• Proceedings of the Korean Society of Postharvest Science and Technology of Agricultural Products Conference
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• 2002.08a
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• pp.99-108
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• 2002

Since the introduction of carbonated drinks in the 1950s, 'cola' and 'cider'along with orange juice, the dominator of the juice market, have been two main streams of the Korean beverage market. This market pattern has caused the following effects; a. Economical loss due to the import of foreign brands - royalty payments to x company. b. Loss of opportunity to develop a domestic beverage market. c. Inflow of an unfiltered foreign culture. This study shows a change in the Korean beverage market. In the 1980s. consumers' tastes started to change as a trend of developing beverages using traditional Korean ingredients started to begin. On the basis of this change, I would like to discuss the desirable path in developing beverages using traditional ingredients. 'Traditional ingredients'refers to the ingredients that the Korean people have enjoyed within the course of their life, whether it be via food or beverage. These ingredients have been chosen by our people as first rate for centuries. How to modernize and develop these work-in-progress products is the desirable direction for the development of drinks using traditional Korean ingredients. This study also shows various examples of how Korean traditional ingredients and the Western scientific civilization can fuse together to develop a modern and value-added product. One project in particular, created a method of producing a beverage using rice a simple traditional ingredient, marking it a hit product. Through this example, I present the desirable direction of how to develop a modernized drink using traditional ingredients that can change both the consumers' current value on the Korean beverage market as well as create a new pattern of consumer tastes.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.23-46
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• 2017

Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

• Journal of the East Asian Society of Dietary Life
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• v.13 no.5
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• pp.482-493
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• 2003

This study has been designed to stress the thoughts that soups should be offered taking into account customer's preference aimed at leading to eventual customer's satisfaction and the importance that Korean traditional food should take the lead in shifting dining-out industry's paradigm to customer-orientation instead of product-orientation. From August 15 through August 30, 2003, the drawn-up questionnaires were handed out to 500 numbers of adults aged over 20 living in Seoul, metropolitan city of Korea and the finally collected 361 questionnaires from them have been analysed as a subject for this study. It showed that the male respondents(44%) dined out much more frequently than the female respondents(35%) and their rate of 5,000-7,000 Won for a meal was most preferred as their average expenditure at one sitting in the restaurant. When eating Korean food at home or in a restaurant, the majority(5l,3%) of them think the soups(Tang) should be served coupled with their ordered meals. Among soups using flesh and meat as a staple material, they most preferred beef & bone soup(33.2%), followed by beep rib soup(30.4%) and beef soup with seasoned red pepper(l0.8%), and among soups using fish & shell and crustacean as a staple material, most preferred were hot fish soup(20.6%), loach soup(l5.2%) and hot crab soup(11.4%). Among soups using beans as a staple material, they most preferred soybean paste stew(33.2%), uncurdled soybean curd stew(29.4%) and Dambuk stew(l5.8%). Among soups using fowls and birds as a staple material, chicken soup with ginseng(51.9%), plain chicken soup(l8.4%) and chicken soup with red pepper sauce(l2.3%) falls on the most preferred. Among soups using vegetables and seaweeds as a staple material, most preferred are sea mustard soup(25.3%), Kimchi soup(16.8%), soybean paste soup with Chinese cabbage(13.0%) and bean sprout soup(10.1%). The soups(Tang) most preferred in the morning time are those soups whose staple materials are vegetables and seaweeds, such as sea mustard soup, bean sprout soup, Kimchi soup and soybean paste soup with Chinese cabbage while the soups most preferred for the lunch time are beef & bone soup, beep rib soup, chicken soup with ginseng and beef soup with seasoned red pepper while beef soup with seasoned red pepper, beef & bone soup, soybean curd stew and Kimchi soup are most preferred soups for the dinner time. The survey showed that 41 % of the subject preferred chicken soup with ginseng for a food considered good by themselves for their health. The male respondents preferred Bosin-tang(soup of edible-dog meat) than the female counterparts did, while the female respondents preferred chicken soup with ginseng than the male counterparts did. The survey showed that when eating korean traditional food, 70% of the subject are visiting a restaurant where soups are cooked delicious while 61% of the subject think that price does not matter if only food tastes good, which is reflecting that taste of food is a decisive factor in selecting menu rather than its price is. In conclusion, you can say that taste of soup is the most important factor creating steady customer in the restaurant, taking it into account Korean people most prefer their traditional food when dining out.

• Knowledge Management Research
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• v.21 no.3
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• pp.105-121
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• 2020

With regard to the development of new drugs, what is most important for a Korean Biotech, where no global sales network has been established, is decision-making related to out-licensing of new drugs. The probability of success for each clinical phase is different, and the licensing amount and its royalty vary depending on which clinical phase the licensing contract is made. Due to the nature of such a licensing contract and Biotech's weak financial status, it is a very important decision-making issue for a Biotech to determine when to license out to a Big Pharma. This study defined a model called 'optimal timing for out-licensing of new drugs' and the results were derived from the decision tree analysis. As a case study, we applied to a Biotech in Korea, which is conducting FDA global clinical trials for a first-in-class new drug. Assuming that the market size and expected market penetration rate of the target disease are known, it has been shown that out-licensing after phase 1 or phase 2 of clinical trials is a best alternative that maximizes Biotech's profits. This study can provide a conceptual framework for the use of management science methodologies in pharmaceutical fields, thus laying the foundation for knowledge and research on out-licensing of new drugs.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.277-307
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• 2016

Since 2011, DCF(Discounted Cash Flow) method has been used initiatively for valuating R&D technology assets in the agricultural food industry and recently technology valuation based on royalties comparison among technology transfer transactions has been also carried out in parallel when evaluating the technology assets such as new seed development technologies. Since the DCF method which has been known until now has many input variables to be estimated, sophisticated estimation has been demanded at the time of technology valuation. In addition, considering more similar trading cases when applying sales transaction comparison or industry norm method based on information of technology transfer royalty, it is an important issue that should be taken into account in the same way in the Agri-Food industry. The main input variables used for technology valuation in the Agri-Food industry are life cycle of technology asset, the financial information related to the Agri-Food industry, discount rate, and technology contribution rate. The latest infrastructure building and data updating related to technology valuation has been carried out on a regular basis in the evaluation organization of the Agri-Food segment. This study verifies the key variables that give the most important impact on the results for the existing technology valuation in the Agri-Food industry and clarifies the difference between the existing valuation result and the outcome by referring the support information that is derived through the latest input information applied in DCF method. In addition, while presenting the scheme to complement fragment information which the latest input data just influence result of technology valuation, we tried to perform comparative analysis between the existing valuation results and the evaluated outcome after the latest of reference data for making a decision the input values to be estimated in DCF. To perform these analyzes, it was first selected the representative cases evaluated past in the Agri-Food industry, applied a sensitivity analysis for input variables based on these selected cases, and then executed a simulation analysis utilizing the key input variables derived from sensitivity analysis. The results of this study is to provide the information which there are the need for modernization of the data related to the input variables that are utilized during valuating technology assets in the Agri-Food sector and for building the infrastructure of the key input variables in DCF. Therefore it is expected to provide more fruitful information about the results of valuation.