The thing is that those practices which they adopt in Korea may not apply to Australian business culture. These distinctions should be taken into consideration by the management of the Korean company, especially if we are speaking about HR management otherwise, they will find it very difficult to motivate employees. We are going to focus on such criteria as power distance, individualism, uncertainty avoidance, and long-term orientation (Hofstede, 2010, unpaged). 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) Our findings can be presented in table format. Cultural Dimensions of Australia and South KoreaĪt this point, it is necessary to identify the cultural dimensions of Australia and South Korea. This is why differentiation seems to be the most appropriate approach.
![threat of new entrants in construction industry threat of new entrants in construction industry](https://cdn.corporatefinanceinstitute.com/assets/threat-of-new-entrants.png)
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.