3 Business Survival Tips for Thailand 4.0

30/06/2017   Featured News, News Tag: , , ,

At the conference, “Business in Thailand During the Second Half of 2017”, Associate Professor Pasu Decharin, Ph.D., Dean of the Faculty of Commerce and Accountancy, Chulalongkorn University, explained that the Thai business sector should become more competitive as new businesses open. Therefore, market research has become much more vital as companies work to come up with new innovations that will cater  to new market demands. Today, we see  businesses, including start-ups, large organisations and even multi-national companies moving towards online marketing. The growth of businesses in Thailand will depend on the next generations to pitch new ideas and invest in more start-ups. While these companies can focus on new ideas, they often do not have the capital to drive their business forward, whereas larger organisations have the capital to invest in these new businesses innovations in addition to their core business.

Apart from investing in start-ups, these organisations need to shift their growth direction to neighbouring countries due to the decrease in domestic demand. For the business sector to grow in accordance with the government’s Thailand 4.0 policy, management should focus on three main business survival points: Organisation 4.0, Leadership 4.0 and Strategy 4.0. The ideal organisation should be multi-cultural and multi-generation. Employees should be encouraged to obtain new skills regularly to keep up with the changing world. At the same time, executives should have intellectual humility to be open to suggestions and accept new ideas. Lastly, Strategy 4.0 is the ability to envision new ideas in order to create different management strategies alongside creating new innovations,” said Assoc. Prof. Pasu Decharin.

Mr. Wilert Puriwat, Head of the Marketing Department, Faculty of Commerce and Accountancy, said that marketers should not only keep up with the latest trends, but also have vision and the ability to determine how consumers will  behave. Digital platforms should not only function as a marketing tool, but they can also evolve into business models. Modern day consumers should not only rely on social media, but they should try to learn through experience by building other forms of networks for sharing. When building a brand today,  market research, both online and offline, is vital to become a well-rounded businessthat can reach heir target with creative campaigns that will catch consumers’ attention.

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