Export Strategy and Success of Thai Cosmetic Business in Laos People’s Democratic Republic
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Abstract
The research article consisted of the following objectives: to study the characteristics of Thai cosmetic exporters in Lao People’s Democratic Republic; to study the export strategies of cosmetic entrepreneurs and strategies on the innovation of marketing management in Lao People’s Democratic Republic; to study the behavioral characteristics of cosmetic buyers in Lao People’s Democratic Republic; and to study the success characteristics of cosmetic entrepreneurs in Lao People’s Democratic Republic. The study applied a qualitative method. The data were collected from entrepreneurs in Thailand and cosmetics consumers by means of specific methods from buyers of Thai cosmetics who were people living in Lao People’s Democratic Republic. From studying the export strategies and success of Thai cosmetic business in Lao People’s Democratic Republic, it was found that entrepreneurs must study and analyze the marketing situation by taking into account the laws of the country that has an emphasis on export, along with improving the quality of cosmetic products in order to be certified for the standards of GMP. This can be implemented by applying Thai local raw materials to create products that are different from the competitors’ products and created from the folk wisdom and a mixture of Thai herbs. Therefore, the researcher views that the export strategies for a successful Thai cosmetic business in Lao People’s Democratic Republic are as follows: 1) online marketing by creating website and using online media as a channel for export marketing; 2) creating a network of business representatives, creating a good relationship with business representatives, reducing procedures that are complicated as well as cost burden in various fields; and 3) developing product innovation through innovation and creativity, increasing the value of products, and creating acceptable production standards.
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