![]() ![]() This comparison will be based on Hofstede’s model of cultural dimensions since it is very applicable for analyzing the business culture of different countries. Individualism (more attention is paid to the individual contribution) High (more formal relations among colleagues)Ĭollectivism (more emphasis on group work) Cultural Dimensions of Australia and South Korea This is why differentiation seems to be the most appropriate approach. This enterprise will not be able to gain a competitive advantage through cost leadership or lowering the prices for their products. We should bear in mind that this market is relatively saturated. If a Korean car-manufacturing company intends to enter Australian markets, it should adopt the differentiation strategy, which means that the need to provide customers with products that will be superior in terms of performance, design, reliability, and functionality. The existing entry barriers can prevent other car manufacturing companies from entering Australian markets. Moreover, one should not disregard the necessity to make a considerable investment to launch operations. The above discussion indicates that the threat of new entrants is relatively low because this market is dominated by economies of scale, and the level of customer loyalty is relatively high. At this moment, it is rather difficult to determine the exact amount of money required by the company. ![]()
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