The Success Factors of Innovative Marketing Management for SME/Startup Entrepreneurs of Thailand Herbs

Walailuck Witkittiluck, Tanapol Kortana

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Published: Apr 28, 2021

Keywords:

Organizational innovation; Marketing innovation; Innovative marketing management; Entrepreneurial success; Herbal SMEs

Walailuck Witkittiluck, Tanapol Kortana

Abstract

According to Herbs innovation development approach, the world’s trend of consumption of natural herbal products is steadily increasing, especially in Thailand. As a result, this research aims to to study the factors affecting Thailand herbal SME/Startup entrepreneurial success, including creating a success model of Thailand herbal SME/Startup entrepreneurs. The sample was 360 executives of herbal SMEs/Startups in Thailand. Multi-stage random sampling used in the study consisted of stratified random sampling, based on herbal registration, and simple random sampling. The results found that OrgInno had a direct effect on MarInno, MarMan, and EntSuc. MarInno, besides, had a direct effect on MarMan and EntSuc. MarMan, moreover, has a direct effect on EntSuc. Finally, OrgInno, MarInno, and MarMan can jointly predict EntSuc. Therefore, the findings suggest that the related government agencies could use these results to organize training program on technological development and innovation for SMEs to enhance their competitiveness and increase their opportunities to access more funding sources. Both public and private sectors, besides, should jointly support the development of SMEs by transferring knowledge to promote the stability of the country's economy.

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Vol. 58 No. 4 (2021): Volume 58 No. 4 (2021)

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