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This study tries to investigate the terminal value of golfers depending on the level of specialization. Until now, only some studies have been carried by utilizing means-end chain theory in the Korean tourism sector. The main purpose of this study is to identify the golfer’s ultimate value by using means-end chain theory. Especially, this study attempted to seek golfer’s terminal value chain depending on the level of specialization. An interview method used for data collection included a hard laddering approach which is most common in means-end theory. A total of 91 interviews from Jan to Feb 2012 were carried out for 91 golfers enjoying golf. Results of this study showed that the terminal value for golfers was different in both groups. The value chain for high specialization group was low cost(A)-more often golf(C)-happiness in life. This results will help researchers and management to give plentiful insights in understanding who golfers are and what they really pursuit through golfing.