Critical Success Factors of Thai Smes in the New Product and Service Development Sect

Haruthai Numprasertchai, Phanthipa Srinammuang and Jiraphan Skuna
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Haruthai Numprasertchai: Kasetsart University, Thailand
Phanthipa Srinammuang: Kasetsart University, Thailand
Jiraphan Skuna: Office of Small and Medium Enterprises Promotion, Thailand

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Abstract: SMEs plays a significant role of national economic development as it creates jobs and helps release the poverty issue. This research aims at identifying the critical success factors of SMEs in the sector of the New Product and Service Development (NPSD) as well as proposing a guideline for promoting such SMEs for sustainable development. Qualitative and quantitative research approaches are employed. In-depth interviews with NPSD entrepreneurs were conducted, using 8 case studies with 4 experts in the field. The research found that the critical success factors consisted of 4 factors: resources and capital, entrepreneur characteristics, ability to develop product quality, and marketability. However, supports provided to experienced and new entrepreneurs seem to be both identical and diverse at the same time. The experienced entrepreneurs need support related to product development and marketability for staying competitive whereas the new entrepreneurs need supports for all aspects: capital, business knowledge, marketability, as well as product development.

Keywords: Thai SMEs; NPSD; success factors (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp18:389-396

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