SEOUL, Nov.30 (Korea Bizwire) – ‘Weather Management’ is rising as a new method for companies to create new businesses and enhance the efficiency of management overall.
According to a report entitled ‘Understanding Weather Management and its Possibilities’ issued by the Korea Institute for Industrial Economics and Trade (KIET), weather management is a field with a very bright future, as social systems and industrial structures change with changes in weather.
Weather management is a technique to analyze consumer psychology and behavior patterns as the weather changes based on historical data. As big data collection and analysis has gained popularity recently, weather management is attracting attention.
Coca Cola is famous for using a ‘critical temperature’ when there is a shift in demand for its products, particularly for the development of a vending machine with variable prices. The vending machine was part of a promotion that featured higher prices when the temperature outside surpassed the ‘critical temperature’, and lower prices with cooler weather.
The report also suggests that weather management could be effective in the leisure industry and tourism involving outdoor activities.
Amusement parks such as Lotte World and Everland have already launched SNS marketing promotions offering lower entrance fees when snow or rain is expected. Through these methods, they can attract visitors even in inclement weather, and are known to have attracted 10 percent more visitors than the off-season.
According to a report issued by the World Meteorological Organization (WMO), data information related to weather has a value of 3.5 trillion to 6.5 trillion won every year, and by investing in weather, profits could be 10 times larger than the original investment.
The report shows that advanced countries such as the U.S. and Japan are already setting policies and making investments in weather management and the usage of big data related to weather.
The report also points out that big data information related to weather can be very useful, as it doesn’t violate any kind of personal information restrictions. Usually, there are conflicts when gathering big data information as it can violate boundaries of personal information.
By Francine Jung (email@example.com)