CJ E&M: Creating a K-Culture in the U.S.

CJ E&M: Creating a K-Culture in the U.S. Description

Buoyed by the success of K-pop music and K-drama television shows in Asian countries, Jay Lee, Chairman of the South Korean conglomerate CJ Group, believed that the time was ripe for taking Korean cultural content to the West. One initiative, carried out by the Group's Entertainment & Media (E&M) division, was a daylong fan convention, called 'KCON' , that was held in Irvine CA in October 2012 and which featured various Korean cultural elements, such as music, dance, film, and food. In the spring of 2013, Miky Lee, the Group's Vice Chairman, called a meeting with key executives to review the results of KCON 2012's and make a recommendation to the Chairman on whether to hold a similar event in 2013. As part of their deliberations, the executives were expected to consider where a potential 2013 convention should be held, which artists to invite, which target consumers to focus on, how to price tickets and how to attract more sponsors. With KCON 2012 having lost money, despite a robust turnout, it was far from clear whether to repeat the event and, if so, whether its scale should be expanded beyond 2012's $1.1 million budget. With CJ recently opening a chain of mid-market Korean food restaurants in the Los Angeles area called Bibigo, the meeting would also touch on the restaurant's U.S. growth plans and how they might be connected to KCON. More broadly, the executives had to wrestle with the question of whether Americans would ever really embrace Hallyu, the Korean Wave, beyond one-off success stories like PSY's "Gangnam Style". And even if they believed so, was KCON the right vehicle to make it happen, or was the event just a waste of the company's time and money? CJ Group's Vice Chairman, Miky Lee, and other CJ executives need to review the results of KCON 2012, the company's first Korean pop-culture convention, and make a recommendation to the Chairman on whether to hold a similar event in 2013. The executives were expected to consider where a potential 2013 convention should be held, which artists to invite, which target consumers to focus on, how to price tickets and how to attract more sponsors. With KCON 2012 having lost money, it was unclear whether to repeat the event and, if so, what budget to allocate.

Case Description CJ E&M: Creating a K-Culture in the U.S.

Strategic Managment Tools Used in Case Study Analysis of CJ E&M: Creating a K-Culture in the U.S.

STEP 1. Problem Identification in CJ E&M: Creating a K-Culture in the U.S. case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of CJ E&M: Creating a K-Culture in the U.S. case study

STEP 3. Industry Specific / Porter Five Forces Analysis of CJ E&M: Creating a K-Culture in the U.S. case study

STEP 4. Evaluating Alternatives / SWOT Analysis of CJ E&M: Creating a K-Culture in the U.S. case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis CJ E&M: Creating a K-Culture in the U.S. case study

STEP 6. Recommendations CJ E&M: Creating a K-Culture in the U.S. case study

STEP 7. Basis of Recommendations for CJ E&M: Creating a K-Culture in the U.S. case study

Case Analysis of CJ E&M: Creating a K-Culture in the U.S.

CJ E&M: Creating a K-Culture in the U.S. is a Harvard Business (HBR) Case Study on Sales & Marketing , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. CJ E&M: Creating a K-Culture in the U.S. is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. CJ E&M: Creating a K-Culture in the U.S. case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. CJ E&M: Creating a K-Culture in the U.S. will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

CJ E&M: Creating a K-Culture in the U.S. case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Sales & Marketing, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of CJ E&M: Creating a K-Culture in the U.S., is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The CJ E&M: Creating a K-Culture in the U.S. case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Sales & Marketing Solutions

In the Texas Business School, CJ E&M: Creating a K-Culture in the U.S. case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – CJ E&M: Creating a K-Culture in the U.S.

Step 1 – Problem Identification of CJ E&M: Creating a K-Culture in the U.S. - Harvard Business School Case Study

The first step to solve HBR CJ E&M: Creating a K-Culture in the U.S. case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Kcon Cj is facing right now. Even though the problem statement is essentially – “Sales & Marketing” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Kcon Cj, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the CJ E&M: Creating a K-Culture in the U.S..

The external environment analysis of CJ E&M: Creating a K-Culture in the U.S. will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in CJ E&M: Creating a K-Culture in the U.S. case study. PESTEL analysis of " CJ E&M: Creating a K-Culture in the U.S." can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with CJ E&M: Creating a K-Culture in the U.S. macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for CJ E&M: Creating a K-Culture in the U.S.

To do comprehensive PESTEL analysis of case study – CJ E&M: Creating a K-Culture in the U.S. , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on CJ E&M: Creating a K-Culture in the U.S.

Government policies have significant impact on the business environment of any country. The firm in “ CJ E&M: Creating a K-Culture in the U.S. ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Kcon Cj is operating, firms are required to store customer data within the premises of the country. Kcon Cj needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. CJ E&M: Creating a K-Culture in the U.S. has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Kcon Cj in case study CJ E&M: Creating a K-Culture in the U.S." should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Kcon Cj in case study “ CJ E&M: Creating a K-Culture in the U.S. ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Kcon Cj in case study “ CJ E&M: Creating a K-Culture in the U.S. ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on CJ E&M: Creating a K-Culture in the U.S.

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ CJ E&M: Creating a K-Culture in the U.S. ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Kcon Cj can compete against other competitors.

Government Scheme & Subsidies Impact on CJ E&M: Creating a K-Culture in the U.S.

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at CJ E&M: Creating a K-Culture in the U.S. case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on CJ E&M: Creating a K-Culture in the U.S.

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Kcon Cj needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Social Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Technological Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Environmental Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Legal Factors that Impact CJ E&M: Creating a K-Culture in the U.S.

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in CJ E&M: Creating a K-Culture in the U.S. case study. PESTEL analysis of " CJ E&M: Creating a K-Culture in the U.S." can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: CJ E&M: Creating a K-Culture in the U.S. case study solution