By Suppasit Sornsri, Department of Marketing, Assumption University
February 14, 2017
In the author’s last year article, the author discussed the application of the Philosophy of Sufficiency Economy, a philosophy conceived and developed by the King Bhumibol Adulyadej of Thailand, in B2B purchasing. In this article, the author is interested in exploring the application of the Philosophy of Sufficiency Economy in B2C marketing.
In this stage of exploratory discussion, the author will discuss the conceptualization of the Philosophy of Sufficiency Economy in marketing and provide some examples on how the Philosophy of Sufficiency Economy can be applied into the development of the 4Ps of marketing mix. Some interesting examples of the well-established companies that adapt the sufficiency concept will be briefly highlighted. Finally, the author investigates potential consequences when the companies adapt such a concept. First of all, the Philosophy of Sufficiency Economy is introduced and explained as follows.