DRIVING BUSINESS WITH BCG ECONOMY: A CASE STUDY OF DOITUNG GRAINS PARTNERSHIP LIMITED
Keywords:
BCG Economy, Bio Economy, Circular Economy, Green Economy, Firm performanceAbstract
This research aimed to study: 1) performance of Doitung Grains Partnership Limited according to the concept of BCG Economy and 2) to investigate the relationship between BCG Economy and performance of Doitung Grains Partnership Limited. This study was mixed-method research, using in-depth interviews and questionnaires to collect data. The samples of this study were the owner of Doitung Grains Partnership Limited and 25 farmers of their contracts.
The qualitative research result showed that in the bio-economy, farmers adopted agricultural knowledge that has been passed on from their ancestors with technologies to increase productivity and reduce costs. For a circular economy, the enterprise enhanced farmers to maximize utilization of resources and forecasted market demand for production planning and agricultural land. For a green economy, the enterprise raised awareness for farmers to do agriculture with less effect on the environment and tried not to use chemicals in their agriculture.
The quantitative findings revealed that firm performance was at the highest level by which green economy played the most essential role, followed by bio-economy and circular economy consecutively. The study of the relationship between BCG Economy and firm performance showed that there was a relationship between BCG Economy and non-financial firm performance at the statistical significance level of .01 by which bio-economy and green economy were related at the statistical significance level of .05 with intangible benefits while circular economy was correlated with the performance of intangible business at the statistical significance level of .01.
References
Bangkokbiznews. (2020). Get to know 'BCG Economy, a new model of Thai economy. Retrieved November 30, 2020, from https://www.bangkokbiznews.com/news/detail/859943 (in Thai)
Chang, H. H., & Ku, P. W. (2009). Implementation of relationship quality for CRM performance: Acquisition of BPR and organisational learning. Total Quality Management, 20(3), 327-348.
Fatoki, O. (2019). Green entrepreneurial orientation and firm performance in South Africa. Entrepreneurship and Sustainability Issues, 7(1), 247-262.
Food and Agriculture Organization of the United Nations. (2018). Assessing the contribution of bioeconomy to countries’ economy, A brief review of national framework, Rome.
Global Compact Network Thailand. (2022). Bioeconomy, the Advantage of Thailand. Retrieved September 5, 2022, from https://globalcompact-th.com/Bioeconomy (in Thai)
Kaplan, R. S., & Norton, D. P. (1992). The balanced scorecard- measures that drive performance. Harvard Business Review, 70(1), 71–79.
Kaplan, R. S., & Norton, D. P. (2001). Transforming the balanced scorecard from performance measurement to strategic management: Part 1. Accounting horizons, 15(1), 87-104.
Mae Fah Luang Foundation under Royal Patronage. (n.d.) Visons and Missions. Retrieved September 5, 2022, from https://www.maefahluang.org/organization/ (in Thai)
Natioinal Science and Technology Development Agency. (2021). Agricultural Development with BCG Model. Retrieved September 5, 2022, from https://www.bcg.in.th/vdo-bcg-oae (in Thai)
National Science and Technology Development Agency. (2020). BCG New business model. Retrieved December 6, 2020, from https://www.nstda.or.th/th/nstda-strategy-plan/nstda2/226-new-structure/12887-bcg-by-cbc (in Thai)
National Science and Technology Development Agency. (2020). Bioeconomy. Retrieved December 6, 2020, from https://www.nstda.or.th/home/knowledge_post/bioeconomy (in Thai)
Office of National Higher Education Science Research and Innovation Policy Council. (n.d.) BCG Economy Model. Retrieved September 5, 2022, from https://www.nxpo.or.th/th/bcg-economy (in Thai)
Office of National Higher Education Science Research and Innovation Policy Council. (2018). BCG in Action. Retrieved May 26, 2022, from file:///C:/Users/asus/Downloads/BCG_WhitePaper201811051%20(3).pdf (in Thai)
Suteewasinnon, P. & Pasunon, P. (2016). Sampling Strategies for Qualitative Research. Parichart Journal, 29(2), 31-48. (in Thai)
Tariq, A., Badir, Y., & Chonglerttham, S. (2019). Green innovation and performance: moderation analyses from Thailand. European Journal of Innovation Management, 22(3), 446-467.
United Nations Conference on Trade and Development. (2020). Circular Economy. Retrieved September 5, 2022, from https://unctad.org/topic/trade-and-environment/circular-economy
United Nations Environment Programme. (2011). Towards a Green Economy: Pathways to Sustainable Development and Poverty Eradication. Retrieved September 5, 2022, from https://sustainabledevelopment.un.org/content/documents/126GER_synthesis_en.pdf
Van Boerdonk, P. J. M., Krikke, H. R., & Lambrechts, W. D. B. H. M. (2021). New business models in circular economy: A multiple case study into touch points creating customer values in health care. Journal of cleaner production, 282, 125375.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Academic Journal Phranakhon Rajabhat University
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
"บทความวิชาการในวารสารฉบับนี้ ถือเป็นความรับผิดชอบของผู้เขียนเท่านั้น"
สงวนลิขสิทธิ์ตามพระราชบัญญัติลิขสิทธิ์
