KnE Life Sciences
ISSN: 2413-0877
The latest conference proceedings on life sciences, medicine and pharmacology.
Factors Determining the Prices of Thai silk: A Hedonic Price Analysis
Published date: Mar 01 2018
Journal Title: KnE Life Sciences
Issue title: The 3rd International Conference on Agro-Industry 2016 “Competitive & Sustainable Agro-Industry" (3rd ICoA 2016)
Pages: 204-211
Authors:
Abstract:
This paper aims to analyze factors determining the prices of Thai silk products by using the hedonic price model. A quantitative and qualitative approach were used to obtain the data of silk products. Findings from statistical estimated coefficients indicated that many factors were importance to Thai silk producers and related to consumers willing to pay for a premium price for some attributes. The results showed that the location of retail store, types of business model, and online distribution channel were factors affecting to price setting with a positive impact. The negative factors determining the prices were normal silk fabric (without the Royal peacock logo) and the variety of the product. The outcomes suggest that producers of Thai silk fabric should use the location of store, the business model, and the distribution channel as advantages of a product differentiation strategy to adding value to silk products.
Keywords: Royal Peacock Brand; Thai Silk; Hedonic Price Model; Utility
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