• Fashion & Textile Research Journal
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• v.11 no.4
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• pp.537-548
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• 2009

Consumers' price related response in the clothing purchase decision-making process includes their expectation of price, price perception, attitude toward price and consequent behaviors. The purposes of this research are to systematically organize consumers' price related responses in the clothing purchase decision-making process, and to explain the effect of price on their purchasing. The qualitative research including shopping observation and in-depth interview was conducted. The result identified stages that showed different price related responses in clothing purchase decision-making process, and clarified each stage's characteristics. In the internal search stage, consumers recalled price information from memory and had a specific expectation about the price. This set a direction for the external search. In the external search stage, consumers selected brands or stores by a non-compensatory evaluating with an expectation of the price, and narrowed these down to several determinant alternatives by actively evaluating the products. In case a sufficient amount of price information was not recalled, the consumer established reference price through the external search. Finally, in the purchasing stage, consumers evaluated the determinant alternatives based on their compensatory evaluation. When perception of price was negative, consumers evaluate price combined with the higher criteria of clothing benefits, such as symbolic value and usability. The research is expected to contribute to predicting consumers' responses to price, and to establishing an effective pricing strategy.

• Journal of the Korean Society of Costume
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• v.54 no.6
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• pp.1-12
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• 2004

Price is one of the most important components of marketing mix. For consumers, price is an always-existing cue and definite evaluation criteria. However, information on price is meaningful only when it is perceived. Sources of price perception can be the actual retail price at the selling point, the internal reference price expected by consumers for a certain clothing product, and the external reference price advertised by marketer such as the price before mark-down. The purpose of this study was to investigate the influence of internal reference price on consumers' purchasing process of clothing products. A questionnaire including clothing stimuli was developed in order to assess consumers' internal reference price level. Usable data from 680 adult female urban residents were used for data analysis. Results indicated that consumers with relatively lower internal reference price tend to react low-price focused external reference price and use discount stores and unit price promotions. Consumers with relatively higher internal reference price advertisement are likely to have higher level of education, tend to infer price information to higher quality or prestige of products, and purchase clothing with regular retail price or coupons.

• Journal of the Korean Home Economics Association
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• v.40 no.9
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• pp.1-15
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• 2002

The multi-faceted influence of price on consumers' purchasing process of apparel products: Relationships with attitudinal and behavioral variables Price has a significant relationship to clothing products not only because of its practical, emotional and symbolic attributes but also because of its wide range and frequent changes. The purpose of this study was to identify the multi-faceted influence of price on consumers' purchasing process of clothing products. Six types of price-perceptions were related to various attitudinal and behavioral variables in a clothing purchase. A questionnaire was developed and data were collected from 720 adult women living in Seoul. Factor analysis, multiple regression, t-test and canconical correlation were employed to analyze the data. Low price consciousness was negatively related to product-oriented aspects of clothing and effected the one-price sale, visiting public markets and using interpersonal sources of price information. Value for money consciousness was positively related to product-oriented aspects of clothing and consumers' age or marriage and effected price considerations at the on-purchase and post-purchase stage. Price-quality inference was related to product-oriented and market-oriented aspects of clothing while price-prestige inference was related to visual and symbolic aspects of clothing and effected normal-price purchasing. Sale proneness was related to market-oriented aspects of clothing and effected seasonal sale price purchasing and price mavenism was related to market-oriented and visual aspects of clothing and effected price considerations at the pre-purchase stage.

• Korean Journal of Construction Engineering and Management
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• v.11 no.2
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• pp.35-44
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• 2010

Currently, the unit price of public construction projects are not being evaluated appropriately for several reasons. First, the evaluation of the unit price differ per nature of the bidding process and its estimation process. In fact, pricing is determined to meet the total price in turnkey projects and to pass the low bid price deliberation process in unit price projects, and thus, such prices cannot be said to be reasonable prices per public project. After the contract is awarded, however, the prices determined without taking into consideration the characteristic of each bidding process and price estimate process are used for the valuation of progress payment, design changes, and escalation. Furthermore, this is also being applied to other low bid deliberation process as actual public project unit price, thereby affecting other processes as well. In effect, this system increases the risks for both the owner and the bidder who have determined the unit price. This research examines the risk factor and its extent in order to properly manage it in preparation for the future.

• Journal of the Korean Statistical Society
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• v.35 no.2
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• pp.193-199
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• 2006

We consider a zero coupon bond that is at the risk of multitype multiple defaults. Assuming defaults occur according to k Cox processes, we find a price process for zero coupon bonds. To derive this process we follow the Lando (1998)'s method which uses conditional expectations instead of the traditional methods.

• Journal of applied mathematics & informatics
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• v.5 no.3
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• pp.805-810
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• 1998

In this paper we set the stock price model in security market when the price process is a continuous semartingale and find a unigue solution of price process model.

• Journal of the Korean Statistical Society
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• v.36 no.2
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• pp.237-256
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• 2007

This paper studies the problem of option pricing in an incomplete market. The market incompleteness comes from the discontinuity of the underlying asset price process which is, in particular, assumed to be a compound Poisson process. To find a reasonable price for a European contingent claim, we first find the unique minimal martingale measure and get a price by taking an expectation of the payoff under this measure. To get a closed-form price, we use an asymptotic expansion. In case where the minimal martingale measure is a signed measure, we use a sequence of martingale measures (probability measures) that converges to the equivalent martingale measure in the limit to compute the price. Again, we get a closed form of asymptotic option price. It is the Black-Scholes price and a correction term, when the distribution of the return process has nonzero skewness up to the first order.

• Journal of applied mathematics & informatics
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• v.4 no.2
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• pp.379-386
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• 1997

This paper considers the price at time zero of a contingent claim when the process is a diffusion/point process model . And we apply this price to European option.

• KIEAE Journal
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• v.10 no.5
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• pp.159-164
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• 2010

High-rising buildings are a sort of solution to recent cities. Till now real estate development was concentrated in new development on vacant lots, and it resulted urban sprawl. Generally large cities are confronted with the exodus of industry and population from city. High-rising buildings solve many problems associated with this problem. The purpose of this research is to identify the effect of super high-rise mixed use building project process on apartment price. For this study, the hypothesis is that price of apartments is influenced by project process of super high-rise mixed use building. The study concerned 4 variations of project process that is building permits stage, sale stage, construction starting stage and stage of moving into building. The target projects of buildings are selected by number of floor(over 40 floors) and construction time. And 48 apartment complex are selected around super high-rise mixed use building. This study uses hedonic price function to analysis effect of project process of super high-rise mixed use building. A price of apartments is defined as a dependent variable. Characteristics of residence, complex, district and super high-rise building are defined as independent variables. The results are as follows; first, there is no error in price model of this study. Second, it is found that apartment price was influenced negatively by building permit stage and sale stage of super high-rise mixed use building. But that was influenced positively by construction starting stage and stage of moving into building of that. Third, as the project process of super high-rise mixed use building was proceeded, price of apartments was increased.

• Journal of Global Scholars of Marketing Science
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• v.18 no.2
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• pp.47-64
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• 2008

It is well known that consumer's quality perception is strongly affected by price. Higher priced products tend to be perceived to have better quality than lower priced products although the objective product quality is the same. However, it is less known the process through which quality perception is affected by price cues. The existing literature suggests three potential hypotheses (i.e., the selectiveprocessing hypothesis, the selective interpretation hypothesis, and the representativeness heuristic hypothesis) that explain the underlying processes of the price-induced quality perception. The current research tests among the three competing hypotheses and also examines the role of consumer knowledge as a moderating factor. An experiment was conducted to test the moderating role of the knowledge in the price-quality relationship and to investigate the underlying process. The results indicate that theinfluence of price on perceived quality differs between novices and experts. Expert consumers' quality perception is not significantly influenced by price and this finding is consistent with the extant literature. On the other hand, novice consumers' quality perception is affected by price and the tests on the underlying process support for the representativeness heuristic hypothesis. Novice consumers assess that a high-priced brand should have good product quality due to the belief that high (low) price brands represent better (worse) brand quality and such a representativeness heuristic occurs without involving selective attention or selective interpretation price-consistent information.