• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.173-188
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• 2020

Purpose - This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach - The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings - From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality - This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

• The Journal of the Korea Contents Association
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• v.7 no.5
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• pp.184-192
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• 2007

A social trend can change market trend because it influences on consumer's lifestyle. Therefore the trend has been considered as an important factor for planning and producing new items. If a new trend occurred, its impact on market needs to be examined. Recently, well-being became top global issue and it caused many changes on packaged food products. This study focuses on measuring the impact of well-being trend on package design. The range of products for this research is limited to packaged food product selling in discount stores because it is main category to show well-being trend. Generally, good package design generates impulsive buying at the point of purchase. Colors on packages are critical point for good product design and they are also reflecting social trend to meet their consumers' psychological desires. After gathering basic information from market research, several colors had been selected and classified. For providing specific evidences result from the trend, the role of four major colors have been compared and analyzed. Finally, questionnaire had been handed out to trendy consumers to reach consensus on well-being color.

• Journal of the Korea Society for Simulation
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• v.15 no.3
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• pp.23-30
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• 2006

A recommender system for E-commerce site receives information from customers about which products they are interested in, and recommends products that are likely to fit their needs. In this paper, we investigate several methods for large-scale product purchase data for the purpose of producing useful recommendations to customers. We apply the traditional data mining techniques of cluster analysis and collaborative filtering(CF), and CF with reduction of product-dimensionality by use of latent semantic indexing(LSI). If reduced product-dimensionality obtained from LSI shows a similar latent trend of customers for buying products to that based on original customer-product purchase data, we expect less computational effort for obtaining the nearest-neighbor for target customer may improve the efficiency of recommendation performance. From simulation experiments on synthetic customer-product purchase data, CF-based method with reduction of product-dimensionality presents a better performance than the traditional CF methods with respect to the recall, precision and F1 measure. In general, the recommendation quality increases as the size of the neighborhood increases. However, our simulation results shows that, after a certain point, the improvement gain diminish. Also we find, as a number of products of recommendation increases, the precision becomes worse, but the improvement gain of recall is relatively small after a certain point. We consider these informations may be useful in applying recommender system.

• Archives of design research
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• v.19 no.3 s.65
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• pp.105-116
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• 2006

In product manufacturing industries, a recent issue is the green concept. The green concept is a complicated area. If the green concept is for products, its serious issues have to be criticized. Although the importance of the green concept has overflowed, its influences have not been disputed vigorously. So this study is to critic the serious issues of the green concept in aesthetics in product design, manufacturing, and products' prices. The green environment has four representative elements: systems, policies, minds, and technologies, but they are not in the field of design. An element of the green concept, green design is also a sub concept for design, so it should be based on aesthetics. It is green aesthetics. But since green design first appeared, it has never approached by aesthetics because it has mostly had social meanings and expectations. So for green aesthetics, to think about what makes a product, and what can be aesthetic issues among them are important. Products consist of form, structure, material, and technology. Form means different shapes in a structure, but there cannot be any specific directions for a green concept. Structure has two kinds: interior and exterior structure. While interior structure has a technological character, exterior structure is deeply related with aesthetics, but it has also no chance for green concept. Material can be divided as two also: aesthetic and technological. Aesthetics materials mean the colors, opacity, and tactile sense of materials, but they are not aesthetic issues. Technological materials are recycled materials or non-recycled materials. Even if recycled materials are used today, they are close to systems or policies rather than aesthetics. With this result, green aesthetics is a very difficult concept. Second, green products are usually 30% more expensive than general products. But every consumer has his or her own economical conditions, and nobody can coerce consumers into buying expensive green products for green environments. And green products without good quality cannot satisfy consumers. This means that green concept is not accomplished by just manufacturing green products. Third, although a lot of proposals have appeared as green design in exhibitions, most of them are close to craft because they are so hard to be manufactured. Manufacturing is the first consideration for products. These three issues are enough to explain why green concept is complicated in manufacturing products. If they are not solved, the green concept is just a fiction. So if this study proposes a turning point against blind green-oriented atmosphere, it will be meaningful enough.

• Journal of the Korean Home Economics Association
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• v.46 no.4
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• pp.71-81
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• 2008

The purposes of this study were to investigate the eating status and to analyze expenditures of the traditional fermented foods. A structured questionnaire survey was conducted from 370 housewives in Jeonbuk province and there were 300 usable samples(81.1%) valid for analysis. For the statistical analysis, the data was analyzed by $x^2$-test using SPSSIPC 12.0 for windows. The results of this study were as follows : 1. In the investigation on the eating status of the traditional fermented foods, Kimchi showed highest intake frequency(over once a day) and next Doenjang, Gochujang, Ganjang were consumed $2\;{\sim}\;3$ times per week. Jeotgal and Jangajji consumption showed the significant difference frequencies between the age groups(p < 0.001). The frequencies of using the home-made fermented foods were either similar or decreased, while the manufactured products were either similar or increased. The reasons behind the decreasing consumption were 'because of appetite change(47.0%)', 'the effect of western food(25.2%)' and 'dislike of salty food(17.4%)'. 90.7%(Kimchi), 54.9%(Doenjang), 54.8%(Gochujang), 53.2%(Cheongkukjang) of respondents knew the methods of preparation, while 62.5%(Ganjang), 41.1%(Jeotgal,) 31.2%(Jangajji) of respondents didn't know the methods of preparation. 2. In the analysis of the expenditure for the purchasing of the traditional fermented foods, most of the respondents procured Kimchi, Doenjang, Gochujang from their families or relatives, but they bought Ganjang, Jeotgal, Jangajji in the markets. And most of the respondents bought the fermented foods in the general merchandise stores or the department store except Kimchi. The places of buying Kimchi were specialty stores(34.6%), general merchandise stores or department stores(25.0%). Overall scores of satisfaction for the quality of manufactured fermented foods showed 3.29 of 5 - point scales. The average cost per month of Kimchi was 19,550won and Gochujang 7,878won, Doenjang 5,764won, Jeotgal 5,439won, Jangajji 5,412won, Ganjang(for soup) 4,714won, Cheongkukjang 4,677won, Ganjang(for seasoning) 4,464won, and total cost was 20,920won. The reasons behind purchasing the traditional fermented foods were 'because of convenience(58.4%)', 'no time to make by oneself(23.0%)' and 'for not knowing the making methods(12.8%)'. The problems of the manufactured traditional fermented foods were 'worry about safety of the raw materials or additives(71.2%)', 'lack of sanitation(12.0%)'. The most important thing considered in purchasing was 'materials and origins(86.6%)' and next 'quality(64.1%)' was another important thing.

• Journal of Distribution Science
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• v.14 no.3
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• pp.85-91
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• 2016

Purpose - Prior research has suggested that consumers typically prefer to have a larger number of options. However, preference of assortment size may depend on how depleted resources in consumers' mind are. Reduced capacity for self-regulation by resource depletion makes people rely on more intuitive and less effortful decision processing. When they are mentally depleted, people are likely to focus on the choice difficulty from large assortment, which leads to preference for the small assortment when they make a decision. It could be an important question potentially how being in a depleted mode through effortful self-regulation will influence on the evaluation of assortment size. To answer this questioner, we hypothesized that being engaged in self-regulation, as compared with not being engaged in self-regulation, will influence on the evaluation of product assortment size such as attractiveness, difficulty of choice, and anticipated regret. Research design, data, and methodology - In this study, we first manipulated self-regulatory resource availability using a self-regulation task (i.e., instructing participants to solve Sudoku puzzle vs. to solve diagram cube by filling any diagrams that they prefer into cube instead of number) and asked to indicate the difficulty of the tasks available to them ("How much difficulty did you feel when you complete the task?") Next, participants were asked to imagine that they were planning to buy a laptop at one of the two stores (small assortment: 6 options vs. large assortment: 30 options), both offering good quality of products. After reading the product descriptions, participants were instructed to consider all the information and choose a store that they would like to shop. Finally we measured the choice difficulty, evaluation of product assortments, and anticipated regret on a 7-point scale. We conducted two-way ANOVA in testing the main hypothesis that depleted consumers will show poorer subsequent self-control than non-depleted consumers when they make a decision in large assortment. Results - Compared with non-depleted participants, depleted participants showed the bigger difference from the degree of choice difficulty and product attractiveness between large and small assortments, but the result revealed only a significant interaction effect of resource depletion and assortment size on choice difficulty. Also depleted participants showed the smaller difference from the degree of anticipated regret between large and small assortments than non-depleted participants. Conclusion - Depleted individuals by a prior task are relatively effortless and intuitive form of choosing products so that they try to avoid making effortful trade-offs among choice difficulty such as large assortment, compare with non-depleted individuals. However, for anticipated regret, non-depleted individuals in small assortment anticipate more regret by excluding or at least restricting the possibility of buying attractive items or another kind of potential items than depleted individuals, regardless less choice difficulty in small option. To sum up, it is important to note that individuals are influenced by self-regulatory resources and their self-regulatory conditions contribute to the overall positive or negative impact of product assortment on choice.

• Journal of Distribution Science
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• v.11 no.4
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• pp.73-80
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• 2013

Purpose - As the smart-phone market adds new technologies and introduces new marketing trends, competition among companies is getting fierce. Now, smart-phone companies need to pay attention not only to attaining new customers but also to retaining customers, which means managing relationships to prevent customer defection. Therefore, how to satisfy customer needs and maintain long-term relations are both important to make consistent progress in the rapidly changing smart-phone market. To illustrate this point, the study focuses on analyzing the effects of consumption value on relational factors and buying intentions among smart-phone users. First, consumption value was divided into functional, economic, and emotional values. After that, the effects of these values on satisfaction and brand trust were confirmed. Additionally, effects of satisfaction and brand trust on repurchase intention were analyzed. Research design, data, and methodology - The data was collected in a self-administered survey among 270 undergraduate students, using smart-phones between June 4th-12th, 2012. A total of 257 questionnaires were collected and used for the data analysis. A path analysis based on Lisrel 8.54 was used for the hypothesis test. Consumption value was divided into functional, economic, and emotional values. Subsequently, the effects of these values on satisfaction and trust in the brand were confirmed. Additionally, the effects of satisfaction and trust in the brand on repurchase intention were analyzed. Results - First, functional value, economic value, and emotional value - especially emotional value - were revealed to have positive effects on satisfaction. Second, emotional value was shown to have positive effects on brand trust, while functional and economic values did not. Third, satisfaction had positive effects on brand trust. In considering the relative influence on brand trust, satisfaction was the most crucial factor. It is clear that in the evaluation of the direct experience, using the product or the service plays an important role in building brand trust. Fourth, satisfaction and brand trust positively influenced repurchase intention. This indicates that both factors must be achieved to induce the repurchase Intention among customers. Conclusions - One can see that the enjoyable emotions consumers feel while using smart-phones is the most important factor in increasing levels of satisfaction. Moreover, this indicates that consumers pursue economic desires along with convenient functions in order to reduce opportunity costs. Additionally, consumers are affected by psychological and emotional messages in building trust, rather than practical and rational ones. Thus, in order to appeal to young clients as an attractive brand in the smart-phone market, approaching customers with an emotional value is recommended. In addition, in order for the brand to gain trust, the overall experience the consumer feels while using smart phones should be maximized. After all, one must fulfill the consumers' desire for a new experience and show a willingness to faithfully accomplish the responsibility of the brand to strengthen relationships with customers in the smart-phone market.

• Journal of the Korean Society of Food Culture
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• v.26 no.3
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• pp.220-229
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• 2011

This study attempted to understand the perception and the degree of trust that consumers had in the national agricultural food accreditation system, to inquire into and examine the consumers' perception of traditional food quality certification performed for the protection of excellent traditional food, and to propose the right direction for the policies on the traditional food quality certification system and the plans to improve consumers' perception of the system. According to the results of this survey performed in married women, based on the 'the recognition of accreditation system' and 'the recognition of certification marks' of 'the seventh national agricultural food accreditation system' presently being used by the Ministry for Food, Agriculture, Forestry and Fisheries, the household food purchasers showed high recognition for eco-friendly agricultural product accreditation, processed food KS certification, and organically processed food certification in that order. Meanwhile, it was shown that they indicated low recognition for the traditional food-related accreditation systems such as 'traditional food quality certification' and 'food grand master'. It was found that reliability of the certification mark provided by the agricultural food accreditation system gained 3.54 points (on a 5-point scale), and 68.1% of the study subjects referred to the certification marks while purchasing agricultural foods. And most of them answered to the question of 'why they referred to the certification marks' saying that it was done 'to choose safe food'. The most frequent answer to question of 'the means to recognize the traditional food quality certification system' was 'broadcasting, advertising'. 57.3% of the subjects had a previous experience of buying a product certified by the traditional food quality certification system, and 93.2% of all the subjects had the intention to buy a product certified by the traditional food quality certification system later. And most of them answered that 'strengthening government policies' would be the most ideal way to inform the public of the traditional food quality certification system. According to the results of this study, while 'relying on the traditional food quality certification system in general' was relatively high among the consumers, 'intention to buy quality certified products by visiting a distantly located store' was low; thus, from this analysis, it can be seen that there is a need for diversification of places selling these quality certified products and to establish a distribution network for these products.

• Journal of Korean Home Economics Education Association
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• v.19 no.3
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• pp.19-36
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• 2007

The purpose of this study is to identify the consumer roles-gainer, allocator, buyer, user and disposer- of middle school students. The methodology that has been applied to this study was an ethnography study based on in-depth interviews with ten middle schoolers selected in Changwon, Gyeongnam. The result of this study is as follows; First, as gainers, teenagers usually gained their money from their parents. Because this tends to be not periodical, allowance education should be performed to both parents and teenagers. Second, as allocators, teenagers allocated most of their money in entertaining, shopping, traveling, leaving small amount of money for saving. Thorough education supported by school and home should be held for efficient and balanced allocation of acquired allowance. Third, teenagers as buyer should be encouraged to examine carefully in their buying goods and services thus increasing their ability in solving problems related to consume. Fourth, due to the fact that teenagers' role as user is very feeble, educations related to usually consumed products and consuming environments should be strengthened. Fifth, N generation's internet-based character is reflected in disposer rules so education for better disposal in internet world should be needed. Conclusively, education for teenagers' role as consumer will be efficient is linked with school, home, and society thus providing better standard for consumers.

• Journal of Intelligence and Information Systems
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• v.9 no.3
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• pp.23-47
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• 2003

Traditional studies for customer relationship management (CRM) generally focus on static CRM in a specific time frame. The static CRM and customer behavior knowledge derived could help marketers to redirect marketing resources fur profit gain at that given point in time. However, as time goes, the static knowledge becomes obsolete. Therefore, application of CRM to an online retailer should be done dynamically in time. Customer-based analysis should observe the past purchase behavior of customers to understand their current and likely future purchase patterns in consumer markets, and to divide a market into distinct subsets of customers, any of which may conceivably be selected as a market target to be reached with a distinct marketing mix. Though the concept of buying-behavior-based CRM was advanced several decades ago, virtually little application of the dynamic CRM has been reported to date. In this paper, we propose a dynamic CRM model utilizing data mining and a Monitoring Agent System (MAS) to extract longitudinal knowledge from the customer data and to analyze customer behavior patterns over time for the Internet retailer. The proposed model includes an extensive analysis about a customer career path that observes behaviors of segment shifts of each customer: prediction of customer careers, identification of dominant career paths that most customers show and their managerial implications, and about the evolution of customer segments over time. furthermore, we show that dynamic CRM could be useful for solving several managerial problems which any retailers may face.