Supply and demand patterns have dynamically changed in recent years due to the increased global competition. Firms have selected quality and price as competition components and have accomplished corporate innovation in order to achieve competitive advantage. Innovation has been recognized as the way to enhance corporate competitiveness and to continuously grow in churning global competition (Homburg, Schwemmle, & Kuehnl, 2015; Moon, Miller, & Kim, 2013). Although innovation becomes a common means to improve a firm’s performance, it has the limitation of achieving a firm’s strategic goal as a long-term strategy. Thus, firms need to have more fine-grained strategies to survive in dynamically changing business environment, such as design innovation (Moon et al., 2015). For example, Apple has produced its products (e.g., iPhone, iPod and iPad) focusing on innovative product design to influence consumer purchase intention. Design can lead to a distinct competitive advantage (Bolch, 1995). Furthermore, product design can be used by firms to create amd enhance brand recognition, as well as to increase firms’ value (Mozota, 2002). Brand experience positively influences customer satisfaction and brand loyalty (Brakus, Schmitt, & Zarantonello, 2009). Thus, we assume that design experience and product innovation have a positive effect on consumers’ purchase behavior and customer value. However, while the importance of design innovation is recognized, it is not easy to apply the design innovation to marketing due to the lack of relevant research in the field. In fact, relevant research on the influence of innovative new product design and design experience on customer value is scarce. Therefore, the purpose of this study is to investigate how brand experiences and innovative product design affect customer value. Successful innovation is accomplished by identifying customer needs first and developing innovative products to satisfy their needs (Hauser et al., 2006). Design is seen as the core of innovation and the moment when a new object is conceived of, devised, and shaped in a prototype form (Landwehr, Wentzel, & Herrmann, 2013). Verganti (2008) studies the concept of "user-centered design," which describes how companies can use design to improve their relationships with users and develop a better understanding of user needs. In this research, design innovation has three dimensions: aesthetic attributes, feature attributes, and emotional attributes. First, aesthetic attributes focus on the product design itself. The aesthetic appearance of a product has a large bearing on its potential market share (Liu, 2003). Second, feature attributes focus on the product features and functional aspects that are required to satisfy customer needs. Feature attributes enable performance that can give results in the operating process (Crawford & Di Benedetto, 2007). Third, emotional attributes focus on consumers’ feeling when they purchase a new product to satisfy their needs. Emotional attributes are generated by consumers’ experience when they purchase a new product in the store. The more the product design satisfies customer's emotional needs, the more customers’ attention is attracted to the purchase of a product (Mokarian, 2007). A product satisfying the aesthetic, feature, and emotional attributes through design innovation provides a new experience to customers (Desmet & Hekkert, 2007). A consumer’s purchase decision making is affected by both direct and indirect experience of using the product and the function of product (Brakus, Schmitt, & Zarantonello, 2009). Therefore, a designer comes to design the product, taking an interest in the experience that the product gives besides its shape and function. Product experiences occur when a customer interacts with the product ̶ for example, when customers search for, examine, and evaluate products (Hoch, 2002). The product experience can be direct, i.e. when there is physical contact with the product (Hoch & Ha 1986) or indirect, i.e. when a product is presented virtually or in an advertisement (Hoch & Ha 1986; Kempf and Smith 1998). Brand experience can be split into four dimensions (sensory, affective, intellectual, and behavioral), which are differentially evoked by various brands (Brakus, Schmitt, & Zarantonello, 2009). According to previous studies, these four experience dimensions (sensory, affective, intellectual, and behavioral experience dimensions) have an effect on customer satisfaction and customer loyalty. Customer value can be defined as the trade-off between the benefits and sacrifices as a customer purchases a product or service from a supplier (Ulaga & Chacour, 2001). Ulaga and Chacour presented three dimensions of customer value: product-related components, service-related components, and promotion-related components. The researchers argued that customer value could be an important strategic marketing tool to clarify a firm's proposition to customers. Product-related components are intrinsic product characteristics. Product quality is a key factor of relationship value (Ulaga, 2003). Customer value consists of product value and service value. Customer value can be enhanced by quality, diversity, payment, and service quality and decreased by price, convenience, and risk (Jarvenpaa & Todd, 2003). Service-related components include all aspects of service associated with the product. Various service components play an important role in differentiating a supplier's offering (Narus & Anderson, 1996). Promotion-related components include all items used to promote the product to the customer. For all purchasing processes, it is necessary to assess the perceived customer value, such as service quality and promotional quality (Qualls & Rosa, 1995). In the present study, we conducted a research survey with 300 subjects and analyzed the data. In order to test the reliability of questionnaire, Cronbach's alpha was used. In order to test the validity, an exploratory factor analysis was conducted. Measurement was made for 3 variables, i.e. design innovation, design experience, and customer value. Three variables (aesthetical attributes, feature attributes, and emotional attributes) were used for design innovation. Three types of attributes were introduced for a mobile phone design innovation. Four dimensions (sensory, affective, intellectual, behavioral) were measured using a technical design experience and a humanistic design experience. Three variables (product-related customer value, service-related customer value, and promotion-related customer value) were employed for customer value. The results of the analyses demonstrate that design innovation has a positive effect on design experience, while design experience has a positive effect on customer value. Aesthetic attributes of design innovation have a positive effect on technical design experience and humanistic design experience. Feature attributes have a positive effect on the technical design experience and the humanistic design experience. Emotional attributes have an effect on the technical design experience and the humanistic design experience. The technical design experience has a positive effect on product-related customer value, service-related customer value, and promotion-related customer value. The humanistic design experience has a positive effect on product-related customer value, service-related customer value and promotion-related customer value. This study will make it possible to empirically examine how customer's experience in design innovation affects customer value. Our results will provide a theoretical foundation for examining a relationship between variables regarding how design innovation influences customer value through design experience. It is intended to give a direction as to the design innovation of firms by clarifying and presenting antecedent factors having an effect that design innovation produces on customer value. The results of the present study will inspire designers to design in consideration of design experience. Finally, our study will provide marketers with guidelines as to how design experience can influence customer satisfaction and loyalty.

This paper is demonstrative of values and the imbibed strength of values observed along the value chains of organizations studied by the authors in past two years. The paper is projective of an intense relationship of values based business ethics observed along the value chains of the organizations concerned with the context and the soul of the conventional definition of marketing given by American Marketing Association in 2007. The value chain of a prominent consumer product’s marketers studied through reflexive research approach exemplifies that how business ethics based on values helped in evolving activities, institutions and processes for creating, communicating, delivering and exchanging offerings that have value for the customers, clients, partners and society at large which is actually the definition of marketing be American Marketing Association: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved July 2013) Similar observations in the value chains and the marketing process of other organizations validated the fact that if values driven business ethics is followed along the value chain the context of 2007 definition of Marketing gets enlivened.

The advent of smart shopping environments including innovative information technology, advanced delivery systems, and extended smart phone use has rapidly changed the shopping methods and activities of the consumers. They have chosen smart shopping with greater frequency, which minimizes the use of time, money, effort and energy to buy the right products and to gain shopping experiences such as hedonic and utilitarian feelings (Atkins and Kim, 2012). The concept of smart shopping is based on value co-creation which can be explained as the value from the outcome of interaction between firms and consumers (Grönroos, 2011, Vargo and Lusch, 2004). In the value co-creation process, smart shoppers are willing to perform customer participation behaviors such as information seeking, information sharing, responsible behavior, and personal interaction, and to show customer citizenship behaviors such as feedback, advocacy, helping, and tolerance (Yi and Gong 2013). In smart shopping, a consumer involves in shopping experiences through product purchases and while engaged via the shopping environments such as an elaborate store design, educational events, recreation, and entertainment (Fiore and Kim, 2007). These shopping experiences, which contain both hedonic and utilitarian value (Holbrook and Hirschman, 1982), are better explained by consumer processes, responses on the shopping environment, situation, and consumer characteristics (Fiore and Kim, 2007). The attributes of shopping experience are symbolic, hedonic, and aesthetic (Holbrook and Hirschman, 1982) and utilitarian and hedonic (Kim, Lee and Park, 2014). Smart shoppers who are involved with value co-creation obtain hedonic benefits with emotional, funny, and enjoyable feelings and along with utilitarian benefits such as rational, functional, task-related experiences (Holbrook and Hirschman, 1982). The value co-creation and the shopping experience lead to greater customer equity such as value equity, brand equity, and relationship equity (Lemon, Rust, and Zeithamal 2001). Based on previous literature review, the authors constructed the following hypotheses. First, smart shopping will have positive effects on value co-creation, the shopping experience, and customer equity. Second, the smart shopping will have positive effects on both value co-creation and the shopping experience. Third, value cocreation will have positive effects on the shopping experience. Fourth, value cocreation and the shopping experience will have positive effects on customer equity. The authors collected the data based on questionnaires from mobile smart shoppers. The SPSS 20 and AMOS 20 statistical programs will be used for the data analysis. The analysis found the positive influence that smart shopping has on value co-creation and the shopping experience, and customer equity. This is the first study that shows these relationships from an empirical point-of-view. The findings of the study have useful managerial implications on the effects of value co-creation on both smart shoppers and firms. Value co-creation will provide smart shoppers with better product or service quality and enhance firms with more valuable customer equity. The greater shopping experience is the greater customer equity that will be developed. Value co-creation also will give firms a strong competitive advantage in terms of an organization’s learning, brand perception, reduced risk, improvement of customer relationships, and lowering cost for marketing, and research and development. The study has limitations. First, other potential variables of the value co-creation influencing new service development, customer loyalty, and customer satisfaction etc, could be considered. Second, the length of the relationship between smart shoppers and the service provider in value co-creation process should be considered. Third, the study needs to be generalized to cross sectional research beyond smart shopping area. Finally, to examine the effects of value co-creation and the shopping experience on customer equity, future research could investigate how value co-creation and the shopping experience affect the objective financial performance of a firm.

Value creation constitutes the essential purpose of a business relationship. However, limited research examines the role of relationship value in interfirm relationships in general and in international business settings in particular. This study develops a conceptual model that positions psychic distance, relational norms, and relationship learning as antecedents of relationship value, and relationship quality and performance as its key outcomes in international channel relationships. The study uses partial least squares-structural equation modeling (PLS-SEM) and fuzzy-set qualitative comparative analysis (fsQCA) to test the model relationships. Comparing the findings of these two approaches provides an interesting basis for discussion on the importance and applicability of PLS-SEM and fsQCA. Furthermore, the results provide an important addition to the relationship value literature and an interesting discussion on the asymmetric versus symmetric relationships among the observations.

Customers’ final purchase decisions for electronic products are understandably influenced by previous experiences, marketing messages such as price and promotion, and opinions from other consumers (Simonson and Rosen 2014). In particular, millions of product reviews are posted daily on online review boards or social media represent aggregate consumer preference data (Decker and Trusov 2010). Past studies analyzing online reviews or word-of-mouth (WOM) have focused more on the quantitative dimension of volume of WOM (or “how much people say”), but less on qualitative dimension of valence of WOM (or “what people say”) (Gopinath, Thomas, and Krishnamurthi 2014). However, recent studies have analyzed disaggregate-level UGC by performing text mining in addition to a general analysis of volume and valence of OUGC. Onishi and Manchanda (2012) investigate the relationship between movie sales and both TV advertising and blogs. Although the authors find that the volume and the valence of OUGC (i.e., blogs) are predictive of market outcomes, they retain only certain words (i.e., advertising, award, interesting, and viewed) that consumers would find useful, therefore having general predictive power for market outcomes. Gopinath, Thomas, and Krishnamurthi (2014) address the relationship between the content of online WOM, advertising, and brand performance of cell phones and find that the volume of OUGC does not have significant impact on sales, but only the valence of recommendation UGC has a direct impact. Liu, Singh, and Srinivasan (2015) find that both the volume and sentiments of Tweets do not outperform the information content of Tweets in predicting TV series ratings. Although these three papers have investigated the importance of qualitative UGC through text mining techniques, such studies have not accounted for the detailed dimensions of specific contents. For example, Onishi and Manchanda (2012) use only 4 words out of top 30 frequently cited words for their analysis, and Gopinath, Thomas, and Krishnamurthi (2014) classify the OUGC into three disaggregated dimensions (i.e., attribute, emotion, and recommendation) without further classifications of subcategories and valence of positivity and negativity. Liu, Singh, and Srinivasan (2015) mainly focus on positive and negative Tweet contents about TV shows, lacking further classification of functional and emotional dimensions. In contrast to these studies, this study aims to examine in-depth multidimensional aspects of the content of online reviews, i.e., qualitative UGC, and their impacts on product sales. In this process, we develop defensible measurements of UGC by executing a comprehensive empirical text analysis and evaluate the impact of measures of qualitative UGC relative to volume measure of quantitative UGC. Specifically, we analyze a large data set of UGC on the 350 most talked-about smartphone games from seven different genres (e.g., action, arcade, shooting, puzzle, role playing, simulation, and sports) over a 30 month period, August 2010 to February 2013. We utilize a theoretical framework that classifies qualitative UGC into two major perceptions of functional and emotional dimensions. Prior studies show that perceptions of both functional (cognitive) and emotional (affective) dimensions should be considered to investigate their effects on perceived user satisfaction (Coursaris and van Osch 2015) and online shopping behavior (Van der Heijden 2004). It is evident that both functional and emotional UGC influence consumers to purchase a focal product (Lovett, Peres, and Shachar 2013). The functional UGC relates to the positive and negative attributes and beliefs about a product, and the emotional UGC pertains to the feelings and emotions in response to product experience. As an example, consider one innovative car-racing mobile game which, although expensive, has 3D graphics and high level of complexity. After playing this game, consumers may express their feedback on this game online by describing it as well-made, unique, but sometimes fearful (because a high bill charge is expected from excessive playing time), and addictive (because they like the game too much to stop playing it). This type of online reviews contains different types of UGC: functional (e.g., quality, innovativeness) and emotional (e.g., fear). Another layer of our analysis involves the heterogeneity of impact on product sales across different qualitative UGCs. Specifically, we consider the effects of functional UGC on product sales across emotional contexts such as anger and happiness, in other words, a simultaneous association between functional UGC and emotional UGC. For example, although a consumer may be attracted by some reviews on the high quality graphics of a mobile game (functional UGC), she may hesitate to purchase this product because other reviews express their fear about high cost of purchasing virtual goods (emotional UGC). Accordingly, we expect the functional UGC’s effects on sales to be moderated (amplified or reduced) by emotional UGC. We accommodate such interaction effects in both aggregate and disaggregate models. To the best of our knowledge, this study is the first to empirically identify two dimensions of qualitative UGC (functional and emotional), and shed light on the effects of multidimensional UGC categories on sales. Our findings on the influence of qualitative UGC on product sales are quite different from the prevailing view that firms should pay attention more to the volume of UGC (Chevalier and Mayzlin 2006; Liu 2006) but little to the valence of UGC (Duan, Gu, and Whinston 2008; Godes and Mayzlin 2004; Liu 2006). Rather, our research is in line with recent three papers (Gopinath, Thomas, and Krishnamurthi 2014; Liu, Singh, and Srinivasan 2015; Onishi and Manchanda 2012) in terms of the importance of considering specific contents from a vast amount of text data. However, our paper provides two key contributions. First, we show that specific categories of qualitative online UGC such as functional and emotional variables can be used to predict product sales; this result will be of a high managerial relevance. Especially, traditional methods that use simple metrics such as volume and valence of UGC are less accurate than our method that employs a sophisticated, multidimensional content analysis. Second, the results offer guidance to firms in determining which specific UGC (quantitative or qualitative; functional or emotional; under what contexts) they should focus on for increasing the efficiency of their online marketing activities. Utilizing a large dataset of online reviews on 350 mobile games consisting of four million postings generated for thirty months, the authors identified 76 representative words to describe the functional and emotional UGC using text analysis and word classification. We combined the resulting UGC volumes with weekly sales, resulting in 1,835 observations for analysis with hierarchical Bayesian methods. We find that functional UGC includes 54 representative words to describe various levels of product quality, product innovativeness, price acceptability, and product simplicity, and emotional UGC includes 22 words to express anger, fear, shame, love, contentment, and happiness. The results show that the volume and valence of aggregated functional UGC and the share of aggregated emotional UGC have the positive effects on sales. The volume and valence of functional UGC subcategories have mixed effects on sales and the link is moderated by the share of emotional UGC subcategories. These results are in contrast to those in the literature. Further, a sales forecasting model which includes 13 variables of UGC subcategories shows the best predictive validity. The authors discuss the implications of these results for online marketers.

This paper assesses the moderating role of consumer dispositions for global branding research. We introduce a mediation model studying the effects of perceived brand globalness (PBG) on brand-related responses, followed by several moderated mediation analyses. Our findings yield surprisingly sparse evidence for the moderating role of well-established consumer dispositions.

According to the environmental management literature, firms can realize significant cost advantage relative to competitors and improve their competitive position by implementing certain "Environmental Management Practices"(EMPs) (Hart, 1995; Shrivastava, 1995b; Christmann, 2000). Although EMPs is importance and prevailing presence, little attention has been paid to understand the drivers and outcomes of EMPs in the context of international buyer-supplier relationships. This study attempts to increase the understanding of how isomorphism pressures and organizational cultures influence the EMPs, which in turn enhance supplier’s competitive advantage in the context of international buyer-supplier relationships.

Creating their brand images based on rich consumer experiences is becoming significant for retailers to differentiate themselves from competitors (Ailawadi and Keller 2004). Among multiple retailer attributes that have been argued by existing studies that influence overall image of the retailer, several researchers pointed out that personal encounters, such as those between employees and customers, may be more influential in communicating brand meaning than marketing-driven, mass-targeted messages (Cialdini 1993, Keller 2003, Sirianni et al. 2013) and referred to service employees as the “living brand” (Bendapudi and Bendapudi 2005).

Immigrants face an array of disruptions, including changes in social and religious contexts, values, norms, beliefs, behaviors, that are constantly threatening their self and social identities. How they manage those threats is crucial to their adaptation to the new cultural context, and is the main investigation of this research. Specifically, we investigated how Muslim immigrants react when they see themselves transgressing one of their cultural values. Results of Study 1 provide full support to our hypotheses that when people see themselves transgressing their in-group values, they are more concerned when the transgressing behavior is witnessed by an out-group than an in-group member. In other words, they demonstrate to be more worried in preserving the in-group image in front of an out-group member than in preserving their self-image in front of an in-group member. Further results of Study 1 also showed evidence of a new type of value affirmation mechanism. The negative emotional reaction to the transgressing behavior was reduced when the out-group member was said to have endorsed the transgressing-related cultural value.

Consumers nowadays are looking for luxury brands that are able to fulfil their values. Luxury fashion marketers have spent enormously on advertising and adopted sex appeal extensively as their major selling technique. Little empirical evidence, however, has been presented with regards to the effectiveness of using sex appeal in luxury fashion advertising. Consumer responses to sex appeal in luxury brand advertisements are also poorly understood and under-investigated. The massive use of sex appeal in luxury brand advertising suggests the strong need for empirical research to determine the relationship between sex appeal and perceived luxury values. Based on the luxury value framework and adopting a quasi-experimental design, this study examines the influence of sex appeal in advertising on the relationships between attitude towards the advertisement and luxury value perceptions. Results show that the increase of sex appeal level increases the favourability of the advertisement which results in significant changes in luxury value perceptions. The influence of gender is found to be prominent in this study, which highlights the importance of gender consideration when adopting sex appeal strategy for any luxury brand advertising. Implications for luxury brand marketers and advertisers are discussed.

3D printing is an additive software manufacturing technology for designing and creating real objects using a layering technique. Global brands including Coca Cola and Warner Bros have successfully offered the first 3D printing campaigns, but the market is still untapped for using 3D printing marketing in global advertising. Global brands potentially can undertake 3D printing technology campaigns that will offer innovative and strong experiences for enhancing brand values and competitiveness. Luxury brands are particularly recognized for their rarity, uniqueness, innovation, and classic traditions. Luxury brands can thus use 3D printing campaign experiences to expand the cultural imagination in coherence with luxury identifications. The purpose of this study is to examine the effects of 3D printing campaign experience on attitude toward campaigns, perceived value of luxury brands, and purchase intentions. The authors offer implications for advertising practitioners by constructing a theoretical model regarding 3D printing campaigns and perceived values of luxury brands.

Business model of direct selling is the dynamic and complex multi-level structure. Interpersonal face-to-face communication is the key value creation aspect of direct selling business model. Nowadays more and more sellers employ virtual communication channels instead of face-to-face, thus hindering a traditional relational element. The study explores whether usage of Internet technologies for communication with customers brings benefits or extinguish the direct selling industry. The research is based on the quantitative analysis of all-country paper based survey from 5694 respondents. The statistical analysis of total sample revealed that usage of Internet in general does not give advantages for distributors. However, usage of person-to-person internet communication tool, such as e-mail, allows achieving better performance as measured by earnings per hour worked. Surprising is the fact that the most successful young distributors (at the age under 35 years) do not use internet for communication with customers at all. For distributors over 35 years old neither internet nor e-mail usages have got impact on performance. In rural areas users of internet communication tools show lower performance results. In big cities usage of e-mail provides significantly higher performance, but general usage of internet does not. Consequently, the effects from usage of internet technologies for communication with customers are achieved in case of person-to-person communication. Moreover the most productive sellers give priority to the live communication.

Social media was originally based on the ideological and technological foundations of Web 2.0 and is described as “user-generated content” (Kaplan & Haenlein, 2010). Although initially used for communication among internet users for privacy, it has become one of the most powerful online networking tools, and in the last few years has been widely practiced in the real world to enhance relationships between businesses and customers. Virtual tourist communities are not a new concept; they have been used for more than 10 years by tourists to exchange opinions and experiences of certain travel destinations. In tourism, internet based social communities have greatly expanded recently as a result of Web 2.0 technologies’ development. Tourists use the Internet to obtain information on trips, and share experiences related to their trip before, during and after their vacation (Parra-Lopez et al., 2011). Therefore, behaviors such as sharing photos and videos, writing travel experiences in blogs and microblogs, ranking travel destinations and posting opinions on social forums (for example, TripAdvisor) are becoming generalized (Chung & Buhalis, 2008) into what has been called Travel 2.0 (Adam, et al., 2007). The purpose and importance of this study is to explore how tourists perceive the value of social media as practiced in the tourism industry. We also investigate travel agencies’ social media marketing activities, and how tourists’ perceived value of social media affects their intention to use social media for organizing their vacation. Conceptual foundations Perceived value of using social media in tourism Perceived value is treated as a major element in a number of tourism research papers (for example, Parasuraman & Grewal, 2000; Sweeny & Soutar, 2001; Jin et al. 2015). As Parra-Lopez et al. (2011, pp.641) said, “the identification of the types of customer value perceived by travelers using social media for trip planning purposes is very essential, because it can provide significant guidelines on how to design the information sources, the structure and the functionality of social media in order to enhance their web traffic, usage and competiveness”. Realizing the essential role of social media in the tourist industry, and clarifying how to measure the perceived value of using social media is required. Because perceived value is defined as ‘cognitive-affective evaluation’ in this study, we employ both cognitive and affective variables to measure the perceived value of using social mediato organize vacations. This study applies four dimensions – ‘functional’, ‘social’, ‘altruism’ and ‘trust’ from Parra-Lopez et al.’s (2011) study - to measure the value that travelers perceive from using social media to organize their vacations. Because both cognitive and affective value are used to evaluate a product or service during the purchasing process (Bajs, 2015), it seems reasonable to assume that ‘function’, ‘social’, ‘altruism’, and ‘trust’ are regarded as essential when measuring the perceived value of using social media to organize vacations. Such propositions and findings provide valuable insights that enable us to introduce our Hypothesis 1. H1: ‘Functional’, ‘Social’, ‘Altruism’ and ‘Trust’ are the dominant dimensions in the perceived value of using social media in organizing vacations. The inter-relationship of attitudes towards social media marketing activities and the perceived value and intention of using social media to organize vacations Social media is seen as one of the most powerful communication tools, and social media marketing (referred to henceforth as ‘SMM’) is used by business companies to build and maintain relationships with their customers in various fields (Kim & Ko, 2012). In previous studies, such as Kim and Ko (2012) as well as Teo and Tan (2002), it has been claimed that customers’ attitudes towards SMM activities affect brand equity. This conclusion is also supported by Chan and Guillet’s (2011) study, which shows the important role of SMM in the hospitality industry. Nowadays, most travel agencies in Japan have created their social communities aiming to enhance their relationship with customers and promote their travel products. Aker and Topcu (2011) suggest that attitude greatly affects people’s purchase intention and behavior. Moreover, the wide acceptance of SMM also means that a positive attitude towards SMM affects the perceived value of social media. It has been clarified that perceived value is positive when the benefits are greater than the sacrifices (Zeithaml, 1988). As more and more tourists rely on social media to enhance their vacations, this suggests that the perceived benefit of social media is greater than the sacrifice, and therefore its perceived value positively affects the behavior intention of tourists who use social media to organize vacations. This academic background leads us to Hypothesis 2. H2: Both direct effect (i.e. attitude towards SMM activities→Intention) and indirect effect (i.e. attitude towards SMM activities→ Perceived value→Intention) will provide a good explanation of tourists’ intention of using social media to organize vacations. Methodology Proposed conceptual model Based on the theoretical background, this study proposes a conceptual model (see Figure 1) to show the inter-relationship of ‘attitudes towards SMM activities’, ‘perceived value’ and ‘behavior intention’. Figure 1: Conceptual Model Measurement This study involves items which have been used in past research. All items were developed based on the 7-point Likert-type scale ranging from ‘strongly agree’ to ‘strongly disagree’ (see Table 1).Data collection The empirical data for this study was collected by an online survey conducted by one of the biggest research companies in Japan from March 13th to March 16th, 2015. A screening test was conducted to select suitable respondents with experience of using social media to organize their vacation and had accessed or used travel agencies’ social media, such as Facebook, Blog, and Twitter. Finally, due to the limited research budget, 622 valid samples were collected to be used in analysing the conceptual model. Data analysis results As all items presented in this study are cited from past research, we employed second-order confirmatory factor analysis (CFA) directly to explore the dominant dimensions of the perceived value of using social media to organize vacations (H1), and covariance structure analysis to investigate the inter-relationship among attitudes towards SMM activities, perceived value and behavior intention (H2). The results of data analysis are shown below (see Figure 2&3). Conclusions and managerial implications Based on the results reported in the present study, ‘functional’, ‘social’, ‘altruism’ and ‘trust’ are shown as dominant dimensions of perceived value in social media literature, thus supporting hypothesis 1. However, these four dimensions play different roles in perceived value. Compared with other dimensions, ‘altruism’ appears to be more essential. This result can be explained by the usage of social media. Tourists tend to share their experiences, opinions, photos and videos about certain travel destinations in what is called ‘altruism dimensions’. These tourists’ behavior is not for the benefit of others but for self-satisfaction (Baym, 2010) and is believed to be the most important incentive for using social media. Concerning the inter-relationship of attitudes towards SMM, perceived value and the intention of using social media to organize a vacation, contrary to our hypothesis, tourists’ attitudes towards SMM activities conducted by travel agencies do not seem to affect their behavior intention of using social media to organize their vacation (.05). The perceived value of social media seems to play a significant mediating role between attitudes towards SMM and behavior intention. In other words, the indirect influence (.585) through perceived value is greater than the direct influence (.05) of attitudes toward SMM on behavior intention. This result implies that travel agency managers should know how to increase the perceived value of social media, instead of only attempting to enhance SMM activities. Limitations Social media’s commodification in Japan is still a new concept, and for Japanese tourists, the practice of social media in the tourist industry is relatively novel. In other words, social media’s commodification has not been developed enough in Japan. Thus, the results gained from the empirical study should be compared in the countries where social media is more developed.

43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performanceand relationship performance. 2. Conceptual framework 2.1 Entrepreneurial Value Orientation Entrepreneurial Orientation Entrepreneurial-oriented firms with risk-taking, proactivness, and innovativeness focus on finding new market opportunities and reshaping current operating areas (Hult and Ketchen 2001). Entrepreneurial orientation provides firms with first-mover advantages and has a positive effect on performance. Entrepreneurs create value through innovation with exploiting new opportunity and creating new product-market areas. Market Orientation Market-oriented firms create superior value through the understanding of customers’ needs and the capabilities to fulfill those identified needs (Jaworski & Kohli, 1993). The value creation of market-oriented firms is based on strong commitment to developing product innovation capabilities (Atuahen-Gima, 1996). Market orientation provides firms with market-linking capabilities that help create and deliver value to customers (O’Cass and Ngo, 2012). Relationship Orientation Interaction orientation An interaction orientation is regarded as a sustainable competitive advantage and a value rare and as a value creation driver. Interaction oriented firms with specific and actionable nature are characterized by analyzing individual customer, not a market, performing marketing activities with customers, not for customers, by emphasizing the importance of the relationship to firms (Ramini and Kumar, 2008). The relational performance of interaction orientation is measured by customer satisfaction, customer ownership, and positive word of mouth (Ramini and Kumar, 2008). Long-term orientation Long-term orientation also creates a sustainable competitive advantage through information on best-selling product, best allowable price, cooperative advertizing, etc (Ganesan 1994). Firms with short-term orientation focus on market exchange for profit in a transaction, but firms with long-term orientation focus on relational exchange for profit from joint synergies over a series of transactions, not the length of the relationships (Ganesan 1994). Relational elements like long-term orientation increases mutual commitment to enhance mutual profitability in buyer-seller relationships (Noordewier et al 1990). 2.2 Value co-creation The customers co-create value based on their roles as participants or co-creators in various value-creating processes (Vargo and Lusch 2008a). Joint value is created among customer, suppliers, competitors, and other stakeholders involved in the relationship (Gummesson 1999). The various approaches to value co-creation have discussed. A unified value co-creation concept is explained by three types of processes such as customer value-creating processes, supplier value-creating process, and encounter processes (Payne et al., 2008). Value co-creation behaviors consist of customer participation behavior and customer citizenship behavior. Customer participation behavior that they conceptualizedand relationship performance. 2. Conceptual framework 2.1 Entrepreneurial Value Orientation Entrepreneurial Orientation Entrepreneurial-oriented firms with risk-taking, proactivness, and innovativeness focus on finding new market opportunities and reshaping current operating areas (Hult and Ketchen 2001). Entrepreneurial orientation provides firms with first-mover advantages and has a positive effect on performance. Entrepreneurs create value through innovation with exploiting new opportunity and creating new product-market areas. Market Orientation Market-oriented firms create superior value through the understanding of customers’ needs and the capabilities to fulfill those identified needs (Jaworski & Kohli, 1993). The value creation of market-oriented firms is based on strong commitment to developing product innovation capabilities (Atuahen-Gima, 1996). Market orientation provides firms with market-linking capabilities that help create and deliver value to customers (O’Cass and Ngo, 2012). Relationship Orientation Interaction orientation An interaction orientation is regarded as a sustainable competitive advantage and a value rare and as a value creation driver. Interaction oriented firms with specific and actionable nature are characterized by analyzing individual customer, not a market, performing marketing activities with customers, not for customers, by emphasizing the importance of the relationship to firms (Ramini and Kumar, 2008). The relational performance of interaction orientation is measured by customer satisfaction, customer ownership, and positive word of mouth (Ramini and Kumar, 2008). Long-term orientation Long-term orientation also creates a sustainable competitive advantage through information on best-selling product, best allowable price, cooperative advertizing, etc (Ganesan 1994). Firms with short-term orientation focus on market exchange for profit in a transaction, but firms with long-term orientation focus on relational exchange for profit from joint synergies over a series of transactions, not the length of the relationships (Ganesan 1994). Relational elements like long-term orientation increases mutual commitment to enhance mutual profitability in buyer-seller relationships (Noordewier et al 1990). 2.2 Value co-creation The customers co-create value based on their roles as participants or co-creators in various value-creating processes (Vargo and Lusch 2008a). Joint value is created among customer, suppliers, competitors, and other stakeholders involved in the relationship (Gummesson 1999). The various approaches to value co-creation have discussed. A unified value co-creation concept is explained by three types of processes such as customer value-creating processes, supplier value-creating process, and encounter processes (Payne et al., 2008). Value co-creation behaviors consist of customer participation behavior and customer citizenship behavior. Customer participation behavior that they conceptualizedcomprises four dimensions including information seeking, information sharing, responsible behavior, and personal interaction. Customer citizenship behaviors include feedback, advocacy, helping, and tolerance (Yi, and Gong 2013). 2.3 Relationship performance Ulaga(2003) proposed to identify the linkage between relationship value and relationship variables including commitment, trust, satisfaction, and loyalty. The authors consider trust, commitment, and loyalty as measurement items of relationship performance. Trust is measured as a dependent variable in channel relationships. Commitment is a good indicator of long-term relationships (Morgan and Hunt, 1994) and has been used as the dependent variable in several relationship marketing models including buyer-seller relationship (kumar et al., 1995). Consumer loyalty is related to a motivation to maintain a relationship with a firm, including more resources, positive word of mouth (WOM), and repeat purchasing (Zeithaml, Berry, and Parasuraman 1996). Value drives loyalty and trust affects loyalty through its influence in creating value (Sirdeshmukh, Singh and Sabol 2002) 3. Plan for Data Collection and analysis The instrument used to test the hypotheses a mail survey. A draft questionnaire based on existing measurement scales for the research model will be drafted. This draft questionnaire will be pretested with academics and practitioners to check its content validity and terminology and modified accordingly. The modified questionnaire will be pilot tested to check its suitability and appropriateness for the target population before mailing. The sample population for this study will be business-to-business manufacturing firms in South Korea. The authors will undertake both confirmatory factor analysis and structural equation modeling to test our hypotheses using the SPSS 20 and AMOS 20. 4. Expected outcomes and contribution 4.1 Expected outcomes The analysis will identify whether or not the positive influence of entrepreneurial value orientation has on value co-creation including customer participation behavior and customer citizenship behavior. The relationship between the value co-creation and relationship performances will be identified. The more actively customers engage in the value co-creation process, the greater trust, commitment, and loyalty could be positively influenced. Value co-creation plays an important role in increasing relationship performance and could be regarded as a source of sustainable competitive advantage. 4.2 Contribution This study will be the first effort to identify between the relationship between value co-creation and relationship performance. This research will be the first empirical study to apply the concept of value co-creation to business-to-business firms. In terms of marketing academics, this study will contribute to broaden marketing research areas. Managers of business-to-business firms from the results of this study will recognize valuable information on how the extent of an individual’s orientations such as entrepreneurial orientation, market orientation, and relationship orientation affects value co-creation.comprises four dimensions including information seeking, information sharing, responsible behavior, and personal interaction. Customer citizenship behaviors include feedback, advocacy, helping, and tolerance (Yi, and Gong 2013). 2.3 Relationship performance Ulaga(2003) proposed to identify the linkage between relationship value and relationship variables including commitment, trust, satisfaction, and loyalty. The authors consider trust, commitment, and loyalty as measurement items of relationship performance. Trust is measured as a dependent variable in channel relationships. Commitment is a good indicator of long-term relationships (Morgan and Hunt, 1994) and has been used as the dependent variable in several relationship marketing models including buyer-seller relationship (kumar et al., 1995). Consumer loyalty is related to a motivation to maintain a relationship with a firm, including more resources, positive word of mouth (WOM), and repeat purchasing (Zeithaml, Berry, and Parasuraman 1996). Value drives loyalty and trust affects loyalty through its influence in creating value (Sirdeshmukh, Singh and Sabol 2002) 3. Plan for Data Collection and analysis The instrument used to test the hypotheses a mail survey. A draft questionnaire based on existing measurement scales for the research model will be drafted. This draft questionnaire will be pretested with academics and practitioners to check its content validity and terminology and modified accordingly. The modified questionnaire will be pilot tested to check its suitability and appropriateness for the target population before mailing. The sample population for this study will be business-to-business manufacturing firms in South Korea. The authors will undertake both confirmatory factor analysis and structural equation modeling to test our hypotheses using the SPSS 20 and AMOS 20. 4. Expected outcomes and contribution 4.1 Expected outcomes The analysis will identify whether or not the positive influence of entrepreneurial value orientation has on value co-creation including customer participation behavior and customer citizenship behavior. The relationship between the value co-creation and relationship performances will be identified. The more actively customers engage in the value co-creation process, the greater trust, commitment, and loyalty could be positively influenced. Value co-creation plays an important role in increasing relationship performance and could be regarded as a source of sustainable competitive advantage. 4.2 Contribution This study will be the first effort to identify between the relationship between value co-creation and relationship performance. This research will be the first empirical study to apply the concept of value co-creation to business-to-business firms. In terms of marketing academics, this study will contribute to broaden marketing research areas. Managers of business-to-business firms from the results of this study will recognize valuable information on how the extent of an individual’s orientations such as entrepreneurial orientation, market orientation, and relationship orientation affects value co-creation.43 5. Research Model Value Co-Creation Customer ParticipationㆍInformation seeking ㆍInformation sharing ㆍResponsible behavior ㆍPersonal interactionCustomer Citizenship ㆍFeedbackㆍAdvocacyㆍHelpingㆍToleranceRelationship PerformanceㆍTrust ㆍCommitment ㆍLoyaltyEntrepreneurial Value OrientationEntrepreneurial Orientation(EO)Relationship Orientation(RO)MarketOrientation(MO)H1H2H3H4H5H6H7H8 Hypotheses H1: Entrepreneurial Orientation will have a positive influence on customer participation behavior in value co-creation process H2: Market Orientation will have a positive influence on customer participation behavior in value co-creation process H3: Relationship Orientation will have a positive influence on customer participation behavior in value co-creation process H4: Entrepreneurial Orientation will have a positive influence on customer citizenship behavior in value co-creation process H5: Market Orientation will have a positive influence on customer citizenship behavior in value co-creation process H6: Relationship Orientation will have a positive influence on customer citizenship behavior in value co-creation process H7: Customer participation behavior in value co-creation process will have a positive influence on relationship performance H8: Customer citizenship behavior in value co-creation process will have a positive influence on relationship performance

This conceptual paper is motivated by personal industry experience from over 100 customer-purchasing decisions from the machine tooling industry. The insights suggest that the customer’s ability to pay (ATP) constitutes a key deal-breaker criterion for value-based decision making that up to date has been overlooked in research. Customers may be willing, but unable to pay for the offering with the highest perceived value, simply because they lack the financial resources. The traditional view on value-based marketing strategies proposes that firms must provide offerings that create value for their customers (premise 1: customer need perspective) and that the value created must be superior to competition (premise 2: competitor perspective) while generating profits (premise 3: firm’s perspective). Customers will estimate which offering provides superior value, and they will choose the offering that delivers the highest value. I introduce the customer’s ability to pay as an additional foundational premise suggesting that the firm’s offering must also be within the customer’s budget (premise 4: customer budget perspective). I propose that frontline employees must not only develop a high degree of customer need knowledge, but they must also build-up a high level of customer budget knowledge. I conclude by deriving operative and strategic management implications supported with empirical evidence from the Australian machine tooling industry.

We integrate institutional theory and the resource-based view of capability to examine the interplay of institutional environments and firm-specific capabilities on value-creating synergy by emerging market firms (EMFs). We argue that EMFs expand into countries with better-developed institutions as a means to overcome poor institutions at home. EMFs that develop strong absorptive capacity and knowledge transfer capability are better able to benefit from a portfolio of complementary sources of knowledge across multiple markets. We analyze data on a sample of manufacturing firms’ international expansion to demonstrate that expansion into a host country with a better-developed institutional environment promotes innovation success. This effect was found to be stronger for firms with strong absorptive capacity and well-developed knowledge transfer capability.

목 적: 본 연구의 목적은 최근 시력검사와 조제가공, 그리고 제품의 차별화를 기반으로 다양한 형태의 안경원이 탄생하고 있는 경영환경에서 안경원의 관계효익과 경북지역 20대 대학생의 고객가치가 어떠한 관 계를 나타내는지를 확인하고자 하였다. 방 법: 본 연구는 안경원에서 안경테, 안경렌즈, C/L를 구입하였던 217명의 20대 대학생들을 대상으로 설문조사하고 그 데이터를 분석하였다. 데이터 분석은 SPSS 18.0 통계프로그램을 이용하여 빈도분석, 요인 분석, 회귀분석을 실시하여 안경원의 관계효익과 고객가치에 관한 연구 가설을 검증하였다. 결 과: 첫째, 관계효익 중 경제적효익이 가격가치에 긍정적인 영향을 미쳤다. 둘째, 관계효익의 네 요인, 즉 경제적효익, 고객화효익, 사회적효익, 심리적효익이 모두 품질가치에 미약하지만 긍정적인 영향을 미치 는 것으로 나타났다. 셋째, 관계효익 중 경제적효익이 사회적가치에 긍정적인 영향을 미치며, 넷째, 관계효 익 중 사회적효익이 감정적가치에 긍정적인 영향을 미치는 것으로 나타났다. 결 론: 본 연구에서는 안경원의 관계효익 중에서 경제적효익이 가격가치와 사회적가치에 중요한 역할을 하는 것과 관계효익의 네 요인이 고객의 품질가치에 약하지만 고르게 영향을 주는 것을 발견하였다. 또한 사 회적효익은 감정적가치에 영향을 미치므로 안경원 경영자는 고객에게 제공되는 경제적효익을 개발하는 노력 뿐만 아니라 안경원을 지속적으로 이용함으로써 획득하게 되는 사회적효익을 높이고 고객이 인식하는 다양 한 가치를 개발하기위한 노력을 기울여야 할 것이다.

This study was conducted to determine grazing intensity of growing Korean native goats (Capra hircus coreanae) on mountainous pasture. It was carried out to obtain basic information for improvement of mountainous pasture management and establishing feeding system of Korean native goats. Castrated, male goats (n=10) with average initial body weight (BW) of 23.33±2.15kg and an average age of 4 months were used in this study. Grazing goats were supplemented by concentrates with 1.0% of BW. The crude protein content of forage was the highest in October (22.71±0.25%) and there were significantly differences (p<0.05) in monthly comparison. The forage productivity of pasture was the highest from May to June (1718.7±207.5~ 1672.0±422.8 kg/ha) but it was decreased in July (1356.0±103.8 kg/ha) because of drought and summer depression. Average daily gains (ADG) of goats were the highest in June (99.5±6.4 d/g). Grazing intensity was calculated by forage productivity and dry matter intake (DMI) and was the highest in May (65 head/ha). As shown in the results of this research, grazing intensity was suggested to average 39 head/ha from May to October. It is desirable that adequate grazing intensity was maintained by adjusting supplemental feed.