leaders in innovation based on R&D intensity .
Strong National Branding led to the rise of South-Korea Open Markets Index
South Korea's total value of exports and imports of goods and services by 2020 is equal to 83.0 percent of GDP. As a result of the contributions of a dynamic private sector with a well-educated workforce and high capacity for innovation capitalized on openness to global trade and investment, South Korea's economic freedom score is 74.0, making its economy the 25th freest in the 2020 . Index. South Korea ranks 7th among 42 countries in the Asia-Pacific region, and its overall score is well above the regional and global averages (Heritage.org.com, 2020).
Source of data: The Korean Cultural NY ( http://www.koreanculture.org) South Korea's export earnings only reached USD 32.82 million at the end of 1960, then exceeded USD 10 billion in 1977 and finally hit USD 542, 2 billion in 2019 due to the increase in open market demand. It was reported that foreign direct investment (FDI) in South Korea increased to an amount of US$23.3 billion by the end of 2019, which meant that FDI had reached US$20 billion for five consecutive years.
The country's GNI per capita was only around USD 67 in the year 1953 around when the government was established, today it has rapidly increased to USD 32,115 in the 2019 data. The amount of FDI in 2014 was recorded to be USD 19,000 million, 2015 it slightly increased to USD 20,910 million, in 2016 it reached USD 21,299 million, in 2017 it was USD 22,943 million and 2018 was a big jump of USD 26.90 (Korea Cultural Center NY). The steady performance, South Korea is emerging with new countries, including China and some parts of the Middle Eastern countries, to invest in the service sector of the country with high added value in return for creating a favorable environment for FDI and owning a larger and global open market . The Republic of Korea has now become a tourist destination for many in recent years both regionally and internationally, all coined by the "Korean Wave or Hallyu" which has been used by the Korean government to boost its tourism efforts.
The concept of the Korean wave has increased the cultural export of the brand "Korea" (Trolan, 2017, December 14). One of the very few places that tourist will have on their bucket list to visit for especially food experience is Gwangjang Market, Myeondong Street as well as Jeju Island for more authentic, historic Korean food.
CHAPTER V
Retrieved from the Complete Communication and Mass Media Database Globalization, or the Logic of Cultural Hybridization: The Case of the Korean Wave. Morgan Stanly.com: Popularity of K-Food Starts a Food Revolution in Seoul, \https://www.morganstanley.com/ideas/korean-food- revolucion. Retrieved from https://www.stlouisfed.org/on-the-economy/2018/march/how-south-korea-economy-develop-quickly.
Retrieved from http://www.bbc.com/travel/story/20170921-the-colourful-tradition-saving-bangkoks-street-vendors. Market capitalist economy: http://www.koreanculture.org/korea-information-economy#:~:text=South%20Korea%20has%20adopted%20the,in%20foreign.
