• Title/Summary/Keyword: Prior Price Trend

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The Effect of Prior Price Trends on Optimistic Forecasting (이전 가격 트렌드가 낙관적 예측에 미치는 영향)

  • Kim, Young-Doo
    • The Journal of Industrial Distribution & Business
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    • v.9 no.10
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    • pp.83-89
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    • 2018
  • Purpose - The purpose of this study examines when the optimism impact on financial asset price forecasting and the boundary condition of optimism in the financial asset price forecasting. People generally tend to optimistically forecast their future. Optimism is a nature of human beings and optimistic forecasting observed in daily life. But is it always observed in financial asset price forecasting? In this study, two factors were focused on considering whether the optimism that people have applied to predicting future performance of financial investment products (e.g., mutual fund). First, this study examined whether the degree of optimism varied depending on the direction of the prior price trend. Second, this study examined whether the degree of optimism varied according to the forecast period by dividing the future forecasted by people into three time horizon based on forecast period. Research design, data, and methodology - 2 (prior price trend: rising-up trend vs falling-down trend) × 3 (forecast time horizon: short term vs medium term vs long term) experimental design was used. Prior price trend was used between subject and forecast time horizon was used within subject design. 169 undergraduate students participated in the experiment. χ2 analysis was used. In this study, prior price trend divided into two types: rising-up trend versus falling-down trend. Forecast time horizon divided into three types: short term (after one month), medium term (after one year), and long term (after five years). Results - Optimistic price forecasting and boundary condition was found. Participants who were exposed to falling-down trend did not make optimistic predictions in the short term, but over time they tended to be more optimistic about the future in the medium term and long term. However, participants who were exposed to rising-up trend were over-optimistic in the short term, but over time, less optimistic in the medium and long term. Optimistic price forecasting was found when participants forecasted in the long term. Exposure to prior price trends (rising-up trend vs falling-down trend) was a boundary condition of optimistic price forecasting. Conclusions - The results indicated that individuals were more likely to be impacted by prior price tends in the short term time horizon, while being optimistic in the long term time horizon.

Types of Consumer Responses to Price Based on Price Search (의복구매 의사결정과정의 가격탐색에 따른 가격반응 유형)

  • Yoon, Nam-Hee;Rhee, Eun-Young
    • Journal of the Korean Society of Clothing and Textiles
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    • v.34 no.8
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    • pp.1403-1414
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    • 2010
  • Consumer decisions and responses about the price to pay vary. Some consumers might decide the appropriate price range prior to shopping, while others compare and evaluate prices. Especially, consumers can have different reference points for price evaluation based on various price searching behavior that represent heterogeneous responses for prices in the clothing purchase decision-making process. This research identifies how consumers evaluate the price and helps explain their decision-making based on price searches. By analyzing qualitative research, we found that consumers recalled price information as a representative indicator and product level price information through the internal search. Their level of internal references can be an important factor affecting price evaluations. In addition, each consumer groups were subdivided into high and low external searching. The four types of responses to price were classified in the price search process and the identified differences in the price evaluation. Therefore, pricing strategy needs to be differentiated for these various consumer types.

A Study on the Competitiveness Evaluation of Korean Automobile Manufacturing (한국 자동차 생산의 경쟁력 평가)

  • 장문철
    • Journal of Korean Society of Industrial and Systems Engineering
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    • v.20 no.43
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    • pp.393-408
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    • 1997
  • In the early 1990s, as Korean automobile industry has made rapid progress due to favorable trend in domestic demand and steady increase of export it is very important to analyze the extents of competitiveness and the trends of change in the field of production. In this dissertation, the current situation of our competitiveness and its changes in the field of production are synthetically reviewed through examining productivity and quality, that is output, as well as other overall factors related in the process of production. And this analysis reassures that first of all, our prior tasks lie in the quality and volume of production, and we should develope competitiveness through multilateral innovation of management Now in order to meet these prior tasks, we must secure our own technology design and ability for innovaton ; enlarge overseas local production technical tie-up with leading companies and develop M&A for globalization ; improve price competitiveness, construct cooperation of labor and capital, and improve the structure of finance for innovation of management saving the cost ; establish the new method of production for the preparation of increasing overseas investment in near future.

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A Bayesian Estimation of Price for Commercial Property: Using subjective priors and a kriging technique (상업용 토지 가격의 베이지안 추정: 주관적 사전지식과 크리깅 기법의 활용을 중심으로)

  • Lee, Chang Ro;Eum, Young Seob;Park, Key Ho
    • Journal of the Korean Geographical Society
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    • v.49 no.5
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    • pp.761-778
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    • 2014
  • There has been relatively little study to model price for commercial property because of its low transaction volume in the market. Despite of this thin market character, this paper tried to estimate prices for commercial lots as accurate as possible. We constructed a model whose components consist of mean structure(global trend), exponential covariance function and a pure error term, and applied it to actual sales price data of Seoul. We explicitly took account of spatial autocorrelation of land price by utilizing a kriging technique, a representative method of spatial interpolation, because the land price of commercial lots has feature of differential price forming pattern depending on submarkets they belong to. In addition, we chose to apply a bayesian kriging to overcome data scarcity by incorporating experts' knowledge into prior probability distribution. The chosen model's excellent performance was verified by the result from validation data. We confirmed that the excellence of the model is attributed to incorporating both autocorexperts' knowledge and spatial autocorrelation in the model construction. This paper is differentiated from previous studies in the sense that it applied the bayesian kriging technique to estimate price for commercial lots and explicitly combined experts' knowledge with data. It is expected that the result of this paper would provide a useful guide for the circumstances under which property price has to be estimated reliably based on sparse transaction data.

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Effect of Floor Plan Characteristics on Housing Price - Focused on the Apartment in 3 Gangnam Districts since 2005 - (공동주택 평면특성의 가격영향에 관한 연구 - 강남3구의 2005년 이후 분양주택을 중심으로 -)

  • Bae, Sangyoung;Lee, Jaewon;Lee, Sangyoub
    • Korean Journal of Construction Engineering and Management
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    • v.19 no.4
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    • pp.102-110
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    • 2018
  • The study analyzed the effects of the floor plan characteristics on the apartment price under the national housing size in 3 Gangnam districts for decades, the primary apartment markets in Korea. The analysis showed that the storage spaces such as kitchen, warehouses and dressage rooms have a positive effect on the price. Especially, the highly opened space with three-side open plan and the one with the unified type of livingroom, diningroom and kitchen have shown the strong effect on the price. For the kitchen spaces, the I-shaped kitchen tends to be more expensive while a centered living room has a positive effect on the price. These findings have an academic significance as the direct effects of plan characteristics on price has been examined unlike prior research focused on the analysis of trend, basic statistics, and satisfaction level. It is noteworthy that these research finding has identified the productive implication for the future floor plan design and pricing and also be implemented in the purchasing decision making by buyers in the housing market.

Relationships between the Effect Factors of Private Brand Images and Customer Trust and Loyalty (유통업자 브랜드 이미지의 영향요인과 신뢰 및 고객 애호도와의 관계에 관한 연구)

  • Kim, Yu-Kyung
    • Journal of Distribution Science
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    • v.13 no.7
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    • pp.73-83
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    • 2015
  • Purpose - Recently, many large retailers have been frequently purchasing commercial brands. Not only the quality of products purchased but also the brand images are of concern in this process. Based on this rising trend, commercial brands have become an important issue in the retail business world, along with increasing general interest as well. Thus, this study focuses on the factors affecting commercial brand images and clarifies the impact of the resulting factors as well. First, store images and familiarity, price sensitiveness, and knowledge are presented as the effect factors for commercial brands. Second, the study tries to clarify the effect of commercial brand image on the reliability and loyalty of customers. Research design, data, and methodology - To conduct the study methodology, 250 questionnaires were distributed to retailers who have used large discount stores located in Busan to purchase a commercial brand a total of 234 valid questionnaires were used in the final analysis. To verify the hypotheses, a structure equation formula using Amos 20.0 was calculated. First, prior to the verification of hypotheses, the reliability and feasibility of the questions were tested, and as a result, the value of Cronbach's alpha was higher than 0.7, thereby showing reliability. Additionally, for the verification of the feasibility of the questions, a confirmation factor analysis was implemented. Results - First, variances such as store images, familiarity, price sensitivity, and knowledge were presented as the factors of effect on commercial brands. As a result of the hypotheses verification, all the effect factors presented in this study were confirmed as important variables of commercial brand images. The hypotheses were drawn based on the studies relating to existing commercial brands, and thereby, a result similar to previous studies was produced. However, the effect factors of the commercial brand image presented in this study shaped a new study model based on the previous studies. Second, it was found that commercial brand images had positive effects on the reliability and loyalty of customers. This study presented reliability and loyalty as the resulting factors of commercial brand image because they are the most important factors in relation to customer behavior and variables that can suggest marketing points for distribution businesses. Conclusions - This study focused on clarifying the factors that are important effect factors for commercial brand images. As a result, all the hypotheses were confirmed in this study, indicating a meaningful result, and thereby suggesting many points that can be presented to distribution businesses. First, the proper strategies should be developed based on the hypothesis that a store image, the familiarity of customers with brands, and the price sensitiveness and knowledge level of customers have an important effect on the choice of commercial brands. Additionally, the formation of such favorable images will have positive effects not only in terms of customer trust in the commercial brands but also in terms of their loyalty.

Organizational Factors Facilitating the Internationalization of Korean Franchising Companies (해외진출 국내 프랜차이즈기업의 조직특성)

  • Lim, Young-Kun;Lee, Dong-Whuy;Kim, Hee-Jung
    • Journal of Global Scholars of Marketing Science
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    • v.19 no.2
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    • pp.40-52
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    • 2009
  • Franchising is one of the fastest growing types of business. It is already popular and well-known in the U.S., and has been growing in many other countries including Korea. Furthermore, many Korean franchising companies have expanded their business overseas actively. According to the data by the Ministry of Industry and Resource, 82 companies out of a sample of 500 franchising companies are already operating in many foreign countries and 48% of them have started their foreign business since 2006. This clearly indicates the fast growing current trend of foreign operation by Korean franchising companies. In spite of the fast growing trend of foreign expansion in the industry, academic research on internationalization of franchising companies is extremely difficult to find. Accordingly, academic research on the issue is necessary and urgent in Korea. Among the various research questions on internationalization of franchising business, this study intends to investigate the difference in organizational factors between the franchising companies doing foreign operation and those doing business only domestically. More specifically, this research has the following purposes. First, considering the lack of theoretical basis of previous studies, resource-based theory and agency theory are employed as the theoretical bases. Second, this study explains the difference in internationalization based on organizational factors such as company size, history and growth rate. Third, the five hypotheses regarding the difference in organizational factors are presented and tested empirically, which is the first attempt in the area of this topic. Finally, the study attempts to clarify the conflicting implications among theories regarding some organizational factos such as growth rate. As the theoretical background, resource-based theory and agency theory are discussed. According to resource-based theory, a firm can grow continuously when it has competence and resource, and also the ability to develop them. The competence and resource can include capital, human resource, management skill, market information, ability to manage risk, etc. Meanwhile, agency theory views the relationship between franchisor and franchisee as an agency relationship. In agency theory, bonding capability and monitoring capability are the two key factors which promote internationalization of franchising companies. Based on the two theories, a conceptual model is designed. The model consists of two groups of variables. One is organizational factors including size, history, growth rate, price bonding and geographic dispersion. The other is whether a franchising company is operating overseas or not. We developed the following five research hypotheses basically describing the relationship between organizational factors and internationalization of franchising companies. H1: The size of franchising companies operating overseas is larger than that of franchising companies operating domestically. H2: The history of franchising companies operating overseas is longer than that of franchising companies operating domestically. H3: The growth rate of franchising companies operating overseas is higher than that of franchising companies operating domestically. H4: The price bonding of franchising companies operating overseas is higher than that of franchising companies operating domestically. H5: The geographic dispersion of franchising companies operating overseas is wider than that of franchising companies operating domestically. Data for the analyses are obtained from 2005 Korea Franchise Survey data co-generated by Ministry of Industry and Resource, GS1 Korea, and Korea Franchise Association. Out of 2,804 population companies, 2,489 companies are excluded for various reasons and 315 companies are selected as the final sample. Prior to hypotheses tests, validity and reliability of the measures of size, history, growth rate and price bonding are examined for further analyses. Geographic dispersion is not validated since it is measured using nominal data. A series of independent sample T-tests is used to find out whether there exists any significant difference between the companies internationalized and those operating only domestically for each organizational factor. Among the five factors, size and geographic dispersion show significant difference, growth rate and price bonding do not reveal any difference and, finally, history factor shows conflicting results in the difference depending on how to measure it.

    shows the summary statistics for hypotheses testing. In conclusion, the results show that the size and history, which are the key variables in resource-based theory, have a significant relationship with internationalization and that geographic area, which belongs to agency theory, also has a strong relationship with internationalization. The results support the findings of extant research and, therefore, prove the usefulness of resource-based theory and agency theory in explaining internationalization of franchising companies. However, growth rate and price-bonding do not show a clear difference between the two types of companies. Accordingly, these two factors need further attention in the future research. Although this study shows meaningful findings theoretically and practically, it has several limitations. First, only organizational factors are considered even if there are various environmental factors influencing franchising firm's internationalization. Second, only being internationalized or not is considered. That is, modes of entry and the size of foreign operations are not included in the study. Third, internationalization strategy is often determined based on the desire for business expansion and higher profitability and egoistical reasons of the CEOs. However, this type of factors belonging to behavioral science is not discussed in the study. Finally, organizational ecology perspective is usefully applicable in explaining the survival and performance of internationally operating companies. Accordingly, research propositions based on this perspective need to be developed and tested.

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  • Development of sweet potato double cropping system in the southern island area of Korea

    • Moon, Jin-Young;Shin, Jung-Ho;Song, Jae-Ki;Choi, Yong-Jo;Hong, Kwang-Pyo
      • Proceedings of the Korean Society of Crop Science Conference
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      • 2017.06a
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      • pp.267-267
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      • 2017
    • In Korea, the average air temperature has been elevated twice faster than the average global warming. And the climate warming is characterized by the smaller rise of air temperature in summer and the greater rise of air temperature in spring and winter. Therefore, the number of frost-free days to determine the cultivation ability of crops has increased by more than 15 days in 10 years according to climate warming. This climate warming trend has extended and is projected to extend not only the sweet potato growing season but also the sweet potato early cultivating area to higher altitude and latitude region. This study was carried out to evaluate the possibility of sweet potato double cropping in the southern island area of Korea by assessing the growth and yield performance of sweet potato cultivated at extremely-early and -late time. We had performed at Yokji Island Yokji Island($E128^{\circ}$ 18' $N34^{\circ}$ 36'), a representative specified complex area of sweet potato cultivation in southern Korea. As the test varieties, the major cultivars of the this region, Shinyulmi and early hypertrophic cultivars, Dahomi were used. The prior cropping were planted with PE film mulching on March 30 and April 10, and harvested after 110 days. So the succeeding cropping were planted without PE film mulching on July 25 and August 5 according to the harvesting time of the prior sweet potato and harvested after 120 days. As a control, it was harvested on September 15, 120 days after planted on May 15. Each experimental plot had an area of 12 square meters consisting of 4 beds, and was planted one at a time at intervals of 25cm. We had investigated growth characteristics - main vine length, node number, branch number, total vine yield, and tuberous root characteristics - tuberous root number, average weight, starch value, and etc. After harvesting, we analyzed the economic effects by examining the postharvest quantity, the input labor, the management cost, and the income. The total yield of marketable products in prior and succeeding cropping was 46~70% higher than that of control. The average unit price of sweet potato was 36% higher than the conventional culture, and the gross income increased by 98%, but the operating cost increased by 83%, and the farm income increased by 103%. There are considerations such as the difficulty of enlargement of cultivation area due to lack of labor in limited space and the need for watering measures due to spring drought. However, if the area of application for sweet potatoes double system is increased by 10%, it can be used as a new cropping system.

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    Development of sweet potato double cropping system in the southern island area of Korea

    • Moon, Jin-young;Shin, Jung-ho;Song, Jae-ki;Choi, Yong-jo;Hong, Kwang-pyo
      • Proceedings of the Korean Society of Crop Science Conference
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      • 2017.06a
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      • pp.280-280
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      • 2017
    • In Korea, the average air temperature has been elevated twice faster than the average global warming. And the climate warming is characterized by the smaller rise of air temperature in summer and the greater rise of air temperature in spring and winter. Therefore, the number of frost-free days to determine the cultivation ability of crops has increased by more than 15 days in 10 years according to climate warming. This climate warming trend has extended and is projected to extend not only the sweet potato growing season but also the sweet potato early cultivating area to higher altitude and latitude region. This study was carried out to evaluate the possibility of sweet potato double cropping in the southern island area of Korea by assessing the growth and yield performance of sweet potato cultivated at extremely-early and -late time. We had performed at Yokji Island Yokji Island($E128^{\circ}$ 18' $N34^{\circ}$ 36'), a representative specified complex area of sweet potato cultivation in southern Korea. As the test varieties, the major cultivars of the this region, Shinyulmi and early hypertrophic cultivars, Dahomi were used. The prior cropping were planted with PE film mulching on March 30 and April 10, and harvested after 110 days. So the succeeding cropping were planted without PE film mulching on July 25 and August 5 according to the harvesting time of the prior sweet potato and harvested after 120 days. As a control, it was harvested on September 15, 120 days after planted on May 15. Each experimental plot had an area of 12 square meters consisting of 4 beds, and was planted one at a time at intervals of 25cm. We had investigated growth characteristics - main vine length, node number, branch number, total vine yield, and tuberous root characteristics - tuberous root number, average weight, starch value, and etc. After harvesting, we analyzed the economic effects by examining the postharvest quantity, the input labor, the management cost, and the income. The total yield of marketable products in prior and succeeding cropping was 46~70% higher than that of control. The average unit price of sweet potato was 36% higher than the conventional culture, and the gross income increased by 98%, but the operating cost increased by 83%, and the farm income increased by 103%. There are considerations such as the difficulty of enlargement of cultivation area due to lack of labor in limited space and the need for watering measures due to spring drought. However, if the area of application for sweet potatoes double system is increased by 10%, it can be used as a new cropping system.

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    A Meta-Analysis of the Effect of Face (Chemyon) on Leisure Consumers' Consumption Behavior

    • KIM, Young-Doo
      • The Journal of Industrial Distribution & Business
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      • v.12 no.11
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      • pp.17-31
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      • 2021
    • Purpose: Despite the fact that face (i.e. Chemyon) is deeply-rooted in Korean culture and significantly affects the behavior of Korean people, the effect of face on leisure consumers' consumption behavior has only reported mixed findings, that is, significant and/or insignificant face effects have been reported. It is necessary to integrate prior research findings, and comprehensively examine the effect of face on leisure consumers' consumption behavior. The purpose of this study was to investigate the effect (i.e. effect size, and moderating variables) of face on leisure consumers' consumption behavior through meta-analysis. Research design, data and methodology: Among 1,019 face-related academic studies, retrieved from the academic research information services (RISS), 34 studies and 300 cases examining the effect of face on leisure consumers' consumption behavior were finally included for meta-analysis. Face measured as face sensitivity and/or a face sensitivity sub-component (shame-consciousness, formality-consciousness, and other-consciousness) were integrated in the meta-analysis. Leisure consumers' consumption behavior was classified as antecedents of purchase (overall conspicuous consumption tendency, overall symbolic consumption tendency, personality, high price, high quality, brand seeking, fashion seeking, enjoyment, other person (interpersonal) consideration, position, reference group, and attitude), purchase (purchase intention, unplanned purchase, purchase, and expenditure), and post-purchase (satisfaction, repurchase, and post-purchase). The data used in the meta-analysis was comprised of correlation coefficients, and the meta-analysis was performed using the R-program. Results: The overall mean effect size of face on leisure consumers' consumption behavior was .248. It was found that the effect size was the largest in the order of shame-consciousness face, formality-consciousness face, and other-consciousness face. Among the types of leisure consumers' consumption behavior categorized as dependent variables, the effect size was found to be largest in the order of position, attitude, reference group, post-purchase behavior, brand seeking, personality, trend seeking, etc. In addition, it was found that the leisure types moderated the effect size of face on leisure consumers' consumption behavior. The effect size was found to be largest in the order of skin diving, baseball, various leisure participation, dance, gambling, golf, etc. Conclusions: Face moderately or significantly influence leisure consumers' consumption behavior.


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