The feasibility study and analysis of relationship between brand personality and perceived values of small local coffee businesses in The Eastern Region of Thailand
Abstract:
The purpose of this research is to investigate the feasibility study and analysis of relationship between brand personality and perceived value of the small local coffee businesses in the eastern region of Thailand. This research is a mixed method between qualitative and quantitative research which quantitative research outweighing qualitative research. The objective of the qualitative research is to study the feasibility of small local coffee businesses by analyzing factors such as marketing, production, break-even point, profit, risk, and business development guidelines. In-depth interview was performed to collect the important information from 12 small local coffee entrepreneurs. The obtained data was analyzed and presented in a descriptive statistical form. In part of the quantitative research, the purpose of this research is to analyze the brand personality factors of small local coffee businesses that influence brand perception. A questionnaire was developed as an instrument tool to collect the important data from 400 medical personnel. The obtained data was analyzed and evaluated by using a statistical tool. Descriptive statistics obtained from previous step were presented in form of the basic statistical data such as mean, percentage, and standard deviation. In addition, the inferential statistical analysis and multiple correlation analysis were performed to investigate the relationship between the independent variables and the dependent variables. Hypothesis testing was performed by using multiple linear regression analysis, with a statistical significance of 0.05. By analyzing the data obtained from the questionnaire, the qualitative research evaluation showed that the income statement for the first year had a turnover, a net profit, a net present value of 1,387,830.53-baht, 202,243.60 baht, and 2,753,235.20 baht, respectively. A payback period of the coffee business of 1 year and 2 months, which was considered an investment with a short payback period. The results showed that the small local coffee business has a return on investment and is financially profitable. In terms of sensitivity analysis, in the case of the cost increases by 10 percent while the revenue remains fixed, it was found that the net present value (NPV) is about 1,697,930.26 baht. This showed that the net cash flow received is greater than the initial investment and in the event that income is reduced by 10 percent. In another case of the cost remains fixed, it was found that the NPV is about 1,399,006.74 baht, which means that the net cash flow obtained is greater than the initial investment. Therefore, sensitivity analysis in both cases showed that small coffee businesses had investment possibilities. For the quantitative research evaluation, it was found that the perceived value had a grade point average of 3.979, which is a very high level. The respondents' opinions on brand personality with a grade point average of 3.898, which is a very high level. In addition, the multiple correlation regression analysis revealed that the factor that influences consumers' perception of value is brand personality. The factors that matched the sub-assumptions included sincerity, excitement, competence, and complexity. The taste factor did not agree with the sub-assumptions. It did not have a positive influence on consumers' perception of value. Because the sample group consists only the medical personnel, the variances were not related, resulting in similar taste responses. From the above results, it can be concluded that a small local coffee business in the eastern region is an interesting business to invest. An initial investment of a small local coffee business is about 236,000 baht, a net present value of 2,753,235.20 baht, an internal rate of return of 111%, a payback period of 1 year and 2 months. It is a business that is profitable and offers financial opportunities. The brand personality factors have a positive influence on consumer perception of value. In the part of multiple regression analysis from the coefficient (B), it was found that the sincerity brand personality, excitement, competence, and complexity were related to the perception of the value of consumers in the same direction. In addition, an investigation of the relationship between the independent variables using the tolerance and variance amplification element found that the results of the analysis of all independent variables are in the range of 1.34 - 2.80, which is below the established threshold 5.00. Therefore, it can be concluded that all independent variables have no degree of correlation with each other.