Making an international partnership work

The video discusses a business venture in Korea, focusing on the importance of having a physical presence in a saturated market like mobile phone accessories. It highlights the formation of a joint venture, owning 75% of the business, and achieving a turnover of $3 million. The speaker emphasizes the need for trust and authenticity in business relationships, which are crucial for addressing challenges. Regular visits to Korea help maintain these relationships and transfer the core business culture. The venture has enabled the company to explore new technologies like the Internet of Things, Wi-Fi, and Bluetooth.

What strategy did the company use to enter the Korean market?

• Focusing on local advertising

• Offering discounts and promotions

• Establishing a physical presence and forming partnerships

• Online marketing campaigns

What percentage of the joint venture in Korea does the company own?

• 60%

• 75%

• 90%

• 50%

Why is trust important in international business ventures?

• It helps in reducing costs

• It ensures smooth communication and problem-solving

• It increases product sales

• It attracts more investors

How often does the company representative travel to Korea to maintain relationships?

• Four times a year

• Every month

• Twice a year

• Once a year

What new technologies has the company expanded into?

• Internet of Things, Wi-Fi, and Bluetooth

• Blockchain and Cryptocurrency

• Artificial Intelligence and Machine Learning

• Virtual Reality and Augmented Reality