Investigating the Factors Influencing Private Sector Marketing Strategies to Boost Food and Beverage Manufacturing Sales and Overall Manufacturing in Thailand: An Empirical Examination Amid Rapid Structural Changes in Economies
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Abstract
Big data offers a powerful statistical tool that helps address business issues and provides companies and organizations with a deeper understanding of their operations, enabling them to make more informed decisions. Businesses may forecast future trends and customer demands using data analysis. This study aims to investigate the factors that influence private sector marketing strategies to boost food and beverage manufacturing sales and overall manufacturing in Thailand. The researcher employed secondary annual statistics over 16 years for each variable covering 2006 to 2021. The study applied ordinary least square (OLS) logarithm regression to examine the determinants affecting manufacturing sales, quantile regression approach (QR) to re-examine the relationship between dependent variables and to get rid of outliers, and Pareto analysis (PA) for final decision-making to determine the accumulative impact. The results showed that the use of smartphones and people’s average income appear to be distinctively and positively important factors affecting food and beverage manufacturing sales. At the same time, personal credit has a negatively significant correlation with food and beverage manufacturing sales. In total manufacturing sales, investment in ICT in the private sector and people using smartphones are the highest positive determinants of total (holistic) manufacturing sales.
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