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KMID : 1134820070360010124
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Journal of the Korean Society of Food Science and Nutrition
2007 Volume.36 No. 1 p.124 ~ p.130
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Analysis of Foreign Customers’ Price Sensitivity on Korean Traditional Restaurants Using Price Sensitivity Measurement
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Lee Min-A
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Abstract
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The purposes of this study were (1) to analyze price sensitivity, (2) to define the range of acceptable prices for each foreign segment, and (3) to provide a price model for Korean traditional restaurants. From October to November, 2006, a total of 781 foreigners responded to individual surveys. Statistical analyses on the survey data were performed using descriptive statistics and Price Sensitivity Measurement (PSM). Major findings from the study are as follows: First, the ranges of the acceptable prices were $98～$130 for fine dining/gourmet restaurants, $70～$90 for theme/ambience restaurants, $40～$60 for popular/family restaurants, and $18～$30 for convenience/fast food restaurants. Second, the convenience/fast food restaurants showed the highest price sensitivity. Third, a low stress level and wide range of the acceptable price were observed for the fine dining/gourmet restaurants, suggesting that the price sensitivity of the fine dining/gourmet restaurants was quite low. Finally, the price sensitivity indicated by the Japanese was higher than by the other groups. In consequence, the research findings suggest that the managers of the Korean traditional restaurants should strategically plan prices by understanding different customers’ price sensitivity within and between customer segments. Through additional research, marketers can compare perceptions of specific brands, the competition, and variations within a product line.
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KEYWORD
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Price Sensitivity Measurement(PSM), Korean traditional restaurants, segments
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