• Korea Science and Art Forum
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• v.16
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• pp.157-169
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• 2014

Lake Biwa Canal was a dream project that reminds us the passion and innovation of Kyoto Citizens more than water supply. It is a modernization project combining engineering knowledge and scientific technology, which started transportation by ship through big-scale civil construction as well as supplying electricity as the first waterpower plant in Japan, and it overcame the physiographic limit through adopting unique method of waterway transportation. Lake Biwa Canal, which has tangible and intangible culture heritage value as the traditional space of Kyoto, the Old Capital of 1200 years, conceives a cultural meaning that is connected through various mutual relation as well as scientific technologic factor. Lake Biwa Canal is not only the function for supplying water to gardens and temples of Kyoto region, but it is also a cultural fruit that is formed by complex causal relationship of various contents such as geographical and environmental background, the phases of the times, local development policy, political circumstances and religions. This study is aimed at interpreting the value of Lake Biwa Canal multilaterally by the convergence of cultural and technological aspects through the view of the world which the age tried to pursue, focusing on the construction of Lake Biwa Canal which was accomplished in the process of promoting the modernization of Kyoto.

• Korean Journal of Heritage: History & Science
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• v.44 no.1
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• pp.30-51
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• 2011

During the process of modernization, many rural villages in Korea have experienced degeneration and breakdown, losing sustainability. However, Oeam village in Asan City, South Chungcheong Province (State-designated cultural heritage, Important Folk Material No. 236) has established itself as a unique folk village, which evolves with sustainability, pursuing the revival of Neo-traditionalism. Oeam village is a tribal village of the Yis from the Yean region and has maintained environmental, economic, and social sustainability and soundness for over five centuries. Thus, the village has sustained itself well enough to be a cultural asset with 'Outstanding Universal Value', in terms of its value as world cultural heritage. The village maintains its own identity, filled with a variety of traditional and scenic cultural assets that symbolize a gentry village. Those assets include Confucian sceneries (head family houses, ancestral shrines, tombs, gravestones, commemorative monuments, and pavilions), various assets of folk religion (totem poles, protective trees at the entrance of a village, shrines for mountain spirits, village forests), tangible and intangible cultural assets related to daily lives (vigorous family activities, rigorous ancestral rituals, family rituals, collective agriculture and protection of ecosystem), which have all been well preserved and inherited. In particular, this village is an example of a well-being community with a well-preserved folksy atmosphere, which is based on environmentally sound settlements (nature + economy + environment + community) in a village established according to geomancy, East Asia's unique principle of environmental design. In addition, the village has kept the sustainability and authenticity for more than 500 years, combining restraint towards the environment and the view of the environment which respects the natural order and cultural values (capacity + healthy + sustainability). Therefore, the Oeam folk village can be a representative example of a folksy and scenic Korean community which falls into the category of IV (to exemplify an outstanding type of building, architectural or technological ensemble, or landscape which illustrates significant stages in human history) and V (to exemplify an outstanding traditional human settlement, land-use, or sea-use which is representative of cultures, or human interaction with the environment especially when it has become vulnerable under the impact of irreversible change) of Unesco's World Cultural Heritage.

• (The) Research of the performance art and culture
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• no.42
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• pp.257-290
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• 2021

The Wonju Nongyo (agricultural work song) is geographically classified as eastern minyo (folk song) which has many distinctive, regional features such as tunes, forms and the use of a melodic line. There has been growing attention to the transmission value of the nongyo including the Wonju Eorirang of the Wonju Origol Nongyo and its region of origin. The Wonju Nongyo is of great value and worthy of preservation in the western part of Gangwon Province. For this reason, it seems fairer to say that a focus should be directed towards establishing the identity of the song and increasing the contextualisation of transmission. At the same time, the preservation association's efforts in passing the traditional song down and education activities fairly deserve equal attention. In addition to the way the folk songs are handed down, a discussion on the facilitation of their use will be required. An in-depth discussion about the restoration and use of the song will be encouraged in a multifaceted manner. Unfortunately, few of the previous literatures on nongyo has gone so far as to investigate Arirang as a separate research topic. In fact, the Wonju Origol Nongyo should be viewed as an intangible cultural asset that paved the way for performance artistry of the Korean agricultural work songs to be seen at a national folk art festival. From the perspective of regional characteristics (traditionally termed "tori"), the Wonju Eorirang represents the cultural value of the manners and customs of our locals which constitute unwritten and neglected literary property and musicality of the song. Particularly, a more attention should be paid to making a record of woodcutters and diversity of farmers' small cooperative groups. The existence of the Wonju Eorirang indicates that the melodies to which the song are sung in Nongyo are of infinite variety. A minyo-singer unfolds various journeys of life through various modes and structure of epic chants, ranging from first encounter, love to marriage, realistic problems to relationship with husband's family and death. The epic chant of the Wonju Origol Nongyo contains a rich variety of regional sentiments about life. In particular, the epic chants of the Galtteukgisor and Ssoeltteukgisori are a genius example of sexual satire and a sense of humor. In the past, the agricultural work songs were rhythmic songs served to synchronize physical movements in groups, coordinating tasks in upland farming and rice paddy with the usage of catchy, repetitive verses easy to pass down. The Wonju Origol Nongyo is a precursor of the work songs which took the farming activities a notch higher to be part of the excitement and festivals. In the context of transmission, a festival serves to demonstrate the value of history and life. The value of the Wonju Eorirang should be appreciated and a concerted effort should be made to find a way to facilitate the transmission of the folk song. A folk-singer is a traditional oral poet and a storyteller of minyo and the forms and species of melody solely depend on the signer. The combination of performance and witticism is shown by the singer freely expressing himself. The Origol Nongyo symbolizes ethnic arts cleverly combining playful effects such as tune, rhythm and old agricultural work of the region. It is to be hoped that much of the efforts is directed to designating such folk songs as the archetype of a cultural heritage. In terms of the foundation on which the folk songs are transmitted, the usage(Performance Content) of a community would be an alternative.

• Cartoon and Animation Studies
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• s.44
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• pp.333-361
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• 2016

In general, content business companies include animation industry can have benefits, which they have higher incomes when they obtain wider markets. Therefore, they pursue to have diverse windows for content distribution or to reach the foreign markets for dealing their content products with potential customers. It have the greatest value. They can re-invest the incomes to produce their new products, and they can enhance the international competitiveness of their next products. As the results, the companies can have more incomes and wider markets in next business, and it will be the effectiveness of the good cycle of the animation industry. Animation industry has being undergone of its structure changes, more economical chances and viewers' attitudes changes through the all over the industry because of the acceptance of new digital technology. To response the changes or have the new chances from the changes, they should to review the existing system and the law concerned with the animation business as well as having the diverse new plans for supporting the industry like a construction of the online marketplace of Korean animation. It would make the Korean animation companies to meet foreign customers easily by making lower the entrance barrier of the foreign markets. Current Korean government needs to estimate the value of the Korean animation accurately and objectively by concerning its surroundings to support efficiently. However, it is very difficult to estimate the value of the content rightly because of its' intangible and subjective matter. For this, they should analyze the all the data of the information of the Korean animation content by accumulate, open to the public and manage. So if the government makes online marketplace for the Korean animation, which all the Korean animation companies get in, it would be a solution of estimating the value of the Korean animation rightly. In addition, it will be used as the role of archive of the government to lead the industry successfully. As a point of the small size of the Korean animation companies, they are government dependable because of its low budget, so they strongly expect the government to do the right role as the unique knowledge distributor. Therefore, the Korean animation online marketplace would make not only big companies, but also small companies to have the chances to increase the value of their content in the global markets by themselves without economic burdens.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.4
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• pp.881-893
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• 2007

IT(Information Technology)-based industries have caused a recent digital revolution and the appearance of various types' information service, being largely expanded toward info-communication device company, info-communication service company, software company etc.. Therefore, the needs to evaluate the company value of IT business for M&A or liquidation are growing tremendously. Unlike other industries, however, IT industry has a short lift cycle and so it doesn't have not only a company value-evaluating model for general businesses but the objective one for IT companies yet. So, this thesis analyzes various value-evaluating technique and newly rising ROV. DCF, the change method of company's cash flow including tangible assets into future value, had been applied during the past industrialization economy era and has been persuasively applied to the present. However, the DCF valuation has no option but to make many mistakes because IT companies have more intangible assets than tangible assets. Accordingly, it is ROV, recognized as the new method of evaluating companies' various options normally and quantitatively, that is brought up recently. But the evaluation on the companies' various options is too subjective and theoretical up to now and due to the lack of objective ground and options, it's not possible to be applied to reality. In this thesis, it is found that ROV is more accurate than DCF, comparing DCF and ROV through four examples. As the options applied to ROV are excessively limited, we tried to develop ROV into a new method by deriving five invisible value factors within IT companies. Therefore, on this occasion, we should set up the basic valuation methods on IT companies and should research and develop an effective and various valuation methods suitable to each company like an internet-based company, a S/W developing enterprise, a network-related company among IT companies.

• (The) Research of the performance art and culture
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• no.40
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• pp.193-222
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• 2020

In this study, the development of traditional contents is to be enabled to succeed the values of the heritage on the song sang during dry-field farming of Bongpyeong Memil-dorikkaejil-sori. In addition, the identity on the heritage of songs sang during farming were diagnosed, and their value in context with the history and the value as the community for succession are emphasized as the value of cultural asset to expand the discussion up to the level of traditional cultural industry works. In the Bongpyeong Memil-dorikkaejil-sori, the intrinsic artistic value, the excellence of value as the educational experience, factor for overcoming the extinction of farming songs, and the promotion direction of the storytelling on buckwheat were provided. This is breaking from the formalization and being old-fashioned on the Bongpyeong Memil-dorikkaejil-sori to focus on the symbolization of the agricultural heritage in the modern context, habituating and spreading the gene of slash-and-burn field (hwajeon or budaeki). In terms of methodology on awareness, historicity or creativity, alternative method on the folk songs in labor was provided by having critical mind on the Bongpyeong Memil-dorikkaejil-sori and buckwheat songs. By reviewing the field contextualization of designating the intangible cultural asset, suggestions were made on activating the succession, and even the method of symbolic registration on the heritage of buckwheat farming was mentioned. Heritage on agricultural culture that can represent Pyeongchang and Gangwon must be discovered to be made into a brand. In addition, the uniqueness in the Madang 'Song Madaengi Traditional Music' must be found to apply as the brand on the point in which the people around the world can have consensus for utilization. As the farming song, rediscovery of the Bongpyeong Memil-dorikkaejil-sori is required to create the sustainable status as the multi-purpose cultural contents and provide the network of professionals for activating the folk songs to enable the opportunity of qualitative substantiality and spread instead of quantitative growth. In addition, festivals for each region, especially the festival for Pyeongchang area must be utilized centrally on the development of farming songs to organize the storytelling actively.

• (The) Research of the performance art and culture
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• no.36
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• pp.751-781
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• 2018

Task of circling the pagoda of Waljeongsa(Woljeongsa Tabdori) is the major intangible cultural heritage with representativeness and historical meaning as a Buddhism culture, one of the Buddhism folk plays, which was firstly played after the liberation. Woljeongsa Tabdori holds significant designation importance in terms of Buddhism folklore heritage with Korean unique tradition and identity of Gangwon-do province. Temples are demonstrating Tabdori nationwide but Woljeongsa Tabdori is the unique case that systematically inherits the culture based on the designation of being intangible cultural heritage. That is why it is needed to focus on the cultural and internal value of Woljeongsa Tabdori. Tabdori is the integrated symbol of Buddhism respect and worship to the Buddha and pagoda. It is hard to presume the originality of Woljeongsa Tabdori: given the history of Woljeonsa temple, it lies into Goguryeo traditional play and Bokhui(Pagoda circling folk play) in Silla era. It fits into the courtesy of Circumambulating Stupa considering Moon in Goguryo mural, background of Odaesan Hwaeom thought/tripitaka and essence of Octagonal 9-story stone pagoda. At the first stage of Tabdori, Buddhist musical instruments such as Buddhism temple bell, singing bowl, cloud-shaped gong and wooden-fish. However, later, Samhyeon Yukgak has been added and then, Boyeom and Bakpaljeongjinga were singing: it could be interpreted that it was a pure Buddhist ceremony but it has become to have traditional aspect and been spread to the public. The origin of Woljeongsa Tabdori is related to the explanation of Circumambulating Stupa that experiences the glory of the ending ceremony. When a temple has a rite, the Buddhists make an offering to the Buddha. At that time, Buddhist prayer, sermon and chant are followed. After the rite, the Buddhists are circling the pagoda with the monks while praying for Buddhist charity and making their own wishes. It prays not only going after death to Nirvana of the one but also national prosperity and the welfare of the people for peaceful reign. As the temple holds bigger rites, many Buddhists gather and the Tabdori was a success. The scene of circling the pagoda and making own wishes in line with the Buddhist sermon was solemn. The idea on changes and convergence of Woljeongsa Tabdori requires strategic inheritance to promote the transmission while maintaining the paragon and purpose of designating the cultural heritage and reviving its identity. Korean Tabdori was held in Buddha's birthday in April and the mid-autumn day. Tabdori is a memorial service type Buddhist ceremony that once the monk holds the Buddhist rosary, circles the pagoda and sings the great mind and charity of the Buddha, Buddhists follow the step, lighting the lantern, circling the pagoda and praying for the gentle and easy death. Transmission education of the successor, diversified approach of the expert's advice and discourse on the revival of the origin should be reinforced in phases.

• Korean Journal of Heritage: History & Science
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• v.49 no.1
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• pp.22-43
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• 2016

State Ownership of Excavated Cultural Heritage System was originated from the legislations concerning cultural objects during the Japanese colonial period (1910~1945) and was succeeded by the present Buried Cultural Properties Act enacted in 2011. Despite the importance of the system that completes the outcomes of excavations and determines the state-owned cultural properties, the foundation of national heritage, it has been limitedly regarded as administrative area and neglected by the academic scholars or policy researchers. Recently the traditional culture has drawn increasing domestic interest and awareness that the cultural heritage contributes to building cultural identity and vitalizing tourism has led to increasing the demand of a local government's role in management of the state-designated cultural heritage and even fighting for hegemony in securing the cultural objects between the central and local governments. Despite the continuing efforts for improving the selection process of cultural heritage and its management institution, establishment of an advanced objective system has been requested. This paper is intended to suggest the policy direction through demonstrating the problem and assignment caused in the process of implementing the Buried Cultural Properties Act and reviews the State Ownership of Excavated Cultural Heritage System from the legal point of view accordingly. First, I suggest improving the selection process of the state-owned cultural properties. Even though current law states that Administrator of Cultural Heritage Administration reviews the research reports and selects the possible candidates for the state-owned cultural properties almost all the cultural objects listed on the reports are practically selected. In this regard, two possible resolutions can be made; newly establishing a separate process for selecting the state-owned cultural properties after publishing the report or adding the selection process of the state-owned cultural properties during the heritage selection meeting. Either way should contribute to strengthening the impartiality and objectivity of the policy. My second suggestion is improving the operating system of the heritage selection meeting in which the cultural properties to be listed on the reports are determined. Given the present extensive assessment criteria, there is much room for certain experts' subjective opinions. Therefore, in order to enhance the fairness and credibility of the heritage selection meeting, specifying the assessment criteria and advance review of the expert list are necessary. Third, this paper suggests increasing the local government's role in management of the state-owned cultural heritage and diversifying the heritage management institution. Development of a local self-governing system has led to the increased demand for delegating the authority of the state-owned heritage management to the local governments. Along with this, the gradual improvements of public museum management raises the need for expanding the cultural benefits through increasing the local government's role in management of the state-owned heritage. Considering the fact that overall majority of the art collections housed at national or public museums is owned by the central government, developing a variety of heritage contents and vitalizing the heritage tourism are crucial. The true meaning and value of the state-owned cultural heritage hidden at the storage of a museum can be found when they are shared together with the public.

• Journal of Global Scholars of Marketing Science
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• v.18 no.4
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• pp.245-276
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• 2008

Brand equity is one of the most important concepts in business practice as well as in academic research. Successful brands can allow marketers to gain competitive advantage (Lassar et al.,1995), including the opportunity for successful extensions, resilience against competitors' promotional pressures, and the ability to create barriers to competitive entry (Farquhar, 1989). Branding plays a special role in service firms because strong brands increase trust in intangible products (Berry, 2000), enabling customers to better visualize and understand them. They reduce customers' perceived monetary, social, and safety risks in buying services, which are obstacles to evaluating a service correctly before purchase. Also, a high level of brand equity increases consumer satisfaction, repurchasing intent, and degree of loyalty. Brand equity can be considered as a mixture that includes both financial assets and relationships. Actually, brand equity can be viewed as the value added to the product (Keller, 1993), or the perceived value of the product in consumers' minds. Mahajan et al. (1990) claim that customer-based brand equity can be measured by the level of consumers' perceptions. Several researchers discuss brand equity based on two dimensions: consumer perception and consumer behavior. Aaker (1991) suggests measuring brand equity through price premium, loyalty, perceived quality, and brand associations. Viewing brand equity as the consumer's behavior toward a brand, Keller (1993) proposes similar dimensions: brand awareness and brand knowledge. Thus, past studies tend to identify brand equity as a multidimensional construct consisted of brand loyalty, brand awareness, brand knowledge, customer satisfaction, perceived equity, brand associations, and other proprietary assets (Aaker, 1991, 1996; Blackston, 1995; Cobb-Walgren et al., 1995; Na, 1995). Other studies tend to regard brand equity and other brand assets, such as brand knowledge, brand awareness, brand image, brand loyalty, perceived quality, and so on, as independent but related constructs (Keller, 1993; Kirmani and Zeithaml, 1993). Walters(1978) defined information search as, "A psychological or physical action a consumer takes in order to acquire information about a product or store." But, each consumer has different methods for informationsearch. There are two methods of information search, internal and external search. Internal search is, "Search of information already saved in the memory of the individual consumer"(Engel, Blackwell, 1982) which is, "memory of a previous purchase experience or information from a previous search."(Beales, Mazis, Salop, and Staelin, 1981). External search is "A completely voluntary decision made in order to obtain new information"(Engel & Blackwell, 1982) which is, "Actions of a consumer to acquire necessary information by such methods as intentionally exposing oneself to advertisements, taking to friends or family or visiting a store."(Beales, Mazis, Salop, and Staelin, 1981). There are many sources for consumers' information search including advertisement sources such as the internet, radio, television, newspapers and magazines, information supplied by businesses such as sales people, packaging and in-store information, consumer sources such as family, friends and colleagues, and mass media sources such as consumer protection agencies, government agencies and mass media sources. Understanding consumers' purchasing behavior is a key factor of a firm to attract and retain customers and improving the firm's prospects for survival and growth, and enhancing shareholder's value. Therefore, marketers should understand consumer as individual and market segment. One theory of consumer behavior supports the belief that individuals are rational. Individuals think and move through stages when making a purchase decision. This means that rational thinkers have led to the identification of a consumer buying decision process. This decision process with its different levels of involvement and influencing factors has been widely accepted and is fundamental to the understanding purchase intention represent to what consumers think they will buy. Brand equity is not only companies but also very important asset more than product itself. This paper studies brand equity model and influencing factors including information process such as information searching and information resources in the fashion market in Asia and Europe. Information searching and information resources are influencing brand knowledge that influences consumers purchase decision. Nine research hypotheses are drawn to test the relationships among antecedents of brand equity and purchase intention and relationships among brand knowledge, brand value, brand attitude, and brand loyalty. H1. Information searching influences brand knowledge positively. H2. Information sources influence brand knowledge positively. H3. Brand knowledge influences brand attitude. H4. Brand knowledge influences brand value. H5. Brand attitude influences brand loyalty. H6. Brand attitude influences brand value. H7. Brand loyalty influences purchase intention. H8. Brand value influence purchase intention. H9. There will be the same research model in Asia and Europe. We performed structural equation model analysis in order to test hypotheses suggested in this study. The model fitting index of the research model in Asia was $X^2$=195.19(p=0.0), NFI=0.90, NNFI=0.87, CFI=0.90, GFI=0.90, RMR=0.083, AGFI=0.85, which means the model fitting of the model is good enough. In Europe, it was $X^2$=133.25(p=0.0), NFI=0.81, NNFI=0.85, CFI=0.89, GFI=0.90, RMR=0.073, AGFI=0.85, which means the model fitting of the model is good enough. From the test results, hypotheses were accepted. All of these hypotheses except one are supported. In Europe, information search is not an antecedent of brand knowledge. This means that sales of global fashion brands like jeans in Europe are not expanding as rapidly as in Asian markets such as China, Japan, and South Korea. Young consumers in European countries are not more brand and fashion conscious than their counter partners in Asia. The results have theoretical, practical meaning and contributions. In the fashion jeans industry, relatively few studies examining the viability of cross-national brand equity has been studied. This study provides insight on building global brand equity and suggests information process elements like information search and information resources are working differently in Asia and Europe for fashion jean market.

• Journal of Global Scholars of Marketing Science
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• v.17 no.4
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• pp.247-269
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• 2007

In recent years, one of the major reasons for the fierce competition amongst firms is that they strive to increase their own market shares and customer acquisition rate in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Because of this change in recent marketing environment, the differentiated after-sales service and diversified promotion strategies have become more important to gain competitive advantage. Price promotion is the favorite strategy that most retailers use to achieve short-term sales increase, induce consumer's brand switch, in troduce new product into market, and so forth. However, if marketers apply or copy an identical price promotion strategy without considering the characteristic differences in product and consumer preference, it will cause serious problems because discounted price itself could make people skeptical about product quality, and the changes of perceived value might appear differently depending on other factors such as consumer involvement or brand attitude. Previous studies showed that price promotion would certainly increase sales, and the discounted price compared to regular price would enhance the consumer's perceived values. On the other hand, discounted price itself could make people depreciate or skeptical about product quality, and reduce the consumers' positivity bias because consumers might be unsure whether the current price promotion is the retailer's best price offer. Moreover, we cannot say that discounted price absolutely enhances the consumer's perceived values regardless of product category and purchase situations. That is, the factors that affect consumers' value perceptions and buying behavior are so diverse in reality that the results of studies on the same dependent variable come out differently depending on what variable was used or how experiment conditions were designed. Majority of previous researches on the effect of price-comparison advertising have used consumers' buying behavior as dependent variable. In order to figure out consumers' buying behavior theoretically, analysis of value perceptions which influence buying intentions is needed. In addition, they did not combined the independent variables such as brand loyalty and price discount rate together. For this reason, this paper tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception. And we provided with theoretical and managerial implications that marketers need to consider such variables as product attributes, brand loyalty, and consumer involvement at the same time, and then establish a differentiated pricing strategy case by case in order to enhance consumer's perceived values properl. Three research concepts were used in our study and each concept based on past researches was defined. The perceived acquisition value in this study was defined as the perceived net gains associated with the products or services acquired. That is, the perceived acquisition value of the product will be positively influenced by the benefits buyers believe they are getting by acquiring and using the product, and negatively influenced by the money given up to acquire the product. And the perceived transaction value was defined as the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal. Lastly, the brand loyalty was defined as favorable attitude towards a purchased product. Thus, a consumer loyal to a brand has an emotional attachment to the brand or firm. Repeat purchasers continue to buy the same brand even though they do not have an emotional attachment to it. We assumed that if the degree of brand loyalty is high, the perceived acquisition value and the perceived transaction value will increase when higher discount rate is provided. But we found that there are no significant differences in values between two different discount rates as a result of empirical analysis. It means that price reduction did not affect consumer's brand choice significantly because the perceived sacrifice decreased only a little, and customers are satisfied with product's benefits when brand loyalty is high. From the result, we confirmed that consumers with high degree of brand loyalty to a specific product are less sensitive to price change. Thus, using price promotion strategy to merely expect sale increase is not recommendable. Instead of discounting price, marketers need to strengthen consumers' brand loyalty and maintain the skimming strategy. On the contrary, when the degree of brand loyalty is low, the perceived acquisition value and the perceived transaction value decreased significantly when higher discount rate is provided. Generally brands that are considered inferior might be able to draw attention away from the quality of the product by making consumers focus more on the sacrifice component of price. But considering the fact that consumers with low degree of brand loyalty are known to be unsatisfied with product's benefits and have relatively negative brand attitude, bigger price reduction offered in experiment condition of this paper made consumers depreciate product's quality and benefit more and more, and consumer's psychological perceived sacrifice increased while perceived values decreased accordingly. We infer that, in the case of inferior brand, a drastic price-cut or frequent price promotion may increase consumers' uncertainty about overall components of product. Therefore, it appears that reinforcing the augmented product such as after-sale service, delivery and giving credit which is one of the levels consisting of product would be more effective in reality. This will be better rather than competing with product that holds high brand loyalty by reducing sale price. Although this study tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception, there are several limitations. This study was conducted in controlled conditions where the high involvement product and two different levels of discount rate were applied. Given the presence of low involvement product, when both pieces of information are available, it is likely that the results we have reported here may have been different. Thus, this research results explain only the specific situation. Second, the sample selected in this study was university students in their twenties, so we cannot say that the results are firmly effective to all generations. Future research that manipulates the level of discount along with the consumer involvement might lead to a more robust understanding of the effects various discount rate. And, we used a cellular phone as a product stimulus, so it would be very interesting to analyze the result when the product stimulus is an intangible product such as service. It could be also valuable to analyze whether the change of perceived value affects consumers' final buying behavior positively or negatively.