Thai Cosmetics Industry Competitiveness in Entering Asean Economic Community
This research has two following objectives: 1. To study the management and key factors in creating competitiveness of Thai Cosmetics industry and 2. To study key innovations that help create the competitiveness. The study was done by qualitative research. Methodology used was by conducting a research and interview. Selected interviewees were divided in two groups. (1) Six professionals/specialists in cosmetics industry. (2) Two entrepreneurs who are in the business. The finding was (1) Using social media channels in connecting with customers with dialect or brief English greatly helps penetrate and select the right potential customer with high purchasing power. Traditional communication channels; however, are still essential in order to create brand awareness for customers. Price reduction and premiums should be used in sales promotion in order to stimulate sales. (2) Products to be sold in CLMV countries are required to represent a touch of Thai, made from pure organic Thai herb and tell the story through product and packaging (3) Pricing strategy should be low pricing strategy while maintaining product standard & quality (4) An entrepreneur is required to participate in every activity held by related government agencies and need to create network and connections in that particular country. 5) Innovation can be used in every step of business whether main or supporting activities in value chain. Most are incremental innovation and there are some breakthrough innovations.