Journal of Korean Society of Industrial and Systems Engineering
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v.41
no.1
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pp.70-83
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2018
Korea's five leading industries-chemical, automobile, shipbuilding, metal and electronics-have been the growth engines of the Korean economy for the last 30 years. However, with their performance weakening in the past few years, Korea's annual growth rate has dropped to less than 2%. Just as the Japanese economy struggled through the lost decades, Korea's leading industries have been facing signals of arriving at a Strategic Inflection Point ("SIP") since the mid-2000s. The objective of this study is to present an appropriate value strategy for Korean firms in leading industries to gain sustainable competitive advantages. This paper examines the following issues : First, it diagnoses the signs and timing of SIP for the five leading industries. Second, this study examines 78 Korean and Japanese firms in order to understand the adaptation strategies of the highest and lowest performing firms from a value strategy point of view. Third, it empirically analyzes the correlation between the indicators of value strategy and the accounting performances of the Korean and Japanese firms. The data set used in the cluster analysis were collected from KISLINE database of NICE Information Service and annual reports. The findings in the case analyses of high and low performing companies show that high value-added specialty chemical materials and electronic component manufacturers that had a strong focus on value creation were defined as high performing companies. And in the cosmetic and automobile industries, companies with a strong emphasis on value appropriation gained high performance. Furthermore, the study conducted a cluster analysis based on two indicators R&D and advertisement expense. The analysis shows that a significant gap exists in the operating incomes among three groups classified under the value strategy. The study recommends that Korean firms are requested to increase R&D expenditure, conduct M&A and collaborate with companies that own source technologies to narrow the technology gap and improve their segment portfolio from commodity to value-added products.
The Journal of Asian Finance, Economics and Business
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v.7
no.9
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pp.63-74
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2020
This study investigates the behavior of foreign investors in the Stock Exchange of Thailand (SET) in the time of coronavirus disease 2019 (COVID-19) as to whether trading is abnormal, what strategy is followed, whether herd behavior is present, and whether the actions destabilize the market. Foreign investors' trading behavior is measured by net buying volume divided by market capitalization, whereas the stock market behavior is measured by logged return on the SET index portfolio. The data are daily from Tuesday, August 28, 2018, to Monday, May 18, 2020. The study extends the conditional-regression model in an event-study framework and extracts the unobserved abnormal trading behavior using the Kalman filtering technique. It then applies vector autoregressions and impulse responses to test for the investors' chosen strategy, herd behavior, and market destabilization. The results show that foreign investors' abnormal trading volume is negative and significant. An analysis of the abnormal trading volume with stock returns reveals that foreign investors are not positive-feedback investors, but rather, they self-herd. Although foreign investors' abnormal trading does not destabilize the market, it induces stock-return volatility of a similar size to normal trade. The methodology is new; the findings are useful for researchers, local authorities, and investors.
Brands play a critical role as a core asset and the primary driver for corporate growth because of their power of identity and influence on customers' perceptions in restaurant industry. However, in spite of diverse and dynamically changing recent brand portfolio strategies of restaurants, a study on the effect of brand diversification on financial performance has been rarely conducted in the restaurant industry context. Considering competing viewpoints regarding diversification's influence on financial performance, the purpose of this study is, therefore, to examine the effect of brand diversification on firm performance of restaurants. The results indicated that brand diversification is positive effect to profitability. Brand diversification seems to be attractive and might be a reasonable growth strategy to expand market power by satisfying diverse consumer needs. Therefore, restaurant managers should be consider in implementing brand diversification strategy especially in dynamically changing trend of brand diversification in the current restaurant industry.
Kim, Hee Jung;Pang, Gi Sung;Ahn, Jong Deuk;Park, Chinho
Current Photovoltaic Research
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v.1
no.1
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pp.1-10
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2013
The photovoltaic (PV) industry, which occupies about 80% share of domestic new and renewable energy (NRE) sales, has played an important role in the development of the Korean NRE industry. This was made possible by the government's implementation of the 3rd Basic New and Renewable Energy Plan, which promoted strategic PV R&D, infrastructure building, and a variety of PV deployment programs. For instance, 'One Million Green Homes', 'Feed in Tariff', and 'Renewable Portfolio Standards' programs contributed greatly to the dissemination of PV systems in the country. Furthermore, these programs were supported with more than 380 billion Won over 6 year period (2007~2012). The strategic PV R&D contributed to the fast follow-up in commercial technologies. Because of the recent, sharp decline in PV prices caused by oversupply and economic crisis in European countries, both foreign and domestic PV companies are going through painful restructuring. Under these circumstances, the Korean PV industry needs to find a new strategy for making a breakthrough, and in this sense a proactive role of the Korean government is desperately needed.
What are some of the explanations for cross-national diversity of foresight performance among technological followers? Why are some countries more successful than others in learning how to develop national innovation system foresight? This paper argues that the answers are linked to organizational capacities at three different levels: governmental, policy network and social learning. To corroborate this argument, the paper chose Iran and Korea as benchmarking partners, and attempts to find out what makes Iran a slow learner in building innovation system foresight. The conceptual model is an improved model of Saritas's, by integrating Borras' and Andersen's conceptions and classifications. The data are collected from comprehensive interviews in both countries and second-hand data of international indexes. The paper, finally, concludes that it is the weakness of analytical-systemic capacity that impedes and delays the emergence of systemic foresight in Iran, and that this weakness stems from the adverse impacts of the dominant institutions, surrounding the innovation system. The final point is that it is not sufficient for Iran to learn the methods and techniques of foresight from Korea. It should learn how to open its macro-policy towards the global market and design appropriate industrial strategy in a coherent policy-strategy portfolio.
In 1997 the Asian Foreign Currency Crisis hit Korean shores. In its wake, Korean consumers demanded cost-saving solutions which will increase both the use-life and the fuel efficiency their vehicles. Bullsoneshot's effects include increases in gas mileage as well as cleaner cylinders, intakes and exhaust valves, the product was welcomed by an explosive demand from people driving older cars in an adverse economy. The history of Bullsone can be categorized as two major stages. The First stage is lunching era of "Bullone Shot" following competitor brand. The second stage is extension stage of brand and line based on Bullsone's positive brand equity. Mr. Hyun Woo Shin, formal CEO of OXY inc. and also formal vice president of OCI (Oriental Chemical Industries) take charge of New CEO of Bullsone. He energetically push the Bullsone's family brands and got a desirable results. He also setup ambitious goal : reach 100bn KRW in gross sales within 3 years. "Ripping itself free from 30~40 bn KRW sales range in which the company has stagnated in the last 10 years, Bullsone intends to be aggressive enough in marketing to reach 150 bn KRW in sales in 2013, and reach 700 bn KRW by 2018." This is the goal iterated by Bullsone's top executive team.
Previous researches on technological innovation have several limitations such as lack of general mechanism for technological innovation(inputs, throughputs and outputs of technological innovation), large company oriented studies, and ignoring importance of technology management capabilities. So, this study suggested a new model using resource-based theory and system theory, and empirically applied that to SMEs. Structural equation model analysis by using 223 SMEs in Daegu region provided a support for most of hypotheses. Research results showed that all of factors on technological innovation were significantly and positively related with each other: inputs(R&D leadership, innovation strategy, R&D investment, R&D human resource management, external network), throughputs(portfolio management, project management, technology commercialization) and output(technological innovation). In case of technological innovation inputs, R&D leadership influenced on innovation strategy positively and significantly. And R&D leadership and innovation strategy had positive and significant effects on R&D investment, R&D human resource management and external network. R&D human resource management and external network exerted positive and significant influences on technological innovation throughputs such as portfolio management and project management. But R&D investment did not significant impacts on technological innovation throughputs. Among technological innovation throughputs, both portfolio management and project management had positive and significant effect on technology commercialization. In addition, technology commercialization acted positively and significantly technological innovation output. This study suggests necessary of efforts to implement innovation strategy and manage R&D human resource effectively based on CEO's innovativeness and entrepreneurship. Also, if SMEs want to develop technology and commercialize it, they have to cooperate with external technology resources and informations. Research results revealed that proper level of R&D investment, internal and external communication, information sharing, and learning and cooperative culture were very important for improvement of technological innovation performance in SMEs. Especially, this research suggested that if SMEs manage technological innovation process effectively based on resource-based and system approaches, then they can overcome their resource limitations and gain high technological innovation performance. Also, useful policy support for technological innovation of central or regional government by this research model is important factor for SMEs' technological innovation performance.
Under the influence of growing popularity of "hallyu" (Korean wave), corporates that have copyrights such as music, movie, drama as their core competitiveness are showing continuing growth. In Addition, they built on contents are rapidly growing, interests in protection and management of intellectual property rights linked to contents are growing. Global contents development corporates are making great efforts to create profits out of copyrights. They could utilize original contents to strengthen brand value use it to produce additional contents in current market. Also they take advantage of existing storyline of the contents and strong brand to explore new markets. This paper looks into Value articulation model by Professor James Conley and analyzed the firms that utilized intellectual property rights to extend the period of protection, strengthen their competitiveness and succeeded in breaking into new market by using the rights they possess. Also, this paper examines the usage of intellectual property rights and business expansion strategy of of Iconix, the Korean entertainment company, which gained tremendous popularity in last ten years using this model. In Value articulation model, Conley classifies the process of exploiting the portfolio of the single product's(or service's) intellectual property right for a period of time into three stages ; value transference, value translation, value transportation. Pororo's strategy of utilizing intellectual property right is suggestive to domestic entertainment companies. Under the influence of hallyu" (Korean wave), domestic contents such as movies, dramas and music are enjoying the high level of popularity recently not to mention animations. In reality, Korean entertainment companies who have no background or experience of Intellectual property rights are not creating enough added values compared to fast growing market. It is believed Iconix's intellectual property rights management strategy will suggest positive aspects to domestic companies. Moreover, I hope various intellectual property rights management strategies including Conley's value articulation are studied and they can make contributions to managing domestic entertainment companies.
Kim, Kwang-Jae;Min, Dae-Kee;Yook, Jin-Bum;Park, Jeong-Seok;Lee, Jee-Hyung;Choi, Jae-Kyung;Ryu, Kyung-Seok
IE interfaces
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v.19
no.2
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pp.140-152
/
2006
Today, many companies realize that the effort to develop new products / services faster that customers want and continue to purchase is crucial for their survival. As the service sector is rapidly growing, one of the challenges faced by the service industries is the lack of effective methodologies for new service development. This paper proposes a systematic framework for developing new service concepts, with an emphasis on generating innovative, convergence-type service concepts from the customer‘s perspective. The framework consists of three phases-identification of customer needs (Phase I), extraction of new service opportunities (Phase II), and generation of new service concepts (Phase III). The proposed framework is demonstrated through a case study in the telecommunications industry. In the case study, a survey was conducted on ten customers to identify the latent customer needs; 61 new service opportunities were extracted; and 129 new service concepts were generated.
The automotive industry plays a significant role in the global economy. One of the reasons is that this industry compasses every aspects of the value chain - from raw materials to design and development, manufacturing, sales and services, and even disposal. Thus, the industry needs significant upfront capital investment and requires years of R&D and market development. As a result, this industry is dominated by a handful of global players and it is not easy for a new entrant to enter this industry. Furthermore, success is even more difficult to achieve. How did Hyundai Motor make it in this tough marketplace? Can it continue against all odds? The CAGR for last 5 years is 12% and it stands at 6th in the world. Compared to other global brands, Hyundai has geographically well-balanced sales portfolio. The quality improvement is outstanding. The brand performance follows these quality and sales improvements. Yet, the global competition is ever intensifying. Now, it is the time to step up once more. The next strategic goal needs fundamental shift toward brand and marketing-focus. In constructing global marketing strategy, Hyundai Motor's vision is "Lifetime partner in mobility and beyond" and its goal is global top 3 brand by year 2015 through modern premium brand image and selling 5 million vehicles. The target brand positioning of Hyundai Motor is the leading position in premium dimension and stylish/modern dimension. The global brand strategy framework is based on the brand direction of "Modern Premium" and is designed to deliver core brand identity (i.e., Simple, Creative, Caring) to customers. In order to manage brand performance, Hyundai's marketing platformalso includes marketing performance management, brand performance management, and market driven organization. From this diagnosis, Hyundai Motor is well posed to build a strong brand. Nevertheless, there are still challenges ahead from consumer, technology, competitor, and macro-environment perspectives. To overcome these threats, the bases of competition for all successful automotive brands are various differentiation factors, including technology, performance, value proposition, or heritage. Hyundai Motor is well prepared so far. However, it is not tested against time yet whether Hyundai can overcome these unforeseeable major threats. Hyundai is trying to find the solution from a strong brand, while believing in "New Thinking. New Possibilities."
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