• Information Systems Review
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• v.25 no.2
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• pp.145-162
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• 2023

Asset management is a complex and difficult field that requires insight into numerous variables and even human psychology. Thus, it has traditionally been the domain of professionals, and these services have been expensive to obtain. Changes are taking place in these markets, and the driving force is the digital revolution, so-called the fourth industrial revolution. Among them, the Robo-Advisor service using artificial intelligence technology is the highlight. The reason is that it is possible to popularize investment advisory services with convenient accessibility and low cost. This study aims to clarify what factors are critically important when selecting robo-advisors for service users and providers in Korea, and what perception differences exist in the selection factors between user and provider groups. The framework of the study was based on the marketing mix 4C model, and the design and analysis of the model used Delphi survey and AHP. Through the study design, 4 main criteria and 15 sub-criteria were derived, and the findings of the study are as follows. First, the importance of the four main criteria was in the order of customer needs > customer convenience > customer cost > customer communication for both groups. Second, looking at the 15 sub-criteria, it was found that investment purpose coverage, investment propensity coverage, fee level and accessibility factors were the most important. Third, when comparing between groups, the user group found that the fee level and accessibility factors were the most important, and the provider group recognized the investment purpose coverage and investment propensity coverage factors as important. This study derived useful implications in practice. First, when designing for the spread of the robo-advisor service, the basis for constructing a user-oriented system was prepared by considering the priority of importance according to the weight difference between the four main criteria and the 15 sub-criteria. In addition, the difference in priority of each sub-criteria shown in the group comparison and the cause of the sub-criteria with large weight differences were identified. In addition, it was suggested that it is very important to form a consensus to resolve the difference in perception of factors between those in charge of strategy and marketing and system development within the provider group. Academically, it is meaningful in that it is an early study that presented various perspectives and perspectives by deriving a number of robo-advisor selection factors. Through the findings of this study, it is expected that a successful user-oriented robo-advisor system can be built and spread in Korea to help users.

• Asia pacific journal of information systems
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• v.19 no.4
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• pp.177-200
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• 2009

AIn the advanced - economy, the services industry hasbecome a dominant sector. Evidently, the services sector has grown at a much faster rate than any other. For instance, in such developed countries as the U.S., the proportion of the services sector in its GDP is greater than 75%. Even in the developing countries including India and China, the magnitude of the services sector in their GDPs is rapidly growing. The increasing dependence on service gives rise to new initiatives including service science and service-dominant logic. These new initiatives propose a new theoretical prism to promote the better understanding of the changing economic structure. From the new perspectives, service is no longer regarded as a transaction or exchange, but rather co-creation of value through the interaction among service users, providers, and other stakeholders including partners, external environments, and customer communities. The purpose of this study is the following. First, we review previous literature on service, service innovation, and service systems and integrate the studies based on service dominant logic. Second, we categorize the ten propositions of service dominant logic into conceptual propositions and the ones that are directly related to service provision. Conceptual propositions are left out to form the research model. With the selected propositions, we define the research constructs for this study. Third, we develop measurement items for the new service concepts including service provider network, customer network, value co-creation, and convergence of service with product. We then propose a research model to explain the relationship among the factors that affect the value creation mechanism. Finally, we empirically investigate the effects of the factors on firm performance. Through the process of this research study, we want to show the value creation mechanism of service systems in which various participants in service provision interact with related parties in a joint effort to create values. To test the proposed hypotheses, we developed measurement items and distributed survey questionnaires to domestic companies. 500 survey questionnaires were distributed and 180 were returned among which 171 were usable. The results of the empirical test can be summarized as the following. First, service providers' network which is to help offer required services to customers is found to affect customer network, while it does not have a significant effect on value co-creation and product-service convergence. Second, customer network, on the other hand, appears to influence both value co-creation and product-service convergence. Third, value co-creation accomplished through the collaboration of service providers and customers is found to have a significant effect on both product-service convergence and firm performance. Finally, product-service convergence appears to affect firm performance. To interpret the results from the value creation mechanism perspective, service provider network well established to support customer network is found to have significant effect on customer network which in turn facilitates value co-creation in service provision and product-service convergence to lead to greater firm performance. The results have some enlightening implications for practitioners. If companies want to transform themselves into service-centered business enterprises, they have to consider the four factors suggested in this study: service provider network, customer network, value co-creation, and product-service convergence. That is, companies becoming a service-oriented organization need to understand what the four factors are and how the factors interact with one another in their business context. They then may want to devise a better tool to analyze the value creation mechanism and apply the four factors to their own environment. This research study contributes to the literature in following ways. First, this study is one of the very first empirical studies on the service dominant logic as it has categorized the fundamental propositions into conceptual and empirically testable ones and tested the proposed hypotheses against the data collected through the survey method. Most of the propositions are found to work as Vargo and Lusch have suggested. Second, by providing a testable set of relationships among the research variables, this study may provide policy makers and decision makers with some theoretical grounds for their decision making on what to do with service innovation and management. Finally, this study incorporates the concepts of value co-creation through the interaction between customers and service providers into the proposed research model and empirically tests the validity of the concepts. The results of this study will help establish a value creation mechanism in the service-based economy, which can be used to develop and implement new service provision.

• Asia Marketing Journal
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• v.13 no.4
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• pp.105-137
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• 2012

After relationship marketing emerged as a new approach in the marketing field in the 1980s, it has been widely studied in the United States, Europe and Asia. Rapid environmental changes and global competition has made it inevitable for companies to consider their relationships with the environment more closely. Under these circumstances, relationship marketing has held a position as a pivotal paradigm in the field of strategy as well as in marketing. In addition, relationship marketing has overcome the limitations of a traditional marketing research while providing richer implications in company's marketing activities. The paradigm shift to relationship marketing has brought fundamental changes in a marketing point of view. First, in philosophical aspects, unlike past research which focused solely on customer satisfaction, organizational relationship parameters which focuses on trust and commitment has become key elements of successful relationship marketing while shifts in thoughts naturally take place from adaptive marketing to strategic marketing. Second, in structural aspects, the relational mechanism of governance such as network structure with a variety of relational partners has emerged as a new marketing organization from the previous simple structure focusing on the micro-economic, marketbased trading between seller and customer. Third, in behavioral aspects, it proposed the strategic course of the action of gaining an advantage over the competition on the individual firm level by focusing on building long-term relationships and considering partnership with the components in the entire marketing system, rather than with one-time transaction-centric action between a seller and a customer. Fourth, in the aspects of marketing performance, marketing performance was sought through the long-term and cooperative relationship with various stakeholders, including customers in the marketing system, focusing on the overall competitive advantage based on relationship rather than individual performance of individual companies' marketing activities, such as market share and customer satisfaction. However, studies of relationship marketing were mostly centered in interorganizational relationships focusing on the relational structure and properties of commercial sector in the marketing system. Paradoxically, the circumstance of the consumer's side that must be considered is evolving again in relationship marketing. In structural aspects, a community, as the new relationship governance structure in the digital environment, and in behavioral aspects, the changing role of consumer participation demanding big changes in the digital environment engaged in the marketing system. The possibility of building a relationship marketing community for common value creation is presented in terms of organization of consumers with the focus on changing marketing environment and marketing system according to the new realities of the 21st century- the popularity of digital environments and the diffusion of customer participation. Therefore, future research of relationship marketing must seek for a truly integrated model including all of the existing structure and properties of the research oriented relationship from both the commercial and consumer sector.

• Culinary science and hospitality research
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• v.15 no.2
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• pp.93-107
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• 2009

The aims of this study concerning tourists travelling in the island of Jeju include: to identify and assess the promotional efforts for traditional Jeju cuisine; and to identify the impacts of those efforts on customers and tourists. The analyses revealed that continuous promotion efforts, along with changes in the cooking methods and the development of new menus, are needed for the items of traditional Jeju cuisine that are relatively unknown to tourists and that fail to satisfy customers. Customers seeking Jeju food reported high satisfaction with such items as grilled meat and fish, steamed meat and fish, and raw fish(hoe), so those cooking methods must also be continually improved. Promotional efforts had impacts on the satisfaction and revisit rates of customers while the recognizability of foods offered had impacts on all areas, including the satisfaction and revisit rates of customers as well as word-of-mouth advertising among them. There needs to be an experience-oriented or educational program that introduces customers to traditional Jeju cuisine. Since customers and tourists gain information on traditional Jeju cuisine from the recommendations and word-of-mouth advertising from the locals they meet on the island, traditional Jeju cuisine should also be advertised to the local residents. The commercial merchandising of Jeju culinary culture and making festivals based on it must, therefore, be preceded by studies on how to increase the locals' awareness of local traditional cuisine.

• International Commerce and Information Review
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• v.13 no.3
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• pp.275-298
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• 2011

In 2010, it appears that Korean economic growth rate heavily depends on its international trade. Thus, a sustainable growth of the international trade is very important to Korea. To increase export, a continuous making profits is the most important to companies and TSO(Trade Support Organization) needs to provide a trade support services to the exporting firms. In this context, this study aims to provide a comprehensive analysis of the correlation between company performance and service quality, utilization and customer satisfaction of TSO. Some implications from the results of this study are suggested. First, TSO needs to boost the utilization of its services by enhancing systemizing, reliability and empathy of its service qualities. And then, TSO needs to encourage companies to focus on export-oriented business mind, since these companies have tendency to show a better practical application and high degree of performance as well. Third, TSO needs to develop some exceptional services for the companies with the low weight of export in turnover since those groups tend to have higher customer satisfaction. Our major findings contribute to the trade support service planning of TSO.

• Health Policy and Management
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• v.10 no.1
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• pp.111-125
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• 2000

To compare the differences in the recognition on hospital utilization and satisfaction, 368 hospital employees and 485 patients were selected in four hospitals in Seoul and Kyung-gi do. The survey was done using a constructed form of checklist from Apr. 30 to May 10, 1999. And the results are as follows: l. Gaining knowledge of hospitals available among hospital employees differed from that of patients. When finding out about sources of information concerning hospitals, direct visit to the hospital was recognized to be the main factor for the hospital employees in contrast to the patients' recognition which were mass media, personal involvement of job related workplace and recommendations from other hospitals. There was no difference between university and general hospitals. 2. The factors that concern which hospital to choose there was a difference between hospital employees and patients. Hospital employees recommended their own hospital solely based on the reason that it was their work place. On the other hand, the patients made a choice based on the type of medical staff, transportation available and whether it was a university hospital or not. There was no difference between university and general hospitals. 3. The recognition of employees concerning hospital image of a hospital between hospital employees and patients was different. In university hospitals, the employees recognized the name value of university hospital and cooperation as most important, whereas the patients thought convenience, kindness were the main factors. Patients considered general hospitals to be more convenient. There was some difference between university and general hospitals. For university hospitals employees' recognition was higher and for the general hospital patients' recognition is higher on hospital image. 4. The recognition of employees was different from that of patients' on hospital satisfaction. The patients' satisfaction was higher than that of employees'. There was no difference between university and general hospitals. Based on the above findings, the employees' recognition on hospital utilization and satisfaction was different from that of the patients, but there was no difference between university and general hospitals. In both groups choice of hospital was associated with satisfaction. Results showing difference between employees' and patients' recognition can be applied to implement customer-oriented attitude and be used as a baseline data for internal-external marketing planning of hospital management. The study may be limited in that the results cannot be generalized due to its small sample size and not being able to reflect demographic variables and life style. Further studies to investigate the difference of hospital utilization and hospital satisfaction will be necessary to define demographic characteristics and recognition of employees which influences patients' hospital satisfaction.

• Asia Marketing Journal
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• v.13 no.4
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• pp.191-212
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• 2012

With the introduction of the Capital Market Integration Act in 2009, the new competitive scope and paradigm is opened in Korean financial services market. The change of financial industry and institutions will lead to the behavioral change of customers who consume and choose financial services. While researches from the financial perspective have been conducted, works from the marketing or customer oriented approach has long been relatively ignored. The purpose of this study is to investigate influencing factors and process of financial services customers' choice behavior. More specifically, the main theme is how to enhance customer brand loyalty and purchase intention through the perception of overall quality of the service product. An integrated conceptual model including antecedents, mediating variables and consequences is established through comprehensive literature reviews of extant works on environmental change, customer behavioral change and choice behaviors. Hypothesis testing is done with SEM analysis. According to the results, the attractiveness of financial product, the reputation of financial firm, and self-brand image congruence among exogenous variables make a positive effect on perceived overall quality. And perceived overall quality has a significant effect on brand loyalty.

• Asia Marketing Journal
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• v.8 no.2
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• pp.63-91
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• 2006

This study conducted in-depth interviews with 5 successful and 6 unsuccessful sales persons and analyzed their activities to further clarify the concepts of learning orientation, performance orientation, working smart, working hard and adaptive selling which have been reported as antecedents of sales persons' performances. We found that successful sales persons had their own distinctive characteristics. First, they regarded their selling activities as a part of their lives, not as a task, and were proud of themselves. Second, they perceived their weaknesses from most of activity areas, voluntarily participated in educational programs, and studied not only their products but also competitive products. Third, successful sales persons conducted customer-oriented activities. They collected data on their customers' personal records, developed customer typology by styles or personalities, and consulted their customers using those data. Fourth, successful sales people carefully prepared their meetings with customers across steps in selling processes and they did their best to develop long term relationship with their customers. These results provide useful implications about objective evaluations on sales persons' customer orientations and adaptive selling abilities, and also clarify the concepts of 'working smart' and 'adaptive selling'.

• Journal of Service Research and Studies
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• v.13 no.4
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• pp.160-172
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• 2023

The metaverse, derived from the fusion of "meta" and "universe," encompasses a three-dimensional virtual realm where avatars actively participate in a range of political, economic, social, and cultural activities. With the recent development of the metaverse, the traditional way of experiencing services is changing. While existing studies have mainly focused on the technological advancements of metaverse services (e.g., scope of technological enablers, application areas of technologies), recent studies are focusing on evaluating the quality of experience (QoE) of metaverse services from a customer perspective. This is because understanding and analyzing service characteristics that determine QoE from a customer perspective is essential for designing successful metaverse services. However, relatively few studies have explored the customer-oriented approach for QoE evaluation thus far. This study conducted an online review analysis using text mining to overcome this limitation. In particular, this study analyzed 227,332 online reviews of the Roblox service, known as a representative metaverse service, and identified points for improving the Roblox service based on the analysis results. As a result of the study, nine service features that can be used for QoE evaluation of metaverse services were derived, and the importance of each feature was estimated through relationship analysis with service satisfaction. The importance estimation results identified the "co-experience" feature as the most important. These findings provide valuable insights and implications for service companies to identify their strengths and weaknesses, and provide useful insights to gain an advantage in the changing metaverse service environment.

• The Journal of Industrial Distribution & Business
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• v.1 no.1
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• pp.33-41
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• 2010

In the age of globalization, effective and efficient corporate management is becoming more important as domestic and international business circumstances changes. In the middle of endless changes in business circumstances, fast reaction to customers and market, and offering customized goods and service became essential. In this respect, CRM designed to utilize customer information scientifically and systematically, has become an essential system and marketing strategy to enhance corporate competitiveness. CRM has placed the importance of customers in the front of marketing and has focused every process and business minds on customers. Recent change in the market and the trend of establishing and introducing CRM system has lead us to concentrate on the introduction of CRM in the financial institutions. This study searched for several views about CRM in academic and industrial papers. Through theoretical approach on CRM, the background of the introduction of CRM, the purpose of CRM, the characteristic and application of CRM, and the expected effect of CRM will be discussed. This study is focused on financial institutions where CRM is widely used. And through documents about examples of the introduction of CRM, the status of the establishment of domestic CRM and the necessity and trend of CRM will be discussed. Also the problem of CRM in the financial institutions and the improvement of CRM in domestic banks will be analyzed. When discussing CRM in the financial area, customers are the main source of corporate profit and through relationship management with the customers enhancing loyalty and maximizing profit can be obtained. Especially in CRM in financial institutions, maintaining existing customers makes higher profit ratio, so repurchasing and cross selling becomes important for obtaining lifetime value of existing customers who contribute to most of the profit of corporations. As a result, CRM should be completely customer oriented. CRM in financial institutions is not merely marketing work, but organizational competence which is made up of standardized work process through total process integration inside the corporation. Corporations which plan to introduce CRM should analyze the characteristics and conditions of corporations and establish purpose and strategy of CRM. And they need long term view to find out the factors which best fit for the introduction of CRM. To enable this, strategy composed of daily marketing activity and CRM concept is necessary. Also continued improvement through drill and training for operating organization should be followed to maintain CRM well. And corporate culture must settle customer as the center of corporate value. The race for introducing and improving CRM has already begun. CRM should not be regarded as a choice. It should be accepted as something essential. In this reality financial institutions should solve subdivision problem of customers and necessity of customers with the mind of 'customer's profit is my profit'. Customer focused management should not be emphasized only by words. Efforts like viewing from the customer's point must be nurtured to provide methods to help customers. That is, we should not just follow what is done in foreign countries. We should solve the problem of our customers according to the situation of our country, our industry, our corporation. Then we can gain the trust of customers, and the value derived from the customers will become the background of CRM which will lead the corporation to success.