Approaches to Develop the Real Estate Industry for Senior Citizens to Achieve a Sustainable Success

• Autores: Wirinnun Rungrotkankul, Jusana Techakana, Thanin Silpcharu
• Localización: International Journal of Professional Business Review: Int. J. Prof.Bus. Rev., ISSN 2525-3654, ISSN-e 2525-3654, Vol. 8, Nº. 6, 2023 (Ejemplar dedicado a: Continuous publication; e01278)
• Idioma: inglés
• DOI: 10.26668/businessreview/2023.v8i6.2494
• Enlaces
  • Texto completo (pdf)
• Resumen

  • Purpose:  The aim of this study is to examine the variable factor of the approaches to develop the real estate industry for senior citizens to achieve a sustainable success and develop a structural equation model.

      Theoretical framework:  The PESTEL analysis (K. Pair, 2018), is an assessment tool used to analyse external environmental factors that impact businesses and are beyond control. These include the political, economic, social, technological, environmental, and legal factors. Porter’s Five Forces (Porter, 2022) is an analytical framework used to assess the competitive forces and rivalry at play in an industry, as well as identifying the important factors in operating a business.

      Design/methodology/approach:  The mixed research methodology was employed by starting with qualitative research based on in-depth interviews with nine experts to create tools for quantitative research and conducting a group discussion with 11 experts to find a consensus on the model of this research.

      Findings: Develop from structural equation modelling indicated a good fit with the empirical data, exhibiting a chi-square probability of 0.106, a relative chi-square (normed chi-square) value of 1.114, a goodness of fit index of 0.956, and a root mean square error of approximation of 0.015.

    Research, Practical & Social implications:  Approaches to develop a sustainable real estate industry for senior citizens are explored in this research. A quantitative study is performed through surveys, using questionnaires which target 500 executives in the real estate industry for the elderly. Data analysis is performed using descriptive, inferential, and multivariate statistical methods.

      Originality/value: Results indicated that the four most significant factors to achieve sustainable success in real estate industry development for senior citizens, in order of descending priority, are: 1) opportunity development 2) project development 3) network development and 4) marketing communications development.

• Referencias bibliográficas
  • Al Muala, I., and et al. (2022). Evaluating the Effect of Organizational Justice on Turnover Intention in the Public Hospitals of Jordan:...
  • Albert Humphrey. (2014). [online] . SWOT/TOWS. SWOT Matrix Theory. [cited 31 Jan. 2020]. Available from https://md.go.th/ethic/DATA/PromotionPlan62-64_SWOTAnalyze.docx%20/
  • Al-Refiay, H. A. N., Abdulhussein, A. S., & Al-Shaikh, S. S. K. (2022). The Impact of Financial Accounting in Decision Making Processes...
  • Arbuckle, J.L. (2016). IBM SPSS Amos 24 User’s Guide. Armonk, NY: IBM Barney, J.B. and Arikan, A.M. (2001), The Resource-based View: Origins...
  • Institute for Population and Social Research. (2020). Conceptualisation of Housing Patterns in Urban Areas for the Elderly. Bangkok : Mahidol...
  • K. Pair, January. (2008). “PESTEL Analysis”. Journal of Personality and Social Psychology. Vol. 83 No.2 : 261–270.
  • Kale, P., & Singh, H. (2009). “Managing Strategic Alliances: What Do We Know Now, and Where Do We Go from Here?”. Academy of Management...
  • Kasikorn Bank. (2020). [Online] Insights on the Older Lifestyles. Accessed on 25 December 2021 from https://www.kasikornbank.com/th/business/sme/ksmeknowledge/article/ksmeanalysis/pages/olderlifestyle_sme.aspx.
  • Kitiporn, MS., Silpcharu, T., & Wattanakomol, S. (2022). Adaptation Guidelines of the Business Sector to Accommodate the New Normal. Resmilitaris,...
  • Lapa Chaloeijanya and Trairat Charutat. (2018). Design and Improvement Guidelines for Housing, Buildings, and Outdoor Spaces for the Elderly...
  • Mongkolnimit and Trairat Charutat. (2022). “Living Conditions of the Elderly in High-Priced Housing Projects: A Case Study of the Nantawan...
  • National Statistical Office of Thailand. (2021. Population Structure of Thailand. Bangkok: Ministry of Interior.
  • Noppol Wittworapong. (2019). Trends in the Market for Products and Services for the Elderly. Bangkok: Chulalongkorn University.
  • Parapornpisut, S., Techakana, J., & Wantanakomol, S. (2022). Strategies for Marketing Management of
  • Pongsarun Polsrilert. (2017). [online] Engaging Customers as Strategic Partners]. Retrieved on 5 January 2019 from https://phongzahrun.wordpress.com
  • Porter, Michael E. (2022). The competitive Advantage of Nation. New York : Free Press.
  • Rojanasak Saengsiriwilai and Chanida Sakuliraporn. (2017). “ Developing Healthcare Service Businesses According to the Expectations of the...
  • Sananwatananont, W., Techakana, J., & Silpcharu, T. (2022). Approaches of Using Digital Media Technology to Build Competitive Advantage...
  • Schultz, D., & et al. (2008). “An inside-out approach to integrated marketing communications – An international analysis.” International...
  • Schwab, K. (2017). The Fourth Industrial Revolution. Switzerland: World Economic Forum.
  • Siam Commercial Bank. (2021. Asia Pacific Economic Opportunities Report. Volume 4, 2020: 12-15.
  • Silpcharu, T. (2020). Statistical data analysis and research by SPSS and AMOS. Bangkok, SR Printing Mass Product.
  • Silpcharu, T., & Wantanakomol, S. (2017). A structure equation modeling of guidelines for sustainable OTOP production management, using...
  • Small and Micro Community Enterprises to Achieve Sustainability. Journal of Management Information and Decision Sciences, 25(S6), 1-13.
  • Suthida Chuanwan, Kanjana Tianlai, and Pananwat Tueantin. (2020). Living Arrangements of the Elderly in Urban Areas to Support Suitable Housing...
  • Techakana, J. (2020). Book review: 130 trends and predictions for digital marketing 2020. Journal of the Association of Researchers, 25(2),...
  • Techakana, J. (2020). Innovative business model for high achievement. Journal of Social Science and Buddhistic Anthropology, 5(3), 431-445.
  • Techakana, J. (2020). Integrated Marketing Communications 4.0 [Factors Influencing Consumer Behavior]. Bangkok: Samnao Plus.
  • Thai Department of Older Persons. (2017. Improving the Housing Structure in a Democratic Form . Bangkok : Theppenwanich.
  • Thenchan, N., Techakana, J., & Wattanakomol, S. (2022). Strategies for Developing Healthy Food Business for Sustainable Growth: 10.2478/bjlp-2022-002067....
  • United Nations. (2020). [online]. Support of the United Nations for Sustainable Development Goals in Thailand. Accessed on 25 December 2021....
  • Wantanakomol, S. (2021). The effect of guidelines on reducing logistics costs. Uncertain Supply Chain Management, 9(3), 667-674.
  • Wongmonta, S., & Techakana, C. (2010). Marketing 4.0 in the context of Thailand. Journal of Economics and Public Policy, 8(15), 1-16.