Tipping Effect
Kicker: COVER STORY Tipping Effect By Ye-Dam Hwang, Reporter hwangyedam1108@naver.com Do you know about the tipping effect? As an economic term, it means the case when the market share of either of the two goods in a competitive relationship suddenly rises and monopolizes the market. To explain it easily, it refers to the phenomenon where many things or people are tipped in a certain part. Even though you couldn’t fully understand this term now, I’m sure that you and many other people have experienced this effect in society. In our society, it refers to the situation of following or imitating other people based on that person’s action without any check. I think this effect is seen especially clearly in the food industry. For example, “Taiwan’s big castella” spawned a national craze in Korea in 2016. At that time, many “Taiwan’s big castella” stores emerged throughout the country and lots of customers had to wait in long lines for the castella. However, the popularity gradually faded because of one television program’s misleading story with bringing the cooking oil of the castella into question, and the market for that big castella disappeared after less than a year. Similar to this, the tipping effect in the field of food has continued and is still common these days. Taiwan's big castella https://www.edaily.co.kr/News/Read?newsId=01482566632458480&mediaCodeNo=257&OutLnkChk=Y Tipping Effect in the Food Industry From the past, there were many cases of tipping effect of food industry in Korea. From 2010 to 2011, there was a craze of handmade hamburgers, and in 2014, premium gimbap with unique filling materials such as cream cheese and pork cutlet won the popularity. To capture the public fancy of cheap drinks, the market of low-cost coffee expanded on a national scale in 2015. Taiwan’s big castella gained a lot of popularity in 2016, and “myungrang-sidae rice hotdog” enjoyed explosive popularity for corn dogs with special materials like rice cake, mozzarella cheese, and potatoes in 2017. Also in 2019, Taiwan’s black sugar bubble tea and sandwich with bread, sliced ham, egg, and condensed milk rose and were popular in the food service industry of Korea. From 2019, foods with mala like malatang have been still popular with its spicy taste, and from 2023, tanghulu, a candy-coated fruit skewer has gained lots of popularity as a snack. Especially nowadays, the latest craze is yogurt ice cream, known by the franchise’s abbreviated name “yo-a-jung”, is in great demand with customizing yogurt ice cream with some toppings such as fruit, chocoballs, and honeycomb honey. Also Dubai’s chocolate which is made of kadayif, an oven baked shredded pastry with thick syrup which is enjoyed by Middle Easterners such as Turkish, is the feeding frenzy now in Korea. Like these, this kind of tipping effect brought about many franchises and had influence with the same or similar products of popular foods to the food service industry of Korea. Best menu items of "yo-a-jung" https://www.dailian.co.kr/news/view/1389494/?sc=Naver Side Effects of the Tipping Effect There can be some good effects of the tipping effect in the food industry, but I think the side effects make a bigger impact. I think there are three bad effects of the tipping effect: standardization, suffering of self-employed people, and causing overspending. First, trend business can make the standardization of the food industry. When a certain popular food appears, it monopolizes the food industry and causes uniformity with a mushrooming of identical or similar products of the popular foods. Therefore, this effect can disrupt the diversity of the food service industry. Second, when the craze is on the wane, some self-employed people of the product of the craze suffer. In other words, the majority of successful restaurant business items which take advantage of the tipping effect are only flashes in the pan. According to the National Tax Service, in 2015, individual business persons who founded a business were 1,068,000 and the people who closed a business were 739,000. Among these people, the people who shut down their shop related to the food and beverage industry were 153,000, which was 20.6% of the whole number. This kind of situation of foundation and closure has been common in the tipping effect of other popular products. Thus, time after time, many independent businesspersons suffer and get damage from the burning down of the flare, especially financially. Third, many of the popular products are not cheap. Though some products, like low-cost coffee, are inexpensive, most of them are quite expensive due to scarcity which is caused by lots of demand. Also, when celebrities talk or show about some certain products, the products can be easily going viral by people, especially by the fans. Therefore, particularly wanting to follow what the celebrities do, people follow the trend and overspend on the popular products even though they actually do not need them. This kind of spending habit can trigger excessive consumption. The fad of the food industry can make tipping effect with open-run and shortage of goods. The tipping effect of the food industry has a great power of popularity, but the side effects of it are not small. Some people say that trendy foods are the items which can easily shrink in popularity at any time. Therefore, I want people to pick over the features of the product, like rareness and continuity, before starting their business, and I hope that this tipping effect will decrease in the future. Sources: https://terms.naver.com/entry.naver?docId=2067060&cid=50305&categoryId=50305 https://terms.naver.com/entry.naver?docId=1614587&cid=50305&categoryId=50305 https://www.kpinews.kr/newsView/1065596963963919 https://www.busan.com/view/busan/view.php?code=2019111119111116145 https://www.inews24.com/view/1745269 https://www.dailian.co.kr/news/view/1389494/?sc=Naver https://www.g-enews.com/article/Global-Biz/2022/03/20220304110118496393bf579e81_1 https://www.edaily.co.kr/News/Read?newsId=01482566632458480&mediaCodeNo=257&OutLnkChk=Y https://biz.newdaily.co.kr/site/data/html/2024/08/26/2024082600081.html
DEBATE
High Salary or Work-life Balance
Kicker: DEBATE High Salary or Work-life Balance by Ji-Min Baek, Editor-in-chief pjm5875@naver.com What do you think is the most important factor in career choice? I guess that those who are currently preparing and considering about getting a job or those who are preparing soon may have thought about it at least once. In this part, generally, high income has been seen as one of the top priorities when choosing a career. Do you agree that salary has a major impact on career decisions? However, the job market is evolving with the rise of new generations who prioritize their quality of life, making work-life balance an increasingly crucial consideration. Accordingly, many companies are introducing diverse systems such as flexible work arrangements. This article will cover salary versus work-life balance overall. Balance Game Balance game that involves choosing between salary and work-life balance is showing a lot on the internet. This is about having two options and choosing between one which is getting a high salary with limited personal time and another which is getting a low salary with guaranteed personal time. In this balance game, work-life balance has become an important factor in career choice to the extent that it confronts salary, which is the most important factor considered when choosing a job. As a result, it can be seen that other important factors may become more important in job selection, even if they are not related to salary. Culture of Work-life Balance According to a survey conducted by Career Platform Saramin, the primary criterion for job seekers and office workers in job selection is economic compensation, such as annual salary. However, the opinion that the concept of a good workplace that job seekers and office workers think of is not a place where they only pay a lot of salary, but a place where work-life balance is maintained received the most support. With a growing emphasis on work-life balance, many companies are now striving to establish this culture. In another survey conducted by Job Korea, a career platform, office workers said they are willing to move if the welfare system is good, even if their pay is low. The most valued welfare benefit, according to respondents, is free use vacation time, which ensures personal time. Job seekers are also increasingly prioritizing work-life balance; nine out of ten indicated they consider welfare benefits when evaluating job opportunities. Furthermore, 76.9 percent expressed a preference for companies with strong welfare systems, even if salaries are not the highest. Various welfare systems have emerged within this work-life balance culture. There is a system for working from home that allows people to work from home and flexible work that allows them to freely set commuting hours. Recently, a new work model called 'worcation' has gained popularity, combining work and vacation. Worcation offers opportunities for increased efficiency and recharging by working in new environments, traveling, or simply relaxing. As such, new systems are being created and culture is being created in accordance with the trend of emphasizing the balance between personal work and privacy. As generations change, the tendency of job selection factors is also gradually changing. In addition to the factors seen above, various factors, such as job security and job suitability, are also being considered. What is the most important factor in your job choice? Also, do you think that salary, which is considered as a priority in job selection, is the most important factor in job selection? Sources: https://www.segye.com/newsView/20240704507283?OutUrl=naver https://post.naver.com/viewer/postView.nhn?volumeNo=12655117&memberNo=9028903&vType=VERTICAL https://terms.naver.com/entry.naver?docId=6651232&cid=43659&categoryId=43659
참여: 0
EDITORIAL
Season of Achievement
Kicker: EDITORIAL Season of Achievement by Ji-Min Baek, Editor-in-chief pjm5875@naver.com How did you all spend the sweltering summer break? While each of us had different goals and plans, I hope that everyone had a fulfilling vacation. I also set goals and worked towards achieving them, while also being exhausted from the heat during the break. With the pleasant spring sunshine and the intense summer heat behind us, autumn—the season of harvest—has now arrived. As we enter this season of achievement, I hope that you will take on new challenges and gain valuable experiences. I would like to introduce some upcoming events related to the SM Herald. In September, as the new semester begins, the SM Herald will be recruiting new Cub-reporters. If you have an interest in journalism, writing, or English newspapers, I encourage you to consider applying. Additionally, the SM Herald will be hosting the Sangmyung English Essay Contest in November. This contest will involve writing an essay based on one of the provided topics, following the specified format. We will promote the essay contest as the date approaches, and I appreciate your interest and participation. As I cheer for all of you who have diligently worked through more than half of the year, I hope that the efforts and preparations you have made will bring results and lead to a new beginning during this semester.
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