한우고기 소비활성화를 위한 광고효과분석

(Economic Impact of Hanwoo Advertising Programs on Koeran Beef Demand)

This study evaluates the economic impact of Hanwoo advertisement on Korean beef demand. The study specifies a double-log beef demand model as a function of Hanwoo retail price, pork price, chicken price, imported beef price, per capita income, and advertising expenditure. To account for the dynamic nature of advertising effect on actual consumption, the study generates a capital stock variable for advertising expenditure. The demand model is estimated using monthly data for the period of August, 2005 to June, 2011, then is simulated with and without advertising expenditure to analyze the advertising effect on beef demand. Results indicate that own retail price, per capita income, and advertising were important variables in explaining the change in Hanwoo beef demand during the study period. The results also find that the rate of return of the Hanwoo advertisement was 14.10, which means the Hanwoo checkoff program generated 14.10 Korean Won for each 1 Won it invested. The finding suggests that the advertising program has been highly effective and could be further expanded.