B. Target Market Profiling
Description of Target Market
The name of Seoul comes from the ancient word 'Seorabeol' or 'Seobeol', meaning "capital". http://english.seoul.go.kr/today/about/about_01quick.htm
Seoul is fifth largest city in the world and it is the center of finance, economy, arts and culture. It is known to be one of the safest places to travel because of its low crime rate. http://www.asianinfo.org/asianinfo/seoul/general_information.htm
Geographic
The old Joseon Dynasty city is the heart of Seoul, where most hotels, markets, palaces, government offices and corporate headquarters are situated. This area occupies the valley of Cheonggyecheon which is now a covered stream that runs from west to east through the valley before emptying into the Han River. Bukhan Mountain can be found in the north and to the south is the smaller Namsan.
In the south are the old borders of Yongsan-gu and Mapo-gu, and the Han River . Areas of Gangnam-gu and it’s surrounding neighborhood are newer and prosperous which can be found across the Han River. The World Trade Center of Korea is located in Gangnam-gu and this is where many trade fairs and conventions are held. Also the Coex Mall which is the famous indoor mall area is also can be found in Gangnam-gu where many young Koreans enjoy hanging out with their friends. Yeouido is a large island in the middle of the Han River, downstream from Gangnam-gu, and is a residence to the National Assembly, the major broadcasting studios, and a number of large office buildings, as well as the Korea Finance Building and the world's largest Presbytarian church. In Songpa-gu the Olympic Stadium, Olympic Park, and Lotte World are located. It is on the south side of the Han River, upstream from Gangnam-gu. South of the sprawling Gangnam area are Namhan Mountain and Gwanak Mountain. Also the skyline of Seoul is somewhat astonishing.
Many remarkable buildings including the Korea Finance Building, Namsan Tower, the World Trade Centre, the 6-skyscraper residence Tower Palace, the Star Tower, IPark Apartment, and the various high-rise office buildings lead Seoul's skyline. The number of high-rise buildings in Seoul is the most profuse in Asia after cities like Shanghai, Hong Kong, and Singapore.
When Seoul was first designed to serve as a capital in the 14th century, the key concept was the urban and civil planning. In Seoul, the Royal Palaces of the Joseon Dynasty still remain with the main palace Gyeongbokgung which is presently being resnovated to its original form. Nowadays, there are 9 major efficient subway lines stretching that are existing for more than 100 kilometres which connects the greater Seoul Metropolitan area, with a 10th line being planned. The Jongno is the most historically significant street in Seoul which means “Bell Street” where ‘jong’ means a bell and ‘ro’ means a street. This Bell controls the four gates to the city and signals the different time of the day. It hits ceremonially at 0:00 every new years day and it still in its original form. Seoul's most important streetcar line ran along Jongno until it was changed to Line 1 of the Seoul subway system in the early 1970s. Other famous streets in downtown Seoul include Euljiro, Sejongno, Chungmuro, Yulgongno, and Toegyero.
Demographic
As of the end of 2003, Seoul has a population of 10,276,968. This shows the quarter total national population. As for the percentage of male to female not including the foreigners, women (5,143,274) slightly outnumbered the men (5,133,694). Nowon-gu has 633,934; the biggest population by district while Jung-gu has the smallest population with the total of 138,798. The population of Seoul has grown 110 times since Seoul became the capital of the nation in 1394.
As of the end of 2003, the number of foreign residents in Seoul is 102,882 or about 1 % of Seoul's total population. This includes 52,572 Chinese, 11,484 Americans, and 6,139 Japanese. There are people of more than 90 different nationalities currently residing in Seoul, forming a small global village.
As of the end of 2003, the number of foreign residents in Seoul is 102,882 or about 1 % of Seoul's total population. This includes 52,572 Chinese, 11,484 Americans, and 6,139 Japanese. There are people of more than 90 different nationalities currently residing in Seoul, forming a small global village.
Seoul having foreign residents would increase the company’s demand of prawns because it would not only be targeting Koreans but also with other nationalities like Chinese, Japanese and Americans. The advantage of this is that prawns are also used by this other nationalities where in they also prefer eating it in their own various ways.
Behavioral
The enhanced typical way of living that has occur as a result of the nation’s economic growth has given to a demand for quality, diversity and aesthetic values on the part of many consumers in their choice of consumer products. They occasionally show a high tendency of consumption that is uneven to their income level.
Among the urban and rural population, they had sharpened their interest in leisure and health. Westernization in lifestyle among the younger generation is very evident. Western fashion, music and even fast-food chains had a big impact on the urban life. The Korean consumer prefers foreign made products even at higher price. Thus, Korean consumers are open to a wide range of goods of all prices from all sources. Competition among these foreign suppliers is very intense. This means that Koreans are open to accept foreign products and try them. It is a good sign to the company would be easier to capture the attentions of the consumers.
On March 1986 a survey was conducted by the Korea Chamber of Commerce and Industry resulted that a total of 70.7% of the population in terms of quality and price are foreign brand goods. According to the same survey, foreign brands electric home appliances had been purchased by 28.1% of the sample, followed by the cosmetic and beauty supplies at 15.5%, and foodstuffs at 15.3 percent.
Psychographic
Usually South Korea’s working day begins from 8:00am onwards but this can differ depending on the time that it will take from commuting to work due to the obstructed streets in the city. Most of the Koreans work nine-hours a day in their offices and frequently they take longer lunch breaks. A working week of 48 hours is the norm in manufacturing, while those in service sector jobs have shorter working days but they work in Saturdays also, or will work fewer days, but for longer shifts.
Thus, this shows that Koreans have more time to look for their preferred meal i.e. if it is their lunch break they can go to the supermarket/grocery to buy their meal not unlike with other countries that have constricted time, they only consume what is available near them and what is fast to eat due to their short lunch break.
The current trend is for shorter working weeks. The key reason for this is that more people are taking time to enjoy their leisure rather than working on long hours. People are satisfied with their average level of incomes and are more interested in enjoying their benefits. Also, the Koreans have always had a much more relaxed approach to life than in their counterparts in China or Japan. The Koreans have tended to slow down the pace of their career development as the standard of living has improved so they can enjoy their leisure activities and spend more time with their family.
Source: Euromonitor
Climate
Seoul has four seasons, which are spring, summer, autumn and winter. The yearly average temperature of Seoul is 12.2 degrees Celsius. Temperatures in Seoul show large seasonal differences, reaching as high as 38.4 degrees Celsius in the summer and dropping as low as minus 19.2 degrees Celsius in the winter. Influenced by the North Pacific high-pressure system, Seoul has hot and moist summers with average temperatures above 20 degrees Celsius from June to September.
The city often records daily highs of over 30 degrees Celsius in the middle of summer; the city often records daily highs of over 30 degrees Celsius. Seoul is influenced by the Siberian high-pressure prevailing west wind with temperatures dropping lower than other regions in winter. The cycle of three successive cold days followed by four warmer days are caused by the rise and fall of the high-pressure system that relieves the people from the cold freezing weather. http://english.seoul.go.kr/today/about/about_09way.htm
With the inconsistency of the climate in Seoul Korea, with regards in producing or culturing prawns, it would be difficult to do so because it would need a tropical climate. This means that South Korea would not be able to produce or culture much prawns to supply their needs.
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