Jollibee in Korea? Why? or Why not! (Part 1)
Did you know that there still no Jollibee franchise in Korea? I think because living in that country is very expensive? But, Koreans really like fried chicken so, they will surely love to this fast food chain in their country.
Last semester, our professor on International Trade and Agreement created a mini competition for all BSBA 3rd year students, he called it Globetrotters. It was have two rounds, the semi finals and finals. Every group in different section will compete with their classmates then whoever wins will proceed to finals which were all the winning team.
Anyways, in this article I would like to share with you my group's final output. For the expansion of Jollibee Foods Corporation in Seoul, South Korea.
Here are the following topics or highlights of the things we did for our marketing plan;
Competitors Landscape
Target Consumers
Product Portfolio
SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
4P's of Marketing Mix
Competitor's Landscape
First, we discussed the Jollibee's Competitors Landscape, there probably competitors when they decided to create a franchise in Korea such as; Loteria, Burger King, McDonald's and Kentucky Fried Chicken.
Also, I edited a video or short teaser, to hype the audience before they listen to our over all marketing plan. If you are interested you can watch it here;
Note: I edited this, but all all videos I used was not mine. Credit to the rightful owners.
Target Consumers
In terms of Capturing the Hearts of Korean Consumers. We must know that:
Most of South Koreans do not speak English so in terms of hiring worker it is important to hire employees who are fluent in Korean language and can also speak English for tourist. To lessen the barrier in communication.
South Koreans like special promotions and discounts because they enjoy accumulating points and claiming rewards.
South Koreans prepare fast and convenient products and service because once a brand’s product or service is recognized as fast and convenient, the customers themselves will create buzz through social media or word of mouth.
South Koreans pays attention to Social Media Influencers because they value the image represented by a brand, especially one that is endorsed by a trusted influencer that they follow.
South Koreans love Spicy food as a stress reliever because Koreans think that when they eat spicy food it will help them to cool down from the stress and anger.
Our Target Consumers are South Korean People and Tourist who are living in Seoul, South Korea specifically in Myeongdong. Seoul was the Capital of South Korea and it is the cultural, economic, and political centre of South Korea. The Nationality of people living in Seoul are called "Korean" and their spoken language is "Korean Language".
According to the data, Seoul has 9.9 million of population average as of 2021. Their Currency is South Korean "won". And they are Fashionista because they are known for their fashion, beauty and makeup trends and Impatient because they consider their time valuable that everything must be done as fast as possible. Korean consumers are not loyal to their brands, they tend to be tech-savvy and concerned with brand names.
Thanks for Reading! Wait for next part as I will share our product ideas for Jollibee's expansion in Korea.
Let me know your thoughts about this, just comment down below!
Images Source: I created using Canva
# 18
: Saturday
: August 27, 2022
: Re-joyce
I read and I was surprised I still remember the terms you mentioned from when I was a business admin student. I guess those close to me say I have elephant memory, lol