SUCCESSFUL FACTORS OF FRANCHISE BUSINESS IN BANGKOK AND METROPOLITAN REGION IN THE NEW NORMAL ERA
DOI:
https://doi.org/10.60101/rmuttgber.2023.269434Abstract
In the economy in the new normal era which business competition is quite high, the entrepreneurs who have to operate their business with stability, prosperity and sustainability are needed to adapt to new situations. Franchising can be considered as a unique alternative business model that allows businesses to expand their business, markets and distribution channels in the form of branches effectively. From the aforementioned issues, the objectives of this research can be as follows: 1) to study the causal factors influencing the franchise business success in Bangkok and Metropolitan Region in the new era, 2) to study the relationship between the franchise management strategy and the franchise business success in Bangkok and Metropolitan Region in the new era in order to enhance the business competitiveness, 3) to study business model development guideline that is appropriate for making franchise business in Bangkok and Metropolitan Region to be successful and to grow in overseas.Samples were of 400 franchisees in Bangkok and Metropolitan Region.The questionnaires were distributed, and the data were analysed with a structural equation model. The results of the study revealed as follows: 1) Innovation factors, psychological factors, customer satisfaction and franchise business success were rated at highly agreeable and extremely agreeable levels. 2) Innovation and psychological factors did not have a direct influence on the franchise business success but had an indirect influence on the franchise business success through psychological factors and customer satisfaction. Meanwhile, customer satisfaction had a direct influence on the franchise business success at the statistically significant level of .001. 3) business model development guidelines are proposed for franchise business management to focus on product innovation such as product innovation, process innovation, strategic innovation and customer satisfaction in terms of service quality as well as the entrepreneurs need to have a psychological factor in terms of hope building in order to reach the goals for the franchise business success and enhance the franchise business competitiveness in digital era.
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Copyright (c) 2023 Bubpha Thanuttamanon, Thanasuwit Tabhiranrak, Sittichai Thammasane
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