Enhancing Sustainable Branding: How Sustainability Can Drive Thai Business Success
DOI:
https://doi.org/10.60101/jimc2024.1503คำสำคัญ:
Sustainable Branding, Environmental Social and Governance (ESG), Circular Economy, Triple Bottom Line, Corporate Social Responsibility (CSR)บทคัดย่อ
This academic article explores the growing significance of sustainable branding as a strategic necessity for enterprises worldwide, emphasizing the context of Thailand. As sustainability increasingly influence consumer preferences and international trade practices, organizations are necessitated to harmonize their operations with environmental, social, and governance (ESG) values. The article examines key drivers behind the shift toward sustainable branding, including the environmental crisis, changing consumer expectations, and the rise of ESG funds. It highlights essential principles such as the Triple Bottom Line, Circular Economy, Stakeholder Theory, Corporate Social Responsibility (CSR), and Brand Equity, which furnish a formidable framework for executing sustainable branding practices that encourage long-term profitability and social responsibility. Through outstanding exemplars of leading Thai companies, including Siam Cement Group and PlanToys. Overall, the academic article illustrates how integrating sustainability into brand strategy can drive innovation, enhance market differentiation, and build consumer trust. Importantly, companies that adopt sustainability not only obtain competitive benefits but also facilitate positive environmental and societal transformation, guaranteeing enduring viability and achievement in the progressively eco-aware global marketplace.
References
Aaker, D. A. (1992). The value of brand equity. Journal of Business Strategy, 13(4), 27-32.
Allen, J. (2024). Thailand’s journey towards a circular economy. Thailand Business News. https://www.thailand-business-news.com/environment/158804-thailands-journey-towards-a-circular-economy
Arruda, E. H., Melatto, R. A. P. B., Levy, W., & de Melo Conti, D. (2021). Circular economy: A brief literature review (2015–2020). Sustainable Operations and Computers, 2, 79-86. https://doi.org/10.1016/j.susoc.2021.01.001
Bangkok Post. (2024). Thai brands that focus on sustainability. https://www.bangkokpost.com/spe-cials/sustainability-2024/article2
Bowen, H. R. (1953). Social responsibilities of the businessman. University of Iowa Press.
Brand Age Online. (n.d.). PlanToys สร้างการเล่นอย่างยั่งยืน. Retrieved September 1, 2024, from https://www.brandage.com/article/36560?fbclidIwY2xjawF9bK1leHRuA2FlbQIxMAABHXR97WwPfhe6cZ2KLbhkkuOLC83lssr1dVseHMx4RzEsuI3YMCb8L8uKw_aem_kRYDCtzgONdXwZk48Lg4ug
Combs, S. (2024, May 2). Sustainability in business. Emerald Ecovations. https://emeraldecovations.com/2024/05/sustainability-in-business/
Deloitte. (2019). The Deloitte global millennial survey 2019: Societal discord and technological transformation creates a generation disrupted. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/About-Deloitte/deloitte-2019-millennial-survey.pdf
Damani, D., Joshi, N., Gaur, S., & Panwari, D. (2023). Do sustainable brands actually supply or is it just a advertising gimmick to draw customers in 2023?. International Journal of Scientific Research in Engineering and Management, 7(12), 1-12. https://doi.org/10.55041/IJSREM27787
Duttagupta, A. (2023). Sustainability marketing: Strategies for positioning and promoting sustainable brands in competitive markets. Boletin de Literatura Oral-The Literary Journal, 10(1), 440- 451.
Earth.Org. (2024). 15 biggest environmental problems of 2024. https://earth.org/the-biggest-environmental-problems-of-our-lifetime/
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90-100. https://doi.org/10.2307/41165746
Elkington, J. (1998). Partnerships from cannibals with forks: The triple bottom line of the 21st century business. New Society Publishers.
Ernst & Young. (2023). C-suite insights: Sustainability and ESG trends index. https://assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/sustainability/ey-c-suite-insights-sustainability-and-esg-trends-index.pdf
Forbes. (2022). Reducing environmental impact is now a business imperative. https://www.forbes.comsitesdeloitte20200122reducing-environmental-impact-is-now-a-business-imperative/
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Grubor, A., & Milovanov, O. (2016). Sustainable branding. Entrenova-Enterprise Research Innovation, 2(1), 329-336.
Iannuzzi, A. (2024a). Introduction. In A. Iannuzzi (Ed.), Greener products: The making and marketing of sustainable brands (pp. 3-18). CRC Press.
Iannuzzi, A. (2024b). Market drivers for greener products. In A. Iannuzzi (Ed.), Greener products: The making and marketing of sustainable brands (pp. 19-41). CRC Press.
Ishaq, M. I., & Di Maria, E. (2020). Sustainability countenance in brand equity: A critical review and future research directions. Journal of Brand Management, 27(1), 15-34. https://doi.org/10.1057/s41262-019-00164-1
Kadam, P. V. (2024). Embracing the future: Unveiling the role of sustainability in innovative branding. Educational Administration: Theory and Practice, 30(6), 2312-2318.
McKinsey & Company. (2023). The triple play: Growth, profit, and sustainability. https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-triple-play-growth-profit-and-sustainability
Nascimento, J., & Loureiro, S. M. C. (2024). Mapping the sustainability branding field: Emerging trends and future directions. Journal of Product & Brand Management, 33(2), 234-257. https://doi.org/10.1108/JPBM-02-2023-4349
Nayak, A., Satpathy, I., & Poddar, S. (2024). The Radical Transformation: Leveraging Green Marketing's Potential for a Sustainable Future. In Seda Yıldırım, Durmuş Cagrı Yıldırım, Işıl Demirtaş, Vinay Kandpal (Eds), Green Transition Impacts on the Economy, Society, and Environment (pp. 166-181). IGI Global.
Nidumolu, R., Prahalad, C. K., & Rangaswami, M. R. (2009). Why sustainability is now the key driver of innovation. Harvard Business Review, 87(9), 56-64.
Ottman, J. (2017). The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Routledge.
Pir, E. Ö. (2023). Sustainable brand management: A forward-looking perspective in the business world. In E. S. Yılmaz (Ed.), Dijitalleşme ve Pazarlama Araştırmaları: Digitalization and marketing research (pp. 105-116). Özgür Yayın-Dağıtım.
PlanToys. (n.d.). On the fourth decade of toys creation. Retrieved September 1, 2024, from https://th.plantoys.com/th/pages/history?srsltid=AfmBOorHS2qPtw_vIpoufb1V9-DLJWkM9A4iMQHFCboFJOxD-UyrQ6-n
PwC Thailand. (2021). Thai consumers willing to pay more for ESG-linked products. https://www.pwc.com/th/en/press-room/press-release/2021/press-release-02-07-21-en.html
PwC Thailand. (2024). Voice of consumer 2024: Thailand snapshot. https://www.pwc.com/th/en/research-and-insights/voice-of-the-consumer-survey-2024-asia-pacific-thailand-snapshot-en.html
SEC Thailand. (2023).SEC poised to approve the launch of Thailand ESG Fund. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10266
S&P Global. (2023). Dow Jones sustainability indices component. https://www.spglobal.com/esg/csa/csa-resources/dow-jones-sustainability-indices-components-bh19
SCG. (n.d.-a). Corporate profile: Vision and business purpose. Retrieved September 1, 2024, from https://www.scg.com/en/01 corporate_profile/02_scg_vision.html
SCG. (n.d.-b). Corporate profile: Sustainable development. Retrieved September 1, 2024, from https://www.scg.com/esg/news_activity/scg-a-world-class-sustainable-company-for-18-consecutive-years-from-djsi/? lang=en
Sharma, M., & Joshi, S. (2019). Brand sustainability among young consumers: An AHP-TOPSIS approach. Young Consumers, 20(4), 314-337. https://doi.org/10.1108/YC-12-2018-0914
United Nations. (2015). Sustainable development goals: 17 goals to transform our world. https://sdgs.un.org/goals
UN Global Compact Network Thailand. (2024). UN Global Compact Network Thailand. UNGCNT. https://globalcompact-th.com/about/gcnt
United Nations Environment Programme. (2024). Facts about the nature crisis. UNEP. https://www.unep.org/facts-about-nature-crisis
Vesal, M., Siahtiri, V., & O'Cass, A. (2021). Strengthening B2B brands by signalling environmental sustainability and managing customer relationships. Industrial Marketing Management, 92, 321-331. https://doi.org/10.1016/j.indmarman.2020.06.007
Williams, E. F. (2015). Green giants: How smart companies turn sustainability into billion-dollar businesses. Amacom.
Winans, K., Kendall, A., & Deng, H. (2017). The history and current applications of the circular economy concept. Renewable and Sustainable Energy Reviews, 68, 825-833. https:// doi.org/10.1016/j.rser.2016.09.123
Wójcik-Czerniawska, A. J. (2024). The power of sustainable branding: Building a better future. In Paula Rodrigues, Ana Pinto Borges, Elvira Vieira, Victor Tavares (Eds.), Compelling Storytelling Narratives for Sustainable Branding (pp. 43-61). IGI Global.