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The purpose of this study is to investigate the determinants of service value of regular airlines and low cost carriers in South Korea. Based on the determinants, this study also suggests the differentiated service management strategy to obtain competitive advantages for low cost carriers. The results show that service quality and process factors, which determine the service value, were different between regular and low cost airlines. In case of regular airlines, responsiveness, assurance, and empathy influence the service value, while boarding procedure affects the service value among service process factors. In contrast, tangibles and assurance influence the service value in low cost carriers.