• Journal of Ginseng Culture
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• v.3
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• pp.90-118
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• 2021

Gaeseong fostered the conditions necessary for modern capitalism, as huge capital was accumulated through the cultivation and trade of ginseng, which were activities that flourished in the 18th century. During the Japanese colonial era, ginseng merchants were not simply limited to acquiring landowner capital from ginseng trade but actively converted such resource to productive and financial capital, thereby becoming modern entrepreneurs. Ginseng merchants led the joint management and investment of Gaeseong Electric Co., Ltd., Daehan Cheonil Bank, Gaeseong Brewing Co., Ltd., and Songgo Textile Company, founded in the early 20th century. They pursued corporate profits and, as leading individuals of society, spearheaded regional development by supporting educational and cultural projects in Gaeseong. These projects included the establishment of the Gaeseong Commercial School, the publication of Goryeo Times, and the operation of the Gaeseong Jwa Theater. Although liberal economics prioritized shareholder interest, the 21st century witnessed an emphasis on social responsibility among stakeholders asthe major purpose of enterprises. A trend that emerged was ESG (environment, social, governance) management, in which non-financial factors are valued more highly than financial performance. A successful business, which was denoted only by high profits in the past, is now defined by whether a company fulfills its social responsibility. In the early 20th century, the corporate activities of ginseng merchants in Gaeseong reflected entrepreneurship and stakeholder-centered ESG management, which later emerged as essential elements of modern business management. The modern management philosophy ahead of its times stemmed from the regionality of Gaeseong. The political discrimination against Gaeseong residents in the Joseon Dynasty precluded them from becoming government officers, and under a strict social hierarchy, yangban ("noblemen"), the intellectuals of the Joseon Dynasty, were forced to serve as merchants. Son Bong-sang and Kong Seong-hak, aside from being representative ginseng merchants, were both Confucian scholars and writers. The second and third generations of ginseng merchant families who had received higher education abroad returned to Gaeseong to carry on with their family businesses, then established modern companies with capital accrued from the ginseng industry. An analysis of the commercial activities of ginseng merchants in the early 20th century confirmed that these individuals were pioneering entrepreneurs who adopted the ESG management philosophy. In ginseng merchants, one sees a dimension of capitalism with a human face, as with ginseng thatsaves human life.

• Journal of Popular Narrative
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• v.26 no.4
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• pp.9-41
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• 2020

Park Jong-won's debut film "Guro Arirang," based on a short story of the same title by Lee Moon-yeol, is the first commercial film to deal with labor struggles from a worker's point of view in the wake of the 1987 democratic movement, and a pioneering work in terms of representing female workers the Korean cinema has traditionally turned away from. In this film Park Jong-won tried to win the sympathy of the middle class for labor movement in spite of the red scare which still stood firm in the Korean society at that time. To convey its progressive message in a form acceptable to the middle class public, the film portrays labor issues in the light of universal humanity and ethics, not in terms of class hostility or struggle. Park Jong-won calls this point of view "common sense of normal people" and emphasizes its universality and objectivity. This study critically examines the cinematic strategies to deal with labor issues in a form acceptable to the public in a conventional and commercial film and the ideological implications of the "common sense of normal people" reflected in such strategies. The first chapter of the study reveals that the film destroys the irony of the original story and reduces the complex constellation of the characters to the conflict between pure good and evil, creating a melodramatic composition in which the good falls victim to evil. The tragedies suffered by the workers in the film are of course intended to arouse the audience's strong sympathy and solidarity with them. The second chapter shows that the film's various scenes and episodes converge on the them of compassion and grief, and are mostly based on cultural and real experiences and events that caused great public sensations at that time. Especially in the last decisive scene of the movie, the memory of the June 1987 uprising is strongly recalled. So "Guro Arirang" can be seen as a patchwork of proven cases of compassion and grief. The third chapter examines the implications of the scene where the workers turn back demands for wages and put the issues of human treatment and trust to the forefront at the crucial moment of their struggle. It appeals to universal moral values and sentiments that everyone has to acknowledge and removes the political dimension from the workers' campaign. While the film tends to become a pure story of humanity marginalizing irreconcilable conflicts of class interest, the workers fall to the position of passive victims who can be deeply sympathetic on the one hand, and on the other, are idealized as leaders with noble attitude keeping themselves aloof from the hard reality. As a result, the movie loses its realistic ground and weakens its narrative probability. The scenes reminiscent of the 1987 uprising which evoke the solidarity between working and middle class fail to integrate harmoniously into the whole story of the film and remain only as fragmentary parts of the patchwork of compassion and grief.

• Journal of Christian Education in Korea
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• v.74
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• pp.159-188
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• 2023

This study examines the process of Chou Sun-Ae's spiritual formation in the light of Carl Jung's conception of individuation. Spirituality is defined in different ways by different scholars, but most consider self-transcendence as a necessary element. This self-transcendence can occur in the relationship with self, with others, and with the transcendent. In the relationship with the self, it appears as self-objectification; with others, it is as moving toward others; and in the relationship with the transcendent, it moves toward the transcendent. Spirituality is closely related to individual identity, in that it surrounds and integrates life. Spiritual formation is thus closely related to Jung's concept of individuation, as this involves the separation of persona and ego, and shadow recognition which are closely related to the level of self-objectification. In addition, the withdrawal of shadow projection that occurs in individuation is closely related to moving toward others, in that it recognizes the shadow instead of blaming others, allowing one to look at others without prejudice. The fact that Jesus Christ is the symbol of the Self, the driving force of the individuation process, tells us that spirituality leading to a relationship with the transcendent God and Jung's theory are closely related to each other. Thus, if we examine the process of spiritual formation through the Jung's individuation process, we can better understand the psychodynamic dimension of spirituality. This article investigates the process of Chou Sun-Ae's spiritual formation through Jung's individuation process. Throughout her 98 years, Chou Sun-Ae experienced national pain and hardships, as well as personal adversity and difficulties; but through all of these hardships, conflicts, and difficult moments, she accomplished individualization. Therefore, by examining the spiritual formation through individuation in Chou Sun-Ae, I consider the direction of Christian spiritual education. In this study, three main characteristics of Chou Sun-Ae's spiritual formation can be identified. First, through a life of repentance, the identification between persona and ego can be weakened. Second, the ego develops, and individualization is achieved, through a new calling. Third, in shadow integration, the spiritual development comes to recognize Jesus Christ on the cross and achieve the process of sanctification. Investigating the direction of Christian spiritual education through Chou Sun-Ae's spiritual formation indicates that Christian spiritual education should harmonize vertical and horizontal relations and should develop an experience of the transcendent God in everyday life. By this means, the believer can achieve Self-realization and be a true Christian who practices love for God and love for neighbors.

• Journal of the Daesoon Academy of Sciences
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• v.47
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• pp.1-37
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• 2023

This essay seeks to answer the question of how best to understand Korean new religious movements (KNRMs). KNRMs have the characteristics of folk religion, ethno-religion, or popular religion. KNRMs are products of the national consciousness promoted by Korean society during the Late Joseon Dynasty at the turning point of modern Yi-Jing Studies. From the perspective of social evolutionary theory of developmental history, during that period, Joseon (Korea), like China, was faced with a double-edged sword consisting of the strength of tradition and the upheaval of modernity. If the strength of tradition depended on the Yi-Jing Studies to promote national enlightenment toward anti-imperialist aims, then it was equally the case that modernity depended on the sense of urgency to guide the people to secure livelihoods and edification regarding anti-feudalism. In this essay, the KNRMs that appeared during this transition period of Yi-Jing Studies will be a significant focus, and the worldview of Daesoon Thought will be the main focus. As one of the central topics, intensive discussion will be dedicated to the issue of the nature of pre-experientialism (先驗主義) which characterized the Great Opening (開闢). The principles of Daesoon Thought have a religious dimension of realistic awareness that guides the people's lives and edifies them. The process of the Great Opening aims to secure an ontological clock that tracks the Great Itineration of the world toward Daesoon Truth. This in turn as a process establishes the epistemological world of the Reordering Works of Heaven and Earth (天地公事) and reaches the axiological boundary of the future world. The links among the Three Realms is characterized by a pre-experientialist line that experiences the space-time nature of the universe as the Great Opening of the Later World (後天) within the framework of Heaven and Earth. Throughout this course, humans look to enjoy the infinite vitality of the universe from within their own finite vitality. Therefore, Daesoon Thought can overcome perceived reality through pre-experientialist channels such as the Great Opening of the Later World and aim for a state of self-awareness such as the Earthly Paradise. This is an attempt to participate and practice in the actual world rather than pursuing a world of transcendental ideas, and therefore, it tends to be proactive in the world rather than exhibit a passive tendency to be worldliness. In conclusion, the truth of Daesoon Thought, which is characterized by the Great Opening of the Later World, contains a future-oriented outlook that longs for a Nextopia full of hope and promise rather than idealistic fancy towards a Utopia or well-founded dread and disdain towards Dystopia.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.6
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• pp.173-189
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• 2023

As supreme technologies continue to be developed, industries such as artificial intelligence, biotechnology, robots, aerospace, electric vehicles, and solar energy are created, and the macro business environment is rapidly changing. Due to these large-scale changes and increased complexity, it is necessary to pay attention to the effect of social capital, which can create new value by utilizing capital increasing the importance of relationships rather than technology or asset ownership itself at the level of start-up strategy. Social capital is a concept first proposed by Hanifan in 1916, and refers to the overall sum of capabilities or resources that are latent or available for use in mutual, continuous, organic relationships or accumulated human relationship networks between individuals or social members. In addition, the diversity of start-up teams with diverse backgrounds, characteristics, and capabilities, rather than one exceptional founder, has been emphasized. Founding team diversity refers to the diversity of in-depth factors such as demographic factors, beliefs, and values of the founding team. In addition, changes in the macro environment are emphasizing the importance of technology start-ups and laboratory start-ups that lead industrial innovation and create the nation's core growth engines. This study focused on the I-Corps' program. I-Corps, which means innovation corps, is a laboratory startup program launched by the National Research Foundation (NSF) in 2011 to encourage entrepreneurship and commercialization of research results. It focuses on forming a startup team involving professors, researchers and market discovery activities. Taking these characteristics into account, this study empirically verified the impact of social capital from a network perspective and founding team diversity on I-Corps start-up performance. As a result of the analysis, the educational diversity of the founding team had a negative (-) effect on the financial performance of the founding team. On the other side, the gender diversity and the cognitive dimension of social capital had a positive (+) effect on the financial performance of the founding team. This study is expected to provide more useful theoretical and practical implications regarding the diversity, social capital, and performance interpretation of the I-Corps Lab startup team.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.47-73
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• 2020

KTX rolling stocks are a system consisting of several machines, electrical devices, and components. The maintenance of the rolling stocks requires considerable expertise and experience of maintenance workers. In the event of a rolling stock failure, the knowledge and experience of the maintainer will result in a difference in the quality of the time and work to solve the problem. So, the resulting availability of the vehicle will vary. Although problem solving is generally based on fault manuals, experienced and skilled professionals can quickly diagnose and take actions by applying personal know-how. Since this knowledge exists in a tacit form, it is difficult to pass it on completely to a successor, and there have been studies that have developed a case-based rolling stock expert system to turn it into a data-driven one. Nonetheless, research on the most commonly used KTX rolling stock on the main-line or the development of a system that extracts text meanings and searches for similar cases is still lacking. Therefore, this study proposes an intelligence supporting system that provides an action guide for emerging failures by using the know-how of these rolling stocks maintenance experts as an example of problem solving. For this purpose, the case base was constructed by collecting the rolling stocks failure data generated from 2015 to 2017, and the integrated dictionary was constructed separately through the case base to include the essential terminology and failure codes in consideration of the specialty of the railway rolling stock sector. Based on a deployed case base, a new failure was retrieved from past cases and the top three most similar failure cases were extracted to propose the actual actions of these cases as a diagnostic guide. In this study, various dimensionality reduction measures were applied to calculate similarity by taking into account the meaningful relationship of failure details in order to compensate for the limitations of the method of searching cases by keyword matching in rolling stock failure expert system studies using case-based reasoning in the precedent case-based expert system studies, and their usefulness was verified through experiments. Among the various dimensionality reduction techniques, similar cases were retrieved by applying three algorithms: Non-negative Matrix Factorization(NMF), Latent Semantic Analysis(LSA), and Doc2Vec to extract the characteristics of the failure and measure the cosine distance between the vectors. The precision, recall, and F-measure methods were used to assess the performance of the proposed actions. To compare the performance of dimensionality reduction techniques, the analysis of variance confirmed that the performance differences of the five algorithms were statistically significant, with a comparison between the algorithm that randomly extracts failure cases with identical failure codes and the algorithm that applies cosine similarity directly based on words. In addition, optimal techniques were derived for practical application by verifying differences in performance depending on the number of dimensions for dimensionality reduction. The analysis showed that the performance of the cosine similarity was higher than that of the dimension using Non-negative Matrix Factorization(NMF) and Latent Semantic Analysis(LSA) and the performance of algorithm using Doc2Vec was the highest. Furthermore, in terms of dimensionality reduction techniques, the larger the number of dimensions at the appropriate level, the better the performance was found. Through this study, we confirmed the usefulness of effective methods of extracting characteristics of data and converting unstructured data when applying case-based reasoning based on which most of the attributes are texted in the special field of KTX rolling stock. Text mining is a trend where studies are being conducted for use in many areas, but studies using such text data are still lacking in an environment where there are a number of specialized terms and limited access to data, such as the one we want to use in this study. In this regard, it is significant that the study first presented an intelligent diagnostic system that suggested action by searching for a case by applying text mining techniques to extract the characteristics of the failure to complement keyword-based case searches. It is expected that this will provide implications as basic study for developing diagnostic systems that can be used immediately on the site.

• Journal of the Daesoon Academy of Sciences
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• v.39
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• pp.33-67
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• 2021

This paper aims at revealing the core concept of Injon (Human Nobility). The concept of Injon is one of the salient fundamental ideas which makes Daesoon Jinrihoe recognizable as Daesoon Jinrihoe. The concept of Injon has the basic meaning of 'human nobility,' but within the context wherein the nobility of humankind is considered to be greater than the nobility of Heaven and Earth. Although the religious and ideological interpretations of Injon (human nobility) that have developed over time have been quite diverse and abundant, these interpretations are all limited in that they generally assume the relationship between 'Heaven and Earth' and 'Humanity' to be antagonistic. However, if human nobility is relativized in that manner, it can reduce the potential broader meanings of mutual beneficence and the earthly paradise of the later world. These interpretations are grounded in the view of semiotic interpretation. Such interpretations have composed their view point via the semiotic meaning of the words. The semiotic point of view suggests that meanings of words consist in the relation of the word and the object to which it denotes. We will introduce a new view point which can be termed the transcendental view point. This view focuses on how the exact interpretation of words and sentences depends on the comprehension of the triad of systematic relations among the word, object, and speaker. In the Daesoon Thought, the Former World is considered to be the world wherein all creations unfolded according to the principle of mutual contention. This led to the accumulation of grievances and grudges which condensed and filled the Three Realms of Heaven, Earth, and Humanity. The Former World was dominated by Western material civilization, selfishness, and exclusivism. It was also a world where humans suffered from various natural disasters such as floods, droughts, plagues, and wildfires. The Former World lost the constant Dao and was overwhelmed with all kinds of disasters and calamities. That world fell into various kinds of wretchedness. The causes which made the Former World so cruel came from humans misunderstanding their relation to nature and life in general; including human life. The anthropocentric modern cosmology insisted that the human race was the only one to have the powers and rights to exercise dominion over nature. On the other hand, there is the Later World, which means the ideal and perfect, immanent eternal world for all humankind in Daesoon Thought. This world consists of life, peace, and equality and is also characterized by three typical attributes: goodness, peace, and all kinds of life. All living beings previously struggled for survival, but in the Later World, those lifeforms will embrace each other; even across different realms. In Daesoon Thought, the world and cosmos contain diverse forms of life, and human have both an earthly life and life in the after world should they die before the Later World. There are also the lives of divine beings and animals, and other such living entities. Daesoon Thought subsumes pan-vitalism, which allows they acknowledgement of myriad possible lifeforms. The concept of the Later World in Daesoon Thought, which mainly revealed in The Canonical Scripture and the words of Sangje (Kang Jeungsan), suggests that all kinds of life, including humans, animals, and even spirits in the afterworld, can live together in a perfect coming earthly paradise which is immanent. The concept of Injon can be interpreted though the view of transcendental pragmatics as an alternative to the typical views discussed in Daesoon Thought. Thinkers should attempt to improve current discourse on Injon in Daesoon Thought by focusing on the point that all kinds the original teachings demonstrate a value of all lifeforms. Therein, Injon would indicate not only the human nobility and dignity but also the nobility and dignity of divine beings, divine humans, and all other forms of life that have existed across time. The dimension of time allows for recognition of lifeforms from the Former World, the afterworld, and the Later World. This revised appraisal of Injon could further accommodate denizens of the afterworld, animals, ghosts and spirits, the earth and cloud souls of humans, and other lifeforms held to exist in the cosmology of Daesoon Thought.

• Journal of Intelligence and Information Systems
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• v.22 no.3
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• pp.45-69
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• 2016

Recently, sentiment analysis using open Internet data is actively performed for various purposes. As online Internet communication channels become popular, companies try to capture public sentiment of them from online open information sources. This research is conducted for the purpose of analyzing pulbic sentiment of Korean Top-10 companies using a multi-categorical sentiment lexicon. Whereas existing researches related to public sentiment measurement based on big data approach classify sentiment into dimensions, this research classifies public sentiment into multiple categories. Dimensional sentiment structure has been commonly applied in sentiment analysis of various applications, because it is academically proven, and has a clear advantage of capturing degree of sentiment and interrelation of each dimension. However, the dimensional structure is not effective when measuring public sentiment because human sentiment is too complex to be divided into few dimensions. In addition, special training is needed for ordinary people to express their feeling into dimensional structure. People do not divide their sentiment into dimensions, nor do they need psychological training when they feel. People would not express their feeling in the way of dimensional structure like positive/negative or active/passive; rather they express theirs in the way of categorical sentiment like sadness, rage, happiness and so on. That is, categorial approach of sentiment analysis is more natural than dimensional approach. Accordingly, this research suggests multi-categorical sentiment structure as an alternative way to measure social sentiment from the point of the public. Multi-categorical sentiment structure classifies sentiments following the way that ordinary people do although there are possibility to contain some subjectiveness. In this research, nine categories: 'Sadness', 'Anger', 'Happiness', 'Disgust', 'Surprise', 'Fear', 'Interest', 'Boredom' and 'Pain' are used as multi-categorical sentiment structure. To capture public sentiment of Korean Top-10 companies, Internet news data of the companies are collected over the past 25 months from a representative Korean portal site. Based on the sentiment words extracted from previous researches, we have created a sentiment lexicon, and analyzed the frequency of the words coming up within the news data. The frequency of each sentiment category was calculated as a ratio out of the total sentiment words to make ranks of distributions. Sentiment comparison among top-4 companies, which are 'Samsung', 'Hyundai', 'SK', and 'LG', were separately visualized. As a next step, the research tested hypothesis to prove the usefulness of the multi-categorical sentiment lexicon. It tested how effective categorial sentiment can be used as relative comparison index in cross sectional and time series analysis. To test the effectiveness of the sentiment lexicon as cross sectional comparison index, pair-wise t-test and Duncan test were conducted. Two pairs of companies, 'Samsung' and 'Hanjin', 'SK' and 'Hanjin' were chosen to compare whether each categorical sentiment is significantly different in pair-wise t-test. Since category 'Sadness' has the largest vocabularies, it is chosen to figure out whether the subgroups of the companies are significantly different in Duncan test. It is proved that five sentiment categories of Samsung and Hanjin and four sentiment categories of SK and Hanjin are different significantly. In category 'Sadness', it has been figured out that there were six subgroups that are significantly different. To test the effectiveness of the sentiment lexicon as time series comparison index, 'nut rage' incident of Hanjin is selected as an example case. Term frequency of sentiment words of the month when the incident happened and term frequency of the one month before the event are compared. Sentiment categories was redivided into positive/negative sentiment, and it is tried to figure out whether the event actually has some negative impact on public sentiment of the company. The difference in each category was visualized, moreover the variation of word list of sentiment 'Rage' was shown to be more concrete. As a result, there was huge before-and-after difference of sentiment that ordinary people feel to the company. Both hypotheses have turned out to be statistically significant, and therefore sentiment analysis in business area using multi-categorical sentiment lexicons has persuasive power. This research implies that categorical sentiment analysis can be used as an alternative method to supplement dimensional sentiment analysis when figuring out public sentiment in business environment.

• Journal of Distribution Research
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• v.16 no.4
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• pp.1-27
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• 2011

Introduction: Sales of private labels(PU have been growing m recent years. Globally, PLs have already achieved 20% share, although between 25 and 50% share in most of the European markets(AC. Nielson, 2005). These products are aimed to have comparable quality and prices as national brand(NB) products and have been continuously eroding manufacturer's national brand market share. Stores have also started introducing premium PLs that are of higher-quality and more reasonably priced compared to NBs. Worldwide, many retailers already have a multiple-tier private label architecture. Consumers as a consequence are now able to have a more diverse brand choice in store than ever before. Since premium PLs are priced higher than regular PLs and even, in some cases, above NBs, stores can expect to generate higher profits. Brand extensions and private label have been extensively studied in the marketing field. However, less attention has been paid to the private label extension. Therefore, this research focuses on private label extension using the Multi-Attribute Attitude Model(Fishbein and Ajzen, 1975). Especially there are few studies that consider the hierarchical effect of the PL's two parent brands: store brand and the original PL. We assume that the attitude toward each of the two parent brands affects the attitude towards the extended PL. The influence from each parent brand toward extended PL will vary according to the perceived fit between each parent brand and the extended PL. This research focuses on how these two parent brands act as reference points to one another in the consumers' choice consideration. Specifically we seek to understand how store image and attitude towards original PL affect consumer perceptions of extended premium PL. How consumers perceive extended premium PLs could provide strategic suggestions for retailer managers with specific suggestions on whether it is more effective: to position extended premium PL similarly or dissimilarly to original PL especially on the quality dimension and congruency with store image. There is an extensive body of research on branding and brand extensions (e.g. Aaker and Keller, 1990) and more recently on PLs(e.g. Kumar and Steenkamp, 2007). However there are no studies to date that look at the upgrading and influence of original PLs and attitude towards store on the premium PL extension. This research wishes to make a contribution to this gap using the perceived fit difference between parent brands and extended premium PL as the context. In order to meet the above objectives, we investigate which factors heighten consumers' positive attitude toward premium PL extension. Research Model and Hypotheses: When considering the attitude towards the premium PL extension, we expect four factors to have an influence: attitude towards store; attitude towards original PL; perceived congruity between the store image and the premium PL; perceived similarity between the original PL and the premium PL. We expect that all these factors have an influence on consumer attitude towards premium PL extension. Figure 1 gives the research model and hypotheses. Method: Data were collected by an intercept survey conducted on consumers at discount stores. 403 survey responses were attained (total 59.8% female, across all age ranges). Respondents were asked to respond to a series of Questions measured on 7 point likert-type scales. The survey consisted of Questions that measured: the trust towards store and the original PL; the satisfaction towards store and the original PL; the attitudes towards store, the original PL, and the extended premium PL; the perceived similarity of the original PL and the extended premium PL; the perceived congruity between the store image and the extended premium PL. Product images with specific explanations of the features of premium PL, regular PL and NB we reused as the stimuli for the Question response. We developed scales to measure the research constructs. Cronbach's alphaw as measured each construct with the reliability for all constructs exceeding the .70 standard(Nunnally, 1978). Results: To test the hypotheses, path analysis was conducted using LISREL 8.30. The path analysis for verification of the model produced satisfactory results. The validity index shows acceptable results(${\chi}^2=427.00$(P=0.00), GFI= .90, AGFI= .87, NFI= .91, RMSEA= .062, RMR= .047). With the increasing retailer use of premium PLBs, the intention of this research was to examine how consumers use original PL and store image as reference points as to the attitude towards premium PL extension. Results(see table 1 & 2) show that the attitude of each parent brand (attitudes toward store and original pL) influences the attitude towards extended PL and their perceived fit moderates these influences. Attitude toward the extended PL was influenced by the relative level of perceived fit. Discussion of results and future direction: These results suggest that the future strategy for the PL extension needs to consider that positive parent brand attitude is more strongly associated with the attitude toward PL extensions. Specifically, to improve attitude towards PL extension, building and maintaining positive attitude towards original PL is necessary. Positioning premium PL congruently to store image is also important for positive attitude. In order to improve this research, the following alternatives should also be considered. To improve the research model's predictive power, more diverse products should be included in study. Other attributes of product should also be included such as design, brand name since we only considered trust and satisfaction as factors to build consumer attitudes.

• Journal of Intelligence and Information Systems
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• v.26 no.1
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• pp.1-21
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• 2020

With the rapid development of artificial intelligence technology, various techniques have been developed to extract meaningful information from unstructured text data which constitutes a large portion of big data. Over the past decades, text mining technologies have been utilized in various industries for practical applications. In the field of business intelligence, it has been employed to discover new market and/or technology opportunities and support rational decision making of business participants. The market information such as market size, market growth rate, and market share is essential for setting companies' business strategies. There has been a continuous demand in various fields for specific product level-market information. However, the information has been generally provided at industry level or broad categories based on classification standards, making it difficult to obtain specific and proper information. In this regard, we propose a new methodology that can estimate the market sizes of product groups at more detailed levels than that of previously offered. We applied Word2Vec algorithm, a neural network based semantic word embedding model, to enable automatic market size estimation from individual companies' product information in a bottom-up manner. The overall process is as follows: First, the data related to product information is collected, refined, and restructured into suitable form for applying Word2Vec model. Next, the preprocessed data is embedded into vector space by Word2Vec and then the product groups are derived by extracting similar products names based on cosine similarity calculation. Finally, the sales data on the extracted products is summated to estimate the market size of the product groups. As an experimental data, text data of product names from Statistics Korea's microdata (345,103 cases) were mapped in multidimensional vector space by Word2Vec training. We performed parameters optimization for training and then applied vector dimension of 300 and window size of 15 as optimized parameters for further experiments. We employed index words of Korean Standard Industry Classification (KSIC) as a product name dataset to more efficiently cluster product groups. The product names which are similar to KSIC indexes were extracted based on cosine similarity. The market size of extracted products as one product category was calculated from individual companies' sales data. The market sizes of 11,654 specific product lines were automatically estimated by the proposed model. For the performance verification, the results were compared with actual market size of some items. The Pearson's correlation coefficient was 0.513. Our approach has several advantages differing from the previous studies. First, text mining and machine learning techniques were applied for the first time on market size estimation, overcoming the limitations of traditional sampling based- or multiple assumption required-methods. In addition, the level of market category can be easily and efficiently adjusted according to the purpose of information use by changing cosine similarity threshold. Furthermore, it has a high potential of practical applications since it can resolve unmet needs for detailed market size information in public and private sectors. Specifically, it can be utilized in technology evaluation and technology commercialization support program conducted by governmental institutions, as well as business strategies consulting and market analysis report publishing by private firms. The limitation of our study is that the presented model needs to be improved in terms of accuracy and reliability. The semantic-based word embedding module can be advanced by giving a proper order in the preprocessed dataset or by combining another algorithm such as Jaccard similarity with Word2Vec. Also, the methods of product group clustering can be changed to other types of unsupervised machine learning algorithm. Our group is currently working on subsequent studies and we expect that it can further improve the performance of the conceptually proposed basic model in this study.