[Paper] Competitiveness of Unique Venues in Multicultural Spaces in South Korea
David Lee published a paper on the competitive advantage of unique venues in Korean multi-cultural spaces. I
David Hyoungjoo Lee, CEO of VM Consulting, has published a paper on the competitive advantage of unique venues in Korean multi-cultural spaces. This paper was written in collaboration with professors from Business School Lausanne (BSL) and Seoul School of Integrated Sciences & Technologies (aSSIST), presenting a model in which unique venue businesses contribute to brand promotion and revenue generation in multi-cultural spaces.
CEO Hyungju Lee collected data through one-on-one interviews with managers of 23 unique venues and analyzed it using a grounded theory approach. The paper suggests strategies to enhance the competitiveness of multi-cultural spaces as unique venues.
The strategies are categorized into subjects, environment, and resources to enhance competitiveness accordingly. For instance, if the venue's competitiveness lies in the manager's philosophy or operational story, knowledge dissemination programs such as forums or academies are implemented. If the surrounding environment, such as beautiful nature or an industrial complex, is the competitive edge, a package strategy combining the venue with city tours is developed. Furthermore, if the venue's resources, such as architecture, exhibitions, performances, or cuisine, are a competitive advantage, experiential programs are planned to provide visitors with these experiences.
The paper includes actual case studies and interview content related to these strategies. It is expected to have significant social and economic impacts on Korean multi-cultural spaces and the unique venue business. In particular, economic effects are anticipated through strengthening regional networks and increasing business events.
CEO David Lee stated, "Unique venues are not just places to host events; they hold value as spaces where one can experience the unique history and culture of the place. This value can significantly enhance the brand image of various multi-cultural spaces and create new business opportunities. I plan to apply the research findings to actual consulting projects."
He also proposed validating the model globally and conducting further research through actual case studies.
For additional information about the research, you can contact David Lee at david@vmconsulting.co.kr. You can also download the document from the link below or the file at the top.
(C) VM Consulting
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