Marketing Strategy That Impacts the Business Performance of Small and Medium Enterprises (SMEs) in the North-Eastern Region of Thailand
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Abstract
The purpose of this research is to study the focus on marketing strategy model that impact the business performance of small and medium enterprises (SMEs) in the north-eastern region of Thailand. The study aims to study modelling of causal factors of marketing strategy and to the developed causal relationship model consisted of social media marketing, brand equity, and marketing mix that impact the small and medium enterprises (SMEs) performance in the north-eastern part. The sample group consisted of 400 SMEs business entrepreneurs in the north-eastern region of Thailand, which divided into 4 types of business: manufacturing businesses, wholesale and retail business, hotel and restaurant business and real estate business. The research instrument was questionnaire using multi-stage sampling method and structural equation model to analyses causal relationships to find path of causal influences. The results of this study showed that the causal relationship model was developed in accordance with empirical data and considered by Chi-square=111.085, df.-102, Sig.=.253, CMIN/df.= 1.089, CFI=.999, RMSEA=.015, and RMR=.004.
The results of hypothesis testing presented that the confirmatory factors of the social media marketing, the brand equity, and the marketing mix had positive influences in the marketing strategy. The results were found that the marketing strategy, the brand equity, and the marketing mix had positive influences in the SMEs performance. Despite, the social media marketing has positive indirect influence on the SMEs performance by increasing the potential to focus on marketing strategies as a transmission variable with a path coefficient of 0.13. Finally, the study benefits were to develop the model for focusing on marketing strategies to increase the operational potential of SMEs performance. The researcher hopes that this study information can be used as information for considering the management model for SMEs to have a competitive advantage in the future.
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