Explain Korean wave and analyzed in terms of product cycle.
Nowadays many countries are getting influenced by the South Korean culture. The korean culture, music, dance, entertainment, etc are gaining popularity. This is called as Hallyu, a Chinese word , which in itself means Korean wave. Although the country is small in size but still it manages to gain popularity from people all over the world due to its soft power. Soft power refers to the intangible power which it gains from the image of the country. The growth of Hallayu was not within a day but took many years. One of the main reasons for this was the growth of domestic industries. The government supported their domestic industries and now they are top earning companies around the world.
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