https://so04.tci-thaijo.org/index.php/journalmbsmut <p>วารสารบริหารธุรกิจเทคโนโลยีมหานคร เป็นวารสารวิจัยและวิชาการของคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานคร มีกำหนดออกปีละ 2 ฉบับ คือ ฉบับที่ 1 (มกราคม – มิถุนายน) และ ฉบับที่&nbsp; 2 (กรกฎาคม – ธันวาคม) ซึ่งมีการจัดทำเล่มวารสารอย่างต่อเนื่องตั้งแต่ปี 2546 (ISSN 0859-9750 ฉบับตีพิมพ์) และ เผยแพร่ทางออนไลน์เมื่อปี 2554 ( ISSN 2697-4347 Online) โดยประสงค์เปิดรับบทความที่มีเนื้อหาทางด้านบริหารธุรกิจ ได้แก่ การจัดการ การตลาด การจัดการอุตสาหกรรม การเงินการธนาคาร การบัญชี คอมพิวเตอร์ธุรกิจ การจัดการโลจิสติกส์ และนิเทศศาสตร์สารสนเทศ โดยเขียนเป็นภาษาไทยหรือภาษาอังกฤษ และต้องเป็นบทความที่มีคุณภาพที่สามารถใช้ประโยชน์ทั้งในเชิงทฤษฎี หลักการหรือแนวความคิดได้ โดยนักวิชาการ นักวิจัย นิสิต นักศึกษา หรือผู้สนใจสามารถนำไปเพิ่มพูนความรู้เพื่อให้ทันต่อการเปลี่ยนแปลง หรือนำไปพัฒนาต่อยอดเป็นองค์ความรู้ใหม่ๆ ได้ และ/หรือเชิงการนำไปปฏิบัติ (ผู้ประกอบธุรกิจสามารถนำไปประยุกต์ใช้ในการบริหารธุรกิจได้) &nbsp;โดยมีวัตถุประสงค์ ดังนี้</p> <ol> <li class="show">1. เพื่อเป็นสื่อกลางในการเผยแพร่ผลงานทางวิชาการด้านบริหารธุรกิจของนักวิชาการ นักวิจัย และบุคคลผู้ที่มีประสบการณ์รวมถึงความเชี่ยวชาญทางด้านบริหารธุรกิจ จากทั้งภายในและภายนอกมหาวิทยาลัยเทคโนโลยีมหานคร</li> <li class="show">2. เพื่อเป็นแหล่งข้อมูลสำหรับบุคคลทั่วไปและผู้ที่สนใจองค์ความรู้ทางด้านบริหารธุรกิจ</li> <li class="show">3. เพื่อแสดงศักยภาพทางวิชาการของคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานคร</li> </ol> คณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานคร en-US MUT Journal of Business Administration 0859-9750 <p>ข้อความ ข้อคิดเห็น ข้อมูล เนื้อหา รูปภาพ แผนภูมิ แผนผัง เป็นต้น ที่ปรากฏและแสดงในบทความต่างๆ ในวารสารบริหารธุรกิจเทคโนโลยีมหานคร ถือเป็นความรับผิดชอบโดยตรงของผู้เขียนบทความนั้นๆ มิใช่เป็นความรับผิดชอบใดๆ ของวารสารบริหารธุรกิจเทคโนโลยีมหานคร และมหาวิทยาลัยเทคโนโลยีมหานคร</p>บทความที่ตีพิมพ์ในวารสารบริหารธุรกิจเทคโนโลยีมหานคร ถือเป็นลิขสิทธิ์เฉพาะของคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานคร หากบุคคลหรือหน่วยงานใดต้องการนำทั้งหมดหรือส่วนใดส่วนหนึ่งไปเผยแพร่ต่อหรือเพื่อกระทำการใดๆ จะต้องได้รับการอนุญาตเป็นลายลักษณ์อักษรจากคณะบริหารธุรกิจ มหาวิทยาลัยเทคโนโลยีมหานครก่อนเท่านั้น https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285620 <p><strong>The Belt and Road Initiative (BRI) is a global development strategy that has strengthened economic cooperation between China and Iran. This study examines how Sino-Iran saffron trading companies can leverage strategic consulting services to address BRI-related challenges and capitalize on opportunities through optimized interfirm management and highly effective cross-cultural communication.Focusing on 24 managers from 12 saffron trading companies</strong> <strong>(</strong><strong>including exporters, importers, wholesalers and retailers) selected through purposive sampling, this study employs semi-structured interviews and thematic analysis to investigate trade barriers and BRI opportunities.</strong> <strong>The study emphasizes the need for tailored consulting solutions to enhance sustainable cross-border trade, based on a qualitative case study analysis. Findings</strong> <strong>reveal that saffron trading companies are primarily facing with challenges such as policy and compliance barriers, cultural and cognitive gaps, and technological and resource constraints. Furthermore, BRI brings opportunities such as policy synergy and support, technological innovation and integration, and health and cultural consumption upgrades.The demand for strategic consulting primarily lies in compliance adaptation, market entry, and supply chain optimization. Based on the research questions, the findings were applied to develop general guidelines for trading companies. It provides insights into strategic management for Sino-Iran saffron trade and practical recommendations for leveraging consulting services to foster long-term growth. </strong></p> Baoling Wang Chuensumon Bunnag Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 1 33 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285621 <p>The objectives of this research were to: (1) study the business strategies of local handwoven fabric products of community enterprises in Kanchanaburi Province, (2) develop a digital e-commerce platform for these products, and 3) evaluate the quality of the digital e-commerce platform. This study employed a mixed-methods approach. Qualitative data were collected through interviews with four local Thai textile community enterprises in Kanchanaburi Province. Quantitative data were collected using evaluation questionnaires from two groups: four users from local Thai textile community enterprises in Kanchanaburi Province, and 385 general consumers who had purchased products through online platforms, selected by accidental sampling. The qualitative data from interviews were analyzed descriptively, and focus group discussions were conducted to analyze business strategies. The quantitative data were analyzed using descriptive statistics, including percentages, means, and standard deviations. The findings were as follows: (1) The overall business strategy for community enterprises producing local handwoven textile in Kanchanaburi Province emphasizes product diversification aligns with modern and digital markets while preserving cultural identity and indigenous wisdom. The strategy highlights the development of premium branding by incorporating natural materials and cultural storytelling to enhance product value and differentiation. In addition, it focuses on strengthening digital marketing capabilities, expanding sales through digital platform, and fostering collaborative networks among companies, government agencies, and private sectors. These approaches aim to create greater market opportunities, broaden the customer base, and ensure long-term sustainability. (2) The digital platform functions through two main systems: a trading system and an inventory management system. (3) The quality of the digital platform was rated at the highest overall level.</p> Nirut Jorncharoen Patcharin Boonsomthop Malinee Kumkrua Jarasphong Chokchaisiri Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 34 64 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285623 <p>Implementing the “One Belt, One Road” strategy has brought unprecedented business opportunities to China's Yunnan Province, which has triggered a boom in entrepreneurship. In the process of first-time entrepreneurship, entrepreneurs' personalized understanding and judgment of entrepreneurial opportunities determine the success or failure of entrepreneurship, and environmental attention is closely related to opportunity beliefs. Therefore, this study investigated the relationship between environmental attention and opportunity beliefs, the mediating role of ambidextrous learning, and the moderating effect of AI literacy among first-time entrepreneurs in Yunnan Province, China, based on the opportunity construction and opportunity discovery theories. In this study, data were collected from first-time entrepreneurs in eight entrepreneurial parks in Yunnan Province, China, between August and October 2024, using a purposive sampling method and a dummy questionnaire. A total of 536 valid responses were received, yielding a validity rate of 82.46%.</p> <p>This study employed quantitative research to test the hypotheses. The results showed that environmental attention among first-time entrepreneurs was positively correlated with opportunity beliefs. Ambidextrous learning (exploratory and exploitative learning) had a mediating effect, while AI literacy moderated the direct effect of environmental attention on ambidextrous learning (exploratory and exploitative learning) and the indirect effect on opportunity beliefs through ambidextrous learning (exploratory and exploitative learning) in Yunnan Province, China.</p> Lei LI Chuensumon Bunnag Ke ZHANG Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 65 85 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285624 <p>This study examined brand equity’s impact on loyalty through customer satisfaction via Luckin Coffee in China. The research aimed to (1) identify the levels of brand equity, brand loyalty, and customer satisfaction in Luckin Coffee, (2) identify the relationship between brand equity and brand loyalty, and (3) investigate whether customer satisfaction medicates the relationship between brand equity and brand loyalty. This study employed a quantitative approach, collecting data through online questionnaires administered via the Questionstar platform and distributed through coffee group-buy and takeaway chat groups. The data were collected from 400 Chinese consumers who had previously purchased coffee from Luckin Coffee through online platforms, using accidental sampling method. Luckin Coffee consumers are predominantly young (69.5% under 30 years old), comprising mainly students (35.5%) and enterprise employees (28.2%). Most respondents hold a bachelor’s degree (37.8%) and earn no more than ¥5,000 per month (82.3%). More than half of the respondents are female (54.8%), and 95% consume Luckin Coffee at least once a week, with nearly 16% doing so daily. Qualitative data were obtained through semi-structured interviews with five regular Luckin Coffee consumers, focusing on brand equity, customer satisfaction, and brand loyalty. All interviews were audio-recorded with participants’ prior consent. Secondary data were from Google Scholar, Baidu Scholar, and Google Search including academic literature, statistical reports, and other relevant publications. The data were analyzed using structural equation modeling (SEM) and confirmatory factor analysis (CFA).</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The SEM analysis confirmed the hypothesized framework, demonstrating strong model fit (χ²/df=1.826, CFI=0.959, GFI=0.922, TLI=0.952, RMSEA=0.046). Descriptive statistics addressed Objective 1 by quantifying the levels of brand equity (=4.08), customer satisfaction (=4.10), and brand loyalty (=4.06).</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEM analysis addressed Objectives 2 and 3. Brand equity showed no significant direct effect on brand loyalty (β=0.311, p=0.147), whereas its indirect effect via customer satisfaction was significant (β=0.646, p&lt;0.001), confirming full mediation as hypothesized. The results indicate that brand equity indirectly influences brand loyalty through customer satisfaction (direct effect negligible), thereby positioning customer satisfaction as the critical mediator. The findings provide actionable strategies for FMCG brands to prioritize customer satisfaction over price-driven tactics. The findings guide managers in transitioning from discount dependency toward building enduring customer loyalty through consistent product quality, localized co-branding, and balancing affordability with emotional engagement to avoid commoditization.</p> Jiawen Yang Siripak Siritho Kanjanaphorn Polprateep Vivat Kittiphongkosol Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 86 114 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285625 <p>This research aims to examine the information, production format and product sales of the Papee Pork Sausage factory in order to apply statistical methods to forecast sales and to reduce the problem of mismatched production and sales volumes that do not align with customer demand in each retail store. The study utilized sales data from selected retail stores of the Papee Pork Sausage factory, obtained through purposive sampling. Time-series forecasting methods including (1) moving average method, (2) weighted moving average method and (3) exponential smoothing method were applied. The error value from the forecast was assessed using the 3 methods: (1) Mean Absolute Deviation (MAD), (2) Mean Square Error (MSE) and (3) Mean Absolute Percent Error (MAPE). Microsoft Excel was used to develop the forecasting models. The results indicated that the four-week moving average forecasting method (n=4) estimated the required production quantity at 324 units, with the lowest average forecasting error of 23%. Consequently, the production quantity for the sample product was determined to be 324 units, which yields a production level closely aligned with actual sales. The results of the comparison between the statistical forecast models and the actual sales data from retail stores showed that Mean Absolute Percentage Error (MAPE) of the forecasted sales or required production quantity was 1.09%. This allows the business to plan production according to customer demand, reduce the volume of expired products returned to the factory, and decrease product costs from 33,175 to 29,456 baht per week. The resulting reduction in production costs contributes to increased profitability for the factory.</p> Hussaya Wongwan Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 115 134 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285626 <p>This research aimed to examine and analyze the factors influencing consumers’ decisions to purchase electric vehicles (EVs) in Bangkok using exploratory factor analysis (EFA) and confirmatory factor analysis (CFA). The sample consisted of 400 consumers who registered EVs in Bangkok between 2021 and 2024, selected using systematic random sampling. Data were collected using a validated and reliable questionnaire. The data were analyzed using descriptive statistics, factor analysis, and structural equation modeling (SEM). The findings revealed that consumers’ decisions to purchase electric vehicles (EVs) were influenced by four main factors: (1) the potential and price of the EV, (2) the functions and benefits of the EV, (3) the reliability of the EV, and (4) the service quality. Within the service quality factor, observable variables such as the efficiency of service centers, speed, reliability, accessibility, staff advice, and service etiquette were found to significantly influenced consumers’ purchase decision. The factor loadings for these variables were high (0.75 – 0.90), indicating that consumers have high expectations for post-sales service, particularly for a technology-driven products such as an EV. The confirmatory factor analysis model for the purchasing decision demonstrated a good fit with the empirical data (χ²/df = 1.83, GFI = 0.92, AGFI = 0.90, RMSEA = 0.045)., which falls within the acceptable range. This suggests that the model is suitable for explaining consumer purchasing behavior. The results of this study can be used to develop marketing strategies for EV manufacturers, emphasizing improvements in service quality, expansion of service center coverage, and enhancement of consumer confidence to increase long-term adoption and purchase of EVs.</p> Akaradet Kaewmuang Kanjanaphorn Polphateep Siripak Siritho Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 135 159 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285627 <p>The objectives of this study were: (1) to analyze the components of adaptive strategies employed by food and beverage businesses in Kamphaeng Phet Province, and (2) to examine the adaptive strategies that influence business performance among food and beverage enterprises in Kamphaeng Phet Province amid the COVID-19 crisis. The sample consisted of 385 entrepreneurs operating food and beverage businesses in Kamphaeng Phet Province. A questionnaire was used as the research instrument. Statistical methods employed in the study included percentage, mean, standard deviation, exploratory factor analysis, and multiple regression analysis.</p> <p>The findings revealed that most respondents were female, with an average age of 41.04 years. The majority had an education level below a bachelor’s degree and primarily operated businesses selling only food. On average, their businesses had been in operation for 8.14 years and employed approximately three workers. The analysis identified three key components of adaptive strategies: (1) Technological Adaptation Strategy, (2) Operational Adaptation Strategy, and (3) Marketing Adaptation Strategy. All three components of adaptive strategies were found to have a significant influence on the business performance of food and beverage enterprises in Kamphaeng Phet Province.</p> Panissra Charutwinyo Chutchonook Charutwinyo Chutchonook Charutwinyo Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 160 183 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285628 <p>This research aimed to: (1) examine Thai consumers’ purchasing behavior on the Temu application; (2) investigate their perceptions of service quality; (3) assess their level of brand trust; and (4) analyze the influence of perceived service quality and brand trust on their purchasing decisions when using the Temu application. A quantitative research design was employed, utilizing an online questionnaire administered to 400 respondents selected through a simple random technique. Descriptive statistics including frequency, percentage, and mean were used to summarize the data, while inferential statistics were applied through multiple regression analysis with Enter method.</p> <p>The findings indicated that most respondents were female, between 28 and 45 years old, held a bachelor’s degree, worked in private-sector organizations, and had an average monthly income between 15,001 and 30,000 baht. Respondents reported a very high level of perceived service quality, particularly with respect to personal data security and the efficiency of the platform’s technical systems. Their level of brand trust was also high, with the highest ratings given to perceptions of the brand’s competence and attentiveness.</p> <p>Hypothesis testing revealed that personal demographic factors significantly influenced purchasing decisions, with the exception of average monthly income, which showed no significant effect. Both perceived service quality and brand trust exerted statistically significant positive influences on purchasing decisions at the 0.05 level. Perceived service quality accounted for 63% of the variance in purchasing decisions, whereas brand trust explained 76%. Overall, the study offers strategic recommendations for practitioners seeking to enhance service quality and strengthen brand trust, thereby supporting sustainable growth within Thailand’s e-commerce sector.</p> Sureerak Wongtip Chuensumol Bunnag Napasawan Vongkham Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 184 210 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285629 <p>Human capital development is a crucial strategy for achieving sustainable competitive advantage, particularly in Thailand, where labor productivity remains relatively low compared with other ASEAN countries. Investment in employee training therefore plays a vital role as a mechanism for enhancing workforce capabilities and generating economic value for organizations. However, empirical studies in Thailand that examine the causal relationships among training investment, labor productivity, and financial performance remain limited.</p> <p>Therefore, this study aims to analyze the impact of training investment on labor productivity and financial performance among companies listed on the Stock Exchange of Thailand. The conceptual framework is grounded in Human Capital Theory and the Resource-Based View (RBV) to explain the underlying causal mechanisms. A quantitative research design was employed, using secondary data obtained from annual reports, sustainability reports, and Form 56-1 One Reports of listed companies from 2020–2024, yielding a total of 2,782 firm-year observations. The data were analyzed using the Structural Equation Modeling (SEM) technique.</p> <p>The results reveal that training investment has a significant positive effect on labor productivity, and that labor productivity partially mediates the relationship between training investment and financial performance. These findings highlight that training represents a strategic investment capable of creating tangible economic value. The study emphasizes the importance of allocating budgets and systematically evaluating the returns on training programs, as well as supporting public policies aimed at enhancing workforce skills to strengthen the nation’s sustainable competitiveness.</p> Benjamas Janamrung Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 211 229 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285631 <p>This research employs a predictive case study methodology within a constructed hypothetical scenario to analyze the interplay between U.S. trade policy and regional security in Southeast Asia, focusing on the Thailand-Cambodian border conflict. Addressing the theoretical puzzle of how external economic pressure interacts with regional institutional fragility, this paper develops a plausible "what-if" scenario to rigorously stress-test three interlinked systems, i.e., U.S. economic statecraft, regional supply chain resilience, and ASEAN’s diplomatic centrality. Rather than simply exploring influence, the study articulates the structural mechanisms of tariffs as instruments of economic coercion in reshaping conflict resolution and regional alignments. While U.S. economic leverage might compel short-term de-escalation, findings reveal a critical paradox where coercive mechanisms simultaneously expose deep vulnerabilities in the "China Plus One" supply chain model, undermine ASEAN’s diplomatic credibility, and risk accelerating geopolitical realignment in the region. Though limited by the boundaries of the specific scenario parameters rather than empirical historical data, this analysis demonstrates how predictive scenario analysis can reveal structural weaknesses often invisible in retrospective studies. These insights provide a robust conceptual foundation for future empirical study of economic coercion and crisis diplomacy in Southeast Asia.</p> Edward Sian Chin Tang Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 230 253 https://so04.tci-thaijo.org/index.php/journalmbsmut/article/view/285632 <p>This research aims to (1) study the attitudes of Generation X, Y and Z toward investing through digital platforms, (2) study factors including investment attitudes, investment behavior, technology acceptance and risk perception, and investment of Generation X, Y and Z, and (3) analyze the factors influencing investment decision through digital platforms of Generation X, Y and Z. The quantitative research was conducted using convenience sampling with 400 investors in Bangkok. The data collection instrument was an online questionnaire. Descriptive statistics, including frequency and percentage, were used, and inferential statistics, including multiple regression analysis, were employed. The research findings indicate that the majority of the sample, which was female, invested through digital platforms (47.3%). Participants aged 36–45 years accounted for the highest proportion of investment (31.8%). Most participants held a bachelor’s degree (53.0%) and had an average monthly income below 30,000 baht (39.75%). The most commonly used digital investment platforms were the Streaming application and Bitkub, respectively.</p> <p>Hypothesis testing revealed that all generations had significantly high investment attitudes at a p-value of 0.05. Multiple regression analysis revealed that attitudes (β = 0.18), investment behavior (β = 0.13), technology acceptance (β = 0.24), and risk perception (β = 0.14) positively influenced investment decisions. The model explained 19% of the variance in investment decision-making behavior (R² = 0.19), which is low. The findings of this research have practical implications across multiple dimensions, including public policy design, marketing strategy development, financial platform development, and targeted financial literacy promotion for people across all age groups.</p> Chuensumon Bunnag Piyawan Keawchan Montain Aimnor Sujittra Prakhongsee Samaporn Ruanthong Copyright (c) 2025 https://creativecommons.org/licenses/by-nc-nd/4.0 2025-12-23 2025-12-23 22 2 254 276