A Study on the Analysis of OVERSEAS MARKET ENTRY Strategy by Growth Stage for ICT Companies of the Post-COVID-19 Era

Policy
By. Sanghee Park, Kiyoon Kim Views. 1704

Abstract

Purpose: Given the expansion of online and contactless centric corporate activities due to COVID-19, in order to derive a systematic strategy for the Korean ICT companies' contactless manner of overseas market entry, it is intended to present the differences among strategies according to the growth stage of the ICT companies.

Method: A questionnaire survey was conducted by targeting major ICT companies of Korea. Based on which, attempt has been made to verify the status of overseas market entry and the level of technological development of the major Korean ICT companies, while verifying the strategies required for the overseas market entry by each growth stage.

Results: The manner of overseas market entry turned out to vary depending on each company's growth stage. Accordingly, in the survey of the difficulties during the overseas market entry, varying difficulties were experienced depending on the growth stage of the company. The ICT companies of the entry stage noted the issue of finding customers as a difficulty, and the ICT companies of the growth and maturity stages noted the “lack of trade specialists.” It was also analyzed that the awareness of government support was low, demonstrating the limitations of comprehensive government support policies. Lastly, it was analyzed that differences arose in the current status of responding to COVID-19 and the difficulties depending on the growth stage of the company. It was verified that the awareness of the government's support policy for the ICT companies was low, which was not properly utilized, thereby further confirming that a policy alternative is needed.

Conclusion: Consequently, it is necessary to change the overseas market entry support policy for the ICT companies focused on the overseas base centers, which have previously been operated primarily by the suppliers, to the consumer centric, whereby the ICT companies could expand by considering the overseas market entry together from the early stage of growth.

[Keywords] ICT Company, Expansion Strategy, COVID-19, Overseas Market, Effectuation Theory



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