GROWTH STRATEGIES IN THAI PRINTING INDUSTRY UNDER THE CONTEXT OF MODERN INNOVATION
DOI:
https://doi.org/10.14456/nrru-rdi.2023.51Keywords:
Growth Strategies, Thai Printing Industry, Modern Innovation, Printing businessAbstract
Maintaining the foundation of business and creating new opportunities for business strengths through strategies is the basis of this qualitative research. The objectives were: 1) to investigate the state of printing business in Thailand, 2) to study growth strategies, and 3) to present strategies for competitive advantage and sustainability in Thai printing industry. The target group was selected using purposive sampling technique, consisting of 44 individuals. Data were collected and analyzed using focus group discussion and semi-structured interview which was considered by the thesis advisor and used to collect data through in-depth interviews, group discussions, environmental analysis, collaborative cross-checking, and data validation. The finding indicated that 1) The Thai printing industry needs to transform itself in terms of creating innovations with new digital technologies beyond traditional business models. 2) The growth strategy studied has caused the potential to facilitate continuous expansion and growth in the Thai printing industry. 3) There were presented competitive advantage and sustainability strategies: (1) increasing sales and market share strategies, (2) business expansion strategies, and (3) diversified investment strategies. These highlights the effectiveness of using strategies as a tool to create economic stability and growth opportunities for businesses in the digital era, where technology influences all aspects of human life and organizations.
References
A02. (2021, August 19). Focus group 1, Person 2. Focus group. (In Thai)
A04. (2021, August 19). Focus group 1, Person 2. Focus group. (In Thai)
Akola, J., Chakwizira, J., Ingwani, E., & Bikam, P. (2022). An AHP-TOWS Analysis of Options for Promoting Disaster Risk Reduction Infrastructure in Informal Settlements of Greater Giyani Local Municipality, South Africa. Sustainability, 15(1), 267. https://doi.org/10.3390/su15010267
Ambrogio, G., Filice, L., Longo, F., & Padovano, A. (2022). Workforce and supply chain disruption as a digital and technological innovation opportunity for resilient manufacturing systems in the COVID-19 pandemic. Computers and Industrial Engineering, 169(April), 108158. https://doi.org/10.1016/j.cie.2022.108158
B01. (2022, February 16). Key informant 1. Interview. (In Thai)
B02. (2022, February 16). Key informant 1. Interview. (In Thai)
B03. (2022, February 16). Key informant 1. Interview. (In Thai)
B05. (2022, March 20). Key informant 1. Interview. (In Thai)
Brozović, D., Jansson, C., & Boers, B. (2023). Strategic flexibility and growth of small and medium-sized enterprises: a study of enablers and barriers. Management Decision. DOI 10.1108/MD-05-2022-0577
Crittenden, V., & Peterson, R. A. (2019). Digital Disruption: The Transdisciplinary Future of Marketing Education. Journal of Marketing Education, 41(1), 3-4. https://doi.org/10.1177/0273475319825534
De Giovanni, P. (2023). Sustainability of the Metaverse: A transition to Industry 5.0. Sustainability, 15(7), 6079. https://doi.org/10.3390/su15076079
Gupta, S., Kumar, V., & Karam, E. (2020). New-age technologies-driven social innovation: What, how, where, and why?. Industrial Marketing Management, 89, 499-516.
Hill, C. W. L., & Jones, G. R. (2012). Strategic Management Theory (10th ed.) Ohio : South-Wertern Cengage Learning.
Horáková, J., Uusitalo, O., Munnukka, J., & Jokinen, O. (2022). Does the digitalization of retailing disrupt consumers’ attachment to retail places?. Journal of Retailing and Consumer Services, 67(February), 102958. https://doi.org/10.1016/j.jretconser.2022.102958
Hubbard, G. (2004). Strategic management: Thanking, analysis & action. Australia : Pearson Prentice Hall.
Hudnurkar, M., Ambekar, S., Bhattacharya, S., & Sheorey, P. A. (2023). Relationship of total quality management with corporate sustainability in the MSME sector: does innovation capability play a mediating role?. The TQM Journal, 35(7), 1860-1886. DOI 10.1108/TQM-03-2022-0095
Kitiphankul, S., & Kajondecha, P. (2020). Consumer Behavior towards Receiving in the Present of Print Media for Development of Digital Printing Business Plan. In The 11th Hatyai National and International Conference, 17 July 2020 (pp. 1825-1838). Songkhla : Hat Yai University. (In Thai)
Lang, S., & Sutton, M. J. (2022). Internal–external leadership model in the post-COVID-19, digital VUCA world. In Leadership After COVID-19: Working Together Toward a Sustainable Future (pp. 471-496). Cham : Springer International Publishing.
Loureiro, R., Ferreira, J. J., & Simoes, J. (2021). Approaches to measuring dynamic capabilities: Theoretical insights and the research agenda. Journal of Engineering and Technology Management, 62, 101657. doi:10.1016/j.jengtecman.2021.101657
Miles, M., & Huberman, A. (1994). Qualitative Data Analysis (2nd ed.). California : SAGE Publications.
Oghazi, P., Parida, V., Wincent, J., & Mostaghel, R. (2022). Ecosystems transformation through disruptive innovation: A definition, framework and outline for future research. Journal of Business Research, 147, 16-26. https://doi.org/10.1016/j.jbusres.2022.03.073
Pearce II., J. A., & Robinson, Jr. R. B. (2007). Strategic management: Formulation implementation and control (3th ed.). New York : McGraw-Hill.
Popescu, C., Hysa, E., & Panait, M. (2022). Perspectives of responsible management in today’s VUCA world. Akkaya, B., Guah, M.W., Jermsittiparsert, K., Bulinska-Stangrecka, H. and Kaya, Y. (Ed.) In Agile Management and VUCA-RR: Opportunities and Threats in Industry 4.0 towards Society 5.0 (pp. 57-71). Emerald Publishing Limited. https://doi.org/10.1108/978-1-80262-325-320220005
Rani, P. (2019). Strategy implementation in organizations: A conceptual overview. Management, 14(3), 205-218.
Rosário, A. T., & Dias, J. C. (2023). How Industry 4.0 and Sensors Can Leverage Product Design: Opportunities and Challenges. Sensors, 23(3), 1165.
Rungkraisri, C. (2021). Business Plan for Printing and Packaging House for SMEs. Independent study, Master of Management Program in Entrepreneurship, Bangkok University, Bangkok. (In Thai)
Sattayakitkajhon, R., Boonyasopon, T., Roopsing, T., & Vannasiri, V. (2020). A Management Model for Publishing Business in the Digital Economy Era. Technical Education Journal : King Mongkut’s University of Technology North Bangkok, 11(3), 143-152. (In Thai)
Sureshchandar, G. S. (2023). Quality 4.0–a measurement model using the confirmatory factor analysis (CFA) approach. International Journal of Quality & Reliability Management, 40(1), 280-303. DOI 10.1108/IJQRM-06-2021-0172
Taskan, B., Junça-Silva, A., & Caetano, A. (2022). Clarifying the conceptual map of VUCA: A systematic review. International Journal of Organizational Analysis, 30(7), 196-217. DOI 10.1108/IJOA-02-2022-3136
The Thai Printing Association. (2021). Exploring Thai printing and packaging trends in 2022. Thai Printing Journal, 135. Retrieved June 20, 2022, from https://www.thaiprint.org/category/vol135/page/2/ (In Thai)
Traimongkolkul, P., & Chatraporn, S. (2012). Research Design (7th ed.). Bangkok : Kasetsart University Press. (In Thai)
Watson, G. H. (2019). The ascent of Quality 4.0-how the new age of quality came to be and what it might look like in 20 years. Quality Progress, 52(3), 26-30.
Wheelen, T. L., & Hunger, J. D. (2004). Strategic management and business policy (9th ed.). Singapore : Pearson Prentice Hall.
Wirtz, B. W., Weyerer, J. C., & Heckeroth, J. K. (2022). Digital disruption and digital transformation: A strategic integrative framework. International Journal of Innovation Management, 26(03), 2240008. https://doi.org/10.1142/S1363919622400084
Zhen, Z., Yousaf, Z., Radulescu, M., & Yasir, M. (2021). Nexus of digital organizational culture, capabilities, organizational readiness, and innovation: Investigation of SMEs operating in the digital economy. Sustainability, 13(2), 720. doi:10.3390/su13020720
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
