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The purpose of this study was to investigate how menu quality, human·amenity service quality, perceived risk affected quality·price menu value, social·emotion menu value and how quality·price menu value and social·emotion menu value influenced satisfaction. Also this study investigated how satisfaction affected loyalty. The model was tested in hotel restaurants settings of five-star hotels using a sample of customers visiting and enjoying menus in Daegu metropolitan city and Gyeongju city. Empirical results confirmed that not only do menu quality and human·amenity service quality increase quality·price menu value and social·emotion menu value but that perceived risk reduces social·emotion menu value. It was also found that significant antecedents of satisfaction were quality·price menu value and social·emotion menu value. Also, loyalty was also found to be a significant consequences of satisfaction.