Marketing Strategies for Recycled Innovative Products and Processing Industry of Steel Furniture and Home Décor Products in Bangkok, Thailand

Abstract

The objectives of this research are 1) to study the marketing strategies for recycled innovative products and processing industry of steel furniture and home décor products in Bangkok, 2) to study the factors influencing marketing strategy, and 3) to propose strategies for developing marketing strategies. The research method is done with the data collection from the questionnaires on 400 consumers who bought the processed steel furniture and home décor products in Bangkok and the in-depth interviews with 18 experts in the processing industry of steel furniture and home décor products and academicians. The research results reveal that the variables that influence the marketing strategy with statistical significance at 0.01 level are; 1) the competitiveness of the products, 2) the use of digital media in marketing strategies, and 3) marketing strategies. The forecasting power is 68.3% which can define the forecasting equation in the form of standard scores of Y=0.051 + 0.233 X1 + 0.326 X2 + 0.317 X3. It is also found that the key to strategic and marketing management is to provide the best value of products to customers which will allow the operators to have more market shares. This can satisfy customers and financial results from investments as well as creating wealth for shareholders. Especially the increasing profits and growing market shares will make the business gain the most profits and revenues in the long term.