• Journal of Global Scholars of Marketing Science
• /
• v.8
• /
• pp.233-267
• /
• 2001

The management environment in Korea today is undergoing rapid changes; in particular, domestic corporations and businesses are confronting formidable adversity with IMF crisis and WTO. Though cost cutback, higher quality, rapid production, and diversification of products were accepted as important requirements for competitiveness in the past, they have been replaced by brand power. Consumption patterns have changed their focus from function to image orientation. This is why managers in corporations have invested enormous amounts of resources into producing powerful brands, which can attract consumers' attention greatly enough to improve the image of their products. Brands are regarded as a vital vehicle for marketing strategies and thus as a legal asset. Brands with remarkable and favorable image can secure a loyal consumer groups stable revenues. M & A, currently active between corporations, makes brand equity all the more important. The purpose of the present study was to investigate the effect of internal marketing and increased brand diversification on brand equity by combining them as influential factors with marketing mix factor. For this purpose, literature review was make on previous fragmented studies of influential factors on brand equity build-up. Based on the findings of this study, some operational implications were suggested for marketing managers. The findings and implications of the present study are as follows; First, efficient communication among organization members was found to have a significant effect on product quality. Second, job satisfaction and efficient communication among members was shown to significantly influence price policies. Thirdly, efficient communication among organization workers proved to have a significant effect on distribution strategies. Forth, efficient communication among members was demonstrated to significantly influence advertisement and other public-relations activities. Fifth, opacity of market environment appeared to have a significant effect on product quality, prior market entrance as perceived by organization members turned to be of negative influence on product quality. Sixth, opacity of market environment was found to have a significant effect on price policies. Seventh, opacity of market environment was shown to be of significant effect on distribution strategies. Eighth, grater opacity of market environment proved to improve advertisement and other public-relations activities. Ninth, price policies, distribution strategies, advertisement and public-relations activities were found to have a significant effect on brand equity value. To sum up these findings, in order for corporations and businesses to cope with consumers' needs that are increasingly segmented, internal marketing strategies and brand diversification should be implemented so as to generate greater synergy effect. It is also important to stress that differentiated, higher competitiveness should be secured for Korean corporations and businesses to survive in the drastically changing, globalized market environment. In this regard, continuous and long-term management strategies for brand equity build-up should be ensured and is essential in the present unlimited competition. The last but not least important point to notice is that to increase brand equity value, intensive investment and constant emphasis should be made on internal marketing management on intra-organizational members before strengthening external marketing.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.19 no.3
• /
• pp.301-308
• /
• 2018

This study explores an analytical mathematical model designed to estimate the optimal debt ratio of the Korean automobile industry, which has a more significant effect on the national economy than that of other industries, and attempts to estimate the optimal debt ratio based on objective data. The analytical model is based on ROA and ROE which uses the debt ratio as an independent variable and employs ROS, TAT, and NFCL as the related parameters. Regarding the NFCL, the optimal debt ratio is usually defined as the debt ratio that maximizes the ROA and ROE and is calculated using analytical procedures, such as by adding an equation that considers the debt ratio and the linearity relationship to the analytical model. This is because the optimal debt ratio can be calculated reliably by making use of an estimated value within a certain range, which is derived from more than two calculations rather than a single estimation starting from one calculation formula. In this study, for the estimation of the optimal debt ratio, the ROA and ROE are expressed as a quadratic equation with the debt ratio as the independent variable. Using this analysis procedure, the optimal debt ratio obtained using the data from the Korean automobile industry over a sixteen year period, which would optimize the profitability of the Korean automobile industry, was found to be 188% of the debt ratio in the ROA and 213% of the debt ratio in the ROE. This result was obtained by overcoming the problem of the reliability of the estimation value in spite of the limitations of the logical theory of this study, and can be interpreted as meaning that maintaining a debt ratio of 188% to 213% can enhance the profitability and reduce the risks in the Korean automobile industry. Furthermore, this indicates that the existing debt ratio of the Korean automobile industry is lower than the optimal value within the estimated range. Consequently, it is necessary for corporations to change their future debt ratio policies, given that the purpose of debt ratio management is to maintain safety and increase profitability, and to take into account the characteristics of the specific industry.

• Journal of Intelligence and Information Systems
• /
• v.20 no.4
• /
• pp.141-154
• /
• 2014

The adoption of International Financial Reporting Standards (IFRS) is the one of important issues in the recent accounting research because the change from local GAAP (Generally Accepted Accounting Principles) to IFRS has a substantial effect on accounting information. Over 100 countries including Australia, China, Canada and the European Union member countries adopt IFRS (International Financial Reporting Standards) for financial reporting purposes, and several more including the United States and Japan are considering the adoption of IFRS (International Financial Reporting Standards). In Korea, 61 firms voluntarily adopted Korean International Financial Reporting Standard (K-IFRS) in 2009 and 2010 and all listed firms mandatorily adopted K-IFRS (Korea-International Financial Reporting Standards) in 2011. The adoption of IFRS is expected to increase financial statement comparability, improve corporate transparency, increase the quality of financial reporting, and hence, provide benefits to investors This study investigates whether recognized accounts receivable discounting (AR discounting) under Korean International Financial Reporting Standard (K-IFRS) is more value relevant than disclosed AR discounting under Korean Generally Accepted Accounting Principles (K-GAAP). Because more rigorous standards are applied to the derecognition of AR discounting under K-IFRS(Korea-International Financial Reporting Standards), most AR discounting is recognized as a short term debt instead of being disclosed as a contingent liability unless all risks and rewards are transferred. In this research, I try to figure out industrial responses to the changes in accounting rules for the treatment of accounts receivable toward more strict standards in the recognition of sales which occurs with the adoption of Korea International Financial Reporting Standard. This study examines whether accounting information is more value-relevant, especially information on accounts receivable discounting (hereinafter, AR discounting) is value-relevant under K-IFRS (Korea-International Financial Reporting Standards). First, note that AR discounting involves the transfer of financial assets. Under Korean Generally Accepted Accounting Principles (K-GAAP), when firms discount AR to banks before the AR maturity, firms conventionally remove AR from the balance-sheet and report losses from AR discounting and disclose and explain the transactions in the footnotes. Under K-IFRS (Korea-International Financial Reporting Standards), however, most firms keep AR and add a short-term debt as same as discounted AR. This process increases the firms' leverage ratio and raises the concern to the firms about investors' reactions to worsening capital structures. Investors may experience the change in perceived risk of the firm. In the study sample, the average of AR discounting is 75.3 billion won (maximum 3.6 trillion won and minimum 18 million won), which is, on average 7.0% of assets (maximum 38.6% and minimum 0.002%), 26.2% of firms' accounts receivable (maximum 92.5% and minimum 0.003%) and 13.5% of total liabilities (maximum 69.5% and minimum 0.004%). After the adoption of K-IFRS (Korea-International Financial Reporting Standards), total liabilities increase by 13%p on average (maximum 103%p and minimum 0.004%p) attributable to AR discounting. The leverage ratio (total liabilities/total assets) increases by an average 2.4%p (maximum 16%p and minimum 0.001%p) and debt-to-equity ratio increases by average 14.6%p (maximum 134%p and minimum 0.006%) attributable to the recognition of AR discounting as a short-term debt. The structure of debts and equities of the companies engaging in factoring transactions are likely to be affected in the changes of accounting rule. I suggest that the changes in accounting provisions subsequent to Korea International Financial Reporting Standard adoption caused significant influence on the structure of firm's asset and liabilities. Due to this changes, the treatment of account receivable discounting have become critical. This paper proposes an intelligent diagnostic system for estimating negative impact on stock value with self-organizing maps and case based reasoning. To validate the usefulness of this proposed model, real data was analyzed. In order to get the significance of this proposed model, several models were compared to the research model. I found out that this proposed model provides satisfactory results with compared models.

• 대한공업교육학회지
• /
• v.38 no.1
• /
• pp.259-274
• /
• 2013

Culture is already deeply imbued in our lives. The furniture has become a way of life and the human became part of the culture. In this study, the aim is to explore the traditional furniture that is projected through the culture as a lifestyle. Therefore, the purpose of this study is to explore the cultural implication in Korean traditional wooden furniture. Specific research questions in this study are as follows; 1) How to reflected house structure culture at traditional woodcraft furniture? 2) How to reflected interior space culture at traditional woodcraft furniture? 3) How to projected life form style culture at traditional woodcraft furniture? 4) How to harmonize between modern life culture and traditional woodcraft furniture? In order to achieve the purpose of this study, the literature of review was used masters of Korea's traditional woodcraft furniture. To collect information of Korean traditional furniture, the furniture was selected representative pieces of Korean Joseon Dynasty and interviewed an important intangible cultural asset somokjang. Based on the explore of Korean traditional furniture, the conclusions of this study are as follows; first, in the viewpoint of house framework culture, most of traditional furniture was made u sing a narrow interior space and was to be placed in close contact with the walls, and was developed as a type of molding on the front of the furniture to pursue beauty. Second, in the viewpoint of ondol culture, traditional furniture was closed to the wall by using low height furniture and furniture legs the structure punghyeol was used to reflect the phenomena of convective heat and humidity. Third, in the viewpoint of life form culture, traditional furniture was made that sat-down at eye level configuration is proportional to its size and height and appropriately been made. And patterns reflect the wishes of most things in nature and to be blessed with longevity origin were used in the decoration of wooden furniture. Finally, in the viewpoint of modern life culture, traditional furniture is simple but not dirty, and splendid but not luxurious. So although traditional wooden furniture are in any room or place, never discouraged by the dignity.

• Journal of Technology Innovation
• /
• v.24 no.4
• /
• pp.277-307
• /
• 2016

Since 2011, DCF(Discounted Cash Flow) method has been used initiatively for valuating R&D technology assets in the agricultural food industry and recently technology valuation based on royalties comparison among technology transfer transactions has been also carried out in parallel when evaluating the technology assets such as new seed development technologies. Since the DCF method which has been known until now has many input variables to be estimated, sophisticated estimation has been demanded at the time of technology valuation. In addition, considering more similar trading cases when applying sales transaction comparison or industry norm method based on information of technology transfer royalty, it is an important issue that should be taken into account in the same way in the Agri-Food industry. The main input variables used for technology valuation in the Agri-Food industry are life cycle of technology asset, the financial information related to the Agri-Food industry, discount rate, and technology contribution rate. The latest infrastructure building and data updating related to technology valuation has been carried out on a regular basis in the evaluation organization of the Agri-Food segment. This study verifies the key variables that give the most important impact on the results for the existing technology valuation in the Agri-Food industry and clarifies the difference between the existing valuation result and the outcome by referring the support information that is derived through the latest input information applied in DCF method. In addition, while presenting the scheme to complement fragment information which the latest input data just influence result of technology valuation, we tried to perform comparative analysis between the existing valuation results and the evaluated outcome after the latest of reference data for making a decision the input values to be estimated in DCF. To perform these analyzes, it was first selected the representative cases evaluated past in the Agri-Food industry, applied a sensitivity analysis for input variables based on these selected cases, and then executed a simulation analysis utilizing the key input variables derived from sensitivity analysis. The results of this study is to provide the information which there are the need for modernization of the data related to the input variables that are utilized during valuating technology assets in the Agri-Food sector and for building the infrastructure of the key input variables in DCF. Therefore it is expected to provide more fruitful information about the results of valuation.

• The Journal of Engineering Geology
• /
• v.17 no.1 s.50
• /
• pp.15-25
• /
• 2007

In general, the life and asset casualties that occur due to landslide or slope failure in urban areas are larger than that in rural areas. In order to reduce the casualties, a slope management program is necessary to categorize slopes based on properties and to manage them systematically. The slope management system is the establishment of the data base for the geological and geotechnical factor according to slope stability, and the utilization of the data base to manage slopes. The suitable system must develop to slopes in urban area through the survey, analysis and evaluation process. Based on the above necessity, the slope management program which is applicable to slope management in an urban area has been developed at Hwangryung Mt. in Busan as a target area. The developed slope management program has various functions such as slope ID number of each slope or sub-region of a mountain, making a slope data sheet, analysis and grouping of slope stability, and establishment of a data base. The slope management program is constructed by use of GIS, and the survey, test and analysis data according to all slopes can be input and edited into the program. The program can also be utilized practically by end users due to the convenient input, edition printing, management and operation of slope data. Therefore, the slope management system has been established on the application of the developed program in Busan which is located in slope area. As the system is widely applied to other cities, the slope in urban area can be managed systematically and the slope hazards can be minimized.

• Journal of Nutrition and Health
• /
• v.49 no.2
• /
• pp.111-124
• /
• 2016

Purpose: The current study was conducted for evaluation and comparison of dietary behavior and food intake in different regions of Lao PDR. Methods: The survey was conducted on 979 people aged 40~59 years old living in 25 urban provinces and 25 rural provinces in four districts (VTE Capital-Chanthabuly, Xaysetha, VTE Province-Phonhong, and Thoulakhom) of Laos. General demographic information, health status, and dietary behavior were surveyed using a questionnaire. Results: The literacy ratio (p = 0.000), education level (p = 0.000), asset ownership level (p = 0.000), and government and private employee ratio (p = 0.000) were higher in urban subjects compared with rural subjects. The mean value of weight (p = 0.000), waist circumference (p = 0.000), and diastolic blood pressure (p = 0.009) and alcohol consumption (p = 0.000), self-rated health status (p = 0.001), and the rate of obesity (p = 0.000) were significantly higher in urban subjects compared with rural subjects. However, the rate of current smoker was significantly higher in the rural group (p = 0.023). Meals are becoming more westernized by higher frequency of eating out, consumption of fatty meat and fried or stir-fried food in urban areas compared to rural areas. Urban subjects had relatively better balanced meals compared to rural subjects whereas they consumed insufficient meals per day and consumed meals irregularly compared to rural subjects. Intake of fruit and milk was significantly higher in urban subjects compared with rural subjects. However, the intake of vegetables was significantly higher in rural areas than urban areas. Conclusion: The result of this study showed that the traditional Lao diet is being replaced by an unhealthy western dietary pattern, which may be a risk factor for increasing development of non-communicable disease (NCD) in Lao PDR. Planning of proper personalized nutritional intervention and education in each area is needed to decrease the health risks of NCD.

• Journal of Korea Technology Innovation Society
• /
• v.19 no.3
• /
• pp.465-482
• /
• 2016

Previous researches have introduced various ways to analyze the impact of standardization on innovation while the works are not only small in number but based on interview or case study. This paper addresses the impact of standardization activities within South Korean industries on technological innovation applying an empirical analysis of standardization activities and technological innovation. Drawing on Korean Industrial Standards Classification from panel data of 2003 to 2012, we employed corresponding data of each industrial classification: Number of standards, Accumulated number of standards, Number of patents applied in Korea, Sales, Operational profit, Intangible asset, and R&D invest. In the first model, we run panel data models employing the number of patents applied in Korea as an independent variable, and the number of standards, accumulated number of standards, sales, and operational profit as dependent variables to observe industrial impacts upon the relationship between standards and patents, along with time lagged consideration. The result shows that number of standards are revealed to have a negative influence on patent applications in the year of research, and no significant effect appears for the next two years while positive effect shows up on the third year. Meanwhie, accumulated number of standards turned out to have positive effects on patent applications in Korea. This implies it takes time for innovation subjects to embrace newly established standards while having a significant amount of positive effect on technological innovation in the long term. In the second model, we use canonical correlation analysis to find industrial-wide characteristics. The result of this model is equivalent to the result of panel data analysis except in a few industries, where some industry specific characteristics appear. The implications of our results present that Korean policy makers have to take account of industrial effects on standardization to promote technological innovation.

• Strategy21
• /
• s.30
• /
• pp.99-142
• /
• 2012

Withe increased North Korea's security threats, the South Korean navy has been faced with deteriorating security environment. While North Korea has increased asymmetric forces in the maritime and underwater with the development of nuclear weapons, and China and Japan have made a large investment in the buildup of naval forces, the power of the Pacific fleet of the US, a key ally is expected to be weakened. The biggest threat comes from China's intervention in case of full-scale war with North Korea, but low-density conflict issues are also serious problems. North Korea has violated the Armistice Agreement 2,660 times since the end of Korean War, among which the number of marine provocations reaches 1,430 times, and the tension over the NLL issue has been intensifying. With tension mounting between Korea and Japan over the Dokdo issue and conflict escalating with China over Ieo do Islet, the US Navy has confronted situation where it cannot fully concentrate on the security of the Korean peninsula, which leads to need for strengthening of South Korea's naval forces. Let's look at naval forces of neighboring countries. North Korea is threatening South Korean navy with its increased asymmetric forces, including submarines. China has achieved the remarkable development of naval forces since the promotion of 3-step plan to strengthen naval power from 1989, and it now retains highly modernized naval forces. Japan makes an investment in the construction of stat of the art warship every year. Since Japan's warship boasts of its advanced performance, Japan's Maritime Self Defense Force is evaluated the second most powerful behind the US Navy on the assumption that submarine power is not included in the naval forces. In this situation, naval power construction of South Korean navy should be done in phases, focusing on the followings; First, military strength to repel the energy warship quickly without any damage in case of battle with North Korea needs to be secured. Second, it is necessary to develop abilities to discourage the use of nuclear weapons of North Korea and attack its nuclear facilities in case of emergency. Third, construction of military power to suppress armed provocations from China and Japan is required. Based on the above naval power construction methods, the direction of power construction is suggested as follows. The sea fleet needs to build up its war potential to defeat the naval forces of North Korea quickly and participate in anti-submarine operations in response to North Korea's provocations. The task fleet should be composed of 3 task flotilla and retain the power to support the sea fleet and suppress the occurrence of maritime disputes with neighboring countries. In addition, it is necessary to expand submarine power, a high value power asset in preparation for establishment of submarine headquarters in 2015, develop anti-submarine helicopter and load SLAM-ER missile onto P-3C patrol aircraft. In case of maine corps, division class military force should be able to conduct landing operations. It takes more than 10 years to construct a new warship. Accordingly, it is necessary to establish plans for naval power construction carefully in consideration of reality and future. For the naval forces to safeguard maritime sovereignty and contribute to national security, the acquisition of a huge budget and buildup of military power is required. In this regard, enhancement of naval power can be achieved only through national, political and military understanding and agreement. It is necessary to let the nation know that modern naval forces with improved weapon system can serve as comprehensive armed forces to secure the command of the sea, perform defense of territory and territorial sky and attack the enemy's strategic facilities and budget inputted in the naval forces is the essential source for early end of the war and minimization of damage to the people. If the naval power construction is not realized, we can be faced with a national disgrace of usurpation of national sovereignty of 100 years ago. Accordingly, the strengthening of naval forces must be realized.

• Journal of Global Scholars of Marketing Science
• /
• v.20 no.2
• /
• pp.173-178
• /
• 2010

A privately held, third generation family owned company, Boom Technologies, Inc. (BTI), a provider of products and services to the electric utility, telecommunications and contractor markets, continues to make progress in exporting. Although export sales only equaled 5% of total revenue in 2008, BTI has an entire export division. Their export division's Managing Director reveals the trial and errors of a privately held company and their quest for success overseas. From its inception, BTI has always believed its greatest asset is its employees. When export sales struggled due to lack of strategy and direction, BTI hired a Managing Director for its export division. With leadership and guidance from BTI's president and from the Managing Director, they utilized the department's skills and knowledge. Structural changes were made to expand their market presence abroad and increase export sales. As a result, export sales increased four-fold, area managers in new countries were added and distribution networks were successfully cultivated. At times, revenue generation was difficult to determine due to the structure of the company. Therefore, in 1996, the export division was restructured as a limited liability company. This allowed the company to improve the tracking of revenue and expenses. Originally, 80% of BTI's export sales came from two countries; therefore, the initial approach to selling overseas was not reaching their anticipated goals of expanding their foreign market presence. However, changes were made and now the company manages the details of selling to over 80 countries. There were three major export expansion challenges noted by the Managing Director: 1. Product and Shipping - The major obstacle for BTI was product assembly. Originally, the majority of the product was assembled in the United States, which increased shipping and packaging costs. With so many parts specified in the order, many times the order would arrive with parts missing. The missing parts could equate to tens of thousands of dollars. Shipping these missing parts separately in another shipment also cost tens of thousands of dollar, plus a delivery delay time of six to eight weeks; all of which came out of the BTI's pockets. 2. Product Adaptation - Safety and product standards varied widely for each of the 80 countries to which BTI exported. Weights, special licenses, product specification requirements, measurement systems, and truck stability can all differ from country to country and can serve as a type of barrier to entry, making it difficult to adapt products accordingly. Technical and safety standards are barriers that serve as a type of protection for the local industry and can stand in the way of successfully pursuing foreign markets. 3. Marketing Challenges - The importance of distribution creates many challenges for BTI as they attempt to determine how each country prefers to operate with regard to their distribution systems. Some countries have competition from a small competitor that only produces one competing product; whereas BTI manufactures over 100 products. Marketing material is another concern for BTI as they attempt to push marketing costs to the distributors. Adapting the marketing material can be costly in terms of translation and cultural differences. In addition, the size of paper in the United States differs from those in some countries, causing many problems when attempting to copy the same layout and With distribution being one of several challenges for BTI, the company claims their distribution network is one of their competitive advantages, as the location and names of their distributors are not revealed. In addition, BTI rotates two offerings yearly: training to their distributors one year and then the next is a distributor's meeting. With a focus on product and shipping, product adaptation, and marketing challenges, the intricacies of selling overseas takes time and patience. Another competitive advantage noted is BTI's cradle to grave strategy, where they follow the product from sale to its final resting place, whether the truck is leased or purchased new or used. They also offer service and maintenance plans with a detailed cost analysis provided to the company prior to purchasing or leasing the product. Expanding abroad will always create challenges for a company. As the Managing Director stated, "If you don't have patience (in the export business), you better do something else." Knowing how to adapt quickly provides BTI with the skills necessary to adjust to the changing needs of each country and its own unique challenges, allowing them to remain competitive.