• 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.18 no.2
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• pp.19-45
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• 2008

This study is to empirically examine the primary dimensions of visual merchandising (VMD) of internet shopping mall, namely store design, merchandise, and merchandising cues, to be a attractive virtual store to the shoppers. The authors reviewed the literature related to the major components of VMD from the perspective of the AIDA model, which has been mainly applied to the offline store settings. The major purposes of the study are as follows; first, tries to derive the variables related with the components of visual merchandising through reviewing the existing literatures, establish the hypotheses, and test it empirically. Second, examines the relationships between the components of VMD and the attitude toward the VMD, however, putting more emphasis on finding out the component structure of the VMD. VMD needs to be examined with the perspective that an online shopping mall is a virtual self-service or clerkless store, which could reduce the number of employees, help the shoppers search, evaluate and purchase for themselves, and to be explored in terms of the in-store persuasion processes of customers. This study reviewed the literatures related to store design, merchandise, and merchandising cues which might be relevant to the store, product, and promotion respectively. VMD is a total communication tool, and AIDA model could explain the in-store consumer behavior of online shopping. Store design has to do with triggering a consumer attention to the online mall, merchandise with a product related interest, and merchandising cues with promotions such as recommendation and links that induce the desire to pruchase. These three steps might be seen as the processes for purchase actions. The theoretical rationale for the relationship between VMD and AIDA could be found in Tyagi(2005) that the three steps of consumer-oriented merchandising are a store, a product assortment, and placement, in Omar(1999) that three types of interior display are a architectural design display, commodity display, and point-of-sales(POS) display, and in Davies and Ward(2005) that the retail store interior image is related to an atmosphere, merchandise, and in-store promotion. Lee et al(2000) suggested as the web merchandising components a merchandising cues, a shopping metaphor which is an assistant tool for search, a store design, a layout(web design), and a product assortment. The store design which includes differentiation, simplicity and navigation is supposed to be related to the attention to the virtual store. Second, the merchandise dimensions comprising product assortments, visual information and product reputation have to do with the interest in the product offerings. Finally, the merchandising cues that refer to merchandiser(MD)'s recommendation of products and providing the hyperlinks to relevant goods for the shopper is concerned with attempt to induce the desire to purchase. The questionnaire survey was carried out to collect the data about the consumers who would shop at internet shopping malls frequently. To select the subject malls, the mall ranking data announced by a mall rating agency was used to differentiate the most popular and least popular five mall each. The subjects was instructed to answer the questions after navigating the designated mall for five minutes. The 300 questionnaire was distributed to the consumers, 166 samples were used in the final analysis. The empirical testing focused on identifying and confirming the dimensionality of VMD and its subdimensions using a structural equation modeling method. The confirmatory factor analysis for the endogeneous and exogeneous variables was carried out in four parts. The second-order factor analysis was done for a store design, a merchandise, and a merchandising cues, and first-order confirmatory factor analysis for the attitude toward the VMD. The model test results shows that the chi-square value of structural equation is 144.39(d.f 49), significant at 0.01 level which means the proposed model was rejected. But, judging from the ratio of chi-square value vs. degree of freedom, the ratio was 2.94 which smaller than an acceptable level of 3.0, RMR is 0.087 which is higher than a generally acceptable level of 0.08. GFI and AGFI is turned out to be 0.90 and 0.84 respectively. Both NFI and NNFI is 0.94, and CFI 0.95. The major test results are as follows; first, the second-order factor analysis and structural equational modeling reveals that the differentiation, simplicity and ease of identifying current status of the transaction are confirmed to be subdimensions of store design and to be a significant predictors of the dependent variable. This result implies that when designing an online shopping mall, it is necessary to differentiate visually from other malls to improve the effectiveness of the communications of store design. That is, the differentiated store design raise the contrast stimulus to sensory organs to promote the memory of the store and to have a favorable attitude toward the VMD of a store. The results that navigation which means the easiness of identifying current status of shopping affects the attitude to VMD could be interpreted that the navigating processes via the hyperlinks which is characteristics of an internet shopping is a complex and cognitive process and shoppers are likely to lack the sense of overall structure of the store. Consequently, shoppers are likely to be alost amid shopping not knowing where to go. The orientation tool enhance the accessibility of information to raise the perceptive power about the store environment.(Titus & Everett 1995) Second, the primary dimension of merchandise and its subdimensions was confirmed to be unidimensional respectively, have a construct validity, and nomological validity which the VMD dimensions supposed to have a positive correlation with the dependent variable. The subdimensions of product assortment, brand fame and information provision proved to have a positive effect on the attitude toward the VMD. It could be interpreted that the more plentiful the product and brand assortment of the mall is, the more likely the shoppers to favor it. Brand fame and information provision as well affect the VMD attitude, which means that the more famous the brand, the more likely the shoppers would trust and feel familiar with the mall, and the plentifully and visually presented information could have the shopper have a favorable attitude toward the store VMD. Third, it turned out to be that merchandising cue of product recommendation and hyperlinks affect the VMD attitude. This could be interpreted that recommended products could reduce the uncertainty related with the purchase decision, and the hyperlinks to relevant products would help the shopper save the cognitive effort exerted into the information search and gathering, which could lead to a favorable attitude to the VMD. This study tried to sheds some new light on the VMD of online store by reviewing the variables mentioned to be relevant with offline VMD in the existing literatures, and tried to link the VMD components from the perspective of AIDA model. The effect size of the VMD dimensions on the attitude was in the order of the merchandise, the store design and the merchandising cues.It is said that an internet has an unlimited place for display, however, the virtual store is not unlimited since the consumer has a limited amount of cognitive ability to process the external information and internal memory. Particularly, the shoppers are likely to face some difficulties in decision making on account of too many alternative and information overloads. Therefore, the internet shopping mall manager should take into consideration the cost of information search on the part of the consumer, to establish the optimal product placements and search routes. An efficient store composition would be possible by reducing the psychological burdens and cognitive efforts exerted to information search and alternatives evaluation. The store image is in most part determined by the product category and its brand it deals in. The results of this study support this proposition that the merchandise is most important to the VMD attitude than other components, the manager is required to take a strategic approach to VMD. The internet users are getting more accustomed and more knowledgeable about the internet media and more likely to accept the internet as a shopping channel as the period of time during which they use the internet to shop become longer. The web merchandiser should be aware that the product introduction using a moving pictures and a bulletin board become more important in order to present the interactive product information visually and communicate with customers more actively, therefore leading to making the quantity and quality of product information more rich.

• Journal of Families and Better Life
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• v.24 no.1 s.79
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• pp.129-140
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• 2006

The purpose of this study was to understand the labor division between men's housework and market work and to research the change of men's contribution to housework. And it was also examined what kinds of valuables work on a change in men's market work and housework. The information about men's change in the labor division was collected from the biggest 5 news papers in Korea for last five years for this study. And either men's new participation trend to household work did. Words searched for this study were men, labor, family, home, housewife, work, household work, father etc. Korean men have experienced a overloaded breadwinner role and have worked most in the world since 1960s. But Korean men's working time was continuously decreased a little every year. As Korean Companies had fired many worker during IMP economic crisis period, Korean men had to work more than before because of decreased fellows and they should have concentrated on their work at the sacrifice of private life and family-sharing time. On the other hand, some men were started to participate to do housework as a results of long-unemployment and early retirement after this periods. 5 day working system be in forced gradually since 2003 especially make men come back home and interest on housework. So Korean men's housework participation is gradually increasing by the practical application of sex-equitable politics such as 5 day working system and men's suspension regime for baby care. father's increased participation to children education and care, men's new family-oriented life style, dual-sexuality education system, and socially changed perception to husband housemaker. These interrelated trends demands us to shape a new labor division pattern in the family that make change the breadwinner/homemaker conception by the gender role. Now, all of family, men, women, and children have to join housework. It would help women, men, and all families make more human and equitable relationship.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.9
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• pp.267-280
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• 2017

The purpose of this study is to provide cosmetic companies and research institutes with basic data regardingthe development of marketing by making out the influence and characteristics of consumption. A total of 506 questionnaires were used as analysis for the questionnaire survey of twenty female college students who purchased cosmetics within sixmonths in Seoul and the metropolitan area. Consumption propensity varied characteristics depending on the degree of makeup, average number of purchases, main reason for using cosmetics, and where to buy cosmetics. Motivation for purchasing cosmetics varied characteristics depending on the largest skin problem, the degree of usual makeup, the average number of times cosmetics were purchased, and the main reason forusing cosmetics. The results revealed thepropensities of saving resources, planned purchases, consciousness to others, and impulse buying have significant effects on the cosmetic purchase motives of product conversion, being others-oriented, economicsand pursuing beauty(P<0.05).Consequently, this study hopes to contribute to the development of cosmetics companies and research institutes by providingbasic data forfuture development of productsas well as formarketing strategiesusing customer psychology by referring to various perspectives ofconsumer direction and desired purchase behavior.

• Journal of Distribution Science
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• v.14 no.2
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• pp.57-63
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• 2016

Purpose - The present study aimed to investigate the difference between entity theorists and incremental theorists in the extent of attributing efforts and traits of consumers for the realization of pursued goals. Furthermore, the present study was conducted to determine the difference depending on circumstances. In this regard, the circumstances where consumers felt pride were divided into those in which important goals and ordinary life goals were achieved. Research design, data, and methodology - An empirical study was performed, which was divided into group 1 and 2. Group 1 is the experimental group concerned with the important goal achievement, and group 2 is the control group related to daily ordinary goal achievement. 80 college students were assigned to each group, respectively. The empirical study for each of the two groups was performed respectively by means of questionnaire survey. In the experimental group, t-test was used to verify the hypotheses for the empirical study. In the circumstances of the control group, t-test was also used to examine whether the results were same as those shown from the analysis of experimental group data or not. Results - According to the group 1 and 2, the t-test of the empirical study showed that entity theorists tended to attribute the achievements of goals to their traits more than incremental theorists did, whereas the incremental theorists tended to attribute achievements of goals to their efforts more than entity theorists did in the important goals-achieved circumstance. In the circumstance of daily life goals-achieved, additional questionnaire survey and analysis were conducted, however, there was no difference between incremental and entity theorists in regard to attributing realization of goals to their efforts, and it leads to assess the difference in the meaning of invested efforts between important goal and ordinary goal achievement. Conclusions - Considering that the feeling of consumers has been regarded as one of the significant factors in marketing mix management, the results of this study are considered as significant implications for management. The implications can be said that when incremental consumers feel authentic pride in the important goals-achieved circumstance, marketers are requested to emphasize the fact that the efforts of consumers have contributed to realization of the important goals. By contrast, when consumers feel hubristic pride in both circumstances, marketers are requested to approach to entity-oriented consumers by way of trait. Authentic and hubristic pride are pervasive and engendered by important events or daily routines, and they could have effect on delaying making decisions. Therefore, it is necessary for future research to examine the unexplored difference of effect between incidental authentic and hubristic pride on consumer's self-control. In particular, future researches are related to the extent of difference in attributing efforts and traits. The consumers'realization for the previously pursued goals between entity theorists and incremental theorists affects their present or long distant decisions in self-control dilemmas. The consumers are faced with choosing one between virtuous long term- related option and vice immediate option.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.11 no.9
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• pp.3196-3203
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• 2010

The regional strategic industry support has been increasingly developed due to the change of environmental and political conditions for the last 10 years. As the paradigm changed from the central government-sponsored system to regional government-sponsored system, the policy has been diversified into various support systems such as regional strategic industry, specialized industry, supporting technology, supporting business, etc. It is crucial to establish the overall development plans and project strategies for the regional industry in terms of effectiveness and efficiency which will generate an integrated strategic frame to adjust overlapped supporting policies and offer a consumer-oriented service. Not only does the study focus on performance-based outcome regarding to a regional business (supporting policy) portfolio, but it also analyzes and proves an empirical decision-making model to draw out the priority and relative importance according to the regional strategic industry and support cases by analyzing the case of Chungnam area's strategic industry support in 2009. Following a priority list of 20 support cases selected from this research model by the Analytic Hierarchy Process (AHP), the result shows that the diverse support plans are needed according to the different strategic industries or the size of enterprise due to the fact that priority of project type varies upon the characteristics of strategic industry. Thus, the support project needs to generate various strategic industries and develop differentiated support policy to consolidate competitiveness of regional enterprises and revitalize the regional economy.

• Journal of the Korean Society of Clothing and Textiles
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• v.30 no.12 s.159
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• pp.1649-1660
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• 2006

IIn the United States, professional dress codes for working women have changed over time since the 1970s. Considering the changes, from conservative and traditional business uniforms in the 1970s, business casual in the late 1980s through 1990s, and the current revival of tailored business suits, this study investigated working women's business jacket practices and their association with personal, psycho-social, and physical characteristics. Working women's job satisfaction and corporate culture were also examined in relation to business jacket practices. Research data were collected by implementing mail surveys to 1,500 randomly selected working women in the United States. Of the 1,500 distributed questionnaires, a total of 312 were returned, of which 265 were deemed usable, yielding a 20.8% response rate. For data analysis, descriptive statistics, such as frequency, percentage distribution, mean scores, standard deviations, and Canonical Correlation were tabulated. The respondents ranged in age from 22 to 65. The mean age of the respondents was 44 years(SD=9.63). Most respondents were married(77.4%), working full-time(81.4%), career-oriented (77.2%), Caucasian(89.8%), had at least one child(78.9%), and had a professional job(75.9%). Working women's age, number of children, self-confidence in dressing, perceived importance of clothing, body frame size, and visibility to superiors and public were positively associated with business jacket practices, while age of first child, family size, dress size, and job satisfaction were negatively associated with business jacket practices.

• 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.

• Archives of design research
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• v.16 no.2
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• pp.281-290
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• 2003

In the knowledge and information-based age of today, it would be fair to say that the compatibility of each person, enterprise, and nation can be evaluated by how each of them manages and maintains the knowledge created from data and information. Since the importance and necessity of knowledge management has been acknowledged, there have been studies to create, apply, and evaluate the knowledge concerning design. Previous studies done on this subject can be divided into three main categories - CRM, online statistical research, and eCRM - according to the materials used to create knowledge. These studies are meaningful in that they can create knowledge in their respective fields, although they are somewhat inadequate because the designers can't create as much knowledge as can be applied in business; design-related consumers demand composite knowledge integrating the characteristics of all three fields. In other words, they want to know the ordinary customers'preferences in the previous off-line market in the CRM field, the research results of statistical questionnaires to the various elements of design in statistical research fields, and even the pattern of preference and consumption of many and unspecified persons transcending the time and place in eCRU field. This study proposes to solve the problem related with web-based design knowledge maintenance through the synthetic application of CRM, Statistical Research, and eCRM The information proposed in the solution can De expected to help designers working at design-related enterprises, as well as research institutes, to develop the knowledge necessary to design more consumer-oriented products.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.7
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• pp.375-383
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• 2018

This study was carried out to grasp the economic effects of the social welfare foundation by establishing and operating it. For this purpose, the effects of the social welfare law of Daegu Metropolitan City on the regional economy were analyzed using the input-output analysis model. As a result, the effects of GDP was 43,445 billion won, the total value-added effect was 1,940 billion won, and the total employment inducement effect was 37,411. Based on these results, the future direction of the social welfare corporation is suggested as follows. First, it is necessary to shift the perception of consumer-oriented welfare toward welfare that contributes to the activation of the local economy. Second, efforts should be made to continuously expand employment linked to social welfare services, to create an environment where jobs can be created from a long-term perspective, and to establish a separate support system. Third, the value-added created by the social welfare foundation should be newly recognized and sought to be expanded in various fields. Fourth, efforts should be made to secure the legitimacy of social service provision and ensure accountability by appropriately promoting the economic ripple effects of social welfare foundation to the local community.