Trust selling: a new source of business competitiveness
13th December 2017 | Choi Yong Joo
Vice chancellor of the Seoul School of Integrated Science and Technology, Dr Choi Yong Joo discusses the research around trust, social capital and value in the context of Korea.
Research on “social capital” as a new source of competitiveness is very much in full swing. In 1997, Professor Francis Fukuyama at Stanford University – a renowned academic and author of Trust – defined social capital as “something that makes people work together as well as the value and trust among the group”. Building on academic research to date, more work is being carried out today on applying the theory of social capital to real-life business, particularly in the field of sales management.
Social capital has recently emerged as the third of the three main sources of capital owned by an enterprise, along with “financial capital” and “human capital”, which have long been regarded as fundamental to any enterprise. At the core of social capital lies trust.