The concept of "psychic distance" and its meaning for the global activity of small, medium, large sized businesses operating in foreign markets

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The concept of psychic distance is explored in relation to businesses of various sizes operating in foreign markets. The paper provides a literature review on influencing factors and entry modes, using Starbucks Corporation's expansion into South Korea as a case study. It highlights key factors such as economic, environmental, and political considerations impacting the U.S.-South Korea relationship. Additionally, it discusses potential benefits, risks, and drawbacks of international expansion, concluding with recommendations for effective entry strategies.