Market Analysis of South Korea

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Introduction The product is a transformational chair for kids, marketed in South Korea. The paper will focus on the market itself. The product is expected to be relatively unique, because it will have added features like wearable feeding bottles, temperature measuring baby dish and baby cocoons. The target market for the chair is the parents of young children, typically urban with a good education and relatively high income. The end users are children between 6 months and 4 years. Market Analysis South Korea has one of the lowest birth rates of any nation, which means that the population of young children is decreasing. The birth rate of 8.42 per 1000 of population, which ranks 216th in the world out of 222 countries. As such, the market trends for transformational chairs are not great. That said, South Korea has a population of 48,955,000 people. This means that in any given year, there will be 412,201 births. The target end user market consists of 3 ½ years' worth of babies, so a total end user market of 1,442,700 will exist in South Korea at any given time. The low birth rate implies that South Korean parents have few children. As such, there is less risk that parents will hand down their chairs from one child to another. Only parents with more than one child would do that, and many Korean parents only have one child. While there is a minor trend towards non-Koreans living in South Korea (Choe, 2012), this trend is too small to make a difference in the nation's

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