The advent of Web 3.0 and mobile device is expanding the usage of SNS in terms of response rate and real-time event. SNS advertising is an effective marketing strategy that facilitates productive communication between companies and consumers. With the development of SNS channel, companies, which simultaneously manage hashtag, are increasing. Recently, there is an increase in fashion brands that use hashtag, due to the higher advertising effect, such as consumers’ electronic Word-Of-Mouth (e- WOM). However, despite the increasing importance of hashtag and SNS advertising, only few of previous studies have been conducted. There is a need for in-depth research on advertising attributes that cause the practical view of marketing strategies for fashion brands. This study aims to extract keywords of SPA brands by marketing activities, also as kwon as 4Ps (Product/Place/Promotion/Price) and examine the effects of these attributes on advertising value and advertising effect. In order to achieve objective of this study, a preliminary study and main survey were conducted respectively. In preliminary study, keywords related to marketing activities of SPA brands through social big data and in-depth interview. In main survey, the effects of hashtag and marketing activities on informativeness, enjoyment, interactivity, attitude towards advertising and e-WOM were analyzed. An experimental model of 2 (hashtag/no hashtag) x 4 (product/place/promotion/price) is designed. A total of 782 males and females in 20’s and 30’s are surveyed online and their responses are ranked on a 7-point Likert scale. These results are analyzed using SPSS 21.0, combined with a two-way ANOVA and a multiple regression. Preliminary study reveals that consumer-based keywords are mainly derived accordingly to marketing activities. Most keywords are held with the goals of reviews of products and comments of reasonable price. Eight types of SNS advertisements by SPA brands are used as a stimulus to quantitatively verify the effectiveness of SNS advertising. The results unveil the following. First, hashtag has a significant effect on advertising value and advertising effect. Second, there is an interaction between marketing activities and the hashtag. In addition, results show that the advertising value and advertising effect are significantly different according to various types of SNS fashion marketing, broadening the scope of existing research studies that merely focus on the impact of SNS in the marketing environment. Third, advertising value and interactivity affect advertising effectiveness. It is also confirmed that informativeness, enjoyment, and interactivity have a positive impact on advertising. This study provides an important resource for SNS advertising by examining the effect of hashtag and marketing activities, especially focusing on SPA brands. Moreover, it is expected to make a significant contribution to provide practical implications for companies to achieve positive brand image and effective e-WOM.