Dr. Cheng-Ping Li, Corresponding Author, Assistant Professor of Minghsin University of Science and Technology, Taiwan ABSTRACT INTRODUCTION

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1 Effects of Brand Image, Perceived Price, Perceived Quality, and Perceived Value on the Purchase Intention towards Sports and Tourism Products of the 2016 Taichung International Travel Fair Dr. Cheng-Ping Li, Corresponding Author, Assistant Professor of Minghsin University of Science and Technology, Taiwan ABSTRACT This study aims to discuss the effects of brand image, perceived price, perceived quality, and perceived value on purchase intentions toward sports, sightseeing, and tourism products of the 2016 Taichung International Travel Fair. Participants of the Taichung International Travel Fair were used as subjects and questionnaires were handed out via purpose sampling. A total of 400 valid questionnaires were acquired, and after excluding 20 invalid questionnaires that were incomplete or with obvious mistakes, the valid response rate was95.2%. Data collected were analyzed byspss20.0 and AMOS 20.0 for descriptive statistics and structural equation modeling. Results of this study show that: (1) Brand image does not have significant effect on purchase intention. (2) Perceived price has significant effect on purchase intention. (3) Perceived quality has significant effect on purchase intention. (4) Perceived value has significant effect on purchase intention. Finally, based on the results, this paper gives advice for the reference of future studies. Keywords: Perceived Price, Perceived Quality, Perceived Value INTRODUCTION Research Background and Motives Tourism has long played an important role in the world, as it provides diversified job opportunities, and facilitates the prosperity of related service industries. Through cooperation between different industries, the number of tourists worldwide continues to grow, which coincided with the annual statistics of the 2016 World Tourism Organization (UNWTO), and an important year for tourism. Despite the challenges, the number of international tourists exceeded 1200 million, which is higher than the average for the seventh consecutive year. Moreover, the 2017 statistics of the Ministry of Transportation and Communications also show that the number of tourists to Taiwan grew from 7,311,470 in 2012 to 10,690,279 in 2016, which reflect the rapid development of tourism. International Travel Fairs have become an important marketing platform for tourism and other related industries and the visibility of tourism products has been enhanced through the promotions, exhibitions, experience, discounts, etc. Yuksel and Voola (2010) held a similar view, and believed that, due to globalization, tourism industry activities were increasing, including the significant development of travel fairs. International Travel Fairs area particularly popular media tool for promoting sightseeing, tourism, and catering services. Most counties and cities hold International Travel Fairs every year, and the Taipei International Travel Fair attracts many exhibitors and participants. According to the data of the Taipei International Travel Fair of 2017, the 2016 Taipei International Travel Fair attracted 950 The Journal of International Management Studies, Volume 12 Number 2, August,

2 organizations from over 60 countries to participate, and the number of exhibition booths was as high as With successful media advertisements, activity planning, and the joint efforts of exhibitors, the 4-day exhibition attracted over 367 thousand person-times to participate, and the total amount of transactions was over NTD3 billion. Many national and international media reported the exhibition, the number of news pieces was over 4000, and it created numerous business opportunities for exhibitors. The Taichung International Travel Fair has similar influence. In 2017, it attracted 175,217 person-time to participate in total. Tourism bureaus, brand travel agencies, five-star hotels, special home-stays, and tourism factories gathered together in nearly 500 booths to create the final wave of Taichung s promotion before the summer holiday. In addition to increasing popularity and buying, Travel Fairs enable exhibitors to promote their latest products, such as some special alternatives for sports and tourism products, which have been provided to the people in recent years. According to the 2015 statistics of the sports consumption expenditures of the Sports Administration and Ministry of Education (2016), the overall average expenditure was TWD9,526 for all people with national sports or tourism consumption expenditures from January to June 2015, and the estimated amount of the total national sports and tourism consumption expenditures of citizens aged was NTD7.55 billion from January to June The overall average expenditure amounted to NTD34,755 for all people who have international sports or tourism consumption expenditure, and the estimated amount of total international sports and tourism consumption expenditure of citizens aged was NTD4.18 billion from January to June All such data show the high acceptance of sports and tourism products. Relevant literature shows that study topics related to the travel fairs of Taiwan mostly focused on consumers, such as satisfaction (Liao and Chen, 2008; Sun, 2009; Chao, 2013) and consumer participant behavior (Tan and Chien, 2012). Some studies took travel agencies or firms as their topic (Ho, Lin, and Chang, 2009; Chi, Sun, Ho, and Liao, 2014), while few studies have discussed purchase intention. However, in a time when price-comparison sites and online tourism professionals are highly developed, it is even more important to deeply understand consumer s perceptions regarding sports, sightseeing, and tourism products. Hence this paper starts from developing brand image, uses perceived price, perceived quality, and perceived value as variables, constructs a research model of consumer s purchase intention towards sports, sightseeing, and tourism products of Taichung International Travel Fairs, discusses the relations between the variables, and provides advice to related organizations for reference. LITERATURE REVIEW Brand image is the concept of a brand held by consumers, meaning a largely subjective and perceptual phenomenon that is formed through consumer interpretation, whether reasoned or emotional.(dobni & Zinkhaml, 1990). Keller (1993) further identified brand knowledge as an associate network memory modal of brand awareness and brand image (i.e., a set of brand associates), and brand associates can be categorized into three major types: attributes (further categorized into two categories of product-related attributes and non-product-related attributes), benefits (functional, experiential, and symbolic benefits), and attitudes. Sports, sightseeing, and tourism products provide the people with various features, such as the pursuit of excitement and self-breakthrough in terms of attributes; they bring sensual joy to participants or excitement to their five senses in terms of benefits; in terms of attitudes, the attributes and benefits of sports, sightseeing, and tourism products become positive attitudes for participants. Perceived value is the price that can be accepted by the costumer when purchasing, meaning the consumer s perception that the price of the product is lower than the acceptable price, thus, increased 98 The Journal of International Management Studies, Volume 12 Number 2, August, 2017

3 perceived value also leads to increased willingness to buy (Dodds, Monroe,& Grewal, 1991). In other words, the measurement of value is the feeling between the payment and the gains of the consumer for a product or service. Parasuraman and Grewal (2000) stated that perceived value can be measured according to the four facets of obtained value, transaction value, use value, and scrap value. In this study of sports and tourism products, the so-called obtained value can determine whether the products are worthwhile beyond their price; the transaction value shows whether the purchase experience at Travel Fair is pleasant; the use value is the effectiveness the products bring to consumers; and the scrap value is the memory or technical effects consumers gain after using the product. Perceived quality is the overall assessment of the superiority or excellence of products or services, as based on the users of the products or services (Myers & Shocker, 1981). Other relevant studies also reported that consumers tend to reflect their perceived quality towards products or services when considering perceived value, for example Erickson and Johansson (1985) stated that consumers overall requirements of products or services will grow with the growing perceived price; moreover, their perceived quality is also raised. Perceived price is the price codified by the consumer. Consumers tend to interpret price through subjective perceptions, and transfer them as concepts of expensive or cheap in their memory, thus, the perceived price is not the real monetary price of a product (Kashyap & Bojanic, 2000).When consumers compare prices online to buy sports and tourism products, and they find a truly meaningful price, the perceived price will identify the product as cheap rather than expensive. The above discussions prove the complexity of the formation of purchase intention, in other words many relevant factors can influence consumers. In particular, due to the huge number of relevant products of sports and tourism products, and the fierce competition between travel agencies, it is usually difficult for consumers to settle their purchase intention. Related studies also prove the existence of an individual relations between the above-mentioned four variables and willingness to buy (Zeithaml,1988; Bruce & Abhijit, 2002; Cretu & Brodie, 2007; Kan, 2006). RESEARCH METHOD Research Structure Based on the aims and relevant literature, this study proposes a research model of the effects of brand image, perceived price, perceived quality, and perceived value on purchase intentions towards sports, sightseeing, and tourism products of the Taichung International Travel Fair, and the model is showed in Figure 1: Figure 1: Research Framework The Journal of International Management Studies, Volume 12 Number 2, August,

4 Research Hypotheses According the results drawn from literature review, the following hypotheses are proposed: (1) Brand image has significant effect on purchase intention. (2) Perceived price has significant effect on purchase intention. (3) Perceived quality has significant effect on purchase intention. (4) Perceived value has significant effect on purchase intention. Research Subjects and Research Tools (1) Research Subjects Subjects of this study are consumers at the 2016 Taichung International Travel Fair, and the questionnaire method is applied. There are 420 questionnaires handed out via purpose sampling, and the total number of valid questionnaires is 400 after excluding 20 invalid questionnaires that are incomplete or with obvious mistakes. The valid response rate is 95.2%. (2) Research Tools The scale of brand image, perceived quality, perceived value, perceived price, and purchase intention are adapted according to the relevant scales of Yuan (2015), which includes5 scales in total, scale of brand image, scale of perceived quality, scale of perceived value, scale of perceived price, and scale of purchase intention. The 19 items are scored using a five-point Likert Scale, and participants rated their feelings as strongly disagree, disagree, neutral, agree, and strong agree by giving 1 to 5 points, respectively. Data Processing and Analysis This study codifies the collected valid questionnaires, creates files with statistical software SPSS20.0, and discusses the fitness degree of the model and the relations between the variables by AMOS RESULTS AND DISCUSSION Sample Characteristics Basic information distribution is sorted via descriptive statistics and summarized in Table 1. Among the 400 valid samples, the percentages of men and women are 38.3% and 61.8%, respectively, with more female subjects than male subjects; in terms of age, the subjects of the largest age group are between years old, accounting for 61.3%; subjects of the smallest age group are over 61 years old, accounting for 0.3%; in terms of marital status, most subjects are single, accounting for 78.0%;while married subjects only account for 22.0%; the largest group in terms of educational background is the group of junior college/university, accounting for 73.8%;while the smallest group is the junior high school group, only accounting for 4.5%; in terms of occupation, students form the largest group, accounting for 49.0%;while people in the military or education professions form the smallest group, taking up 2.3%; in regard to annual travel times, the largest group is the group travelling 1-3 times, accounting for 60.0%;while the smallest group is the group travelling over 5 times, accounting for 8.0%; regarding annual travel expenditures, the largest group consumes below NTD30,000, taking up 49.8%;while the smallest group consumes over NTD200,000, taking up 3.0%; in terms of monthly income, people who earn less than NTD30,000 form the largest group, accounting for 66.0%; while people who earn between NTD150,000 and NTD200,000 form the smallest group, accounting for 0.5%. 100 The Journal of International Management Studies, Volume 12 Number 2, August, 2017

5 Table 1: Sample Characteristics in Summary Variable Type Times Percentage (%) cumulative percentage (%) Sex Man Woman Under Age Marital status Over Single Married Junior high Educational Senior high background Junior college/university Graduate school and above Industry and commerce Finance and insurance Occupation Health care and environment Army and education Civil servant Student None Annual travel times 1-3 times times Over 5 times Annual travel expenditure Monthly income none Below TWD30, TWD30,000-50, TWD50, , TWD100, , Over TWD200, Below TWD30, TWD30,000-50, TWD50, , TWD100, , TWD150, , Over TWD200, Offending Estimates From Table 2, it is clear that the values of error variance in this study are all positive, between 0.01 to 0.02, and the standardized coefficients are all below 0.95, ranging from to Therefore, no offending estimates occur in all scales of the model in this study (Hair, Anderson, Tatham & Black, 1998). The Journal of International Management Studies, Volume 12 Number 2, August,

6 Table 2: Offending Estimates Testing Code of item Standardized regression coefficient Error variance A A A A A B B C C C C D D D D D F F F Analyzing Measurement Models (1) Validating convergent validity The validation of convergent validity must meet the following conditions simultaneously: (1) the factor load or latent variables are over 0.7 and significant results are attained in t-testing (2) C.R. must be over 0.7 (3) AVE of questionnaire facets must be over 0.5 (Fornell & Larcker, 1981). From Table 3, it is clear that the factor loads of all variables of the measurement model are between 0.71 and 0.91, all C.R. values are between 0.73 to 0.90, and all AVE values are between 0.58 and All requirements of convergent validity are met. Table 3: Convergent Validity Analysis Latent variables observed variables Standardized load Non-standardized load S.E C.R. (t-value) P SMC CR AVE A Brand image A ***.82 A ***.53 Perceived price B B ***.65 C Perceived quality C ***.80 C ***.80 D Perceived value D ***.77 D ***.72 F Purchase intention F ***.63 F *** The Journal of International Management Studies, Volume 12 Number 2, August, 2017

7 (2) Validating discriminant validity This study uses the confidence interval method to verify whether there is discriminant validity in the two different facets (Torkzadeh, Koufteros & Pflughoeft, 2003). If the correlation coefficient between the polygons does not contain 1, it means that there is a difference between the facets. From Table 4, it is clear that the confidence interval of the Bootstrap correlation coefficient does not contain 1, meaning there is a difference between all facets of discriminant validity. Table 4: 95% Confidence Interval of Bootstrap Correlation Coefficient Parameters Estimates Bias-corrected Percentile method lower bound upper bound lower bound upper bound Brand image <--> Perceived price Brand image <--> Perceived quality Brand image <--> Perceived value Brand image <--> Purchase intention Perceived price <--> Perceived quality Perceived price <--> Perceived value Perceived price <--> Purchase intention Perceived quality <--> Perceived value Perceived quality <--> Purchase intention Perceived quality <--> Purchase intention Analyzing Structural Pattern Structural model analysis contains the fitness analysis of the overall research model and the explanatory power of the overall research model, including common fit indices χ2 (Chi-square), χ2 to degree of freedom, GRI, AGFI, RMSEA, CFI, NFI, and NNFI (Wu, 2009; Hair et al.1998). The fitness indices of the structural model analysis of this study are shown in Table 9, with the value of χ2 to degree of freedom <3(2.80); GFI>0.90(0.94);AGFI>0.80(0.91);RMSEA<0.08(0.07); CFI>0.90(0.97) and NFI>0.90(0.95). All fit indices of this study meet the standard, representing a good fitness degree between the research structure and the data of this study. Table 5: Model Fitness Degree Analysis Fit indices Allowable range Correction model Model fitness determination χ2 (Chi-square) As small as possible χ2 to degree of freedom < Fit GFI > Fit AGFI > Fit RMSEA < Fit CFI > Fit NFI > Fit Testing Hypotheses H1 of this study is invalid, meaning brand image does not have significant effect on purchase intention, and the path value is This result differs from the result of Cretu and Brodie s (2007), and the possible reason is that flaws in some follow-up services of products sold by famous travel agencies at International Travel Fairs have led to a weaker relationship between a brand or a company image, as recognized by the public and their purchase intention. H2 of this study is valid, meaning perceived price has significant effect on purchase intention, and the path value is 0.32*. This result is similar to the The Journal of International Management Studies, Volume 12 Number 2, August,

8 research result of Kan (2006). The reason is probably that the development of price-comparison sites and tourism product Apps enables consumers of sports, sightseeing, and tourism products to roughly learn about the features of products, as well as their reasonable prices, before attending Travel Fairs. Consumers will then compare the price at the Travel Fair with the price on the Internet, and when the price meets their expectation, they tend to show high purchase intention. H3 of this study is valid, meaning perceived quality has significant effect on purchase intention, and the path value is 0.15*, which is similar to the results of Wang, Shen, and Lo (2014);it is possibly due to travel agencies great efforts in arranging their booths, appointing good product service staff, and offering extra discounts to attract consumers. Therefore, after the staff describe the products face-to-face in detail, most consumers can perceive the quality of the products and raise their purchase intention. H4 of this study is valid, meaning perceived value has significant effect on purchase intention, and the path value is 0.46*. This result coincides with the result of Hu (2003). As mentioned above, the atmosphere at a Travel Fair, and its discounts, are likely to make consumers feel that the value is beyond the price. Consumers of sports, sightseeing, and tourism products can usually purchase suitable products at Travel Fairs and believe them to be valuable, thus, the purchase intention is also raised. The detailed results are shown in Figure 2 and Table 6. Figure 2: Relationship Between the Factors of Brand Image, Perceived Price, Perceived Quality and Perceived Value and the Purchase Intention of Sports and Tourism Products Table 6: Empirical Results of Hypotheses Hypothesis Path relationship Path value Valid or not 1 Brand image Purchase intention Invalid 2 Perceived price Purchase intention 0.32* Valid 3 Perceived quality Purchase intention 0.15* Valid 4 Perceived value Purchase intention 0.46* Valid *p< The Journal of International Management Studies, Volume 12 Number 2, August, 2017

9 CONCLUSION AND SUGGESTIONS Conclusion International Travel Fairs have long been marketing channels for tourism-related industries of the country to promote their tourism products. In the era of prosperous internet technology, tourism products can spread the information of their product characteristics through the Internet, which enables the people to learn about them via the platform of Travel Fairs. In order to attract participants, travel agencies and relevant industries provide competitive pricing and invest a large amount of funds in exhibition arrangements to increase their brand value. Peoples perceptions of prices differ due to the various influences of many different factors; hence, it is worthwhile to discuss the factors that influence purchase intentions. This empirical research studied the factors that affect people s willingness to buy sports and tourism products, and the following conclusions can be drawn after data analysis: (1) H1 of this study is invalid, meaning brand image does not have significant effect on purchase intention. (2) H2 of this study is valid, meaning perceived price has significant effect on purchase intention. (3) H3 of this study is valid, meaning perceived quality has significant effect on purchase intention. (4) H4 of this study is valid, meaning perceived value has significant effect on purchase intention. Suggestions Based on the results, this study further offers the following advice for reference: (1) For travel agencies promoting sports, sightseeing, and tourism products at International Travel Fairs The conclusions of this study show that there is a significant difference between perceived quality and purchase intention. In recent years there have been many travel agency disputes; for example, a participant of a European hiking tour group demanded a refund or to postpone the trip because he broke his leg one week before departure, but the travel agency refused to refund, and stated that the list of persons of a mountain home included in the trip was fixed after drawing lots, and both parties ended up in displeasure. How to properly handle such incidents will affect travel agencies future product reputation and quality. Therefore, this study suggests that travel agencies refund consumers in line with the requirements of Tourism Bureau s Standardized Contract for Individual Overseas Travel. In addition, travel agencies should communicate with consumers more prudently in paper or oral form; for example, informing consumers of the refund percentage, the schedule and arrangements of board and lodging, traffic, etc., in detail, in order to minimize misunderstandings, and properly reply to consumers questions, in order to achieve agreeable results for both parties. After all, intangible quality is more difficult to measure than tangible quality for consumers, and consumers will assess quality according to the service results and service processes. Hence, reducing the variance of the service process is a good way to raise consumers perceived quality, as well as their purchase intention. (2) For consumers purchasing sports, sightseeing, and tourism products at International Travel Fairs The conclusions of this study show that there is significant difference between perceived quality and purchase intention, as well as between perceived value and purchase intention. Since consumers are price-sensitive, and price-comparison and cross query systems for tourism products are well developed, this study suggests consumers first learn about the price of relevant sports, sightseeing, and tourism products before going to Travel Fairs, in order that they can understand the most important feature for them and the price they are willing to accept. For example, if consumers want to go to the United States to watch Jeremy Lin s in an NBA game, they must decide whether they only want to feel the atmosphere The Journal of International Management Studies, Volume 12 Number 2, August,

10 of the scene or watch the NBA stars closely, since the price of different seats can vary greatly. Additionally, they should consider whether they will stay in star-hotels or hostels to find the overseas sports, sightseeing, and tourism products that suit them best. Moreover, consumers should learn reference price levels and price combinations of overseas sports, sightseeing, and tourism products, in order that they can purchase products meeting their anticipatory price at the Travel Fair, and thus, feel its value during consumption of the product, which will raise their purchase intention. (3) For future studies This study has contributed to consumer-related theories by researching the less-studied topic of International Travel Fairs, and enlarged the study range by constructing a study model via empirical data analysis. Regarding the practical contribution of this study, since some International Travel Fairs have declined in quality, and even become a place for peddling, consumers show a lower purchase intention and question the quality of products at Travel Fairs. In fact, the quality of Travel Fairs held by some tourism unions are still at a good level. For industries and companies, this study suggests the coping strategy of enhancing intangible services; for consumers, this study suggests individuals learn more about the settings of overseas sports, sightseeing, and tourism products. The attributes of overseas sports, sightseeing, and tourism products are diversified; for example, a golf trip in Southeast Asia and a hiking trip in the Alps differ in terms of both perceived price and perceived value; hence, this study suggests future studies examine different types of overseas sports, sightseeing, and tourism products. REFERENCES Bruce, L. A., & Abhijit, B. (2002). The effects of discount level, price consciousness, and sale proneness on consumers price perception and behavioral intentions. Journal of Business Research, 55(1), Chao, M. P. (2013). A study of visitors' satisfaction for the 2012 Taipei International Travel Fair. Leisure & Exercise, 12, Chi, L. Y., Sun, C. N., Ho, S. Y., & Liao, I. F. (2014). Measuring motivations, satisfaction of performance and post-show challenges of International Travel Fair: Perspectives from Taiwanese-owned and international carriers. Journal of Sport, Leisure and Hospitality Research, 9(4), Cretu, A. E., & Brodie, R. J. (2007). The influence of brand image and company reputation where manufacturers market to small firms: A customer value perspective. Industrial Marketing Management, 36(2), Dobni, D., & Zinkhan, G. M. (1990). In search of brand image: A foundation analysis. Advances in Consumer Research, 17, Dodds, W. B., Monroe, K. B., & Grewal, D. (1991).The effects of price, brand, and store information on buyers product evaluations. Journal of Marketing Research, 28, Edited by Sports Administration Ministry of Education (2016). Survey of sports expenditure of the citizens in 2015.July 10, 2017, retrieved from: Erickson, G. M., & Johansson, J. K. (1985). The role of price in multi-attribute product evaluation. Journal of Consumer Research, 12(2), Hair, J. F. Jr., Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate data analysis (5th ed.). Upper saddle River, NJ: Prentice Hall. Ho, S. Y., Lin, C. Y., & Chang, H. H. (2009). Measuring objectives, functions and satisfaction of performance of international travel fair: Perspectives from airlines and travel agencies. Annals of Leisure and Recreation Research, 3(2), Hu, K. C. (2003). Applications of service quality scale and perceived value model to identify factors affecting consumers' repurchase intentions: Case of bus carriers. National Chiao Tung University. Master s dissertation of Department of Transportation Technology and Management, Hsinchu City. 106 The Journal of International Management Studies, Volume 12 Number 2, August, 2017

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