• Asia Marketing Journal
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• v.12 no.2
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• pp.111-133
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• 2010

Marketing financial services used to be easier. Today, the competition in financial services is fierce. Not only has the competition become more intense, financial services have also changed structurally. In an environment with various customer needs and severe competitions, the marketing in financial services industry is getting more difficult and more important than before. However, there are still not enough studies on financial services marketing in Korea whereas lots of research papers have been published frequently in some international journals. The purpose of this paper is (1)to review the literature on financial services marketing, (2)to investigate current marketing activities based on in-depth interview with financial marketing managers in Korea, and (3)to suggest some implications for future research on the financial services marketing. Financial products are not consumer products. In fact, they are not products at all in the way product marketing is usually described. Nor are they altogether like services. The financial industry operates in a unique way, and its marketing tasks are correspondingly complex. However, the literature review shows that there has been a lack of basic studies which dealt with inherent characteristics of financial services marketing compared to the research on marketing in other industries. Many studies in domestic marketing journals have so far focused only on the general customer behaviors and the special issues in some financial industries. However, for more effective financial services marketing, we have to answer following questions. Is there any difference between financial service marketing and consumer packaged goods marketing? What are the differences between the financial services marketing and other services marketing such as education and health services? Are there different ways of marketing among banks, securities firms, insurance firms, and credit card companies? In other words, we need more detailed research as well as basic studies about the financial services marketing. For example, we need concrete definitions of financial services marketing, bank marketing, securities firm marketing, and etc. It is also required to compare the characteristics of each marketing within the financial services industry. The products sold in each market have different characteristics such as duration and degree of risk-taking. It means that there are sub-categories in financial services marketing. We have to consider them in the future research on the financial services marketing. It is also necessary to study customer decision making process in the financial markets. There have been little research on how customers search and process information, compare alternatives, make final decision, and repeat their choices. Because financial services have some unique characteristics, we need different understandings in the customer behaviors compared to the behaviors in other service markets. And also considering the rapid growth in financial markets and upcoming severe competition between domestic and global financial companies, it is time to start more systematic and detailed research on financial services marketing in Korea. In the second part of this paper, I analyzed the results of in-depth interview with 20 marketing managers of financial services companies in Korea. As a result, I found that the role of marketing departments in Korean financial companies are mainly focused on the short-term activities such as sales support, promotion, and CRM data analysis although the size and history of marketing departments to some extent show a sign of maturity. Most companies established official marketing departments before 2001. Average number of employees in a marketing department is about 58. However, marketing managers in eight companies(40% of the sample) still think that the purpose of marketing is only to support and manage general sales activities. It shows that some companies have sales-oriented concept rather than marketing-oriented concept. I also found three key words which marketing managers think importantly in financial services markets. They are (1)Trust in customer relationship, (2)Brand differentiation, and (3)Rapid response to customer needs. 50% of the sample support that "Trust" is the most important key word in the financial services marketing. It is interesting that 80% of banks and securities companies think that "Trust" is the most important thing, whereas managers in credit card companies consider "Rapid response to customer needs" as the most important key word in their market. In addition, there are different problems recognition of marketing managers depending on the types of financial industries they belong to. For example, in the case of banks and insurance companies, marketing managers consider "a lack of communication with other departments" as the most serious problem. On the other hand, in the case of securities firms, "a lack of utilization of customer data" is the most serious problem. These results imply that there are different important factors for the customer satisfaction depending on the types of financial industries, and managers have to consider them when marketing financial products in more effective ways. For example, It will be necessary for marketing managers to study different important factors which affect customer satisfaction, repeat purchase, degree of risk-taking, and possibility of cross-selling according to the types of financial industries. I also suggested six hypothetical propositions for the future research.

• Journal of Global Scholars of Marketing Science
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• v.19 no.2
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• pp.53-67
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• 2009

For the last decades, service quality has been studied as one of the most important tools for a service company to compete with the other companies. Based on these past researches, it has been agreed that the service quality is a basic and powerful tool to create the competitive advantage. Due to similar reason, many service marketing practitioners have been also focused on the service quality to retain the existing consumers and collect the new consumers. However, service quality is subjectively perceived by individual consumers. Consumer evaluation of service quality can be different from each other. Especially consumers with one life-style may evaluate the service quality differently from the consumers with the other life-styles. Therefore we need to know whether there are differences in service quality perception on the categories of life-style. Life-style refers to a distinctive mode of living in its aggregate and broadest sense. It embodies the patterns that were developed and emerged from the dynamics of living in a society. Since the concept of life-style and its relationship to marketing was introduced in 1963 by William Lazer, methods of measuring the life-style and their application have been developed. Life-style has been usually used to segment the marketplace because it offers marketers a unique and important view of the market. When Life-style is combined with clustering methods, life-style segmentation can generate identifiable whole persons rather than isolated fragment. Life-style segmentation begins with people instead of products and classifies them into different life-style types, each characterized by a unique style of living based on a wide range of activities, interests, and opinions(Plummer, 1974). In this study we applies the life-style segmentation based on the AIO(Activities, Interests, and Opinions) to the consumers of the large discount stores. In Korea, the large discount store market has entered into maturity stage so that the market differentiation strategy is becoming a more critical issue to the marketing practitioners. One of the most important tools to differentiate from the competitors in large discount store market is continuously to provide service of better quality than competitors. This study tries to find answers about the following questions: 1) How can we categorize the consumer life-styles in the large discount store? 2) What are the characteristics of the categorized groups? 3) Are there any differences in service quality perception among the consumers with different life-styles 4) Are there any differences in consumer behavior among them in the large discount store? For the purpose, we collected survey data from consumers and analyzed the data with the SPSS package where we had $X^2$-test, factor analysis, ANOVA, MANOVA, and cluster analysis. The survey was made during one month in the April of 2008. Among the collected 306 copies of questionnaires, 281 copies were chosen as the effective samples for empirical analysis except 25 copies with wrong responses. To identify the life-style patterns, we used the measures employed by Kim and Kwon(1999), where 44 items on a seven-point scale were used to measure factors of the life-style patterns. The Principal Component Method was used for factor extraction, and the VARIMAX orthogonal factor rotation was employed. The 7 items showing low factor loading were eliminated. The results of the factor analysis suggested that nine factors of the life-style patterns were identified as follows: 1) the equality-of-sexes and pursuit-of-independence tendency 2) self-management tendency 3) sociable tendency 4) self-display tendency 5) degree of a dilettante life 6) pursuit-of-information tendency 7) bargain hunter tendency 8) TV preference tendency 9) pursuit-of-leisure tendency. Next, after the K-means cluster analysis was performed with nine factors of the life-style patterns, the life-styles of the respondents were classified into four groups which are named as the 'progressive practicality-oriented group', 'positive success-oriented group', 'sociable ostentation-oriented group', 'stable conservation-oriented group'. The analysis results for usage behavior between the market segments showed statistically significant differences in the frequency of usage, duration time in the store, consumer satisfaction, and loyalty. Also, we tried to investigate whether the large discount store consumers differently perceive the quality of service based upon the types of life-style. To measure the service quality of large discount store, we adapted several measurement models measuring the service quality such as SERVPERF, BCP, R-SERVPERF, R-BCP. MANOVA and One-Way ANOVA were performed to confirm the difference in service quality perception based on the market segments. The results have also shown significant differences between life-style types in service quality perception. These findings show that the large discount store marketers should consider consumer life-style as one of the most important market segments for marketing and understand the difference in service quality perception between life-style types. Our findings give important implications to marketers of large discount stores as well as life-style researchers. First, this study showed there were significant differences in consumer's service quality perception and usage behavior between the types of life-style. It provides evidence that the life-style approach can be a important basis in segmenting the large discount store market and will make consumers perceive the service quality high. Second, most previous researches on service quality have been in aggregate level. However, our results imply that the future research on service quality have to focus on segment level.

• Journal of Technology Innovation
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• v.19 no.1
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• pp.79-109
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• 2011

In his highly cited book, Innovator's Dilemma (1997), Christensen introduced a notion of disruptive technology that is based on the observations from disk-drive industry and used it as an explanatory variable through which new entrants outperform incumbents in the industry. In explaining his later observations of disruptive innovations in other industries, however, his early theory based on disruptive technology has been applied to all cases without careful distinction between the notions of technology and business model (Markides, 2006). Furthermore, it has been criticized that his model suffers from lack of enough explanatory power and other important factors that are necessary to fully explain the observed phenomena in various cases (Danneels, 2004). Motivated by the critics in literature, the current study carefully distinguishes between innovation of technology and innovation of business model in the process of disruptive innovation, and apply our framework to the case of internet shopping mall business. Our study yields two main results. First, the internet-related business model which Christensen argued as an example of disruptive innovation is accomplished through two distinctive and separable growth phases: a period of technology growth and a period of business model growth. Second, in the process of disruptive innovation, the notion of enabling technology plays an important bridging role that connects core technology and business model. Furthermore, we confirm that the success of business model innovation depends on the degree of maturity of the enabling technologies. In conclusion, Christensen's notion of disruptive innovation can be further detailed in terms of technology innovation and business model innovation, and if there exist enabling technologies, the chance of success of the business model is higher when the enabling technology is matured rather than when the core technology is merely acknowledged as a disruptive technology.

• Current Research on Agriculture and Life Sciences
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• v.9
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• pp.147-155
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• 1991

Effects of harvest date, number of the leaves remained on stump after flower cutting, duration of cold treatment on the growth and flowering of L. elegans 'Connecticut King' bulb were tested. Shoot emerging rate increased over 90% by delayed cold treatment, late harvesting time and more leaves remained. Flowering rate increased over 90% when conducted cold treatment of 90 days to the premature bulb at flowering date, the bulb matured for 50 days with 10 leaves and the bulb matured for over 30 days with 20 leaves, and when conducted cold treatment of 50 days to the bulb matured for over 30 days with all leaves. Delayed cold treatment duration shortened days needed to shoot emergence and flowering. Especially days to flower of the premature bulb at flowering date were the shortest of all treatments, and can be flowered within 100 days after planting. In generally, plant height, number of flowers per plant and stem diameter generally increased by longer bulb maturing period after flower cuting, and the premature bulb harvested at flowering date showed poor growing and flowering responses. But, if used the larger size bulb, it is believed that the prematured bulb can be forced to flower normally in current year without bulb maturing period.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.59 no.3
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• pp.299-306
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• 2014

Fresh edible sweet corns demand relatively short period to harvest fresh ears, which can allow farmers to make a choice sweet corns for various cropping systems. For this reason, we were to find the optimum planting date of late-planted sweet corns to sell fresh ears in the autumn linked to cropping system with winter crops, investigating yield and properties of marketable fresh ears and growth traits of sweet corns (cv. 'Godangok' and cv. 'Guseulok') depending on planting dates such as 10 July, 20 July, and 30 July in Suwon 2012 and 2013, respectively. The 20 July-planted sweet corns showed the most fresh ear yield. However, the 10 July-planted and the 30 July-planted had 32% less yield caused by consecutive rainfall from 10 July through 20 July, and 15% less yield due to low air temperature during ripening than the 20 July-planted, respectively. The 10 and 20 July-planted sweet corns had average 140g of a fresh ear weight and 15% heavier ear than the 30 July-planted. For the July-planted sweet corns, silking days after planting ($r=-0.80^{**}$), and harvesting days after silking ($r=-0.97^{**}$) and planting ($r=-0.91^{**}$) were highly negatively correlated with daily mean air temperature during the period, resulting in it takes 1,100 growing degree days (GDD) to harvest fresh ears from the July-planted sweet corns. The fresh ears of the 20 July-planted sweet corns are able to be harvested by early October. Therefore it will be a good choice for the cropping system based on winter vegetable cash crops such as temperate garlic and onion with medium or late maturity. Among three planting dates 20 July-planted sweet corns had the best field performance in every year considering fresh ear yield, ear size, and stability to grow.

• Journal of Life Science
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• v.15 no.5 s.72
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• pp.840-846
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• 2005

This study was carried out to investigate the effect of electron beam irradiation and cooking temperature on physico-chemical characteristics and lipid oxidation of beef. A total of six beef carcasses ($280\∼300 kg$) that were quality grade $1^{+}$(marbling score No.7, meat color No.4, maturity No.1, texture No.1) was purchased at the commercial slaughter house. The carcasses were transported and washed using high pressure water, and pasteulized with $ 50\% $ ethyl alcohol in the laboratory. After the carcasses were deboned and trimmed, loin and round were taken out to make steak (1.5cm thickness) or ground beef respectively. Samples were wrap or vacuum packaged and irradiated with 0, 3, 4.5, 6 and 7.5 kGy using electron-beam accelerator at Samsung Heavy Industries Ltd. Co. (in Taejun). Irradiated samples were cooked with different methods(electronic pan and gas oven) and temperatures ($ 60^{\circ}C, 70^{\circ}C and 80^{\circ}C$) and used to measure fatty acid composition, TBARS, cholesterol oxide products and panel test scores. The content of saturated fatty acids increased by increasing heating temperature in oven boiling steak (OBS) and pan boiling steak (PBS), and there was no difference by electron-beam irradiation. Both irradiated and non-irradiated treatment were high as the heating temperature increased in TBARS by heating temperature in PBS (p < 0.05) and the amount of Malonaldehyde (MA), standard of fat deterioration, was increased in OBS (p < 0.05). Non-irradiated and 3, 6 kGy treatment produced about 2 fold amount of MA at $ 60^{\circ}C $ compared with $ 80^{\circ}C $. In comparison with PBS, OBS produced much amount of MA and a bit different from non-irradiated treatment but did not show no tendency. As irradiation levels and heating temperature increased, the amount of cholesterol oxides products was increased and also pan-heating method, direct heating method, significantly increased the degree of oxidation compared with oven-heating method, indirect heating method (p < 0.05).

• Journal of Korean Home Economics Education Association
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• v.31 no.3
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• pp.155-177
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• 2019

The study aims to develop a teaching-learning plan that can solve the problem of the clothing and textiles area faced by the teenager as course of critical science perspective improving the empowerment. As a research method, it was conceptualized by applying the Laster(1986)'s curriculum development process. And it was applied to the conceptual framework of practical reasoning presented in: "Family, Food and Society A Teacher's guide" (Staaland & Storm, 1996). The results of this study are summarized as follows. First, based on the results of reviewing literature related to the clothing and textiles area, ongoing concerns related to the clothing and textiles is "Should we do with regard to clothing and textiles for families in the community? The valued ends is defined as a complex position with a high degree of freedom and a high responsibility, and the goal of learning is interdependence, emotional maturity, intellectual development, and communication ability. For the contents of education and activity structure, practical reasoning process was used as conceptual framework of education contents, and included sub-concerns, broad concepts, sub-concepts and intellectual and social skills. Second, based on the practical reasoning, we developed a teaching and learning plan in the clothing and textiles. As a result, a total of 12 plan of 5 modules were developed. And were developed a total of 31 tutorials, reading materials, picture materials, group activities, and video materials. The results of this study can be applied to teachers who want to try out practical inference process in class or teachers who have difficulty in practicing reasoning process in the field.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.64 no.2
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• pp.63-69
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• 2019

Black-colored rice contains anthocyanin, which has an antioxidant function on the seed coat. Anthocyanin content is greatly affected by the cultivation environment, especially the average temperature during the ripening stage. Generally, low temperatures during the ripening stage increase anthocyanin content. To control the average temperature during ripening stage in the field, transplanting time has to be regulated. In this study, anthocyanin content variation was examined in relation to the transplanting time and the average temperature during the ripening stage. For the study, fourteen black-colored rice cultivars with different maturity types (four of early-maturing, five of medium-maturing, and five of medium-late maturing) were selected. The transplanting times used were May 20, June 5, June 20, and June 30. The field experiment was conducted in the Miryang, Kyoungsangnamdo province, Korea from 2014 to 2017. The anthocyanin content in all cultivars was higher when the transplanting time was delayed, and the highest anthocyanin content was observed in the transplanting on June 30. Variation in anthocyanin content according to the change in transplanting time is the greatest in the early maturing cultivars. The least change was observed in medium maturing cultivars. Regression analysis showed a significant correlation between temperature and anthocyanin content, but the degree of correlation was very low in the medium maturing cultivar. As a result, the optimal average temperature during the grain filling stage for increasing the anthocyanin content of black colored rice was $22{\sim}23^{\circ}C$. The rice yield increased in plants transplanted until June 20 and decreased thereafter owing to low temperature during the grain filling stage. The anthocyanin content increased with delaying the transplanting time up to June 30 but the rice yield decreased after June 20. Nevertheless, the rate of increase in anthocyanin content was higher than the rate of decrease in rice yield. As a result, the optimum transplanting time and an average temperature of grain filling stage for black-colored rice variety were June 30 and $23{\sim}24^{\circ}C$ considering both anthocyanin content and rice yield.