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This success story comes from providing the following service: Representation and Liaison Services in Korea
An Israeli importer of industrial goods and machinery wishes to broaden its business activity and to examine the possibility of importing and installing passengers' elevators and cargo elevators manufactured by a leading Korean corporation and to become a formal representative of the Korean company in Israel.
TARGET - TO BECOME REPRESENTATIVE OF THE KOREAN CORPORATION
The Client had a prior contact with the Korean manufacturer, yet, it did not develop to a significant strategic business relations, and thus, KOISRA has been requested to assist in this matter.
CHALLENGE – OVERCOMING LACK OF TRUST AND PRODUCTS STANDARDIZATION
The Korean corporation is a prominent manufacturer of elevators and lifts in Korea and in Asia, yet it avoids entering the European and the Israeli markets due to business considerations as well as to rigid standardization requirements. Therefore, the client had found it hard to convince the Korean corporation that cooperation between them holds a promising business potential in the Israeli market. A lack of trust and deficient communication between the parties had led to the rejection and lack of will on behalf of the Korean corporation, to make the required adjustments and modifications of its products according to the local standardization.
WORK PRACTICE - DEVELOPMENT OF A DIRECT COMMUNICATION CHANNEL AND HAVING WORK MEETINGS
As aforesaid, the client had planned to broaden his business activity to include the elevators realm yet, he encountered business and technical hardships on behalf of the Korean manufacturer. In order to overcome these hardships, KOISRA team had examined and learned the client's business plan in the elevators realm, potential projects as well as his expectations regarding work with the Korean corporation. In addition, the messages which have been transferred between the parties in the past were examined.
The results of the examination showed that the client's business plan was not compatible with the plans of the Korean manufacturer regarding the Israeli market, and that many technical barriers existed, due to the incompatibility of the Korean manufacturer's products to the Israeli standardization. Therefore, the KOISRA team prepared a plan for developing a direct communication channel with the relevant contacts in the Korean corporation, who may bring a policy change regarding the activity in the Israeli market.
Simultaneously to locating the relevant contacts in the corporation offices in Seoul, South Korea, the KOISRA team began to process the client's business plan in order to present it in a professional manner and in the local language to the senior management key men of the Korean corporation.
Subsequently, several meetings with the Korean corporation were set, in which KOISRA presented the client's profile and his business plan in the elevators realm, while emphasizing the great business potential of the offered cooperation for the Korean corporation. Furthermore, in order to overcome the technical difficulties related to the Israeli standardization, a joint work team of the client and the Korean corporation has been formed and operated with the continuous assistance of KOISRA to the parties, including accompaniment to meetings in Seoul and in Tel-Aviv, communication management, negotiations, and finding solutions to problems.
RESULT – CLIENT BECAME AN EXCLUSIVE REPRESENTATIVE OF THE KOREAN CORPORATION
The meetings with the relevant management levels of the Korean corporation led to a change in policy regarding the Israeli market. The continuous presence of KOISRA in the discussions made it easier for the Korean corporation to understand the business potential of the cooperation with the Israeli client, which paved the way for the establishment of business and technical work team by the parties. The accompaniment and support of KOISRA increased the trust of the Korean corporation and it agreed to make the required technical modifications so that its elevators shall comply with the Israeli standardization.