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Woochoel Shin - University of Florida. Gainesville, FL, US

Woochoel Shin Woochoel Shin

Brian R. Gamache Professor | University of Florida

Gainesville, FL, UNITED STATES

Woochoel Shin is an expert in online advertising, media platforms, online reviews, as well as distribution channels and store brands.

Biography

Shin is an expert in online advertising, media platforms, online reviews, as well as distribution channels and store brands.

Industry Expertise (3)

Advertising/Marketing

Business Services

Social Media

Areas of Expertise (4)

Competitive Product Policy

Internet Advertising

Advertising Strategy

Business

Media Appearances (5)

The first online evaluation can kill products

Werbewoche (German)  online

2021-02-08

This enables a good comparison of how this works. "The first review can potentially influence the entire development of customer ratings," says UF marketing professor Woochoel Shin. According to the study published in "Marketing Science", the first evaluation can influence both the number of further customer reviews and their tone over a period of three full years. The former is related to the fact that a bad first rating leads to fewer purchases, i.e. the product has fewer chances of further reviews.

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Shopping online? Here's what you should know about user reviews

ScienceDaily  online

2021-02-04

To find out, Park -- now an assistant professor at the Darla Moore School of Business at the University of South Carolina -- teamed up with UF professors Jinhong Xie, Ph.D., and Woochoel Shin, Ph.D., to analyze what might cause the variation. By comparing identical vacuum cleaners, toasters and digital cameras on Amazon and Best Buy, they were able to isolate the first review as the variable in how the product fared. They showed that the first review can affect a product's overall reviews for up to three years, influencing both the amount and the tone of later reviews. "The first review has the potential to sway the entire evolution path of online consumer reviews," Shin said.

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First reviews can set products up for success or failure

Futurity  online

2020-12-17

To find out, Park—now an assistant professor at the Darla Moore School of Business at the University of South Carolina—teamed up with professors Jinhong Xie and Woochoel Shin to analyze what might cause the variation.To find out, Park—now an assistant professor at the Darla Moore School of Business at the University of South Carolina—teamed up with professors Jinhong Xie and Woochoel Shin to analyze what might cause the variation. By comparing identical vacuum cleaners, toasters, and digital cameras on Amazon and Best Buy, they were able to isolate the first review as the variable in how the product fared. They showed that the first review can affect a product’s overall reviews for up to three years, influencing both the amount and the tone of later reviews.

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The next Kirkland? Online retailers create their own brands

Chicago Tribune  online

2018-03-29

To make store brands, retailers find manufacturers who can produce the items they want, says Woochoel Shin, a marketing professor at the University of Florida's Warrington College of Business. But sometimes it's the big brands that also make the private-label goods — something many don't want to advertise. "If consumers knew that, who would buy the national brand product?" says Shin, who has studied store brands.

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Even a marketing expert succumbs to store brand bias

Futurity  online

2017-11-02

Store brands have been growing since the 1980s, expanding from a 10 to 15 percent market share to nearly 25 percent today. The phenomenon isn’t limited to supermarkets, but extends to home improvement, office supply, and big-box stores. However, “consumers still think of store brands as a lower quality than the national brands,” says Woochoel Shin, professor of marketing at the University of Florida’s Warrington College of Business. “That’s the biggest misconception.”

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Articles (5)

Multi-Tier Store Brands and Channel Profits

Journal of Marketing Research

Wilfred Amaldoss, Woochoel Shin

2015 Multitier store brands are increasing in significance in retail outlets. In this article, the authors theoretically examine the rationale for the existence of multitier store brands, their optimal quality levels, and their implications for consumer welfare and channel profits. They show that despite the manufacturer’s efforts to deter the entry of store brands by providing side payments and/or introducing additional national brands, the retailer will offer multitier store brands in equilibrium. Furthermore, the quality levels of store brands and national brands are interlaced, with a store brand taking the top-quality position unless national brands outnumber store brands. Even though the proliferation of store brands reduces product differentiation, it does not decrease consumer welfare or channel profits. However, store brands hurt the manufacturer’s profits and make two-part tariffs ineffective in improving channel coordination. Nonetheless, the retailer can enhance channel coordination by proc...

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Keyword Search Advertising and Limited Budgets

Marketing Science

Woochoel Shin

2015 In keyword search advertising, many advertisers operate on a limited budget. Yet how limited budgets affect keyword search advertising has not been extensively studied. This paper offers an analysis of the generalized second-price auction with budget constraints. We find that the budget constraint may induce advertisers to raise their bids to the highest possible amount for two different reasons, i.e., to accelerate the elimination of the budget-constrained competitor, and to reduce their own advertising cost. Thus, in contrast to the current literature, our analysis shows that both budget-constrained and unconstrained advertisers could bid more than their own valuation. We further extend the model to consider dynamic bidding and budget-setting decisions.

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Keyword Search Advertising and First-Page Bid Estimates: A Strategic Analysis

Management Science

Wilfred Amaldoss, Preyas S. Desai, Woochoel Shin

2015 In using the generalized second-price (GSP) auction to sell advertising slots, a search engine faces several challenges. Advertisers do not truthfully bid their valuations, and the valuations are uncertain. Furthermore, advertisers are budget constrained. In this paper we analyze a stylized model of the first-page bid estimate (FPBE) mechanism first developed by Google and demonstrate its advantages in dealing with these challenges. We show why and when the FPBE mechanism yields higher profits for the search engine compared with the traditional GSP auction and the GSP auction with advertiser-specific minimum bid. In the event that a high-valuation advertiser is budget constrained, the search engine can use the FPBE mechanism to alter the listing order with the intent of keeping the high-valuation advertiser in the auction for a longer time. The resulting increase in the search engine's profits is not necessarily at the expense of the advertisers because the combined profits of the advertisers and the search engine increase.

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The Company That You Keep: When to Buy a Competitor's Keyword

Marketing Science

Preyas S. Desai Duke University Woochoel Shin University of Florida Richard Staelin

2014 In search advertising, brand names are often purchased as keywords by the brand owner or a competitor. We aim to understand the strategic benefits and costs of a firm buying its own brand name or a competitor's brand name as a keyword. We model the effect of search advertising to depend on the presence or absence of a competitor's advertisement on the same results page. We find that the quality difference between the brand owner and the competitor moderates the purchase decision of both firms. Interestingly, in some cases, a firm may buy its own brand name only to defend itself from the competitor's threat. It is also possible that the brand owner, by buying its own branded keyword, precludes the competitor from buying the same keyword. Our result also implies that the practice of bidding on the competitor's brand name creates a prisoner's dilemma, and thus both firms may be worse off, but the search engine captures the lost profits. We also discuss the difference in our results when the search is for a generic keyword instead of a branded keyword. Finally, we find some empirical support for our theory from the observation of actual purchase patterns on Google AdWords.

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Competing for Low-End Markets

Marketing Science

Wilfred Amaldoss, Woochoel Shin

2011 Recent business research points to the fortune awaiting to be tapped in low-end markets. In this paper, we investigate how the size of the low-end market influences a firm's profits and the pioneering firm's quality choice. As low-valuation consumers increase in a market, on average, consumers' willingness to pay decreases. This may lead us to expect firms' profits to decrease as the size of the low-end market increases. Our analysis shows that, if the size of the low-end market is below a threshold, an increase in the size of the low-end market may actually dampen price competition and improve profits, as firms can then strategically choose their quality levels such that their products are more differentiated. Conventional wisdom also suggests that the pioneering firm will offer a higher-quality product and earn more profits compared with the later entrant. In contrast to this notion of quality advantage, our analysis identifies circumstances in which a pioneer can offer a lower-quality product and yet earn more profits. An experimental test lends support for some of our model's predictions. We further extend the model to consider markets with multiple firms, firms with multiple products, and consumers with limited purchasing power.

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Languages (1)

  • English