APPLICATION OF BUSINESS MANAGEMENT PRINCIPLES BASED ON THE SUFFICIENCY ECONOMY PHILOSOPHY TOWARDS SELF–RELIANCE: A CASE STUDY OF HONG PUENKASET STORE, WATABAEK SUBDISTRICT, THEPSATHIT DISTRICT, CHAIYAPHUM PROVINCE

Abstract

This research article aimed to: 1) examine the current conditions and problems in five areas of business management, namely personnel, finance, materials and equipment, management, and marketing, of Hong Puen Kaset Store; 2) examine approaches to applying business management principles in accordance with the Sufficiency Economy Philosophy; and 3) examine the effects of applying such principles on economic and social self-reliance. This research employed a qualitative case study approach. The 26 key informants were purposively selected from administrators, employees, customers, business partners, community leaders, and other relevant persons. Data were collected through participant and non-participant observation, together with structured and unstructured interviews, and were analyzed using content analysis. The findings revealed that: 1) business management in all five areas had become more systematic. In terms of personnel, duties were assigned and welfare was provided, although problems in personnel control were still found. In terms of finance, the business relied on family capital and had no policy of borrowing funds, although excessive inventory had previously been a problem. In terms of materials and equipment, technology was used to support product management, but imbalances in inventory were still found. In terms of management, there were still limitations in sales promotion activities. In terms of marketing, the business faced increasing competition and its business network was not yet strong. 2) The application of the Sufficiency Economy Philosophy consisted of moderation, reasonableness, and good immunity, under the conditions of knowledge and morality. These principles were used to guide resource utilization, decision-making, risk management, and relationships with relevant stakeholders. 3) Economic self-reliance resulted from reducing expenses, avoiding unnecessary debt, using resources efficiently, and increasing income through diverse activities. Social self-reliance resulted from sharing and mutual support among employees, customers, business partners, temples, schools, and the community.