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Korean Technological Market Analysis

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Korean Technological Market Analysis
Technology is among the factors that affect the business environment around the world.
In the current days, many businesses operate with advanced technology to improve the quality of
their products and get production benefits. One of the markets around the world that have been
affected by technological factors is Korea. Korea is among the leading regions in technological
innovation and development (Kim, 2018). Samsung and LG dominate the Korean technological
market, but many small companies play a vital role in the technological capacity of the Korean
market (Korea Economy, 2021). Korea is well-known for producing mobile phones,
semiconductors, chips, integrated circuits, and other electronics (Korea Economy, 2021). The
Korean technological market is highly affected by technological factors that include
technological development, research and development, trends in global technological
advancements, consumer preferences and information technology. Every business operating in
the technological market should develop the right strategies to address the organization's
technological needs.
Technological development has a significant contribution to technology companies.
Technology development is the process of invention, innovation, and use of technology in
different processes. Because many technological companies in the Korean market produce
electronics, they require modern technology to improve the quality of devices and
services (World Bank, 2003). Businesses in Korea use robots in their production activities to
increase the output and quality of technological products. When these companies are equipped
with the latest machines, they will spend less time manufacturing electronics, increasing total
goods and services supplied to the market. Technology development also helps businesses to
reduce the cost of production. In the current days, robots are used in the manufacturing sector,

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reducing human resource expenditure (Statistical Yearbook, 2021). Technological companies
that have invested in the latest technology dominate the market because they will continuously
develop the latest devices needed by users. Every business in the Korean technological market
should strive to internalize modern trends in technology to develop products that will win
consumers hence increasing its performance.
Research and development are also important aspects of technological factors affecting
Korean technological markets (Korea Economy, 2021). New technology keeps coming up, and
businesses should know which technology is beneficial and which is not. Research and
development involve activities that technological companies take to innovate and develop new
products and services. Consumers develop new needs from time to time, and technological
companies should conduct market research to know the products that consumers will like. Korea
is well-known for producing electronics, and because their technology keeps changing,
companies that develop new products frequently show that they are in line with technological
advancements. Technology helps to improve the existing products after researching to know
features that should be added or removed to make the devices fit for the current market.
Technological factors have helped technological companies develop televisions, smartphones,
home appliances, semi-conductors, and chips demanded by the modern world. Korean
technological companies with excellent technology research and development strategies perform
better than companies with outdate...