Green Product Strategy and Firm Successes: An Empirical Study of the Electrical and Electronics Industries of Thailand
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Abstract
Background and Objectives: Over the past several decades, concern about corporate social responsibility and green management has become a significant public issue and also a crucial topic in academic research. In a rapidly changing business environment, the organization's role in developing novel products is crucial. Green marketing tools such as ecolabelling, eco branding, and environmental advertisements foster the perception of environmentally friendly product attributes, thus, steering consumers toward purchasing green products. The objectives of this study were to: (1) examine the dimensions of the green product effect on market acceptance, (2) investigate the factors behind the market acceptance effect on firm successes in the electrical and electronics industries in Thailand.
Methodology: Marketing executives from 138 businesses in the electrical and electronics industries of Thailand were sampled for the study. A survey questionnaire was mailed to the participants. The content validity and reliability of this instrument were checked by an expert. The result of discriminant validity tested by factor analysis shows a value between 0.735 - 0.936, and the Cronbach’s Alpha Coefficient test of reliability shows a value between 0.791 - 0.892. Descriptive statistics were utilized to examine the data, including average and percentage, while multiple regression analysis was employed to examine the hypothesis.
Main results: The results showed that the overall opinions of respondents about green products (ecolabeling, green packaging, and clean production), market acceptance, and firm successes were at the highest level. The results of hypothesis testing found that: (1) green products (ecolabelling and green packaging) have a significant and positive effect on market acceptance, and (2) market acceptance has a significant and positive effect on firm successes in the electrical and electronics industries of Thailand. However, the research found that clean production had no positive influence on market acceptance.
Discussion: This empirical evidence demonstrated that green products could offer market acceptance by impacting the firm’s success. Businesses must develop their identity via goods that offer value and attract customers. Among these is the creation of eco-friendly products. Green product capabilities are an important aspect that produces a sustained competitive advantage. Accordingly, executives can support and promote green product strategies and utilize these concepts as valuable tools in order to advance best marketing practices and achieve their business goals in future operations.
Conclusion: This study emphasized the strategic marketing importance of green product initiatives in driving business growth and environmental protection, contributing a pathway towards a more sustainable future. However, the organization's role in the development of novel products is crucial. Hence, businesses need to focus on exceeding client expectations by developing eco-friendly initiatives and distinctive (green) products. This contributes to the establishment of a distinct brand and gains in competitive advantage, thereby helping to fulfill the requirements of new market segments. Furthermore, the entrepreneur will thus have to study how their packaging is produced. Examples include cutting consumption of inputs, ensuring that their products are reusable or recyclable, and putting in place measures to better manage packaging waste to reach net zero waste.
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