• Korean Journal of Agricultural Science
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• v.3 no.1
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• pp.77-84
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• 1976

The preservation efficiency, quality and utilization of silage from 3 species of pumpkins (Mammoth pumpkin, Queensland blue pumpkin, Korean pumpkin) without and with 10, and 20% wheat bran additive were studied in this experiment. Silages were analysised and tested the chemical composition, pH and quality of silages between at 40-60 days and egg performance were carried out with mammoth pumpkin silage without additive. The results were summaried as follows. 1. The losses of all silage ware lower and similar as about 15% at 6 monthes following after silage-making but all raw pumpkins were spoilaged during the winter storaging. 2. The moisture content of silages were higher as about 97% in mammoth pumpkin silage, 94% in Queensland pumpkin silage and 91% in Korean pumpkin silage without additive and all nutrient content of silage without and with additive were depended on its content of raw silage material of pumpkins and wheat bran. The contents of moisture and N-free extract were slightly decrease but not significantly difference during the silaging and other contents were not so much changed. 3. Good quality of silage were made from all pumpkins with and without additive. Organic acid contents were 2.09-2.93% of lactic acid, 0.68-1.71% of acetic acid and 0% of butyric acid and it was pH 3.8-4.0 in silages. 4. Feed intakes, egg production and quality of egg were showed good result in 5.0 and 7.5% silage feeding group as D.M. base for egg performance. (P<0.01) 5. It was concluded that good quality of silage were made from pumpkins with and without wheat bran additive and it was suggested that poor quality feedstuff may be improved it feeding value by extended palatability with pumpkin additive silage.

• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.1-22
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• 2017

Analysis of future business or investment opportunities, such as business feasibility analysis and company or technology valuation, necessitate objective estimation on the relevant market and expected sales. While there are various ways to classify the estimation methods of these new sales or market size, they can be broadly divided into top-down and bottom-up approaches by benchmark references. Both methods, however, require a lot of resources and time. Therefore, we propose a data-based intelligent demand forecasting system to support evaluation of new business. This study focuses on analogical forecasting, one of the traditional quantitative forecasting methods, to develop sales forecasting intelligence systems for new businesses. Instead of simply estimating sales for a few years, we hereby propose a method of estimating the sales of new businesses by using the initial sales and the sales growth rate of similar companies. To demonstrate the appropriateness of this method, it is examined whether the sales performance of recently established companies in the same industry category in Korea can be utilized as a reference variable for the analogical forecasting. In this study, we examined whether the phenomenon of "mean reversion" was observed in the sales of start-up companies in order to identify errors in estimating sales of new businesses based on industry sales growth rate and whether the differences in business environment resulting from the different timing of business launch affects growth rate. We also conducted analyses of variance (ANOVA) and latent growth model (LGM) to identify differences in sales growth rates by industry category. Based on the results, we proposed industry-specific range and linear forecasting models. This study analyzed the sales of only 150,000 start-up companies in Korea in the last 10 years, and identified that the average growth rate of start-ups in Korea is higher than the industry average in the first few years, but it shortly shows the phenomenon of mean-reversion. In addition, although the start-up founding juncture affects the sales growth rate, it is not high significantly and the sales growth rate can be different according to the industry classification. Utilizing both this phenomenon and the performance of start-up companies in relevant industries, we have proposed two models of new business sales based on the sales growth rate. The method proposed in this study makes it possible to objectively and quickly estimate the sales of new business by industry, and it is expected to provide reference information to judge whether sales estimated by other methods (top-down/bottom-up approach) pass the bounds from ordinary cases in relevant industry. In particular, the results of this study can be practically used as useful reference information for business feasibility analysis or technical valuation for entering new business. When using the existing top-down method, it can be used to set the range of market size or market share. As well, when using the bottom-up method, the estimation period may be set in accordance of the mean reverting period information for the growth rate. The two models proposed in this study will enable rapid and objective sales estimation of new businesses, and are expected to improve the efficiency of business feasibility analysis and technology valuation process by developing intelligent information system. In academic perspectives, it is a very important discovery that the phenomenon of 'mean reversion' is found among start-up companies out of general small-and-medium enterprises (SMEs) as well as stable companies such as listed companies. In particular, there exists the significance of this study in that over the large-scale data the mean reverting phenomenon of the start-up firms' sales growth rate is different from that of the listed companies, and that there is a difference in each industry. If a linear model, which is useful for estimating the sales of a specific company, is highly likely to be utilized in practical aspects, it can be explained that the range model, which can be used for the estimation method of the sales of the unspecified firms, is highly likely to be used in political aspects. It implies that when analyzing the business activities and performance of a specific industry group or enterprise group there is political usability in that the range model enables to provide references and compare them by data based start-up sales forecasting system.

• Korean Journal of Psychosomatic Medicine
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• v.11 no.2
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• pp.196-204
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• 2003

Objectives: It is known that sedative hypnotics would make cross tolerance with alcohol and deteriorate quality of sleep in alcoholics. Light therapy is effective non-pharmacological intervention for sleep disturbance in circadian phase disorders, jet-lag, shift-work and age-related sleep disorders. Authors would investigate the effects of morning light therapy on sleep of patients with alcohol dependence during recovery state without withdrawal symptoms. Methods: 13 patients with alcohol dependence who have not any alcohol withdrawal symptom were recruited. Light therapy during 1 hour in the morning had been administered by 2500 Lux light box through serial 3 days. Sleep state of subjects were assessed by sleep log and the subjective satisfaction at sleep was by 100 mm visual analogue scale. Sleepiness, depressive mood, anxiety were evaluated by 100mm visual analogue scale at 8 AM, 2 PM and 8 PM. For assessment of performance ability that would be associated with sleepiness and vigilance, trail making test A, B and digit symbol substitution test were performed by two times on base line and 4th day. Univariate repeated-measures ANOVAs were performed for each measures except performance tests which were analysed by paired t-test. Results: Sleep latency and sleep efficiency were significantly improved with light therapy and satisfaction at sleep was. There was no significant difference in sleepiness at 2 PM with light therapy but sleepiness at 8 AM significantly decreased and at 8 PM increased. The time to complete Trail making test and digit symbol substitution test were significantly shortened at 4th day compared with baseline. Fatigue at 8 AM were not significantly changed with light therapy but at 2 PM and 8 PM significantly decreased. Depressive mood and anxiety were not significantly changed with light therapy. Conclusion: Although this study had some limitations, it showed that light therapy would be effective modality on sleep disturbance of patients with alcohol dependence who have recovered from alcohol withdrawal symptoms. It is proposed that short term light therapy could be used clinically for alcoholics with insomnia. In the future, long term controlled studies using more objective tools for sleep are required to further investigate the effect of light therapy in alcoholics.

• Korean Journal of Agricultural Science
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• v.15 no.2
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• pp.143-152
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• 1988

This study was conducted to obtain basic data which affected engine performance of the power tiller being widely used in the rural area. Among the various factors affected engine performance, only flywheel weight was considered as the major factor in this study. Fuel consumption ratio, motoring loss, torque, vibration and mechanical efficiency of the engine tested were measured and analyzed on the four levels of flywheel weight (32.2, 29.7, 26.4, 24.2 kg). The results obtained were as follows: 1. The maximum output of 6 and 7.5 kW engine was 7.43 kW and 7.85 kW respectively. When flywheel weight was reduced from 32.2 kg to 24.2 kg, output power of the engine was increased 0.27 kW in 6 kW engine and increased 0.39 kW in 7.5 kW engine. 2. The fuel consumption ratio was decreased from 300.8 to 296.8 g/kW-hr in 6 kW engine and decreased from 313.6 to 312.8 g/kW-hr in 7.5 kW engine when the flywheel weight was reduced from 32.2 kg to 24.2 kg. 3. The mechanical efficiencies of the engine was increased from 76.1 to 76.8% in 6 kW engine and increased from 76.7 to 77.0% in 7.5 kW engine when the flywheel weight was reduced from 32.2 kg to 24.2 kg. 4. When the flywheel weight was reduced from 32.2 kg to 24.2 kg, a tendency of a little decrease of vibration at X- and Z-axis in 6 kW engine and of a little increase of vibration at Y-axis in 6 kW engine and all directions in 7.5 kW engine was observed. 5. Motoring losses was decreased from 2.33 to l.76 kW in 6 kW engine and decreased from 2.46 to 1.84 kW in 7.5 kW engine when the flywheel weight was reduced from 32.2 kg to 24.2 kg. From the above results and the flywheel weight calculated theoretically, it was recommendable that the flywheel weight should be reduced about 7 kg in 6 kW engine and about 10 kg in 7.5 kW engine, respectively.

• Proceedings of the Korea Water Resources Association Conference
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• 2022.05a
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• pp.42-42
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• 2022

지금까지도 유역에서의 녹조 모니터링은 현장채수를 통한 점 단위 모니터링에 크게 의존하고 있어 기후, 유속, 수온조건 등에 따라 수체에 광범위하게 발생하는 녹조를 효율적으로 모니터링하고 대응하기에는 어려운 점들이 있어왔다. 또한, 그동안 제한된 관측 데이터로 인해 현장 측정된 실측 데이터 보다는 녹조와 관련이 높은 NDVI, FGAI, SEI 등의 파생적인 지수를 산정하여 원격탐사자료와 매핑하는 방식의 분석연구 등이 선행되었다. 본 연구는 녹조의 모니터링시 정확도와 효율성을 향상을 목표로 하여, 우선은 녹조 측정장비를 활용, 7000개 이상의 녹조 관측 데이터를 확보하였으며, 이를 바탕으로 동기간의 고해상도 위성 자료와 실측자료를 매핑하기 위해 다양한Machine Learning기법을 적용함으로써 그 효과성을 검토하고자 하였다. 연구대상지는 낙동강 내성천 상류에 위치한 영주댐 유역으로서 데이터 수집단계에서는 면단위 현장(in-situ) 관측을 위해 2020년 2~9월까지 4회에 걸쳐 7291개의 녹조를 측정하고, 동일 시간 및 공간의 Sentinel-2자료 중 Band 1~12까지 총 13개(Band 8은 8과 8A로 2개)의 분광특성자료를 추출하였다. 다음으로 Machine Learning 분석기법의 적용을 위해 algae_monitoring Python library를 구축하였다. 개발된 library는 1) Training Set과 Test Set의 구분을 위한 Data 준비단계, 2) Random Forest, Gradient Boosting Regression, XGBoosting 알고리즘 중 선택하여 적용할 수 있는 모델적용단계, 3) 모델적용결과를 확인하는 Performance test단계(R², MSE, MAE, RMSE, NSE, KGE 등), 4) 모델결과의 Visualization단계, 5) 선정된 모델을 활용 위성자료를 녹조값으로 변환하는 적용단계로 구분하여 영주댐뿐만 아니라 다양한 유역에 범용적으로 적용할 수 있도록 구성하였다. 본 연구의 사례에서는 Sentinel-2위성의 12개 밴드, 기상자료(대기온도, 구름비율) 총 14개자료를 활용하여 Machine Learning기법 중 Random Forest를 적용하였을 경우에, 전반적으로 가장 높은 적합도를 나타내었으며, 적용결과 Test Set을 기준으로 NSE(Nash Sutcliffe Efficiency)가 0.96(Training Set의 경우에는 0.99) 수준의 성능을 나타내어, 광역적인 위성자료와 충분히 확보된 현장실측 자료간의 데이터 학습을 통해서 조류 모니터링 분석의 효율성이 획기적으로 증대될 수 있음을 확인하였다.

• Korean Journal of Poultry Science
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• v.12 no.1
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• pp.7-16
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• 1985

Present experiment was undertaken to compare the effects of two dietary fats whose free fatty acid content was quite different on performances and on meat quality of broilers. Yellow grease or animal fat (trade name) containing 15 or 38.6% free fatty acid, respectively, was added to the broiler starter and finisher diets at levels of 3.0 and 5,0%, respectively. A total of 108, day old, male Maniker(Chunho) broiler chicks was alloted to 3 dietary treatments with 3 replications per treatment and 12 chicks per replication Though control diet was not supplemented with fat, the three dietary groups were made isocaloric and isonitrogenous. All the chicks were ad libitum fed the test diets for 8 weeks. Feed intake and body weight were measured every other week. Shank color was measured at the end of feeding trial by Roche Color Fan. To evaluate meat quality, 7 chicks of mean body weight were selected from each treatment group after the trial. Measurements were made for abdominal fat content, organoleptic scores for thigh and breast, and for contents of total lipids, free fatty acids, iodine values and peroxide values of the breasts. During the period from 0 to 4 weeks of age, the broilers fed the diets added with fats performed the same as those fed the control diet. However, the body weight gam (25%), feed intake (10.8%) and feed efficiency (11.3%) of chicks fed the fat-supplemented diets, during the finisher period (5-8 weeks), appeared significantly improved compared to those of control group (p＜0.05). During overall period of 8 weeks, body weight gain, feed intake, and feed efficiency of chicks fed the diets added with fats were, on the average, 16.2. 8.8 and 6.8%, respectively, better than, those of control Monwhile the performance between the chicks fed diets added with the two different fat sources appeared to be of the same tendency. Though the shank pigmentation was not statistically different among the treatments, the chicks fed the fat-supple ented diets tended to have slightly less pigments than the control. Organoleptic scores of thigh or breast of chicks fed the animal fat diet were of the same range as those of the other two groups. The contents of total lipids, free fatty acids, iodine values and peroxide values of breasts from broilers fed the various diets appeared to be in the same ranges among the treatments. The values for control, yellow grease and animal fat groups were 7.77, 6.66 and 6.32% for total lipids, 9.23, 9.7 and 9.31mg oleic acid/g fat for free fatty acids, 65.36, 63.89 and 59.25g/ 100g fat for iodine values, and 9.62, 10.46 and 8.79 meq/kg fat for peroxide values, respect vely. Changes of free fatty acids contents of breast during a storage for 10 da s at 4$^{\circ}C$ were also not different among the dietary groups. From the observations n. this experiment, it seems possible to conclude that the animal fat containing 38.6% free fatty acid can be used as efficiently as yellow grease in broiler diets without any adverse effects on meat quality.

• Journal of Distribution Research
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• v.17 no.1
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• pp.37-63
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• 2012

In franchise business, exclusive sales territory (sometimes EST in table) protection is a very important issue from an economic, social and political point of view. It affects the growth and survival of both franchisor and franchisee and often raises issues of social and political conflicts. When franchisee is not familiar with related laws and regulations, franchisor has high chance to utilize it. Exclusive sales territory protection by the manufacturer and distributors (wholesalers or retailers) means sales area restriction by which only certain distributors have right to sell products or services. The distributor, who has been granted exclusive sales territories, can protect its own territory, whereas he may be prohibited from entering in other regions. Even though exclusive sales territory is a quite critical problem in franchise business, there is not much rigorous research about the reason, results, evaluation, and future direction based on empirical data. This paper tries to address this problem not only from logical and nomological validity, but from empirical validation. While we purse an empirical analysis, we take into account the difficulties of real data collection and statistical analysis techniques. We use a set of disclosure document data collected by Korea Fair Trade Commission, instead of conventional survey method which is usually criticized for its measurement error. Existing theories about exclusive sales territory can be summarized into two groups as shown in the table below. The first one is about the effectiveness of exclusive sales territory from both franchisor and franchisee point of view. In fact, output of exclusive sales territory can be positive for franchisors but negative for franchisees. Also, it can be positive in terms of sales but negative in terms of profit. Therefore, variables and viewpoints should be set properly. The other one is about the motive or reason why exclusive sales territory is protected. The reasons can be classified into four groups - industry characteristics, franchise systems characteristics, capability to maintain exclusive sales territory, and strategic decision. Within four groups of reasons, there are more specific variables and theories as below. Based on these theories, we develop nine hypotheses which are briefly shown in the last table below with the results. In order to validate the hypothesis, data is collected from government (FTC) homepage which is open source. The sample consists of 1,896 franchisors and it contains about three year operation data, from 2006 to 2008. Within the samples, 627 have exclusive sales territory protection policy and the one with exclusive sales territory policy is not evenly distributed over 19 representative industries. Additional data are also collected from another government agency homepage, like Statistics Korea. Also, we combine data from various secondary sources to create meaningful variables as shown in the table below. All variables are dichotomized by mean or median split if they are not inherently dichotomized by its definition, since each hypothesis is composed by multiple variables and there is no solid statistical technique to incorporate all these conditions to test the hypotheses. This paper uses a simple chi-square test because hypotheses and theories are built upon quite specific conditions such as industry type, economic condition, company history and various strategic purposes. It is almost impossible to find all those samples to satisfy them and it can't be manipulated in experimental settings. However, more advanced statistical techniques are very good on clean data without exogenous variables, but not good with real complex data. The chi-square test is applied in a way that samples are grouped into four with two criteria, whether they use exclusive sales territory protection or not, and whether they satisfy conditions of each hypothesis. So the proportion of sample franchisors which satisfy conditions and protect exclusive sales territory, does significantly exceed the proportion of samples that satisfy condition and do not protect. In fact, chi-square test is equivalent with the Poisson regression which allows more flexible application. As results, only three hypotheses are accepted. When attitude toward the risk is high so loyalty fee is determined according to sales performance, EST protection makes poor results as expected. And when franchisor protects EST in order to recruit franchisee easily, EST protection makes better results. Also, when EST protection is to improve the efficiency of franchise system as a whole, it shows better performances. High efficiency is achieved as EST prohibits the free riding of franchisee who exploits other's marketing efforts, and it encourages proper investments and distributes franchisee into multiple regions evenly. Other hypotheses are not supported in the results of significance testing. Exclusive sales territory should be protected from proper motives and administered for mutual benefits. Legal restrictions driven by the government agency like FTC could be misused and cause mis-understandings. So there need more careful monitoring on real practices and more rigorous studies by both academicians and practitioners.

• Korean Journal of Agricultural Science
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• v.20 no.2
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• pp.167-180
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• 1993

Most of small size diesel engines are widely used with the same size and weight flywheel in the levels of 6.0kW and 7.5kW. This study was conducted to obtain basic data which affect the engine performance of the power tiller. The flywheel weight was considered as a major factor in this research. Basically, fuel consumption ratio, motoring loss, torque, vibration and mechanical efficiency of the engine were measured and analyzed on four levels of flywheel weight, 32.2, 29.4, 26.2 and $24.2kg_f$, respectively. Results were obtained as follows: 1. The weights of flywheel were $23.7kg_f$ from design program of JSME and $24.5kg_f$ from ASME and SAE design criteria. Therefore, the flywheel weight of $32.2kg_f$ might be reduced about $8kg_f$ in 7.5kW engine. 2. The rated outputs of 6.0kW and 7.5kW engine were actually 7.43kW and 7.85kW, respectively. When flywheel weight was reduced from $32.2kg_f$ to $24.2kg_f$, outputs were increased from 7.43kW to 7.70kW in 6.0kW engine and from 7.85kW to 8.25kW in 7.5kW engine. 3. When the flywheel weight was reduced from $32.2kg_f$ to $24.2kg_f$, fuel consumption ratio was decreased from 300.8 to 296.8g/kW-hr in 6.0kW engine and also from 313.6 to 312.8g/kW-hr in 7.5 kW engine, respectively. 4. When the flywheel weight was reduced from $32.2kg_f$ to $24.2kg_f$, mechanical efficiency of engine was increased from 76.1% to 76.8% in 6.0kW engine and also from 76.7% to 77.0% in 7.5kW engine, respectively. 5. When the flywheel weight was reduced from $32.2kg_f$ to $24.2kg_f$, vibration was decreased at X-axis and Z-axis in 6.0kW engine, however, slightly increased at Y-axis in 6.0kW engine and at all axes in 7.5kW engine. 6. When the flywheel weight was reduced from $32.2kg_f$ to $24.4kg_f$ motoring loss was decreased from 2.33kW to 1.75kW in 6.0kW engine and also from 2.46kW to 1.84kW in 7.5kW engine.

• Asia pacific journal of information systems
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• v.24 no.2
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• pp.211-232
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• 2014

Recently, there is a growing interest toward social commerce using SNS(Social Networking Service), and the size of its market is also expanding due to popularization of smart phones, tablet PCs and other smart devices. Accordingly, various studies have been attempted but it is shown that most of the previous studies have been conducted from perspectives of the users. The purpose of this study is to derive user-centered CSF(Critical Success Factor) of social commerce from the previous studies and analyze the CSF perception gap between social commerce service providers and users. The CSF perception gap between two groups shows that there is a difference between ideal images the service providers hope for and the actual image the service users have on social commerce companies. This study provides effective improvement directions for social commerce companies by presenting current business problems and its solution plans. For this, This study selected Korea's representative social commerce business Ticket Monster, which is dominant in sales and staff size together with its excellent funding power through M&A by stock exchange with the US social commerce business Living Social with Amazon.com as a shareholder in August, 2011, as a target group of social commerce service provider. we have gathered questionnaires from both service providers and the users from October 22, 2012 until October 31, 2012 to conduct an empirical analysis. We surveyed 160 service providers of Ticket Monster We also surveyed 160 social commerce users who have experienced in using Ticket Monster service. Out of 320 surveys, 20 questionaries which were unfit or undependable were discarded. Consequently the remaining 300(service provider 150, user 150)were used for this empirical study. The statistics were analyzed using SPSS 12.0. Implications of the empirical analysis result of this study are as follows: First of all, There are order differences in the importance of social commerce CSF between two groups. While service providers regard Price Economic as the most important CSF influencing purchasing intention, the users regard 'Trust' as the most important CSF influencing purchasing intention. This means that the service providers have to utilize the unique strong point of social commerce which make the customers be trusted rathe than just focusing on selling product at a discounted price. It means that service Providers need to enhance effective communication skills by using SNS and play a vital role as a trusted adviser who provides curation services and explains the value of products through information filtering. Also, they need to pay attention to preventing consumer damages from deceptive and false advertising. service providers have to create the detailed reward system in case of a consumer damages caused by above problems. It can make strong ties with customers. Second, both service providers and users tend to consider that social commerce CSF influencing purchasing intention are Price Economic, Utility, Trust, and Word of Mouth Effect. Accordingly, it can be learned that users are expecting the benefit from the aspect of prices and economy when using social commerce, and service providers should be able to suggest the individualized discount benefit through diverse methods using social network service. Looking into it from the aspect of usefulness, service providers are required to get users to be cognizant of time-saving, efficiency, and convenience when they are using social commerce. Therefore, it is necessary to increase the usefulness of social commerce through the introduction of a new management strategy, such as intensification of search engine of the Website, facilitation in payment through shopping basket, and package distribution. Trust, as mentioned before, is the most important variable in consumers' mind, so it should definitely be managed for sustainable management. If the trust in social commerce should fall due to consumers' damage case due to false and puffery advertising forgeries, it could have a negative influence on the image of the social commerce industry in general. Instead of advertising with famous celebrities and using a bombastic amount of money on marketing expenses, the social commerce industry should be able to use the word of mouth effect between users by making use of the social network service, the major marketing method of initial social commerce. The word of mouth effect occurring from consumers' spontaneous self-marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers; in this context, the word of mouth effect should be managed as the CSF of social commerce. Third, Trade safety was not derived as one of the CSF. Recently, with e-commerce like social commerce and Internet shopping increasing in a variety of methods, the importance of trade safety on the Internet also increases, but in this study result, trade safety wasn't evaluated as CSF of social commerce by both groups. This study judges that it's because both service provider groups and user group are perceiving that there is a reliable PG(Payment Gateway) which acts for e-payment of Internet transaction. Accordingly, it is understood that both two groups feel that social commerce can have a corporate identity by website and differentiation in products and services in sales, but don't feel a big difference by business in case of e-payment system. In other words, trade safety should be perceived as natural, basic universal service. Fourth, it's necessary that service providers should intensify the communication with users by making use of social network service which is the major marketing method of social commerce and should be able to use the word of mouth effect between users. The word of mouth effect occurring from consumers' spontaneous self- marketer's duty performance can bring not only reduction effect in advertising cost to a service provider but it can also prepare the basis of discounted price suggestion to consumers. in this context, it is judged that the word of mouth effect should be managed as CSF of social commerce. In this paper, the characteristics of social commerce are limited as five independent variables, however, if an additional study is proceeded with more various independent variables, more in-depth study results will be derived. In addition, this research targets social commerce service providers and the users, however, in the consideration of the fact that social commerce is a two-sided market, drawing CSF through an analysis of perception gap between social commerce service providers and its advertisement clients would be worth to be dealt with in a follow-up study.

• Asia pacific journal of information systems
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• v.23 no.4
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• pp.53-84
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• 2013

With rapid development of ICT (Information and Communications Technology), new services by the convergence of mobile network and application technology began to appear. Today, smart phone with new ICT convergence network capabilities is exceedingly popular and very useful as a new tool for the development of business opportunities. Previous studies based on Technology Acceptance Model (TAM) suggested critical factors, which should be considered for acquiring new customers and maintaining existing users in smart phone market. However, they had a limitation to focus on technology acceptance, not value based approach. Prior studies on customer's adoption of electronic utilities like smart phone product showed that the antecedents such as the perceived benefit and the perceived sacrifice could explain the causality between what is perceived and what is acquired over diverse contexts. So, this research conceptualizes perceived value as a trade-off between perceived benefit and perceived sacrifice, and we need to research the perceived value to grasp user's continuous intention to use of smart phone. The purpose of this study is to investigate the structured relationship between benefit (quality, usefulness, playfulness) and sacrifice (technicality, cost, security risk) of smart phone users, perceived value, and continuous intention to use. In addition, this study intends to analyze the differences between two subgroups of smart phone users by the degree of personal innovativeness. Personal innovativeness could help us to understand the moderating effect between how perceptions are formed and continuous intention to use smart phone. This study conducted survey through e-mail, direct mail, and interview with smart phone users. Empirical analysis based on 330 respondents was conducted in order to test the hypotheses. First, the result of hypotheses testing showed that perceived usefulness among three factors of perceived benefit has the highest positive impact on perceived value, and then followed by perceived playfulness and perceived quality. Second, the result of hypotheses testing showed that perceived cost among three factors of perceived sacrifice has significantly negative impact on perceived value, however, technicality and security risk have no significant impact on perceived value. Also, the result of hypotheses testing showed that perceived value has significant direct impact on continuous intention to use of smart phone. In this regard, marketing managers of smart phone company should pay more attention to improve task efficiency and performance of smart phone, including rate systems of smart phone. Additionally, to test the moderating effect of personal innovativeness, this research conducted multi-group analysis by the degree of personal innovativeness of smart phone users. In a group with high level of innovativeness, perceived usefulness has the highest positive influence on perceived value than other factors. Instead, the analysis for a group with low level of innovativeness showed that perceived playfulness was the highest positive factor to influence perceived value than others. This result of the group with high level of innovativeness explains that innovators and early adopters are able to cope with higher level of cost and risk, and they expect to develop more positive intentions toward higher performance through the use of an innovation. Also, hedonic behavior in the case of the group with low level of innovativeness aims to provide self-fulfilling value to the users, in contrast to utilitarian perspective, which aims to provide instrumental value to the users. However, with regard to perceived sacrifice, both groups in general showed negative impact on perceived value. Also, the group with high level of innovativeness had less overall negative impact on perceived value compared to the group with low level of innovativeness across all factors. In both group with high level of innovativeness and with low level of innovativeness, perceived cost has the highest negative influence on perceived value than other factors. Instead, the analysis for a group with high level of innovativeness showed that perceived technicality was the positive factor to influence perceived value than others. However, the analysis for a group with low level of innovativeness showed that perceived security risk was the second high negative factor to influence perceived value than others. Unlike previous studies, this study focuses on influencing factors on continuous intention to use of smart phone, rather than considering initial purchase and adoption of smart phone. First, perceived value, which was used to identify user's adoption behavior, has a mediating effect among perceived benefit, perceived sacrifice, and continuous intention to use smart phone. Second, perceived usefulness has the highest positive influence on perceived value, while perceived cost has significant negative influence on perceived value. Third, perceived value, like prior studies, has high level of positive influence on continuous intention to use smart phone. Fourth, in multi-group analysis by the degree of personal innovativeness of smart phone users, perceived usefulness, in a group with high level of innovativeness, has the highest positive influence on perceived value than other factors. Instead, perceived playfulness, in a group with low level of innovativeness, has the highest positive factor to influence perceived value than others. This result shows that early adopters intend to adopt smart phone as a tool to make their job useful, instead market followers intend to adopt smart phone as a tool to make their time enjoyable. In terms of marketing strategy for smart phone company, marketing managers should pay more attention to identify their customers' lifetime value by the phase of smart phone adoption, as well as to understand their behavior intention to accept the risk and uncertainty positively. The academic contribution of this study primarily is to employ the VAM (Value-based Adoption Model) as a conceptual foundation, compared to TAM (Technology Acceptance Model) used widely by previous studies. VAM is useful for understanding continuous intention to use smart phone in comparison with TAM as a new IT utility by individual adoption. Perceived value dominantly influences continuous intention to use smart phone. The results of this study justify our research model adoption on each antecedent of perceived value as a benefit and a sacrifice component. While TAM could be widely used in user acceptance of new technology, it has a limitation to explain the new IT adoption like smart phone, because of customer behavior intention to choose the value of the object. In terms of theoretical approach, this study provides theoretical contribution to the development, design, and marketing of smart phone. The practical contribution of this study is to suggest useful decision alternatives concerned to marketing strategy formulation for acquiring and retaining long-term customers related to smart phone business. Since potential customers are interested in both benefit and sacrifice when evaluating the value of smart phone, marketing managers in smart phone company has to put more effort into creating customer's value of low sacrifice and high benefit so that customers will continuously have higher adoption on smart phone. Especially, this study shows that innovators and early adopters with high level of innovativeness have higher adoption than market followers with low level of innovativeness, in terms of perceived usefulness and perceived cost. To formulate marketing strategy for smart phone diffusion, marketing managers have to pay more attention to identify not only their customers' benefit and sacrifice components but also their customers' lifetime value to adopt smart phone.