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초록· 키워드
Facing fundamentally structural limitations, Korea’s economy is now in jeopardy. The current changes in economic circumstances such as US quantitative easing, radical leaps by Chinese companies and Japan’s weak yen policy have Korea caught in a nutcracker between low-cost China and high-tech US and Japan. With low fertility and aging, the once economically active population has reduced considerably and in turn decreased its domestic market size. Korea’s leading companies, Samsung Electronics and Hyundai Motors, struggle with sales and profits. A chain-reaction of poor performances continues to soar amongst their suppliers. Although the crisis is primarily due to external factors, it is agreed that the root causes are the lack of creative strategy to drive industry trends, and the manufacturing inverted economy structure. In order to get out of the pending crisis, Korean companies must shift their growth strategy paradigm in the global market. They must take an innovative approach to succeed in the global strategy landscape. This paper suggests a balanced value strategy framework (hereafter BVSF), which can assist Korean companies in initiating the new strategy paradigm. This framework aims at both nurturing value creation capability and developing and acquiring value appropriation capabilities for each industry. These capabilities are dynamic so that the threat from China is exploited as new business opportunities. BVSF is based on the neo-Schumpeterian theory of the firm, providing guidelines and architecture for organizational behavior towards innovation rather than laws and optimization.
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