5 STRATEGIES FOR BUSINESS ADAPTATION TO THRIVE IN ECONOMIC CRISIS: A CASE STUDY OF THE GREENWAY NIGHT MARKET
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Abstract
This research was a mixed-method study to explore the strategic level of adaptation and survival and investigate the relationship between adaptation strategies and the survival of businesses in the Greenway Night Market. For the survey, a simple random sampling method was used to select a sample of 320 business operators in the Greenway Night Market, Hat Yai district, Songkhla Province, Thailand. The research tools included a questionnaire and an in-depth interview. The data were analyzed using frequency, percentage, mean, standard deviation, and correlation analysis. In-depth interviews were conducted with 20 experienced business operators with more than one year of experience, selected by purposive sampling. The data were analyzed by using content analysis. The research findings revealed that the majority of businesses used a moderate level of adaptive strategies and had a relatively low survival rate. They barely survived and were on the verge of failing. However, they were able to sustain their cash flow. Strategies positively correlated with the survival of businesses in the jewelry/mobile accessories category included providing online services, selling assets to boost liquidity, reducing the number of employees, reducing wages, and seeking partnerships to support the business. On the other hand, the strategy of seeking partnerships to support the business positively correlated with clothing businesses. However, strategies for generating additional income for the business and providing online services were found to be risky and highly competitive, with a negative correlation with businesses in the second-hand goods category. Nevertheless, no strategies were found to have a significant relationship with the survival of businesses in the food and beverage category. These results were because businesses in this category had already adapted to online platforms before COVID-19, and their products were considered essential for survival, making it unnecessary to implement additional strategies.
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