Description
In this description business strategies applied by real estate entrepreneurs during economic crisis.
?
## 517 42611 25 : MAJOR HOUSING
KEY WORDS: / BUSINESS STRATEGIES / REAL ESTATE / ECONOMIC CRISIS
DARMRI PATTANA-ANAKE : BUSINESS STRATEGIES APPLIED BY REAL
ESTATE ENTREPRENEURS DURING ECONOMIC CRISIS IN YEAR 1997 AND
2008. THESIS ADVISOR : ASSOC. PROF. TRIRAT JARUTHAT, 121 pp.
Over the past ten years, Thailand has experienced two major economic crises. One was in
1997 (the Tom Yum Kung Crisis) and the other was the Global Financial Crisis of 2008. This study
examines the effects of these crises on the real estate business and the strategies that businesses
used to cope with them. Additionally, it serves to provide entrepreneurs, the government sector and
the general public with insights into the effectiveness of these strategies. The Delphi Technique was
used in this study along with interviews of high-ranking managers in housing real estate.
It was found that entrepreneurs agreed that the 2008-2009 crisis did not affect their
business as much as the 1997 crisis.
To cope with the 1997 crisis, they used turnaround strategies such as downsizing, expense
cuts and morale boosting so that their employees would be more determined to improve their work
quality. However, to cope with the 2008-2009 crisis, they focused on marketing strategies. They
used sales promotions to expedite sales and transfer housing rights. In addition, they were
supported by the government's measures to promote the real estate business and also set aside
emergency funds. It was noted that entrepreneurs still made financial discipline a priority, and were
careful about income and expenses and raising their employees' morale. The growth strategies that
they considered most important were adjusting their products to meet their customers' demands,
improving their after-sale services and community management, designing housing with an
emphasis on functional uses and reducing the duration of construction period. The highlighted
strategies were employing advanced technologies to improve living conditions, launching housing
projects in various sites to distribute risk and using online media. The entrepreneurs also
emphasized cultural/environmental activities and developing effective construction technologies. It
can be concluded that entrepreneurs implemented different strategies in different situations.
Employing different strategies is in line with strategic management concepts during
recession/depression, recovery and expansion.
Department : ……………Housing……… Student’s Signature ……………………….
Field of Study : ………….Housing……… Advisor’s Signature ……………………….
Academic Year : ……….2009……………
doc_621320146.pdf
In this description business strategies applied by real estate entrepreneurs during economic crisis.
?
## 517 42611 25 : MAJOR HOUSING
KEY WORDS: / BUSINESS STRATEGIES / REAL ESTATE / ECONOMIC CRISIS
DARMRI PATTANA-ANAKE : BUSINESS STRATEGIES APPLIED BY REAL
ESTATE ENTREPRENEURS DURING ECONOMIC CRISIS IN YEAR 1997 AND
2008. THESIS ADVISOR : ASSOC. PROF. TRIRAT JARUTHAT, 121 pp.
Over the past ten years, Thailand has experienced two major economic crises. One was in
1997 (the Tom Yum Kung Crisis) and the other was the Global Financial Crisis of 2008. This study
examines the effects of these crises on the real estate business and the strategies that businesses
used to cope with them. Additionally, it serves to provide entrepreneurs, the government sector and
the general public with insights into the effectiveness of these strategies. The Delphi Technique was
used in this study along with interviews of high-ranking managers in housing real estate.
It was found that entrepreneurs agreed that the 2008-2009 crisis did not affect their
business as much as the 1997 crisis.
To cope with the 1997 crisis, they used turnaround strategies such as downsizing, expense
cuts and morale boosting so that their employees would be more determined to improve their work
quality. However, to cope with the 2008-2009 crisis, they focused on marketing strategies. They
used sales promotions to expedite sales and transfer housing rights. In addition, they were
supported by the government's measures to promote the real estate business and also set aside
emergency funds. It was noted that entrepreneurs still made financial discipline a priority, and were
careful about income and expenses and raising their employees' morale. The growth strategies that
they considered most important were adjusting their products to meet their customers' demands,
improving their after-sale services and community management, designing housing with an
emphasis on functional uses and reducing the duration of construction period. The highlighted
strategies were employing advanced technologies to improve living conditions, launching housing
projects in various sites to distribute risk and using online media. The entrepreneurs also
emphasized cultural/environmental activities and developing effective construction technologies. It
can be concluded that entrepreneurs implemented different strategies in different situations.
Employing different strategies is in line with strategic management concepts during
recession/depression, recovery and expansion.
Department : ……………Housing……… Student’s Signature ……………………….
Field of Study : ………….Housing……… Advisor’s Signature ……………………….
Academic Year : ……….2009……………
doc_621320146.pdf