Original equipment manufacturing/manufacturer (OEM):
A company that makes parts, subsystems, and/or equipment that are used in another company’s end product. When applied to the cosmetics industry, OEM companies manufacture a product based on design and development specifications provided to them by their client. The client conducts the necessary market research and product development research, the OEM manufactures the product, and the client sells the product under their own brand names.
Original development/design manufacturing/manufacturer (ODM):
A company that creates new product designs, develops the product, and manufactures the product based on a product idea brief provided to them by their client. ODM companies manufacture the product they develop and the clients sell the products under their own brand names. ODMs provide research and development services, manufacturing services, and product life-cycle services.
Hallyu (or Korean Wave):
The surge in the international visibility of Korean culture. From the late 1990s, South Korean soap operas, movies, and pop music have been very popular in northeast Asia (i.e., China, Japan, Hong Kong, and Taiwan) and Southeast Asia (i.e., Vietnam, Thailand, Malaysia, and Singapore). In recent years, Korean Wave has spread to central Asian, southwest Asian, and eastern European countries including Islamic countries such as Iran, UAE, and Uzbekistan. K-POP has extended to all over the world through the internet and Korean Wave has extended to western European countries (e.g. France and the UK) and South American countries (e.g. Brazil and Chile).