In addition, I would like to thank you to Por Laew Dee – The Creator project, which inspires, gives me permission to gather, coordinate and interview entrepreneurs in projects. Finally, thanks to the entrepreneurs of the Por Laew Dee – The Creator project for being interviewees for this paper. In another aspect, the government should promote sufficient economics philosophy in business practice and it infuses this philosophy in business curriculum.
Stages of new product development 15 4.2 Advantages and caveats in implementation 19 4.3 Current perspective of sustainable growth from the current. In recent years, the philosophy of the Sufficiency Economy (SEP) of King Rama IX. introduced the concept of the "middle way" which is a concept that can be applied at all levels such as individual level, community level and. This study proposes to understand how to apply the concept of the philosophy of sufficiency economy in the new product development process.
The main question of this research is how the entrepreneur can implement Sufficiency Economy Sufficiency in new product development, what are the benefits and caveats of implementing Sufficiency Economy Philosophy in New Product Development and how it can help the company achieve their sustainable goals.
LITERATURE REVIEW
New Product Development
It is the process of selecting a high potential or rushed idea and beginning customer participation. The goal of this phase is to create a new product idea, also known as the product concept. The third phase is the concept and project evaluation, also identified as the screening or pyrotechnic evaluation process.
The first objective is the technical task which shows the complete development process and its results. It is not only related to new product strategies, but also to performance indicators and risk.
Sufficiency Economy Philosophy
The Sufficiency Economy imposes integration and elaboration in planning, applying knowledge with care and implementing the plan. Following ethical conditions, the Philosophy of Sufficiency Economics directs the constraint that people must insist on honesty and integrity - while controlling their lives with consistency, non-violence and kindness. Several research areas in the Economics of Sufficiency in New Product Development indicate the need for the current study.
On the contrary, Khunthongjan and Wiboonpongse (2010) found that sufficiency economics produces excellent results for SMEs. However, how does the entrepreneur apply the sufficiency economics philosophy at each stage of new product development? What are the benefits and cautions of implementing the sufficiency economics philosophy in new product development.
For this reason, it is worthwhile to also explore their successful new product development to see if their success is related to the application of sufficient economy philosophy. This study would aim to explore the current perspective and behavior of the entrepreneurs who have applied Sufficient Economy philosophy in their business and new product development. This model focuses on the thematic paper's focus on how entrepreneur applies and balances applicability economics philosophy in new product development process.
With Sufficient Economy philosophy, new product development focuses not only on the pain point of the customer and market size, but also on societies and culture. In the development and commercialization step, Sufficient Economy philosophy is applied in the business plan. Finally, adequate economics philosophy can guide the successful new product development and bring sustainability to the corporation.
RESEARCH METHODOLOGY
To conduct the interview, the participants receive interview instructions, which they receive five to seven days before the interview, and each interview lasts from 25 to 50 minutes.
DATA COLLECTION ANALYSIS
Implementation Sufficiency Econophy Philosophy in New Product Development Stages
Most of them combine their knowledge and morals to support the stakeholder. Most of them want to support local suppliers like Thai farmer, local community etc. All the vegetables and fruits come from local suppliers and adapt to our customers' requirements,” Owner, Lom Boon Fook.
Furthermore, they also have good intentions to support the local people and send wisdom to the next generation. On the second and third phase, every part of Sufficient Economy philosophy is applied at this stage, but self-immunity is still at the low level. Interviewers are not only concerned about their business, but also focus on stakeholders and culture.
In another aspect, they also care about the local lifestyle and benefit to the community and social. We select organic ingredients as much as possible and almost come from Thai Organic Farm” Founders, Kindaidee – Hypoallergenic recipes. We keep an eye on the entire process, our raw materials are natural and organic.
We want to promote Pak Chong fruits and our network, our farmer friends with our brand. We reduce our risk by doing every step carefully, we test our idea, make prototypes, let our target test and make sure it can solve their problem and check their acceptance to buy our product. And we do it (New Product Development) on our readiness, customer trend, economy, police and purchasing power” Founder, Mann Craft.
Benefits and cautions for implementation
If we found that pink color is good, then we can produce it and have stock. They have a clear vision on their minds and make the decision to achieve their mission and goals. I consider how it has a social impact, the effect on whom, how it creates value and benefit.” Founder, creative pitch content and design for social change.
Others may accept because it is famous, but I dare to reject because it does not fit with our brand building” Founder, PIN Metal Art. By applying the philosophy of sufficiency economy in new product development, they have a clear plan and can effectively manage their operations and sales. They don't need to spend a lot of advertising fee with Facebook to boost their content.
After applying the Sufficiency Economy Philosophy to New Product Development, their marketing strategies are more effective, save costs and can lead them to achieve their goals. Some of the interviewees got sick from the heavy work and were not happy because they did not have enough time to take care of their family in the past. Some of them found the workforce diverse in their office after applying the Sufficiency Economy Philosophy to New Product Development.
The interviewee must spend more time in the planning process because he must consider the impact in all aspects. Although the Sufficiency Economy Philosophy makes him slow down, but he believes that his business will succeed and have sustainable growth in the long term. For me, I have a principle in life that no sacrifice, no happiness.” Founder, Creative Tone Content & Design for Social Change.
The Current Perspective in Sustainbility growth from apply Sufficency Economy Philosophy in New Product Development
However, there are some caveats to implementation in this area in terms of spending a lot of planning time and too much public awareness. In another perspective, it can be seen that one of the entrepreneurs has too much public consciousness. Some of them believe that if they are faced with a crisis, they can endure it and get through it.
In the future, if our brand has a flaw or fails, we still have the customer as our fan club that will give us courage and protect us.
CONCLUSION & RECOMMENDATION
- Conclusion
- Recommendation
- Limitation of Study
- Recommendations for Future Research
As the purpose of this paper aims to study sufficient economic philosophy in the development and implementation of new products. Start-ups can use it as a tool to achieve a sustainable goal and success in developing new products. First, the entrepreneurs should be open minded study Sufficiency Economics Philosophy to find the balance point and apply new product development.
Entrepreneurs should study and see this philosophy as s business practice and find their balance point. Therefore, it can help to over- or under-estimate in operations and investment in New Product Development. Second, almost business starts with passions, but it is not easy to achieve their goals.
Thirdly, we found out from this study that entrepreneurs face the external simulators such as a big deal for business, the comment of the other, etc. From a researcher's perspective, the government should promote the application of Sufficiency Economy Philosophy more in business. It could be better if we can promote sufficiency philosophy in lifestyle and business practices.
It could be a good opportunity to insert this philosophy into the business curriculum such as strategic management, decision-making, etc. However, they are all participants from the same project and complete the same training. Therefore, the entrepreneur in the other industries that apply the Sufficiency Economy Philosophy in New Product Development is not included in this research.
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Khunthongjan, S and Wiboonpongse A. (2010). A study on the performance of SMEs in their application of sufficiency economics philosophy, GMSAR International Journal 4,177-18. The Application of Royal Speech on Sufficiency Economics Philosophy with SME Bangkok, Office of Research Fund. Ringer.D (2015). The Product Rocket: New Product Launches with Unprecedented Success, CreateSpace Independent Publishing Platform.
Sasin Graduate Institute of Business Administration of Chulalongkorn University, (2010), Corporate Sustainability under the Philosophy of Sufficiency Economy Reshaping Business and Management Thinking and Practices Based on Asian Perspective and Asian Value, Sasin Graduate Institute of Business Administration of Chulalongkorn University . Sornsri S., (2017), Applying the Philosophy of Sufficiency Economics in Marketing, Department of Marketing, Assumption University Retrieved from http://www.marketing.au.edu/our-department/kms/390-applying-the- . Suntrayuth, S, (2018), Sufficiency Economy Philosophy and Small and Medium Enterprises in Thailand, International Review of Management and Marketing.
APPENDICES
Appendix A: Interview Reference
