• Journal of the Korea Convergence Society
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• v.12 no.4
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• pp.249-258
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• 2021

Bitcoin prices have been soaring recently as investors flock to cryptocurrency exchanges. The purpose of this study is to predict the Bitcoin price using a deep learning model and analyze whether Bitcoin is profitable through investment strategy. LSTM is utilized as Bitcoin prediction model with nonlinearity and long-term memory and the profitability of MA cross-over strategy with predicted prices as input variables is analyzed. Investment performance of Bitcoin strategy using LSTM forecast prices from 2013 to 2021 showed return improvement of 5.5% and 46% more than market price MA cross-over strategy and benchmark Buy & Hold strategy, respectively. The results of this study, which expanded to recent data, supported the inefficiency of the cryptocurrency market, as did previous studies, and showed the feasibility of using the deep learning model for Bitcoin investors. In future research, it is necessary to develop optimal prediction models and improve the profitability of Bitcoin investment strategies through performance comparison of various deep learning models.

• Journal of Digital Convergence
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• v.19 no.6
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• pp.143-162
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• 2021

Research on consumers' perception and willingness to purchase Battery Electric Vehicles (BEVs) is necessary to simulate BEVs' deployment in South Korea because South Korea's BEVs market is still in the early stage. This paper derives a theoretical framework for consumer segmentation based on consumers' willingness to purchase before and after BEV usage experience. In particular, this study empirically evaluates consumers' willingness to purchase and concerns using the survey data from BEVs users in either Seoul or the Jeju region. The empirical results from logit models show that experienced consumers' concerns about the heater and air conditioning (HAC) in BEVs decreased the consumers' willingness to buy, while greater daily driving distances increased the consumers' willingness to buy. In addition, the empirical findings from ordered probit models show that experienced consumers' concerns about the short driving distance, the availability of maintenance service (i.e., A/S service) during unexpected events, and the difficulties of driving BEVs up-hill increased the degree of concern about HAC. This paper will provide insights related to consumer segmentation, R&D, marketing strategies, and policy design for policymakers and firms.

• The Journal of the Korea Contents Association
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• v.21 no.3
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• pp.590-601
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• 2021

The current study explored how robot's persuasive intent and its' physical distance affect consumers' evaluaton on the robot and the product that the robot advertises. This study administered a 2 (level of pursasion intent: low vs. high) × 2 (physical distance: normal vs. close) between-subjects factorial design experiment. The findings revealed that consumers evaluated the robot' expertise and trustworthiness more negatively and reported lower intentions to buy the produce when they perceived robot's persasive intent saliently high. Consumers were also found to show more negative attitude toward the robot and lower intentions to buy the produce when the robot approached to their personal space more closely. The theoretical and practical implications about human-robot interaction in marketing context were discussed.

• Journal of the Korean Society of Floral Art and Design
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• no.40
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• pp.125-136
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• 2019

This study aims to examine the important factors of flower shops' store attributes influencing the repurchase intention for people who buy flowers for themselves with a hedonic shopping motivation. This study was verified by empirical survey and the results are summarized as follow. First, it was found that price, salesperson's professionalism, store accessibility had a significant positive impact on the repurchasing intention of flowers. Second, it was found that price is the first important factor influencing the repurchasing intention of flowers, and next salesperson's professionalism is the second important one, and lastly store accessibility is the third important one. For implications of this study, this study investigated the cause-and-effect relationship between flower shops' store attributes and the repurchasing intention of flowers for people who buy flowers for themselves with a hedonic shopping motivation, so it provides a theoretical foundation for further studies.

• Asia-Pacific Journal of Business
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• v.13 no.4
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• pp.45-59
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• 2022

Purpose - This study investigates the performance of investment strategies incorporating estimated stock market cycle based on a lead-lag relationship between business cycle and stock market cycle, thereby deriving empirical implications on risk management. Design/methodology/approach - The data period ranges from June 1953 to September 2022 and de-trended short rate, term spread, credit spread, stock market volatility are considered as major input variables to estimate business cycle and stock market cycle by applying probit model. Based on the estimated stock market cycle, two types of strategies are constructed and their performance relative to the benchmark is empirically examined. Findings Two types of strategies based on stock market cycle are considered: The first strategy is to long(short) on stocks when stock market stage is expected to be an expansion(a recession), and the second one is to long on stocks(bonds) when expecting an expansion(a recession). The empirical results show that the strategies based on stock market cycle outperforms a simple buy and hold strategy in both in-sample and out-of-sample investigation. Also the out-of-sample evidence suggests that the second strategy which is in line with asset allocation is more profitable than the first one. Research implications or Originality The strategies considered in this study are based on the estimated stock market cycle which only depends on a few easily available financial variables, thereby making easier to establish such a strategy. It implies that investors enhance investment performance by constructing a relatively simple trading strategies if they set their position on stocks or choose which asset class to buy conditioning on stock market cycle.

• Journal of Distribution Science
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• v.9 no.1
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• pp.39-48
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• 2011

One of the major reasons for fierce competition among firms is that they strive to increase their own market shares in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Due to such changes in the marketing environment, differentiated after-sales service and diversified promotion strategies have become more important in the race to gain a competitive advantage. Price discount is one of the popular promotion strategies that most retailers use, especially to increase sales, but offering a price discount does not always lead to the expected result. If marketers apply an identical price-promotion strategy without considering the characteristic differences in products and consumer preferences, the discounted price itself may make people skeptical about the quality of the product. Moreover, the changes in perceived value may appear differently depending on factors such as consumer involvement. This implies that variables such as the level of consumer involvement, brand loyalty, and external reference prices, in reality, would have different effects on how consumers perceive the value of price discounts. The variables that affect consumers' perceived values and buying decisions are diverse and complicated. Several studies have examined the effects of such variables as external reference price, selling price, and brand on consumers' perceived value of products. Results have not shown consistent patterns. Therefore, we must note that the factors affecting consumers' value perceptions and buying behaviors are diverse and that the results of studies on the same dependent variable come out differently depending on what that variable is. This study focused on the level of consumer involvement as a salient variable that supposedly affects the perceived value of a product, willingness to buy, and search intentions. We tried to examine whether a price discount affects the perceived value-such as perceived acquisition value and perceived transaction value-in different ways depending on the level of consumer involvement. In addition, we proposed managerial implications that marketers need to consider as a whole, for instance, product attributes, brand loyalty, and involvement and then established a differentiated pricing strategy, case by case, in order to effectively enhance consumers' perceived values. As a result, we found that perceived transaction value positively affects perceived acquisition value and when discounting the price of a high-involvement product enhances the consumer's willingness to buy, but perceived acquisition value does not affect the search intentions significantly. In the case of discounting prices of low-involvement products, on the other hand, the perceived transaction value has a positive effect on the willingness to buy, but the negative effect of perceived acquisition value on the search intentions was not significant. We suppose that people doubt a product's quality because of a declined perceived quality derived from a price discount. Even though the price discount enhanced the transaction value, people eventually increased their level of searching for additional product information. From the results of this study, we suggest that marketers ought to establish an appropriate value-enhancing strategy based on the understanding of which perceived value consumers rely on more when they conduct purchasing behavior because consumers perceive the degree of importance of acquisition value or transaction value differently, depending on their level of involvement.

• Journal of Global Scholars of Marketing Science
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• v.18 no.1
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• pp.141-156
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• 2008

Market structure analysis is a very useful tool to analyze the competition boundary of the brand or the company. But most of the studies in market structure analysis, the concern lies in nondurable goods such as candies, soft drink and etc. because of the their availability of the data. In the field of durable goods, the limitation of the data availability and the repurchase time period constrain the study. In the analysis of the automobile market, those of views might be more persuasive. The purpose of this study is to analyze the structure of automobile market based on some idea suggested by prior studies. Usually the buyers of the automobile tend to buy upper tier when they buy in the next time. That kind of behavior make it impossible to analyze the structure of automobile market under the level of automobile model. For that reason I tried to analyze the market structure in the brand or company level. In this study, consideration data was used for market structure analysis. The reasons why we used the consideration data are summarized as following. Firstly, as the repurchase time cycle is too long, brand switching data which is used for the market analysis of nondurable good is not avaliable. Secondly, as we mentioned, the buyers of the automobile tend to buy upper tier when they buy in the next time. We used survey data collected in the U.S.A. market in the year of 2005 through questionaire. The sample size was 8,291. The number of brand analyzed in this study was 9 among 37 which was being sold in U.S.A. market. Their market share was around 50%. The brands considered were BMW, Chevrolet, Chrysler, Dodge, Ford, Honda, Mercedes, and Toyota. �� ratio was derived from frequency of the consideration set. Actually the frequency is different from the brand switch concept. In this study to compute the �� ratio, the frequency of the consideration set was used like a frequency of brand switch for convenience. The study can be divided into 2 steps. The first step is to build hypothetical market structures. The second step is to choose the best structure based on the hypothetical market structures, Usually logit analysis is used for the choice best structure. In this study we built 3 hypothetical market structure. They are type-cost, cost-type, and unstructured. We classified the automobile into 5 types, sedan, SUV(Sport Utility Vehicle), Pickup, Mini Van, and Full-size Van. As for purchasing cost, we classified it 2 groups based on the median value. The median value was $28,800. To decide best structure among them, maximum likelihood test was used. Resulting from market structure analysis, we find that the automobile market of USA is hierarchically structured in the form of 'automobile type - purchasing cost'. That is, result showed that automobile buyers considered function or usage first and purchasing cost next. This study has some limitations in the analysis level and variable selection. First, in this study only type of the automobile and purchasing cost were as attributes considered for purchase. Considering other attributes is very needful. Because of the attributes considered, only 3 hypothetical structure could be analyzed. Second, due to the data, brand level analysis was tried. But model level analysis would be better because automobile buyers consider model not brand. To conduct model level study more cases should be obtained. That is for acquiring the better practical meaning, brand level analysis should be conducted when we consider the actual competition which occurred in the real market. Third, the variable selection for building nested logit model was very limited to some avaliable data. In spite of those limitations, the importance of this study lies in the trial of market structure analysis of durable good.

• Journal of Intelligence and Information Systems
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• v.18 no.3
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• pp.97-117
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• 2012

Nowadays, Internet users tend to do a variety of actions at the same time such as web browsing, social networking and multimedia consumption. While watching a video, once a user is interested in any product, the user has to do information searches to get to know more about the product. With a conventional approach, user has to search it separately with search engines like Bing or Google, which might be inconvenient and time-consuming. For this reason, a video annotation platform has been developed in order to provide users more convenient and more interactive ways with video content. In the future of smart TV environment, users can follow annotated information, for example, a link to a vendor to buy the product of interest. It is even better to enable users to search for information by directly discussing with friends. Users can effectively get useful and relevant information about the product from friends who share common interests or might have experienced it before, which is more reliable than the results from search engines. Social networking services provide an appropriate environment for people to share products so that they can show new things to their friends and to share their personal experiences on any specific product. Meanwhile, they can also absorb the most relevant information about the product that they are interested in by either comments or discussion amongst friends. However, within a very huge graph of friends, determining the most appropriate persons to ask for information about a specific product has still a limitation within the existing conventional approach. Once users want to share or discuss a product, they simply share it to all friends as new feeds. This means a newly posted article is blindly spread to all friends without considering their background interests or knowledge. In this way, the number of responses back will be huge. Users cannot easily absorb the relevant and useful responses from friends, since they are from various fields of interest and knowledge. In order to overcome this limitation, we propose a method to filter a user's friends for information search, which leverages semantic video annotation and social networking services. Our method filters and brings out who can give user useful information about a specific product. By examining the existing Facebook information regarding users and their social graph, we construct a user profile of product interest. With user's permission and authentication, user's particular activities are enriched with the domain-specific ontology such as GoodRelations and BestBuy Data sources. Besides, we assume that the object in the video is already annotated using Linked Data. Thus, the detail information of the product that user would like to ask for more information is retrieved via product URI. Our system calculates the similarities among them in order to identify the most suitable friends for seeking information about the mentioned product. The system filters a user's friends according to their score which tells the order of whom can highly likely give the user useful information about a specific product of interest. We have conducted an experiment with a group of respondents in order to verify and evaluate our system. First, the user profile accuracy evaluation is conducted to demonstrate how much our system constructed user profile of product interest represents user's interest correctly. Then, the evaluation on filtering method is made by inspecting the ranked results with human judgment. The results show that our method works effectively and efficiently in filtering. Our system fulfills user needs by supporting user to select appropriate friends for seeking useful information about a specific product that user is curious about. As a result, it helps to influence and convince user in purchase decisions.

• Journal of Distribution Research
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• v.15 no.4
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• pp.1-19
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• 2010

As having the movement of developing private brand (PB) goods, domestic big retailers are facing up with new problems. Thus, it is required studies of PB products, and how consumers recognize PB products as a consideration commodity set. Also, it is worthy in order that it gives us the important meaning on the marketing strategy with focusing on evaluating the differences between customers buying PB grocery goods with respect to demographic characteristics and purchasing behaviors. PB has some advantages for customers and retailers. However, according to AC Nielson's report (2005), Asian and emerging market has 1/5 sales relatively to Western countries. But we can assume that the emerging market has the most potential growth through this result. As a result from several other studies, it becomes necessary to not only increase the rate of selling composition of PB product temporarily, but also analyze the characteristics of customers using big retailers and segmenting customer groups to make PB product as a consideration commodity set for them. In addition, it is needed to have a variety of acts of marketing. From studies related to PB, there is a prejudice - cheap products have low quality - but, evaluation by customers who have used those products shows neutral stand, and there is a study representing that it is the most important to accumulate the belief between the retailers selling PB products and consumers using those for the accurate evaluation and intention on purchasing. Also, by the result from analyzing the characteristics of customers buying PB products, we could assume that higher income and higher education level, more preference on PB products. Especially, according to TNS's research, the primary targets of PB product are 30's who seeks value for money and planned spending habits, and 40's who have teenager children, and are interested in encouraging themselves. This paper used Probit model to analyze the characteristics of consumers. This model helps us to analyze with the variables representing the demographic characteristics of consumers (gender, age, educational level, occupation, income level, living area), and variables related to purchasing behavior (visiting frequency on big retailers, the average amount that they pay for goods in there, and check-up which brand made those goods). The method we used in this study is by man to man interview and survey on-line with the rate of 89% and 11% in Seoul and Gyunggi Province, respectively, for about one month from the beginning of February, 2008. As a result of this, under the assumption that people buy PB products more as long as they go shopping more, it was not meaningful for target groups which we pointed out as frequently visiting customers to be. Although, we have expected women buy more PB products than men do, gender doesn't mean anything for the result. And, it has inferred that married people buy more PB goods than singles do. It was also meaningless with variables related to occupation. Because housewives are often exposed to any kind of supermarket than workers are, we could not get any relatives. Moreover, we couldn't proof that younger generation prefer big retailers more than older people who 50~60's. Education levels doesn't affect on the purchase of PB product as well. Related to living area, the result is statistically not similar as we expected whether living in Seoul or not. It shows there is no relationship with the preference on retail brands and PB products, and it is similar with the study researched by TNS(2008) that customers tend to buy PB product impulsively no matter which brand it is and where they are even though their shopping place is the big market where customers are often using. Variables on which we had meaningful results are income level and living place. That is, customers who have 3,000,000~6,000,000 WON every month on average are more willing to buy PB products than other customers whose income is over 6,000,000 WON, and residents not living in Seoul prefer PB goods than those who are living in Seoul. To explain more about what we got, if there is only one condition about customer's visiting frequency on big retails, we could come up with this result that more exposed to PB products, more purchasing frequency. Consequently, it brings the important insight that large retailers have to prepare something to make customers visit them often to increase selling rate of PB products. To demonstrate the result of analyzing more, what is more efficient variables are demographically including marital status, income level, and residential area to buy items that affect the PB products and could include the frequency of visiting large markets by the purchase habits. Specifically, then, married couples rather than singles, middle-income customers than high-income customers, and local residents not living in Seoul than customers in Seoul are more likely to purchase PB goods. In addition, as long as a customer visits two times more, then the purchasing rate of PB products is to increase over 5.3%. Therefore, it seems that retailers are better to make a shopping place as fun and comfortable places. With overwhelming the idea that PB products are just cheap, one-time purchase goods, it is needed to increase the loyalty on those goods like NB products, try to make PB products as a consideration products set, and occur to sustainable sales. Especially, as suggested by this paper, it seems like it strongly needs to identify the characteristics of customers who prefer PB, to segment those customers, and to select the main target, and to do positioning with well-planned marketing strategies. Then, it is able to give us a meaningful point on marketing strategy by developing the field of PB study, identifying the difference of life style and shopping habits of customers.

• Journal of the Korean Society of Clothing and Textiles
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• v.23 no.6
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• pp.886-897
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• 1999

Fitness of clothes becomes a major concern in apparel industry. But girls had difficulties to buy ready-made clothes of good fit. To solve this problem it is necessary to classify girls' lower body Into several kinds of somatotypes and to develop dress form. The purposes of this study was to classify lower body types of middle-high school an provide the dress forms based on the analysis of their lower body types. The subjects for anthropometric measurement were 402 middle-high school girls of 13 to 15 year-old. The result of factor analysis indicated that 5 factors were extracted from anthropometric measurments through factor analysis and those factors comprise 71% of total variance. 4 clusters were categorized using 5 factor scores by cluster analysis 4 lower body dress forms for middle-high school girls were made of gypsum mould. By the analysis of more photograph three dimensional characteristics of somatotype and overlapped cross-section diagrams were analyzed.