Online consumer activities have increased considerably since the COVID-19 outbreak. For the products and services which have an impact on everyday life, online reviews and recommendations can play a significant role in consumer decision-making processes. Thus, to better serve their customers, online firms are required to build online-centric marketing strategies. Especially, it is essential to define core value of customers based on the online customer reviews and to propose these values to their customers. This study discovers specific perceived values of customers in regard to a certain product and service, using online customer reviews and proposes a customer value proposition methodology which enables online firms to develop more effective marketing strategies. In order to discover customers value, the methodology employs a text-mining technology, which combines a sentiment analysis and topic modeling. By the methodology, customer emotions and value factors can be more clearly defined. It is expected that online firms can better identify value elements of their respective customers, provide appropriate value propositions, and thus gain sustainable competitive advantage.

Companies must capture value for sustainable growth. Capturing value is a critical task for companies, particularly when operating own businesses and organizations or starting new business. The business strategy of many companies focuses on capturing the maximum value from customers and other stakeholders. Even though a wide range of studies on value creation and appropriation has been conducted in the strategic management field, most of studies are still conceptual and theoretical. Thus more empirical studies are required to suggest future-oriented value strategy. This study reveals the value creation and appropriation elements in the aviation industry of Korea. The purpose of this study is to understand the trend of value creation and appropriation in the industry. In addition, the relationship between the elements and firm’s performance are tested. The firm’s performance is defined by that past and future point of views. The sample were collected from Korean Air and Asiana Air. The empirical test shows that the elements of value creation-appropriation have significant impact on firm’s performance. Further, the element of value appropriation to customer has a positive impact both on firm’s past and future performance. Our results show that investors acknowledge a value-based strategy as a sign of stock valuation. The results of this test correspond with the earlier one, showing that maximizing customers value rather than shareholder value does deliver impressive returns. The finding suggest that companies need to change their strategy to efficiently manage performance. With the test results, we propose a value-based strategy to maximize firm’s future financial and stock performance.

기업이 지속적으로 성장하기 위해서는 반드시 가치를 확보해야 한다. 많은 기업들의 전략은 고객으로부터 가치를 최대한 확보하고 전유하는 것에 초점이 맞춰져 있다. 이에 따라 가치에 대한 연구는 학계와 산업계에서 활발하게 진행되고 있으나 대부분의 경우 지나치게 개념적이거나 이론적인 경우가 많아 실증적인 연구로 이어지는 것에는 한계가 있다. 본 연구에서는 VCA(value creation and appropriation)model을 이용해 국내외 항공 산업에서 발생하는 가치창조와 전유 동향을 분석하였다. VCA모델을 통해 가치를 창조하기 위해 투입된 자본과 노동력을 바탕으로 기업이 실제로 창출한 가치의 양을 계산할 수 있으며 또한 창조된 가치가 기업의 이해관계 자(임직원, 고객, 공급업체 자본투자자 등)들에게 어떻게 배분(distribution)되는지 파악할 수 있다. 한국, 일본, 중국 및 동남아시아 국가의 주요 항공사의 재무제표 등 접근 가능한 데이터를 활용해 분석을 수행했으며 2000년부터 2015년까지의 총 15개년의 데이터를 수집했다. 분석 결과 각 국가, 기업 규모, 연도별로 가치의 창조와 전유에는 일정한 패턴과 유형이 존재하는 것으로 밝혀졌다. 최종적으로는 가치창조와 전유의 유형별로 주요 이슈를 도출하고 이에 대응하기 위한 시사점을 제시하였다.