south korea notebook 2016

Running head: PRELIMINARY MARKETING PLAN FOR IMPORTING HONEY TO SOUTH KOREA

Independent Study

Preliminary Marketing Plan for Importing Honey to South Korea

Inesa Stevens

Missouri Southern State University

2PRELIMINARY MARKETING PLAN FOR IMPORTING HONEY TO SOUTH KOREA

TABLE OF CONTENT

I. CULTURAL ANALYSIS

Introduction………………………………………………………..…Page 3

Geographic settings and Social institutions……………………….….…. 4-5

Political system………………………………………………………...... 5-6

Religion and Living conditions………………………………………….…7

Language……………………………………………………………………8

II. ECONOMIC ANALYSIS

Introduction…………………………………………………….....…..….9-13

Principal industries…………………………………………………..……14

International trade statistics and Labor Force…………………….……..15-19

Import Quota &Tariff…………………………………………………...20-23

III. MARKET AUDIT AND COMPETITIVE MARKET ANALYSIS

Introduction and the product………………………………………….…..24

The market……………………………………………………………....25-27

Distribution of the product…...................................................................28-29

IV. PRELIMINARY MARKET PLAN

The Marketing Plan……………………………………………………….30

Distribution: From origin to destination………………………………......31

Marketing Objectives and SWOT Analysis...…………………………...32-33

Product Adaptation….……………………………………………….……33

Promotion Mix……………………………………………………..….....34-37

Executive Summary and Forecast..………………………………………38-39

References……………………………………………………………......40-41


INTRODUCTION

Honey Bear Company is located in Joplin, Missouri (USA). The main product of the

company is honey. With prosperous success, the company is looking for possible relationship to

open a distribution chain in South Korea. Honey is produced and distributed in Joplin, Missouri

and sold to the companies around the home country. The company is seeking to engage in future

relationship with South Korea. In the following country Notebook will be introduced and

discussed cultural analysis, economic analysis, market audit, and competitive market analysis in

order to create a preliminary marketing plan at the end.

CULTURAL ANALYSIS

I. Country brief history

Independence was gained at the end of World War II when Japan surrendered to the United

States in 1945. The Republic of Korea (ROK) was formed in the southern half of the Korean

Peninsula on 15 August 1948. In the north of the peninsula a Communist style government was

formed in September of the same year: the Democratic People's Republic of Korea (DPRK).

A family reunification program was started in 1985 and continues to this day. Serious tensions

remain with North Korea which is highlighted by the sinking of the warship Cheonan by North

Korea in 2010 and the artillery attack on South Korean soldiers and civilians later in the same

year. Park Geun-hye is the eleventh and current President of South Korea. Park is the first

woman to be elected as President in South Korea, and is serving the 18th presidential term. Park

is also the first female head of state in the history of Korea. (Web, 2016)

https://en.wikipedia.org/wiki/Korea

https://en.wikipedia.org/wiki/List_of_elected_and_appointed_female_heads_of_state

https://en.wikipedia.org/wiki/List_of_Presidents_of_South_Korea

https://en.wikipedia.org/wiki/President_of_South_Korea


II. Geographical settings

South Korea is located in Eastern Asia, southern half of the Korean Peninsula bordering the

Sea of Japan and the Yellow Sea. The temperate is with rainfall heavier in summer than winter

with cold winters. Land boundaries are total of 237 km. Land use of the country is divided into

agricultural land of 18.1%, forest 63.9%, and other 18%. The natural hazards of the country are

occasional typhoons which bring high winds and floods, low-level seismic activity common in

southwest, volcano Halla with elevation of 1,950m is considered historically active although it

has not erupted in many centuries. (Web, 2016)

III. Social institutions

A. Family

Contemporary urban family and social life in South Korea at the start of the 1990s

exhibits a number of departures from traditional family and kinship institutions. One example

is the tendency for complex kinship and family structures to weaken or break down and be

replaced by structurally simpler two generation, nuclear families. Another closely related

trend is the movement toward equality in family relations and the resulting improvement in

the status of women. Thirdly, there is a movement away from lineage- and neighborhood-

based social relations toward functionally based relations. People in the cities no longer work

among their relatives or neighbors in the fields or on fishing boats, but among unrelated

people in factories, shops and offices. Finally, there is an increasing tendency for an

individual's location and personal associations to be transitory and temporary rather than

permanent and lifelong, although the importance of school ties is pivotal. There is greater

physical mobility as improved transportation facilities, superhighways, and rapid express

trains make it possible to travel between cities in a few hours. Subsidiary transportation


networks have broken down barriers between once isolated villages and the urban

areas. (Congress, 2016)

B. Education

School for all children between the ages of six and fifteen is free. Senior high schools, for

students aged fifteen to eighteen, do charge tuition fees in order to supplement government

funding, but these fees do not appear burdensome enough to prevent students from

attending. School funding is very centralized, with local school systems deriving 80% of

their revenue from the central Ministry of Education, Science and Technology (MEST)

budget. Private schools receive a small amount of government funding and subsidies, but are

primarily financed through tuition fees and support from private donors and organizations.

South Korea spends $7,652 per student, as compared to the OECD average of $8,868.

However, this represents 7.6% of South Korea’s GDP spent on education, as compared to the

OECD average of 6.1%. This is the third-highest percent of GDP spent on education among

OECD countries, after Iceland and Denmark. In Korea, 82% of adults aged 25-64 have

completed upper secondary education, higher than the OECD average of 75%. This is truer

of men than women, as 87% of men have successfully completed high-school compared with

78% of women. Korea is a top-performing country in terms of the quality of its educational

system.(Benchmarking, 2016)

IV. Political system

The political system of South Korea is based on a Republic form of government with the

President as Chief of the State and Prime Minister as the Head of Government. Powers of the

government is shared between the executive, legislature and judiciary. The Cabinet


comprises of a council of ministers who are appointed by the President on the

recommendation of the Prime Minister. The political system of South Korea continues to

suffer from the aftermath of several years authoritarian rule. South Korea elected its first

female president, Park Geun-hye, in a close-run contest in December 2012. (Day, 2016) Over

the past five years, South Korea’s economy has charted steady, uninterrupted progress in

economic freedom. Recent reforms have put greater emphasis on enhancing regulatory

efficiency and ensuring a larger role for small and medium-size enterprises in the economy.

South Korea’s dynamic private sector, bolstered by a well-educated, hard-working labor

force, continues to capitalize on the country’s openness to global trade and investment.

Bribery and influence peddling persist in politics, business, and everyday life despite

government anti-corruption efforts. Large family-run conglomerates known as chaebols

enjoy outsized influence and continue to dominate the economy. Nevertheless, the rule of

law is effective, the judicial system is independent and efficient, and private property rights

are protected. The top personal income tax rate is 35 percent, and the top corporate tax rate is

22 percent. A 10 percent surtax on individual and corporate rates and a value-added tax bring

the overall tax burden to 24.3 percent of GDP. Government spending amounts to 31.8

percent of total domestic output. The budget has generated a small surplus, and public debt

equals about 35 percent of GDP. The regulatory framework is relatively competitive. With

no minimum capital required, starting a business is not overly burdensome. The labor market

remains dynamic, but there are lingering regulatory rigidities, and powerful trade unions add

to the cost of conducting business. Monetary stability has been well maintained, but

government subsidies of numerous renewable energy projects as well as child care and

medical care affect prices.


V. Religion

Religion in South Korea has been characterized by a rise of Christianity and a revival

of Buddhism. After being suppressed for decades, Korean shamanism has survived, and

shamans continue to perform their rites.

VI. Living Conditions

In Korea, full-time workers devote 61% of their day on average, or 14.6 hours, to personal

care (eating, sleeping, etc.) and leisure (socializing with friends and family, hobbies, games,

computer and television use, etc.) – close to the OECD average of 15 hours. In Korea, men

devote approximately 15 hours per day to personal care and leisure and women 14 hours per

day. In terms of employment, 64% of people aged 15 to 64 in Korea have a paid job, slightly

below the OECD employment average of 65%. Some 75% of men are in paid work,

compared with 54% of women. (Index, 2016)

VII. Language


The Koreans are one ethnic family speaking one language. The population shares certain

distinct physical characteristics which differentiate them from other Asian people including

the Chinese and the Japanese, and have a strong cultural identity as one ethnic family.

The Korean language is spoken by more than 65 million people living on the peninsula and

its outlying islands as well as 5.5 million Koreans living in other parts of the world. The fact

that all Koreans speak and write the same language has been a crucial factor in their strong

national identity. Modern Korea has several different dialects including the standard one

used in Seoul and central areas, but they are similar enough that speakers/listeners do not

have trouble understanding each other. (Kwintessential, 2016)


ECONOMIC ANALYSIS

I. Introduction

South Korea stands as one of the world's most densely populated countries, with an

estimated 482 people per square kilometer in 2014. About 70 percent of South Korea's land

area mountainous, forcing the population to concentrate in the lowland areas in densities greater

than average. (Benchmarking, 2016)

The extreme crowding in South Korea in 1990 proved a major factor not only in economic

development and in the standard of living but also in the development of social attitudes and

human relationships. Continued population growth means that the shortage of space for living

and working will grow more severe. According to the government's Economic Planning Board,

the population density will be 530 people per square kilometer by 2023, the year of expected

population stabilization. (World, 2016)

II. Population

South Korea is a homogeneous society with absolute majority of the population of

Korean ethnicity. In 1970, an estimate of 120,000 Chinese resided in South Korea. Due to

economic restrictions by the Korean government, the number officially fell to around 21,000

today. The actual number may be higher since many Chinese work and reside in Korea illegally.

A large Chinese community lives in Seoul's Daerim/Namguro area and a smaller but established

community in Seongnam. Migrant workers from the Philippines and Malaysia live and work in

the main cities, particularly Seoul. A small but growing number of foreigners related to business

and education.

The number of marriages between Koreans and foreigners has risen steadily in the past few

years. In 2005, South Korea marriages to foreigners accounted for 14 percent of all marriages


(about 26,000 marriages). Many Korean agencies encourage 'international' marriages to Chinese,

Vietnamese and Thai women, adding a new degree of complexity to the issue of

ethnicity. Today, 29,000 United States military personnel serve in Korea. (World, 2016)

This graph represents the age structure of population present in South Korea. From the graph is

easy to deduct that from:

- 0-14 years there are 13.69% of people where 3,489,564 are male and 3,323,372 are

female.

- 15-24 years there are 13.52% of people where 3,518,488 males, and 3,122,997 are

female.

- 25-54 years: 46.63%, where 11,687,846 are male and 11,214,687 are female.

- 55-64 years: 13.14% where 3,190,093 are males and 3,264,411 are female.

- 65 years and over: 13.02% where 2,662,352 are male and 3,732,485 are female.

(Factbook, 2016)


The population growth is 0.14%, where 8.19 births/1000 population, these rates were estimated

in 2015. Life expectancy at birth is 80.04 years, where male range in 76.95 years and female

range in 83.34 years live birth. The fertility rate in South Korea is 1.25 children

born/woman. (Factbook, 2016)

III. Economic statistic and analysis

A. Gross national product (GDP)

South Korea over the past four decades has demonstrated incredible economic growth

and global integration to become a high-tech industrialized economy. In the 1960s, GDP per

capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South

Korea joined the trillion-dollar club of world economies. (Factbook, 2016)

A system of close government and business ties, including directed credit and import

restrictions, initially made this success possible. The government promoted the import of raw

materials and technology at the expense of consumer goods, and encouraged savings and

investment over consumption. (Factbook, 2016)

The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's

development model, including high debt/equity ratios and massive short-term foreign

borrowing. GDP plunged by 7% in 1998, and then recovered by 9% in 1999-2000. South

Korea adopted numerous economic reforms following the crisis, including greater openness

to foreign investment and imports. Growth moderated to about 4% annually between 2003

and 2007. (Factbook, 2016)

South Korea's export focused economy was hit hard by the 2008 global economic downturn,

but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea

Free Trade Agreement was ratified by both governments in 2011 and went into effect in


March 2012. Between 2012 and 2015, the economy experienced slow growth – 2%-3% per

year - due to sluggish domestic consumption and investment. The administration in 2015

faced the challenge of balancing heavy reliance on exports with developing domestic-

oriented sectors, such as services. (Gov, 2016)

The South Korean economy's long-term challenges include a rapidly aging population,

inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance

on exports, which comprise about half of GDP. In an effort to address the long term

challenges and sustain economic growth, the current government has prioritized structural

reforms, deregulation, promotion of entrepreneurship and creative industries, and the

competitiveness of small- and medium sized enterprises. (Factbook, 2016)

GDP per capita is $36,700 in 2015, in comparison which $35,700 in 2014. The GDP real rate

growth was 2.7% in 2015 in comparison with 3.3% in 2014. The distribution of family

income or Gini index is 30.2 estimated in 2013, compare to 35.8 in 2000. The Gini index is

going down which makes the family life more affordable. (Factbook, 2016)

B. Average family income

In Korea, the average household net-adjusted disposable income per capita is

USD 19 510 a year, less than the OECD average of USD 25 908 a year. But there is a

considerable gap between the richest and poorest – the top 20% of the population earn nearly

six times as much as the bottom 20%. In terms of employment, 64% of people aged 15 to 64

in Korea have a paid job, slightly below the OECD employment average of 65%. Some 75%

of men are in paid work, compared with 54% of women. (OECD, 2016)

C. Surface transportation


South Korea has an excellent public transportation system which offers many choices

for getting around at a reasonable price. Planes, trains, and express buses connect urban areas

while intercity buses allows to travel between smaller cities and towns. Local buses are

available as well, and car ferries let you travel to offshore islands. Is good to know that, all

transportation works on the Korean ppalli ppalli (hurry hurry) system. This means that trains

and buses always leave on time and drivers usually speed and may disregard road rules

completely. (Index, 2016)

South Korea has an extensive and well-kept system of roads. In 1998, it boasted

64,808 kilometers (40,272 miles) of paved roads, including 1,996 kilometers (1,240 miles) of

expressways, and 22,182 kilometers (13,784 miles) of unpaved roads. There are several

major north-south and east-west highways, but the growing number of vehicles in use puts

heavy pressure on the land transport network. The number of private cars rose from fewer

than 500,000 in the early 1980s to 7.581 million in 1999 when there were also 2.1 million

trucks and 749,000 buses in use. To deal with the growing pressure on roads, the South

Korean government has initiated a multibillion dollar project to expand the highways. Land

transportation also includes regular train and bus services around the country. The railways

consist of 6,240 kilometers (3,878 miles) of standard gauge tracks of which 525 kilometers

(326 miles) are electrified. (Gov, 2016)

South Korea's sea transportation network includes various ports and harbors, the most

important of which are in Busan, Chinhae, Inchon, Kunsan, Masan, Mokpo, Pohang, Pusan,

Tonghaehang, Ulsan, and Yosu. To meet the needs of its growing economy, the South

Korean government is planning billions of dollars' worth of port/harbor expansion projects.

In 1999, South Korea's merchant fleet consisted of 461 ships of various size and functions

http://www.nationsencyclopedia.com/knowledge/Kilometre.html


(bulk, cargo, container, passenger, vehicle carrier, and fuel tanker) with a net cargo capacity

of 5 million metric tons. (Advameg, 2016)

D. Principal industries

A range of major export industries drives the South Korean economy.

Electronics – South Korea is a global leader in electronics manufacturing, including

semiconductors and televisions. South Korean company, Samsung, is a global leader in

smartphone sales. (Gov, 2016)

Shipbuilding – The world’s three top shipbuilding companies are all from South Korea:

Hyundai Heavy Industries (HHI), Samsung Heavy, and Daewoo Shipbuilding and Marine

Engineering (DSME). (Gov, 2016)

Automotive – South Korea is the home of the Hyundai Motor Company – the world’s fastest

growing automaker by brand. Global car demand is expected to continue rising. (Gov, 2016)

Petrochemicals – South Korea’s Ministry of Trade, Industry and Energy (MOTIE) is

forecasting strong growth for the South Korean petrochemicals industry due to increased

demand from key markets, in particular China. (Gov, 2016)

Emerging industries are:

Biotechnology – The South Korean Government funds the Korea Institute of Bioscience and

Biotechnology (KRIBB) that is exploring potential solutions to problems facing humanity.

Areas of research that may lead to commercialization include medical treatment, food,

energy, and the environment. Privately owned South Korean companies are making inroads

in the biopharmaceutical field. (Gov, 2016)

Internet software and services – Koreans are avid consumers of digital media and apply the

lion’s share of their bandwidth resources to online gaming. Google has taken an active role in

nurturing South Korean Internet software and services companies, introducing their favorites

to the US to help them build a global profile. In 2013, South Korean President Park Geun-

http://www.kribb.re.kr/eng/

http://www.kribb.re.kr/eng/

http://www.nationsencyclopedia.com/knowledge/Tank_truck.html


Hye announced the desire for a more ‘creative economy’ and launched the new Ministry of

Science, ICT and Future Planning. (Gov, 2016)

High-tech communication – South Korea has transformed into a high-tech economic

heavyweight, having applied substantial resources to research and development. As a result,

the country is now the world leader in patent activity, along with information and

communication technology. (Anzbusiness, 2016)

Tourism – The contribution of the tourism industry to the South Korean economy is expected

to grow more than double the average. (Anzbusiness, 2016)

E. International trade

South Korea’s major global exports include semiconductors, machinery, motor vehicles, and

ships. Its primary global imports are oil, semiconductors, natural gas, and coal. (KITA, 2016)

F. Trade restrictions

Korea maintains particularly high tariffs on a number of high value agricultural and

fishery products. Korea imposes tariff rates of up to 30 percent on nuts and 35 percent and

higher on most dairy products. Pears, table grapes, juices, starches, and peanut butter are

subject to tariffs ranging from 45 percent to 54 percent. Tea and peanuts, with some

exceptions, are subject to some of the highest tariffs, ranging from 754 percent and 513

percent, respectively, for red ginseng tea and green tea to 230 percent for peanuts. Korea also

imposes high tariffs on other products of interest to U.S. industry, despite having little or no

domestic production, including cherries, certain distilled spirits, frozen corn, frozen French

fries, pepperoni, and prepared or mashed potatoes. (KITA, 2016)

G. Labor force

Labor force total in South Korea was last measured at 26,073,006 in 2013, according to

the World Bank. Total labor force comprises people ages 15 and older who meet the

http://english.msip.go.kr/english/main/main.do

http://english.msip.go.kr/english/main/main.do


International Labor Organization definition of the economically active population: all people

who supply labor for the production of goods and services during a specified period. It

includes both the employed and the unemployed. While national practices vary in the

treatment of such groups as the armed forces and seasonal or part-time workers, in general

the labor force includes the armed forces, the unemployed, and first-time job-seekers, but

excludes homemakers and other unpaid caregivers and workers in the informal sector. This

page has the latest recorded value, and historical data chart and related indicators for Labor

force - total in South Korea. (Economics, 2016)

H. Inflation rates

Consumer prices in South Korea increased 1.0 percent year-on-year in March of 2016,

compared to 1.3 percent growth in the preceding month and below market expectations of 1.3

percent. Cost of food rose at a slower pace while housing & utilities and transport fell. Core

inflation rate was recorded at 1.7 percent, down from 1.8 percent in February. On a monthly

basis, prices edged down 0.3 percent. Inflation Rate in South Korea averaged 7.64 percent

from 1966 until 2016, reaching an all-time high of 32.50 percent in October of 1980 and a

record low of 0.20 percent in February of 1999. Inflation Rate in South Korea is reported by

the Statistics Korea. (Economics, 2016)

IV. Channel of distribution

A. Retailers

“Malling” culture has become popular in South Korea. “Malling” is a trend in which

consumers enjoy diverse activities such as dining, gaming or watching films or concerts

during shopping trips, in a one-stop location. Although there was already “malling” culture

from 2000, when the COEX mall opened in South Korea, it recently became much more


popular, as IKEA opened its first outlet in South Korea. Also, Shinsegae opened E-Mart

Town, leading many more consumers to enjoy the “malling” culture. As this culture prevails

in South Korea, there are expected to be more shopping complexes containing specialist

retailers, a hypermarket and a warehouse club during the forecast period.

In grocery retailers only convenience stores showed a strong performance in 2015, as there

was a significant increase in demand from single-person households in South Korea. As

consumers were highly cautious even in their purchases of daily essentials and groceries in

2015, grocery retailers experienced slow growth. Meanwhile, non-grocery specialists showed

a better performance than in the previous three years. Although non-grocery specialists

compete directly with internet retailing, several channels showed strong performances during

2015, due to their aggressive marketing activities. Beauty specialist retailers, homewares and

home furnishing stores and sports goods stores saw strong performances, leading non-

grocery specialists to increase further. (Euromonitor, 2016)

B. Import/export agents

Before entering into a contractual relationship with a Korean manufacturer’s or

commissioned representative (agent) or distributor, U.S. firms should conduct a thorough due

diligence check on a prospective business partner. A contract with an agent or distributor

should be handled with care and with the assistance of an attorney. The U.S. Department of

Commerce’s Commercial Service (CS) office in Seoul, like CS offices around the world,

offers the Gold Key Service (GKS). (KITA, 2016)

The GKS provides:

A customized schedule of face-to-face meetings with carefully-selected prospective candidates;

A briefing, interpretation service, and transportation (fee based); and


Information regarding each meeting, focused market research, and insights gained by CS specialists in the process of setting-up the GKS. (KITA, 2016)

C. Warehousing

There are many options for integrated logistics solutions in South Korea for example Toll

Global Logistics Korea. In this study the product will be delivered to South Korea by

trucking system.

V. Media

South Korea has a vibrant and diverse media sector, with numerous cable, terrestrial, and

satellite television stations and more than 100 daily newspapers in Korean and English. South

Korea boasts one of the world’s highest internet penetration rates, at nearly 85 percent, and

enjoys high-speed broadband. A significant number of young people obtain news exclusively

from online sources. (Anzbusiness, 2016)

Many newspapers are controlled by large industrial conglomerates and depend on major

corporations for their advertising revenue. The television and radio sectors feature both public

and private outlets. Five new cable television channels—four general-programming stations and

one all-news channel—were launched in 2011 after the government revised a set of media laws

to allow investment by conglomerates and newspaper companies in the broadcasting sector.

These new channels have influenced the market dominance of KBS, MBC, and Seoul

Broadcasting System (SBS), all of which had previously held exclusive rights to offer general

programming, including news. Foreign media sources are widely accessible, with the exception

of news from North Korea, which remains severely restricted. (Press, 2016)


VI. Business practice and customs

When meeting a Korean business person for the first time, it is best to be introduced by a

third party, rather than introducing the person itself. Shaking hands is now common even among

Koreans. A bow may or may not precede the handshake. The exchange of business cards is a

vital part of a first meeting. It is also important to emphasize one’s title so that, right away, the

correct authority, status and rank are established and understood. The recent Western trend

toward eliminating titles has created some problems for some companies when dealing with

Korean businesses as Koreans generally prefer to deal only with someone of equal rank as

opposed to someone of lower rank. It is important to make an appointment a few weeks in

advance of a business meeting. Most business meetings are scheduled mid-morning (10 AM to

12 PM) or mid-afternoon (between 2 and 4 PM). Contracts are seen as a starting point rather than

as the final goals of a business agreement and as the parameter within which the working

relationship will be conducted. Koreans prefer that contracts be flexible so that adjustments can

be made as the project/work evolves. Modesty and humility are important in Korean culture and

therefore it is best to avoid over-selling self or the company’ previous business achievements.

When interviewing Koreans, the interviewee will either understate the candidate’s abilities and

achievements in the belief that they will be aware of options and that anything else would be

rude or, in an attempt to live up to perceived Western expectation, the candidates may exaggerate

what would not be stressed normally in a Korean context. Once the candidate have established

contact with a Korean business partner or client, it is important to nurture that relationship. Gift-

giving is a common practice when doing business in Korea. The gifts given at the first meeting


are intended to acquire favors and to build relationships. Wait until the candidate’s host has

presented his gift and use both hands to accept it. The gifts exchanged should be of similar value,

with that of greatest value going to the most senior person. (Economics, 2016)

A. Import Quota & Tariff

Below table describes import quota and subject tariffs set on imported honey from the United States.

Table 1: WTO MMA Quota and KORUS FTA Quota on Imported Honey from the United States WTO MMA Quota KORUS FTA Quota HSK Code 0409-00-0000 0409-00-0000 In-Quota / Tariff 420 metric tons / 20% 212 metric tons /

zero percent Out-of-Quota Tariff 243% or 1,864 won/kg, whichever

higher is applied Subject to WTO MMA Quota

Administration Agency

National Agricultural Cooperative Federation (NACF)

Korea Agro-Fishery Marketing Corporation (aT)

Quota Allocation Method

Import license auctions Import license auctions (December, March, June, September)

The import quota is awarded in import license auctions to importers who offer

higher amount of monetary contribution to National Agriculture Funds. Technically, the

auction system is structured to impose additional monetary burden to the importers in

addition to the import tariff to obtain the import quota. As a result, a small number of

aggressive importers, particularly local retail store chains that use imported honey as a

loss leader product, have repeatedly won a majority of the quota in recent years. While

over two-thirds of the imported honey is distributed to retail stores, food processors and

restaurants also remain steady users of imported honey. Notable also from the table that,


the zero-tariff KORUS FTA quota on natural honey is structured to increase

continuously in the coming years. Below table describes the schedule of Korea’s import

quota for American honey under the KORUS FTA. (Korea Ministry of Agriculture,

2016)

Table 2: Korean Quota Schedule on Imported Honey from the United States under KORUS FTA

Year Quantity (Metric Ton)

1 (2012) 200

2 (2013) 206

3 (2014) 212

4 (2015) 219

5 (2016) 225

After year 5 The in-quota quantity increases by 3% per year, compounded annually.

As of June 2014, European Union (EU) is the only trading partner except for the

Unites States that Korea has implemented free trade agreement with zero-tariff import

quota on natural honey. (Korea Ministry of Agriculture, 2016)

B. Korean Food Safety Standards on Imported Honey

Imported food and agricultural products must meet the Korean regulations and

standards to enter the market. Details of the Korean regulations and standards, including

import food safety inspections and Korean language labeling requirement, can be found in

the FAIRS Country Report published by the Office of the Agricultural Affairs/the U.S.

Embassy Seoul (available from www.atoseoul.com or www.fas.usda.gov).


Korean Food Code does not allow natural honey to be added with sugars, flavoring

agents, or other food additives. Below table summarizes Korean standards on natural

honey:

Table 3: Korean Standards on Natural Honey Product Honey Comb Honey Water Content 23.0% or Less 20.0% or Less Non-soluble Matter Not specified 0.5% or Less Acidity Not specified 40.0 meq/kg or Less

Invert Sugar 50.0% or More 60.0% or More

Sucrose 15.0% or Less 7.0% or Less

Hydroxy Metyl Furfural (HMF) 80.0 mg/kg or Less

80.0 mg/kg or Less

Tar coloring agent Not specified Not detected

Artificial Sweetener Not specified Not detected

Isomerose (High fructose corn syrup) Not specified Not detected

Source: Korea Food Code, Ministry of Food & Drug

Safety

Korean Food Code also regulates use of livestock medicines and agricultural

chemicals in natural honey production. Below is Maximum Residue Level (MRL) set on

livestock medicines and agricultural chemicals that are allowed to be used in honey farms.

(Korea Ministry of Agriculture, 2016)

Table 4: Korean MRL Standards on livestock medicine and agricultural chemical in Natural Honey Name MRL Neomycin (Antibiotic) 0.1 mg/kg Oxytetracycline (Antibiotic) 0.3 mg/kg Dihydrostreptomycin/Streptomycin (Antibiotic) Not detected


Amitraz (insecticide) 0.2 mg/kg Coumaphos (insecticide) 0.1 mg/kg Flumethrin (insecticide) 0.01 mg/kg Fluvalinate (insecticide) 0.05 mg/kg Cymiazole (anthelminitics) 1.0 mg/kg Source: Korea Food Code, Ministry of Food & Drug Safety

Korean food safety authority also monitors presence of toxins in natural honey.

Grayanotoxin III and Tutin should not be detected. Regarding customs duties, tariff

classification is decided depending on nature of goods at the time of declaring

importation, and corresponding duty rates are applied accordingly. Tariff classification

on imported goods is searchable by item name on KCS Tariff D/B page of Korea

Customs Service web site. Under the same HS code, there can be several different duty

rates and the corresponding rates are applied by the order of the application priority in

accordance with Article 50 of the Customs Act. (Korea Ministry of Agriculture, 2016)


MARKET AUDIT AND COMPETITIVE MARKET ANALYSIS

I. Introduction

As a result of the Korea–U.S. Free Trade Agreement that took effect in 2012, U.S.

exports of honey to South Korea are expected to show solid growth in the coming years,

according to a new report from USDA's Foreign Agricultural Service. In 2013, U.S. honey

accounted for 65 percent of the nation's 689 metric tons in imports valued at $7.6 million (46

percent of total). Currently, the U.S. is Korea's leading source of value-oriented imported honey

as large retail chains in the nation use it as a loss leader to attract consumers. Other nations, such

as New Zealand, focus more on premium products such as Manuka honey. New Zealand

accounts for just 16 percent of Korea's import volume but 37 percent of the value. (Economics,

2016) The honey market in South Korea is growing and will soon reach higher demand for

natural products.

II. The product

The Honey Bear Company product line focuses on the many health benefits that

come from consuming honey. Honey Bear Orange Blossom is naturally boosting physical

performance by providing energy when consumed. Honey Bear Raw is pure (nectar from

flowers), unheated, unpasteurized and unprocessed. Perhaps one of the most important

characteristics of the final product is preserving all the natural vitamins, enzymes,

phytonutrients and other nutritional elements. The Honey Bear Clover has several

antioxidant properties, one of which includes reducing the risk of cancer and heart

disease. Another advantage of all Honey Bear products is the reduction of ulcers and

http://gain.fas.usda.gov/Recent%20GAIN%20Publications/Honey%20Market%20Brief_Seoul%20ATO_Korea%20-%20Republic%20of_6-23-2014.pdf


other gastrointestinal disorders. All of the Honey Bear product line is USDA certified

organic and meets the Global Organic Trade and can be sold as organic in Korea or the

United States. (Association, 2016)

III. The market

At this point of the research it is important focus on the local honey production and on how

natural honey is regulated in South Korean agriculture industry. In 2011 Korean honey farms

produced about 35,000 metric tons of honey which accounted for about 99 percent of all

honey consumed in the market that year. The Korean government had a high trade barrier on

honey imports through its Minimum Market Access (MMA) quota program that was

established in 1995 under the Uruguay Round/WTO agreement. The MMA quota was set at

420 metric tons a year. Products imported within the quota are subject to a 20 percent import

tariff, whereas imports outside the quota are subject to a prohibitive 243 percent tariff (or

1,864 won/kg, whichever higher is applied). (Korea Ministry of Agriculture, 2016)

Figure 1: Local Honey Production in Korea

Source: Korea Ministry of Agriculture, Food and Rural Affairs

However, Korean consumers’ have increased demand for value, quality and diversity in

all products which has generated a solid growth of honey imports from foreign countries

since 2011. In particular, a series of free trade agreements implemented in recent years with


major trading partners, including the United States which established zero-tariff FTA import

quota on honey. The zero-tariff quota that Korea established with the United States in 2012

under the KORUS FTA is structured to increase continuously in the coming years. Korea’s

honey imports totaled $7.6 million (or 689 metric tons) in 2013, slightly down from the

previous year because of good harvest of local honey under warmer weather as well as weak

consumer spending on specialty foods under slowed down Korean economy. On the other

hand, Korea’s honey imports from the United States in 2013 amounted to $3.5 million (or

451 metric tons), up 27 percent from the previous year partly due to the zero-tariff FTA

import quota. American honey accounted for 46 percent of Korea’s honey imports by value

or 65 percent by volume. Although New Zealand and Australia presents strong competition

for premium honey market, American honey is expected to remain the leading imported

honey in Korea in the coming years.

Figure 2: Korea’s Honey Imports (Value)

Source: Korea Trade Information Service Figure 3: Korea’s Honey Imports (Volume)


Source: Korea Trade Information Service (KITA, 2016)

An exchange student from South Korea, Subin Choi, has contributed to this study with a current

interesting article “Honey Fever: Effects On Bee-Farming Industry” from a Korean news website

about the honey consumption and related market issues of honey in the country. These are some

inserts from the article: “In Action (like Korean EBay or Amazon), the total amount of Korean

honey sales of the month (from March 20 to April 21) has increased by 54% compared to last

year and same period. In case of Loyal Jelly Honey, it`s 76%. Even in G-market (also just

internet shopping site), the total amount of Korean honey sales has increased by 91%. Since

Korea’s FTA with China and Vietnam, from where the cheapest honeys are imported to Korea.

Also Korean government is removing the import tariff on them gradually, and will be completely

eliminated by 2030. Vietnam is the first country that Korea opened their honey market via FTA.

The fake honey problem that Korea has been struggling with still exists. This honey is made by

bees that eat only sugar in Korean it is referred to as ‘Sa-Yang Honey’ (사양벌꿀)’. The

company makes 사양벌꿀 has to write a mark that shows what kind of honey it is on their

product with 22 point size, but many companies are breaking the law. (Choi, 2016)


According to 2014 Korean Bee-Farming Industry association report, when honey fever

started, the total amount of honey purchased quantity was 864t which is 2.72 times bigger than in

2013. National Health experts anticipate that in 2016 the amount of honey purchased will

increase 2~3 times more than the previous year. The total unpurchased honey stocks also

decreased from 2014 to 860t in 2015. However, Bee-Farming Industry still has problems that has

to be considered. One of the difficulties is the FTA contract with China and Vietnam which

started the import of the cheapest honey to Korea. Since then and now Korean government is

trying to gradually remove the importing tariff on these countries. The tariff removal should be

completed by 2030. Vietnam was the first country that Korea opened the honey market via FTA.

(Economics, 2016)

1. Distribution of the product

South Korea is 70 percent mountains, forcing its nearly 50 million people into key

population centers: Seoul metro area: 10+ million; Busan metro area: 3.5 million; Incheon

metro area: 2.9 million; Daegu metro area: 2.5 million; and Daejeon metro area: 2 million.

Most freight forwarders use an extensive network of first-class railways, 3,000 kilometers of

highways, and air routes that crisscross the country.

The Port of Busan is the world’s fifth largest cargo port. As well as Incheon Airport is

building a new terminal (to be completed in 2017), and a new airport is being contemplated

for Korea’s southeastern Region presently being served by Busan’s Gimhae Airport. (Gov,

2016).

2. Suggested Market Entry Tools

American honey suppliers who intend to enter the Korean market should first

develop relationships with Korean importers who have acquired or plan to acquire


import license (quota) for the given year. The list of importers who have acquired the

KORUS FTA quota is currently available from the agency that administers the auctions

through public notices (www.at.or.kr/article/apko363600/list.action). However, the list

of importers who have acquired the WTO minimum market amount (MMA) quota is not

disclosed. Contact listings of potential honey importers are available from Agricultural

Trade Office (ATO) Seoul upon request.

Space in the ‘New American Suppliers/Products Looking for Korean Import Partners’

section in ATO Seoul’s quarterly e-newsletter, which is sent out to over 2,500 industry

contacts in Korea, is provided to American suppliers free of charge upon request.

Established trade shows remain one of the most efficient tools to develop contacts with

Korean importers. Seoul Food & Hotel (www.seoulfoodnhotel.co.kr) is the leading food

trade show in Korea that provides a venue for new-to-market American suppliers to

develop contacts with a large number of Korean distributors and buyers. This is the

only show in Korea that is officially endorsed and supported by USDA Foreign

Agricultural Services (FAS). The show schedule for 2016 is May 10-13, 2016. There

will be a sizable U.S. pavilion in the show put together by various U.S. agricultural

industries and organizations including USDA cooperators, state regional trade groups

(SRTG) and state departments of agriculture. (Web, 2016)


PRELIMINARY MARKETING PLAN

1. The marketing plan

Honey Bear is one of the first companies to create the concept of raw honey. The

company does this by combining a good product, effective advertising, sophisticated

packaging and selective distribution. Honey Bear's standards of excellence include

maintaining their product's high quality by requiring special handling during storage and

display. The business popularity growth as a premium product is due to their innovative

approaches in manufacturing, advertising and packaging.

Advantages and Challenges facing Honey Bear for the first year in South-Korea:

Advantages

Reach of 10 million affluent consumers in densely populated area, with per capita

income of $25,000.

Reliance on imports for 70 percent of food and agricultural needs, falling import

barriers and free trade talks that are likely to improve market access.

Younger generation's affinity for Western foods as honey.

General acceptance of U.S./European foods products.

Challenges


Low recognition of imported goods outside the metropolitan areas.

High markups, coupled with income tariffs and taxes

2. Distribution : From origin to destination

A. Port Selection

The port of Long Beach in California is the closest international access to the

distribution from Joplin to Busan port of South Korea. By choosing China Shipping

Line would allow the company to import the product by container vessels which

follows direct Busan Port and Los Angeles Port route, and the transit time is around

11 days. (KITA, 2016)

B. Mode selection

The mode of transportation would be planned by a connection from the production

facility in Joplin to the Long Beach port by trucking system delivery in a container

ready to be placed on vessel ship, and from port to the grocery store in Seoul by

trucking system. (Dontrade, 2016) The location of the product should be placed close

to snacks and other honey products where mostly families will shop for groceries and

are interested in special foods.

C. Documentation required:

To make sure the product gets the customs clearance Import Declarations has to be

filed electronically through the EDI System or submitted manually.

The following supporting documents are filed with the Import Declaration:

• Commercial Invoice


• Value Declaration

• Bill of Lading or Airway bill

• Packing list

• Certificate of Origin

• Quarantine Inspection Certificates from relevant government agencies

• Phytosanitary Certificate from country of origin (Customs, 2016)

3. Marketing objectives

The objective of the company would be to distribute the product to a grocery

store and see how the customers will respond. The market will be focused on family’s

buyers that are willing to shop for groceries and healthy foods. In the second year,

Honey Bear hopes to open approximately 1-2 stores and add direct sales into the

supermarket stores.

SWOT Analysis

The following SWOT analysis captures the key strength and weaknesses

within the company, and describes the opportunities and threats facing

Honey Bear.

Strengths

High quality branded product (country of origin effect)

Price advantage due its production in a country of origin

Existing infrastructure for production

Operates with larger honey supplier in USA

Weaknesses

Company has no experience exporting in South Korea


AFIA is a trading house and has little control over suppliers to provide consistent

product quality

Opportunities

Koreans become more health conscious

The honey is more affordable

Cultural convergence of honey being considered as a food rather than medical

substance.

Growing demand

Good import restriction and tariff

Threats

Domestic competitors or local honey distributors for hotels such as Dong Seo and

Han Yang. They gather honey directly from producers, process and then distribute

it through their own channels.

Once Korea opens its market, many new entrants come such as USSR, China,

Canada and Australia.

4. Product adaptation or modification

The honey package and product itself should not be modified because its consumption has

grown exponentially from previous years. Originally in South Korea, the honey was

perceived as a medical substance for any respiratory issues. Today the perception on honey

has changed and its consumption is widely used in many snacks, added to the tea, on top

of sandwiches, and cookies.


5. Promotion mix

PRODUCT – Opening Honey personal store could offer a comprehensive selection of

various products and sizes of 8oz. (227gr), 12oz. (340gr), and 20oz. (750gr). At the

moment the idea of opening a new store is really risky. A good strategy to start with would

be selling the honey to a grocery store. Packaging will not be different from The U.S. only

a translated and regulated custom label would be made and applied when the product

enters the country.

In the future Honey Bear Company should focus on having an innovative packaging

strategy which not only focuses on sales but also gives a variety of different tastes. This

could be done by offering a package with three different kinds of honey: raw, orange

blossom, and clover. The variety would offer an exclusive and unique hand-made outside

package and will ensure innovation and differentiation from competition.

PRICE – Honey Bear Company price recommendation should be keeping the standardized

prices in South Korea to comply with the competitors honey products. In South-Korea, the

price is $4.50 each 8 oz. (227gr). A future estimate of $10 value pack for three same kind,

or all different bundle of 12 oz. will cost in South-Korea 4558.40KWR ($ 1 = 1139.60

KWR). (Exchange, 2016)

Product Price


According to Alibaba website raw honey can be purchased for as low as US

$1,000 for one metric ton. In 1,000 Kilograms (metric ton) there are 35,000 fluid ounces,

and one ounce of honey is costing about 3 cents (US $ 00.03 per ounce). The 8oz. honey

needed to fill the bear bottle ready to sell is costing to the company $0.24 each.

The primary package is plastic bottles ($0.19 each) and label is ($0.10). (Alibaba, 2016)

The packaged product ready to sell is costing the company $1.82 each.

Cost with Markup Gross Margin:

Production costs Price in US dollar

Cost of honey and bottle & Label $00.53

Factory Overhead $00.46

Subtotal $01.52

Markup 20% Gross Margin $00.30

Total Cost per bottle $01.82

Delivery Price

The Honey Bear Company will export 32,000 oz. (907 kg) to South Korea through the 20

foot dry box ($1900.00 each) ship container. The secondary package is a card board boxes

of 20 bottles of 8oz. ($0.38 each), 200 count in total. The tertiary package is the metal ship

container purchased from Alibaba website for US $1900.00 (Alibaba, 2016)

Once the container will arrive to South Korea each secondary package will be ready to be

delivered to a distributor which will take the product to the grocery store.

Delivery requirements and packaging Total Prices in US Dollar

Honey primary package and product $1.82


Secondary package (boxes) $22.00

Tertiary package ( 200 count) $76.00

Per container (20 foot dry) $1900.00

Tariff or Taxes $0

Trans. Joplin, Mo – Los Angeles Port

Insured (World Freight, 2016)

$355.75

Trans. Los Angeles Port – Busan Port


$372.12

Trans. Busan Port – Seoul


$355.75

Total Delivery Cost $3080.62

Cost per bottle including Delivery $2.59

Distributor prices

The Honey Bear Company will sell its product to Lotte Market in Seoul. The

distributor to the grocery store will provide the ready to sell honey in packages of 20

items each.

Price For Distributor Price

Honey price in USA $2.59

Distributor Gross Margin 25% $0.65

Distributor Price $3.24

Consumer prices


The competitor price is ranging from $4-$5 dollars per package. The Honey from Honey

Bear will have more sales because of the good price and quality.

The grocery store will sell the product on the shelf with the following pricing:

Price for Grocery Store Price

Honey Price to distributor $3.24

Grocery Gross Margin 40% $1.30

Consumer Price $4.54

PLACE – SEOUL “Lotte Market” is the first retail store that Honey Bear Company will

sell the honey. Honey Bear should emphasize in putting the product close to competitors

honey on the shelf. The free samples stands should be placed in the supermarket to engage

customers with the new product. (KITA, 2016)

PROMOTION – For advertising goals of Honey Bear Company is to come to a unified

advertising message which will include a common campaign that will be recognized

globally, and will also lean towards the standardization end of the continuum. This task

will be difficult due to the differences in the perception of the benefit of the product the

company sells. The new goal for Honey Bear could be to “increase the frequency of the

purchase of honey for gifts as well as for self-consumption” and to give the brand a more

youthful appearance. The message for Honey Bear will be partly provided by the

packaging with a bright-colored label displaying the fun and healthy side of honey. The

first step is to give out free samples to create “free” publicity. Another marketing strategy


that Honey Bear can announce is leading multiple ways of consuming honey during a tea

break or a lunch break.

Executive Summary and Forecast

The prospective marketing plan for Honey Bear Company to import honey to South

Korea has a potential in its future success. In markets such as South Korea, finding a space to

design a store in heavily crowded, congested and highly priced city areas is rather difficult. A

recommended location for the storage facility would be good in a nearby low cost region. South

Korea has good infrastructure so this should not pose a particular problem. The distribution will

be in form of truck delivery directly to the grocery store. The storage facility might be modeled on

existing American facilities, but more compact to respect space constraints. With the South

Korean market serving as a port of entry, Honey Bear is planning to ultimately be able to

penetrate in few years the whole Asian region. A goal of opening around 5 directly managed

branches in the next five years.

The main problem facing Honey Bear International towards South-Korea would be

maintaining the prestige of the brand name while unifying its image despite cultural barriers. The

main advertising challenge would be to create a common message. Competition is a particularly

prevalent challenge. A reasonable suggestion for Honey Bear is mainly focus on the product and

its promotion at first in order to become a recognized foreign brand and healthy product on the

market to increase admiration when a new market is first started. Therefore, Honey Bear should

develop an initial promotion strategy to faster gain some market share in South Korea.


In conclusion, the first step is to give out free samples to create “free” publicity. Include

in marketing strategy on how consuming honey during a tea break or a lunch break can be healthy

and tasty. Since the South Korean society is technologically advanced the various approach would

attract more consumers. The newspaper, social network advertising campaigns as well as

advertising proposals campaigns to be shown on TV and as pop-up ads on the Internet would

work in favor of the company success. South Korean culture, in general, takes favorably to

cartoon characters and the use of these in the advertisements may prove successful earnings. If the

business will go as expected Honey Bear Company should also try to get a South Korean celebrity

to be its spokesperson in the ads. The people from Seoul work long hours but also enjoy

socializing and are generally more than a kind to foreign visitors. Honey Bear Company should

have tremendous advantages in creating product awareness and getting fast popularity in South

Korea capital.


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