Marketing environment in South Korea for skincare products : case: Rimita Green

Abstract

This thesis was done as a case research for Finnish company Rimita Green, a producer of natural skincare products. The aim of the thesis was to research marketing environment in South Korea, especially for skincare products, as Rimita Green was interested in finding new markets they could potentially start exports to. The researched marketing environment dimensions included demographic environment, socio-cultural environment, political and legal environment, economic environment and competition in South Korea. South Korea is the world’s 8th biggest cosmetics market and is known for the population’s interest in skincare.

The data was gathered mainly through desk research by reviewing existing data from various official government records, different international organizations and databases. The data was analyzed with keeping in mind the case company’s product line, resources and goals. A survey was also conducted for extra insight for case company, which received 39 responses.

The results showed that Korea has high market potential for case company Rimita Green with its 51 million people population and rising household income, and as skincare products are highly valued by women and men. Cosmetics market size is growing, but competition is high.

The findings of the thesis suggest that although there is a lot of potential in the market, some risks are also involved. Case company Rimita Green should consider their situation, assets and goals before entering the market.