The 8Ps Marketing Mix Strategy and TOWS Matrix Strategy of the Cha Punpee Tea’s Brand
Rattanawadee Sangmalee[1], Piyatida Bunbun[2], and Ithirit Wongchai[3],*
Abstract
This research is a qualitative study aimed at analyzing the 8Ps marketing mix strategy and TOWS Matrix strategy of the Cha Punpee tea brand business to create a competitive advantage and meet the needs of the target group in the tea business. Data were collected through in-depth interviews with the owner of the Cha Punpee tea brand (Mr.Nuttapong Maneekorn) and gathered from documents, textbooks, and research papers. The data were analyzed using the 8Ps marketing mix strategy, TOWS Matrix, and BCG Matrix.
The results showed that the analysis of the 8Ps marketing mix strategy combined with the TOWS Matrix strategy identified key strengths of the Cha Punpee tea brand, including 1) Product Strategy, where Cha Punpee tea brand offers a variety of products with meticulous production processes, and 2) Promotion Strategy, where Cha Punpee tea brand employs three types of marketing promotion: Integrated Marketing Communication, Word-of-Mouth Marketing, and Informal Sales Promotion. However, the brand still lacks diverse distribution channels. The analysis of the BCG Matrix reveals that Pan Pee Tea is classified as a Question Mark. As a new brand, Pan Pee Tea lacks a broad customer base, with most of its customers being loyal, repeat buyers. Consequently, its sales volume is not very high. Additionally, the investment in production and sales is minimal, with the owner managing all processes from the start to the end independently.
Keywords: 8Ps marketing mix strategy, TOWS Matrix, Cha Punpee tea brand, marketing effectiveness
Introduction
Tea consumption is popular in various cultures around the world. Tea plays a significant role in the daily lives of millions of people, not only because of its pleasant taste but also due to its numerous health benefits. Consequently, the global tea industry continues to experience steady growth. In 2023, the global tea market was valued at approximately USD 75.93 billion, and it is projected to grow to USD 118.77 billion by 2030 (Maximize Market Research, 2024). In Thailand, the tea market is also experiencing continuous growth, with expected increases in revenue and sales volume across all distribution channels (6Wresearch, 2024). This demonstrates that in an era where business competition is intensifying, particularly in the highly competitive tea industry, comprehensive and effective marketing strategies are crucial for organizations aiming for success.
The marketing mix strategy is a comprehensive framework that enables organizations to develop and implement consistent and effective marketing strategies. Therefore, tea business operators must be well-prepared to face increasing competition. The 8Ps marketing mix strategy and TOWS Matrix strategy are vital tools for creating, managing, and analyzing organizational marketing activities. These strategies cover various aspects, including Product Strategy, Price Strategy, Place Strategy, Promotion Strategy, Packaging Strategy, Personal Strategy, Public Relation Strategy, and Power Strategy. Chotianan (2012) stated that the 8Ps strategy is a fundamental tool widely adopted by most businesses to ensure effective marketing. However, to achieve optimal results, it is essential to meticulously consider every detail of each strategy. The TOWS Matrix is an analytical tool used to organize information obtained from analyzing strengths, weaknesses, opportunities, and threats. This information is then analyzed to formulate appropriate strategies across all categories (Wannavisa, 2012).
This research aims to study the 8Ps marketing mix strategy and the TOWS Matrix strategy of the Cha Punpee tea brand, a new tea brand developed to promote the livelihoods of ethnic groups in the Huai Nam Khun village, Mae Fah Luang District, Chiang Rai Province. The study focuses on analyzing various aspects of the 8Ps marketing mix strategy, as well as conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats using the TOWS Matrix. The goal is to create a competitive advantage, meet the needs of the target audience, and provide guidance for future entrepreneurs.
Research Objectives
1. To study the 8Ps marketing mix strategy of the Cha Punpee tea brand
2. To analyze the strengths, weaknesses, opportunities, and threats (SWOT) of the Cha Punpee tea brand using the TOWS Matrix
3. To analyze the market positioning of the Cha Punpee tea brand using the BCG Matrix
Literature Review
Concept of the Marketing Mix
Siriwan et al. (2003) stated that the Marketing Mix (or 4Ps) is a tool used for planning and managing marketing activities within an organization to meet the needs and satisfaction of the target audience. The Marketing Mix consists of four key elements:
Product: This refers to the goods or services offered by an organization to meet customer needs. This element requires consideration of the product’s features, the value provides to customers, and the unique qualities that differentiate it from competitors’ offerings.
Price: This is the amount customers must pay to acquire a product or service. Price setting must take into account production costs, competitor pricing, market conditions, and customer acceptance.
Place: This involves the distribution of the product or service, ensuring it is easily and conveniently accessible. Distribution channels may include physical stores, online platforms, or through intermediaries.
Promotion: This encompasses activities aimed at advertising and raising awareness of the product or service. Promotion can include television, radio, or online advertising, promotional events, discounts, or leveraging social media to generate interest.
Based on the marketing mix concepts discussed by scholars, the Marketing Mix is an essential framework that requires continuous development to achieve marketing goals, as customer needs are constantly evolving (Kongnaren, 2021).
Concept of Purchase Decision
Consumer behavior involves the actions related to purchasing, acquiring goods, and receiving services to satisfy needs through the consumer’s decision-making process. This process requires various stimuli or causes to trigger a specific behavior, which can be described as factors influencing consumer behavior. The decision to purchase goods or services is not immediate; rather, it is a process that unfolds in stages (Rangsiman, 2014).
Additionally, Suporn (2002) explained that the purchase decision process is the stage where consumers are ready to decide on purchasing a product or service after considering various options. During this stage, the intention to purchase a specific product arises. However, purchase intention does not necessarily result in an actual purchase, as other factors may influence the decision. These factors include economic conditions, market liquidity, emotional readiness, and financial capability, all of which play a significant role in determining the final purchase decision.
Concept of the TOWS Matrix
The TOWS Matrix is a strategic tool developed by Heinz Weihrich in 1982 to analyze situations and create effective strategies for organizations. It is an extension of the SWOT analysis (Strengths, Weaknesses, Opportunities, Threats), focusing on the alignment between internal factors (strengths and weaknesses) and external factors (opportunities and threats) to develop strategies that are in harmony with the organization’s environment and circumstances. The TOWS Matrix not only aids in strategic analysis and planning but also facilitates effective decision-making by considering both internal and external factors. This enables organizations to adapt and respond appropriately to market changes (Kotler & Keller, 2016).
Concept of the BCG Matrix
The BCG Matrix, also known as the Growth-Share Matrix, is a tool developed by the Boston Consulting Group (BCG) to assist in analyzing and managing a business portfolio. This tool is designed to help companies identify and prioritize different products or business units within the organization by categorizing them into four main groups based on two dimensions: market growth and relative market share (Kotler, 2003). The categories are as follows:
1. Stars: Products or business units in high-growth markets with a high market share. These require significant investment to maintain and expand their market share.
2. Cash Cows: Products or business units with a high market share in low-growth markets. These generate stable revenue and typically require less investment.
3. Question Marks: Products or business units in high-growth markets with low market share. Strategic decisions are needed to determine whether to invest in increasing market share or to withdraw resources.
4. Dogs: Products or business units with low market share in low-growth markets. These typically generate minimal revenue and may be considered for divestment or closure.
Related Research
Marketing strategies play a crucial role in business operations and are essential in academic research for providing insights that can aid in business development and strategy formulation. A review of research on the 8Ps marketing mix strategy reveals that many scholars have studied this topic. For instance, Kumar and Malik (2020) studied and analyzed the 8Ps marketing mix strategy in the global beverage industry. Their findings indicate that effectively implementing the 8Ps marketing strategy can enhance competitiveness and customer satisfaction in the beverage industry. Similarly, Parmer et al. (2021) examined the 8Ps marketing mix and the buyer decision-making process. Their research concluded that various marketing elements such as product, promotion, training, pricing, and costs significantly influence customers’ decisions to purchase insurance policies.
In addition to the importance of marketing mix strategies for business, understanding the business environment and situation is also critical. The TOWS Matrix is a popular tool used for this purpose, and several researchers have applied it in their studies. For example, Nasution and Naufal (2020) studied customer needs in the wedding photography business, using the TOWS Matrix to develop business strategies that align with customer needs and market changes in the wedding photography sector. Their findings revealed that price and the packages offered by vendors were the most critical factors influencing customers’ decisions.
Similarly, Maity et al. (2023) applied SWOT and TOWS Matrix in evaluating agrivoltaics-crop cultivation under solar panels. Their research found that agrivoltaic systems have several strengths, including the potential for renewable energy production, increased crop yields, and economic benefits for farmers. However, the system also faces several weaknesses and threats, such as high initial investment costs, land-use conflicts, and potential environmental impacts. The TOWS Matrix analysis in this study provided strategic recommendations to maximize the potential of agrivoltaic systems while mitigating weaknesses and threats, including the adoption of flexible pricing strategies.
Research Methodology
This research was conducted by collecting data through in-depth interviews with relevant individuals, including Mr.Nuttapong Maneekorn. Additionally, data were gathered from various documents and related research. The research team focused on documents that were directly relevant to the study, including academic papers, books, articles, journals, dissertations, theses, and previous research, as well as electronic media and internet sources. Fieldwork was also conducted to gather further information on marketing-related data.
Data Analysis
The data obtained from the interviews (major themes) and document review through the Facebook page “Cha Punpee Huai Nam Khun” were analyzed using the 8Ps framework for marketing mix strategy analysis. This framework includes Product Strategy, Price Strategy, Place Strategy, Promotion Strategy, Packaging Strategy, Personal Strategy, Public Relations Strategy, and Power Strategy. The use of the 8Ps tool aids in understanding and improving the marketing strategies of Cha Punpee tea brand effectively. Additionally, a TOWS Matrix was utilized to analyze strengths, weaknesses, opportunities, and threats in a relational matrix format. This analysis provides a foundation for strategic planning in the business development of Cha Punpee tea brand.
Research Findings
This study focused on the 8Ps marketing mix strategies and TOWS Matrix strategies of the “Punpee” tea brand. The research team conducted field activities under the guidance of Mr. Nuttapong Maneekorn, examining and analyzing both the 8Ps marketing mix strategies and the TOWS Matrix strategies. The analysis covered various aspects, including Product Strategy, Price Strategy, Place Strategy, Promotion Strategy, Packaging Strategy, Personal Strategy, Public Relations Strategy, and Power Strategy. The findings are detailed as follows:
1. Analysis of the 8Ps Marketing Mix Strategies
1.1 Product Strategy
The product strategy of the Cha Punpee tea brand focuses on a diverse range of high-quality products, with meticulous production processes that utilize tea leaves from trees over 700 years old. The brand emphasizes organic tea production without chemical use, enabling Cha Punpee tea brand to meet customer demands effectively and differentiate itself in the competitive tea market. A qualitative difference between one-of-a-kindness and less strict forms of uniqueness by showing the value-increasing effect. (Krause et al., 2023)
1.2 Price Strategy
The price strategy analysis reveals that Cha Punpee tea brand employs a leading price strategy, setting prices based on customer satisfaction. The brand carefully controls prices and production costs to maintain its image and ensure competitiveness in the market. Price is a crucial factor in shaping consumer demand, affecting utility through both the psychological and the substitution effects. (Yao et al., 2024)
1.3 Place Strategy
Cha Punpee tea brand employs a direct distribution strategy, where the brand owner sells products directly to customers, bypassing intermediaries. This approach builds customer trust and prevents price inflation. Additionally, the brand uses an event distribution strategy, participating in events such as product launches, trade shows, and demonstrations. These events enhance brand awareness and allow direct engagement with target audiences. This approach enables the brand owner to receive immediate feedback, facilitating rapid adjustments to products or services to better meet customer needs. Moreover, it strengthens customer relationships and loyalty. Consumers’ need for touch and feel, customer experience has become the new mantra to many manufacturers. (Wichmann et al., 2022)
1.4 Promotion Strategy
Cha Punpee tea brand has effectively implemented a promotion strategy through integrated marketing communication (IMC), which encompasses both online and offline channels to reach a diverse target audience. Retailers use many different marketing promotions to increase sales and profits. (Khouja et al., 2020). The details are as follows:
1.4.1 Integrated Marketing Communication (IMC)
Cha Punpee tea brand utilizes both online and offline communication channels to connect with a broad audience. The brand leverages social media platforms such as Facebook, Instagram, and Line to promote products and share news. Additionally, Cha Punpee tea brand organizes marketing activities that focus on creating a sense of engagement and participation among customers.
1.4.2 Word-of-Mouth Marketing
Since the brand owner personally sells the products, they can directly interact with customers, creating positive experiences. This direct interaction fosters word-of-mouth marketing within the community and strengthens customer relationships. Word-of-mouth is a highly credible and impactful strategy for building a loyal customer base.
1.4.3 Informal Sales Promotion
This strategy includes offering free samples or services to enhance customer satisfaction and loyalty. For example, providing small samples of tea or running “buy one, get one free” promotions attracts customer interest and boosts sales.
1.5 Packaging Strategy
Cha Punpee tea brand ‘s packaging strategy focuses on building brand recognition through color branding and designing functional packaging that enhances convenience and maintains product quality. Brand equity depend upon the creation of high levels of brand awareness and distinctive as well as positive brand images. Therefore, to make the product interesting Brand personality has important marketing implications. (Landgraf, 2024)
1.5.1 Color Branding
The brand uses red and black colors to differentiate between red and black tea, respectively. These colors not only create a distinct identity for each product but also emphasize the unique qualities of each tea type. The consistent use of vibrant colors helps build brand recognition and recall among customers.
1.5.2 Functional Packaging
The packaging of Punpee tea brand is designed for practicality and convenience. The use of resealable ziplock pouches helps preserve the tea’s quality and freshness over time. These pouches are not only effective in maintaining the tea’s durability but also enhance user convenience. The resealable feature allows customers to easily open and close the package, ensuring that the tea remains well-preserved and readily accessible. This thoughtful packaging design contributes to an improved customer experience by making storage and usage more efficient.
1.6 Personal Strategy
The analysis of Cha Punpee tea brand’s personal strategy reveals that the brand employs a personalized relationship approach. This strategy involves the direct involvement of the owner and his daughter in selling and providing services, creating a memorable and friendly experience for customers. The brand utilizes social media and event marketing by leveraging pages and organizing promotional activities to increase awareness and drive sales. Additionally, experiential marketing is used through tea tasting events and demonstrations of the tea harvesting process to create engaging experiences and educate customers. Direct storytelling technique has greater positive effect to customer engagement compared to indirect storytelling. (Robiady et al., 2021)
1.7 Public Relation Strategy
In terms of public relations strategy, Cha Punpee tea brand uses both public communication and personal communication methods. The brand employs public relations strategies through pages and promotional events to build awareness and boost sales. Personal communication is facilitated using a private Facebook account, which helps in establishing and nurturing relationships with customers. When brands use Facebook to communicate with consumers, they press liking, comment, or shares. These behaviors create a relationship between consumers and the brand (Dhaoui & Webster, 2021).
1.8 Power Strategy
The analysis of the power strategy for Cha Punpee tea brand indicates a focus on quality over quantity. The brand emphasizes high-quality marketing to cater to customers interested in premium products. The strategy includes differentiation through traditional processes, such as roasting tea with a charcoal oven and cast-iron pan, preserving traditional tea production methods. Product uniqueness extends beyond scarcity to attribute distinctiveness. (Berghueser & Spann, 2024) Furthermore, the brand creates value through aging, which enhances the product’s worth by preserving the tea for extended periods.
2. TOWS Matrix Analysis
The analysis of strengths, weaknesses, opportunities, and threats using the TOWS Matrix results in the following findings, as summarized in Table 1:
Table 1: TOWS Matrix Analysis
| Opportunities (O) 1. Increasing Popularity of Tea Consumption: There is a growing trend in the consumption of tea, which provides an expanding market for tea products. 2. Health Trends: The rising trend of health consciousness among consumers boosts the demand for tea as it is perceived as a healthy beverage option. 3. Advancements in Tea Production Technology: Advances in tea production technology can help reduce production costs and enhance efficiency, creating opportunities for competitive pricing and increased profit margins. | Threats (T) 1. Economic Uncertainty or Rapid Changes: Economic instability or rapid fluctuations can affect consumer spending and disrupt market conditions, posing a threat to business stability. 2. Increasing Market Competition: Rising competition both domestically and internationally can impact market share and profitability, as competitors may offer similar or superior products and services. | |
| Strengths (S) 1. Diverse Product Range and Meticulous Production Methods: The variety of products and careful production processes ensure high product quality, which can enhance brand reputation and customer satisfaction. 2. Direct Sales Without Intermediaries: Selling directly to customers fosters trust and prevents price markups, leading to stronger customer confidence and potentially better profit margins. | Strengths and Opportunities (SO) 1. Leveraging Rising Popularity of Tea and Health Trends: Given the increasing popularity of tea and health trends, the brand can highlight its meticulous production methods as a key selling point. This can be showcased through online videos, which can generate word-of-mouth referrals and build consumer confidence in the product’s quality. | Strengths and Opportunities (SO) 1. Leveraging Rising Popularity of Tea and Health Trends: With the growing popularity of tea and health trends, the brand can capitalize on its meticulous production methods and high-quality products. By showcasing these aspects through online videos, the brand can create compelling content that resonates with health-conscious consumers. This approach can foster word-of-mouth referrals and enhance consumer confidence in the product’s quality, helping to build a strong reputation and attract a wider customer base. |
| Weaknesses (W) 1. Limited Brand Recognition: The Pan Pi tea brand is not yet widely recognized, which can hinder its ability to attract new customers and compete effectively in the market. 2. Insufficient Distribution Channels: The brand’s current distribution channels are limited, restricting its market reach and availability to potential customers. | Weaknesses and Opportunities (WO) 1. Targeting Niche Markets Despite Limited Brand Recognition: Although the brand is not yet widely known, there is a growing interest in tea and health trends. The brand can focus on reaching niche markets that are enthusiastic about tea. By targeting these specific consumer segments, the brand can build a dedicated customer base even before achieving broad recognition. 2. Expanding Distribution Channels with Strategic Marketing: Increasing distribution channels and applying the previously analyzed 8Ps marketing mix strategies can address the brand’s current weaknesses. By leveraging these strategies, the brand can enhance its market presence and operate sustainably, ultimately driving growth and increasing brand visibility. | Weaknesses and Threats (WT) 1. Enhanced Marketing Communication: To overcome limited brand recognition, the brand must increase its marketing communications to effectively showcase its product strengths. By implementing a comprehensive marketing strategy, the brand can attract a broader audience and build awareness, mitigating the risk of remaining relatively unknown. 2. Diversifying Distribution Channels: Expanding distribution channels is essential to improving customer convenience and staying competitive. By offering more diverse purchasing options, the brand can better meet consumer needs and avoid falling behind competitors who may have more established distribution networks. |
Source: Analysis from the authors
The table illustrates that entrepreneurs must continuously adapt to changing circumstances. This involves:
- Leveraging Strengths: By capitalizing on existing strengths, businesses can seize opportunities and counteract threats effectively. For instance, utilizing the unique attributes of their products to meet rising consumer demand for premium and organic options can drive growth.
- Addressing Weaknesses: It is crucial to work on improving weaknesses to ensure the business remains viable in the long term. This may involve enhancing brand recognition, optimizing production efficiency, and expanding distribution channels to mitigate potential challenges.
By focusing on these strategies, businesses can navigate dynamic market conditions and achieve long-term sustainability.
3. BCG Matrix Analysis
The BCG Matrix analysis reveals that Cha Punpee tea brand is classified as a “Question Mark.” This classification is attributed to several factors:
1. Market Position: As a new entrant in the tea market, Cha Punpee tea brand has not yet achieved high sales volumes compared to established competitors. The brand is still in the early stages of market penetration, with a relatively small customer base primarily consisting of loyal customers who already trust the brand.
2. Investment and Operations: The brand’s investment in production and sales is relatively modest, with the owner managing both aspects personally. This limited investment affects the brand’s ability to scale quickly.
3. Challenges and Opportunities: Cha Punpee tea brand faces significant challenges in building market awareness and gaining broader acceptance. Developing and implementing a robust marketing strategy will be essential for expanding the customer base and increasing sales in the future.
By addressing these challenges and focusing on strategic marketing efforts, the brand has the potential to move from the “Question Mark” quadrant to a more advantageous position in the BCG Matrix.
Boston Consulting Group (BCG) matrix
Source: Rahman (2017)
Summary and Recommendations
Cha Punpee tea brand is a new entrant in the tea market, focusing on producing high-quality tea from centuries-old Assam tea trees in the Huai Nam Khun area, Chiang Rai.The brand emphasizes meticulous organic production methods and traditional Chinese roasting techniques, resulting in a unique and high-quality product. The marketing strategies for the brand include a mix of promotional activities, building customer relationships, and enhancing brand recognition through distinctive packaging design. Retailers can leverage identity congruence to forge meaningful consumer-brand relationships which will result in enhanced engagement, brand loyalty, and willingness to pay. (Roggeveen et al., 2021)
References
6Wresearch. (2024). Thailand tea market (2024-2030): Market forecast by packaging type, distribution channels, regions, and competitive landscape. Retrieved from https://www.6wresearch.com/industry-report/thailand-tea-market
Berghueser, S. M., & Spann, M. (2024). The value of distinctiveness: Product uniqueness in crypto marketing. International Journal of Research in Marketing.
Dhaoui, C., & Webster, C. M. (2021). Brand and consumer engagement behaviors on Facebook brand pages: Let’s have a (positive) conversation. International Journal of Research in Marketing, 38(1), 155-175.
Khouja, M., Subramaniam, C., & Vasudev, V. (2020). A comparative analysis of marketing promotions and implications for data analytics. International Journal of Research in Marketing, 37(1), 151-174.
Kotler, P. (2003). Marketing management (11th ed.). Prentice Hall.
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Education.
Krause, F., Görgen, J., de Bellis, E., Franke, N., Burghartz, P., Klanner, I. M., & Häubl, G. (2023). One-of-a-kind products: Leveraging strict uniqueness in mass customization. International Journal of Research in Marketing, 40(4), 823-840.
Kumar, R., & Malik, A. (2020). Application of marketing mix strategies in the beverage industry: A study of global trends. International Journal of Marketing Studies, 12(3), 45-58.
Landgraf, P., Stamatogiannakis, A., & Yang, H. (2024). How mortality salience hurts brands with different personalities. International Journal of Research in Marketing, 41(2), 308-324.
Maity, R., Sudhakar, K., Abdul Razak, A., Karthick, A., & Barbulescu, D. (2023). Agrivoltaic: A strategic assessment using SWOT and TOWS matrix. Energies, 16(8), 3313.
Maximize Market Research. (2024). Global tea market: Industry analysis and forecast (2023-2029). Maximize Market Research. Retrieved July 1, 2024, from https://www.maximizemarketresearch.com/market-report/global-tea-market/19202/
Nasution, A. H., & Naufal, M. I. (2020, April). Strategy business based on analytical hierarchy process and TOWS matrix: Case from customer preference in wedding photography. In 3rd Asia Pacific International Conference of Management and Business Science (AICMBS 2019) (pp. 122-129). Atlantis Press.
Parmer, L. L., Dillard Jr., J. E., & Lin, Y. C. (2021). The 8Ps marketing mix and the buyer decision-making process. Journal of Marketing Development and Competitiveness, 15(4).
Rahman, M. (2017). SWOT analysis of Microsoft (Strategic analysis of Microsoft). Retrieved from https://howandwhat.net/author/info-howandwhat/
Robiady, N. D., Windasari, N. A., & Nita, A. (2021). Customer engagement in online social crowdfunding: The influence of storytelling technique on donation performance. International journal of research in marketing, 38(2), 492-500.
Roggeveen, A. L., Grewal, D., Karsberg, J., Noble, S. M., Nordfält, J., Patrick, V. M., … & Olson, R. (2021). Forging meaningful consumer-brand relationships through creative merchandise offerings and innovative merchandising strategies. Journal of Retailing, 97(1), 81-98.
Rungsimantong, T. (2014). Marketing mix factors affecting consumer decisions in purchasing sports newspapers. Faculty of Sports Science, Chulalongkorn University.
Siriwan, S., & Associates. (1998). Modern marketing management. Teeraphim and Sytec Co., Ltd.: Bangkok.
Suporn, S. (2002). Consumer behavior. Bangkok: A.R. Business Press.
Wanwisa, W. (2012). Study of organizational problems and strategy formulation: A case study of This Work Co., Ltd. Department of Management, University of the Thai Chamber of Commerce.
Wichmann, J. R., Uppal, A., Sharma, A., & Dekimpe, M. G. (2022). A global perspective on the marketing mix across time and space. International Journal of Research in Marketing, 39(2), 502-521
Yao, Y. A., Yang, S., & Sudhir, K. (2024). Separating substitution and psychological effects of price with a two-step conjoint approach: Application to luxury goods. International Journal of Research in Marketing, 41(2), 344-361.
[1] Department of Management, Faculty of Business Administration and Information Technology Rajamangala University of Technology Isan (Khon Kaen Campus), Thailand. E-mail: rattanawadee.sa@rmuti.ac.th.
[2] Social Enterprise Office, Arsom Silp Institute of the Arts, Bangkok 10150, Thailand. E-mail: piyatidabunbun@hotmailcom.
[3] School of Economics and Investment, Bangkok University, Khlong Luang District, Pathum Thani Province, Thailand E-mail: anupong.w@bu.ac.th.
* Corresponding author: anupong.w@bu.ac.th.