Business Plan for Creating Innovation and Value of Local Functional Foods to Support ASEAN Economic Community (AEC): A Case Study of Local Raw Materials from Chiang Rai, Nong Khai, Phetchaburi, and Surat Thani Provinces
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Abstract
The objective of this research is to develop a business plan for creating innovation and value of local functional foods to Support ASEAN Economic Community (AEC), using local raw materials from Chiang Rai, Nong Khai, Phetchaburi, and Surat Thani Provinces of Thailand. The study used mixed research methods, employing both quantitative and qualitative analysis. For the quantitative research, questionnaires were used as the tool for data collection, and the qualitative research focused on in-depth interviews and/or the focus group interviews along with observation to collect data from the key informants. The research consisted of three sub-projects and the findings of these three sub-projects were integrated to develop a business plan for creating innovation and value of local functional foods.
The first sub-project aimed at searching for suitable local healthy materials from selected 4 provinces from four regions in Thailand. The aim was to identify local healthy materials to create value as functional foods. The three aspects used as selection criteria included nutritional value, economic value, and cultural/lifestyle value. The second sub-project utilized the selected local raw materials from sub-project 1 to develop functional food menus. The third sub-project conducted market testing and business analysis of the menus created by having foreign tourists taste those menus. The research findings of three sub-projects were then integrated to develop a business plan for creating final local innovative functional foods. The business plan can be used by entrepreneurs for developing management plans, setting business plans objectives, developing organizational plan, determining cooking operational plans, creating marketing innovation plans and Integrated Marketing Communication (IMC) in order to achieve marketing objectives and financial plans.
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