Marketing Strategy 5.0 and Developing the Potential of Thai Herbal Products
Keywords:
Marketing Strategy 5.0, Thai Herbal Products, SWOT Analysis, Sustainable DevelopmentAbstract
This academic article explores Marketing Strategy 5.0 and its role in enhancing the potential of Thai herbal products. The discussion encompasses the definition of Marketing Strategy 5.0, the importance of internal and external environmental analysis (SWOT Analysis), the marketing trends of Thai herbal products between 2019 and 2024, and strategies for their potential development. The objective is to identify effective Marketing Strategy 5.0 approaches to address the marketing challenges of Thai herbal products during the 2019–2024 period, marked by intense market competition and evolving consumer behavior influenced by the increasing use of artificial intelligence (AI). The proposed strategies for developing Thai herbal products focus on combining SWOT Analysis with key components of Marketing Strategy 5.0, including Data-Driven Marketing, Agile Marketing, Predictive Marketing, Contextual Marketing, and Augmented Marketing. These approaches aim to enhance the effectiveness of Thai herbal product development, enabling expansion into global markets with long-term sustainability. This study provides valuable insights for creating a strong brand image, promoting Thai herbal products, and fostering proactive market expansion both domestically and internationally.
References
Akkaya, B. (2021). Leadership 5.0 in Industry 4.0: Leadership in perspective of organizational agility. In Research anthology on cross-industry challenges of Industry 4.0 IGI Global (pp. 1489-1507). DOI:10.4018/978-1-7998-8548-1.ch074
Boitrelle, F., Shah, R., Saleh, R., Henkel, R., Kandil, H., Chung, E., & Agarwal, A. (2021). The sixth edition of the WHO manual for human semen analysis: a critical review and SWOT analysis. Life, 11(12), 1368.
Chantanapelin, S., Jaisaleaow, A., & Anorat, K. (2024). Marketing Strategies for Promoting Organic Community Products: A Case Study of Agricultural Product Management Learning Center (Farmer's Market) in Chiang Rai Province. Journal of Community Development and Life Quality, 11(2), 123-134.
Chitphong, W. (2022). Marketing strategies of the home Building business in the next normal era consumer perspectives in Bangkok. [Master’s thesis]. Mahidol University
Euromonitor International. (2022). Retail Value RSP Herbal/Traditional Products.
Hysa, B., Karasek, A., & Zdonek, I. (2021). Social media usage by different generations as a tool for sustainable tourism marketing in society 5.0 idea. Sustainability, 13(3), 1018.
Lapbunruang, S., Jittmonkol, S., & Chaisena, Y. (2024). Digital marketing strategies affecting the overall operation of hotel business in the Northeast of Thailand. NEU Academic and research journal, 11(3), 170-183.
Phalaphon, K., Tawinruka, P., & Rukhirana, M. (2023). Applying a creative process approach to incorporate contemporary public relations into herb products. Journal of Digital Business and Social Sciences, 9(2), 1-12.
Philip, K., Hermawan, K., & Iwan, S. (2021). Marketing 5.0: Technology for humanity. Wiley.
Puyt, R., Lie, F. B., De Graaf, F. J., & Wilderom, C. P. (2020). Origins of SWOT analysis. https://doi.org/10.5465/AMBPP.2020.132.
Sima, E. (2021). Managing a brand with a vision to marketing 5.0. In MATEC Web of Conferences (Vol. 343, p. 07015). DOI:https://doi.org/10.1051/matecconf/202134307015
Sulistyaningsih, E. (2023). Improving human resources technology innovation as a business growth driver in the Society 5.0 era. ADI Journal on Recent Innovation, 4(2), 149-159.
Sukcharoen, W. (2023). Market-share changing and pricing simulations of Thai Herbal Soap Using 3D-Perceptual Map. Journal of Business Administration and Accountancy, 4(2), 141-162.
Thanitnithiphan, T. (2023). Development approach of potential of medicines and products from Thai herbs to international standards. The National Defence College of Thailand Journal, 64(3), 54-66.
Urairat, D. (2024). Role of Foreign and the Economic Development of Thailand. Journal of Dhamma for Life, 30(2), 418-430.
Uraisripong, A., & Wonginta, T. (2024). The Analysis of the Pepper Value Chain of Chanthaburi Province. Journal of Management and Development Ubon Ratchathani Rajabhat University, 10(1), 21-36.
Waisbord, S. (2020). Family tree of theories, methodologies, and strategies in development communication. Handbook of communication for development and social change (pp. 93-132). DOI:10.1007/978-981-15-2014-3_56
