Sufficiency economy philosophy in new product development: A Thailand approach.

Abstract

This study aims to find out how the entrepreneur can implement Sufficiency Economy Philosophy (SEP) in New Product Development (NPD), what is benefits and cautions for implementation and how it can help the company to achieve their sustainable goals. Hypothesis were tested by in depth interview and collect the data from 15 interviewees from 4 industries. The result of this study found the implementation in NPD in each stage is different. Moreover, it creates benefit in various aspects but it also has some cautions. The interviewees trust apply this philosophy in NPD bring sustainable growth to their business and society. The paper recommends that entrepreneur should study SEP and apply it in NPD. It needs to start with moderation. Additionally, entrepreneurs should stand firm on their identities and long-term goal. In another aspect, the government should promote Sufficiency Economy Philosophy in business practice and it input this philosophy in the business curriculum