골프회원권 가격 결정요인 및 회원권 종류별 특성 분석
Determinants of Golf Club Membership Price and Characteristics by Membership Types
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The purpose of this paper is to analyze determinants of golf club membership prices and compare characteristics by membership types. Previous studies did not analyze golf clubs of the entire country and all kinds of memberships. To overcome these limitations, we constructed database for all kinds of memberships and analyse price determinants using various hedonic price models. We test three whole market models: distance gradient model, distance-population index model and sub-market model. The coefficients of determination of three whole market models are 0.65~0.67. We find that sale characteristics such as chain golf clubs, membership issue number, membership per hole are statistically significant and other characteristics such as the number of holes, clubhouse area per hole, golf club in a resort, and golf club in pledge, too. Comparing price determinants of four types of memberships: general, weekdays, corporate and VIP, we find determinants of general membership prices are similar to whole market models. But both corporate and VIP membership are not similar. We therefore conclude that markets of those memberships are segmented for corporate clients.
Abstract
The purpose of this paper is to analyze determinants of golf club membership prices and compare characteristics by membership types. Previous studies did not analyze golf clubs of the entire country and all kinds of memberships. To overcome these limitations, we constructed database for all kinds of memberships and analyse price determinants using various hedonic price models. We test three whole market models: distance gradient model, distance-population index model and sub-market model. The coefficients of determination of three whole market models are 0.65~0.67. We find that sale characteristics such as chain golf clubs, membership issue number, membership per hole are statistically significant and other characteristics such as the number of holes, clubhouse area per hole, golf club in a resort, and golf club in pledge, too. Comparing price determinants of four types of memberships: general, weekdays, corporate and VIP, we find determinants of general membership prices are similar to whole market models. But both corporate and VIP membership are not similar. We therefore conclude that markets of those memberships are segmented for corporate clients.
참고문헌 (18)
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