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Transcript of THE RICH : Section2 Seat 14
Section 2 Group 14
“The RICH” SofaMiss. Saranrak Kittiratanapaisan ID: 5131205056
Miss. Thanaporn Thareelapraksa ID: 5131207009
Miss. Pattaraporn Pompoung ID: 5131207020
Miss. Karnhathai Malarat ID: 5131207039
Mr. Sirichok Wuthisakul ID: 5131207137
Miss. Pattarada Hirunprateep ID: 5131207089
Miss. Suntaree Sangthong ID: 5231207118
Miss. Varritta Puttajanyawong ID: 5231207509
Chapter 1: Introduction
Background and Significance of the Project
Nowadays, Thailand is one of the most developing countries in the world.
Thailand is growing up a lot from the past 20 years and developed to the next
step where competitions on every industry are high. As we look into the real
estate industry in Bangkok, Bangkok is one of the most prosperous parts of
Thailand, and heavily dominates the national economy (1), the price of
landscape and real estate are increasing a lot due to the increasing of many
constructions like Sky Train or BTS, Underground Train or MRT, many
department stores and office buildings. Moreover, many company who seeking
for new opportunities, they invest on the properties like Condo, Apartment,
Housing estate, Factory, and etc.
According to the above reason, it responds to the people life styles who
want to have their own home by staying alone or with their own family. When
the real estate industry is increase, it will indicate that our company has a
chance to respond the needs of any people in the market. Moreover, there are
many people who suffer from last year’s floods. These will be a great chance
for our company to serve needs of the market and also help to stimulate the
economic in our country which we can expand our business to the foreign
market in the future.
Therefore, there is a gap in the market connecting to the real estate
industry that our company can serve the market needs.
Project Objective(s)
- To study the situation of the sofa business.
- To analyze the market in the sofa business.
- To learn the technical and management process in sofa business.
- To study the market trend of sofa business.
- To study the consumers trend/behavior in sofa business.
Benefits of Project
- To know about how to run the business
- To learn about the technical and process to do in the furniture business.
- To learn about the market of sofa industry.
- To learn about how to solve the problem during to do the business.
- To know about marketing problem that occurs in business.
- To understand about how to analyze the business in the different
situation.
- To understand the current market trend of the sofa business.
- To understand the customer need/want and their behavior when
purchasing sofa products.
Time Frame of the study
Since November2012-February2013
Activities2012 2013
November December January February1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
To study the general of the sofa business in Bangkok To study management in the sofa business. To study marketing and competition analysis. To study the technical process in the sofa business. To study the financial feasibility of sofa business. To study and analysis risk of sofa business in Bangkok. To summary the feasibility of sofa business in Bangkok.
Chapter 2
Industry Profile
Nature of Industry
A History of Sofa
As we take a lightening look at the sofa through the ages, we see it
emerge as an important symbol of modern life. As communities moved away
from a nomadic existence where they often pack up and move at short notice,
the sofa comes to represent a settled life of permanence, safety and comfort.
The earliest sofa we know of was found in Egypt around 2000 years BC. In fact,
the word ‘sofa’ originates from the Arabic word ‘suffah’ or bench. These
magnificent seats were considered very luxurious and were made especially for
Pharoes and royalty. A little later on, the Romans also enjoyed lavish seating
and we often associate classic luxury with lounging chairs and elegant stone
benches. However, this kind of furniture was reserved for the elites and most
people using thick carpets or tapestry to furnish their homes and insulate them
from the damp and cold. Prior to the 1500s, woven artifacts known as tapestries
were the main source of insulation, protecting inhabitants from the damp and
cold that seeped in through their walls. Seating for two or more people was
usually supplied by a hard bench.
It was only when buildings became more solid that seats started to be seen as a
way to decorate a room. With European designers and textile producers letting
their imagination run wild, the history of the sofa suddenly went into fast-
forward mode. Contributions to interior design, Germans introduced the use of
horsehair padding, still a central feature of properly upholstered furniture. The
English preferred dried sea moss. Italians introduced backrests and arms during
the Renaissance. Upholstered chairs had been invented already, but were not
popularized until this time. The sofa with a down cushion was an extension of
the upholstered chair. Minor adjustments were made to stuffing methods, such
as using buttons to secure padding rather than the practice of "tufting" (sewing
raised loops or cut pile into the fabric).
In the 18th Century, century "upholder" was a combination designer and
decorator who completed an architect's vision of a room by Cabinet maker’s
like Hepple white, Matthias Lock, Henry Copland, and the far more renowned
Thomas Chippendale. Thomas Chippendale extended their woodworking
enterprises into this new and exciting field of upholstery. He started publishing
catalogues, which they called pattern books in those days, booklets full of new
furniture design ideas. These included designs for early sofas. It was following
this period that the idea stopped becoming associated with luxurious elites and
became a commonplace household necessity.
During the nineteenth century, the advent of industrial technology had a major
impact on modern methods of upholstery. In 1850, coil springs were invented.
A modern sofa typically, though not always, contains springs to even out weight
distribution. The sewing machine was also developed during this period,
speeding up the upholstery process. New improvements such as modern welting
would not be possible without the sewing machine. When sewing machines
came along, manufacturers were suddenly empowered to make sofas much
more quickly and at more affordable prices. With improved machinery,
factories started to put springs in sofas making them even more bouncy and
improved the level of padding. In the 1960’s designers came up with plenty of
quirky design ideas from inflatable sofas to water cushions as furniture became
a way for people to make a fashion statement through their home.
Nowadays, Society and the fashion world have become obsessed with the
look and feel of leather, and almost to the point of neuroticism. They look cool,
they feel great, they make one seem sharp and chic, and they're easy to clean
with fantastic range of elegant and high quality furniture. (2),(3)
Ref: http://www.sofasofa.co.uk/pr/208/A-history-of-the-Sofa-in-30-seconds
Ref: http://www.madehow.com/Volume-3/Sofa.html
Raw Materials
The frame of a sofa is made most often wood, though newer options
include steel, plastic, and laminated boards or a combination of the above. Kiln-
dried maple wood deemed free of knots, bark, and compromising defects is used
under the upholstery. The show wood of the legs, arms, and back can also be
maple, but sometimes mahogany, walnut, or fruitwoods are used for carved legs
or moldings.
Padding is primarily made from animal hair, particularly hog or horse. Other
padding’s used in mass production are foam and polyester fiberfill wrap. Some
preprocessing may be necessary, as with the permitted rubberized hair, where
animal hair is arranged and bonded into shape with glue.
Cushions are fashioned from polyurethane foam, polyester fiber, down,
cotton, latex, or cotton-wrapped springs.
A sofa may be covered with any choice of synthetic, natural, or blended
fabric. Wool and nylon are the best choices in their respective categories of
natural and synthetic fibers, but cotton, acetate, rayon, and polyester have their
own functional properties. Exterior fabric may be finished with a protective
anti-stain coating.
When used, springs are made of tempered steel. A typical sofa calls for
15 yd (13.71m) of burlap and at least 10 yd (9.14 m) of muslin for the interior.
All materials are fastened with approximately 1,000 or more tacks, over 200 yd
(182.8 m) of twine, and hundreds of yards of machine sewing thread. (4)
Leather
Leather is a durable and flexible material created by the tanning of animal
rawhide and skin, often cattle hide. It can be produced through manufacturing
processes ranging from cottage industry to heavy industry. For leather sofa
industry, they usually use one of three leather :-
Aniline
Semi-aniline
Pigmented (protected)
The type that leather sofa industry chooses depends on the appearance they
want, the product and the usage which the product receives:-
Figure 2.1
Full grain pigmented leather
Full grain leather refers to hides that have not been sanded, buffed, or
snuffed (as opposed to top-grain or corrected leather) to remove imperfections
(or natural marks) on the surface of the hide. The grain remains allowing the
fiber strength and durability. The grain also has breathability, resulting in less
moisture from prolonged contact. Rather than wearing out, it will develop a
patina over time. High quality leather furniture and footwear are often made
from full-grain leather. Full-grain leathers are typically available in two finish
types: aniline and semi-aniline.
Aniline leather is the most natural looking leather with the unique
surface characteristics of the hide remaining visible. Aniline leather is coloured
only with dye and not with a surface coating of polymer and pigment . A light
surface coating may be applied to enhance its appearance and offer slight
protection against spillages and soiling. Aniline leather
Full grain pigmented leather
Aniline leather
Semi-aniline leather
Semi-aniline leather is more durable than aniline whilst still retaining a
natural appearance. The increased durability is provided by the application of a
light surface coating which contains a small amount of pigment. This ensures
consistent color and imparts some stain resistance.
Corrected grain pigmented leather
Corrected-grain leather is any leather that has had an artificial grain
applied to its surface. The hides used to create corrected leather do not meet the
standards for use in creating vegetable-tanned or aniline leather. The
imperfections are corrected or sanded off, and an artificial grain impressed into
the surface and dressed with stain or dyes. Most corrected-grain leather is used
to make pigmented leather as the solid pigment helps hide the corrections or
imperfections. Corrected grain leathers can mainly be bought as two finish
types: pigmented and semi-aniline.
Pigmented Leather is the most durable and is used in the majority of
furniture upholstery and almost all car upholstery. The durability is provided by
a polymer surface coating which contains pigments.
Semi-aniline leather is more durable than aniline whilst still retaining a
natural appearance. The increased durability is provided by the application of a
light surface coating which contains a small amount of pigment. This ensures
consistent color and imparts some stain resistance. (5),(6)
Leather Products In Thailand
Through marked improvements over the past 20 years, Thailand's leather
industry is establishing itself as a major player on the world stage. Despite
fierce competition from high-end manufacturers based in Europe and low-cost
manufacturers in China, Indonesia and Vietnam, leather exports have been
increasing steadily and appear poised for future success in the global market.
Thailand's leather industry draws support from the extensive leather-
tanning sector present in the country. While imported leather is used
extensively for highest quality exports, over 130 tanneries supply a large
portion of the processed leather used in the production of a variety of products
including luggage, shoes and boots, gloves, toys, pet accessories, handbags,
apparel, belts and purses. Tanneries in Thailand boast an annual production
capacity of approximately 15,000 tons of leather, largely produced from
cowhide and buffalo. Importing hides for processing is common, with over 50%
coming from China and premium quality hides shipped from America for
processing. The majority of these tanneries are located in the SamutPrakarn
province, 20 kilometers southeast of Bangkok.
The leather industry in Thailand receives extensive support and
assistance from both government organizations and trade association in the
country. The Department of Export Promotion (DEP) organizes a yearly
industry trade show in Bangkok, which attracts interested buyers from around
the world. In addition, the DEP champions the export of leather exports abroad
and assists exporters to participate in important overseas tradeshows. Also
supporting the interests of the leather industry are the Thai Leather Goods
Association, the Thai Footwear Association, the Tanning Industry Association,
the Leather-based Industry Club, the Federation of Thai Industries and the
Footwear Industry Club.
The export of leather goods from Thailand can be broken down into three
main categories. Leather footwear shipments make up 50% of the total export of
leather goods, consisting primarily of name-brand sports shoes produced for
leading international companies sourcing production in Thailand. General
leather goods consisting of handbags, folders, wallets, and premium leather gifts
contribute 27% of total leather exports, while tanned leather used in the
production of furniture, office equipment and in automotive interiors make up
the remaining portion of the category.
Analysts believe that Thailand's export of leather goods will continue to
increase in the near future. At present, most importers of leather elect to order
goods through trading companies based in Hong Kong, Taiwan, Singapore and
South Korea. In turn, these trading companies frequently order products from
countries that have lower production and labor costs, including Thailand, China,
Indonesia and Vietnam among others.
Due to significantly higher labor costs, the Thai leather industry is no
longer able to compete on price alone, and is being pressured to adjust its
production and marketing strategies to ensure export competitiveness over the
long-term. More emphasis is being placed on the development of production
technology and product designs to match industry leaders in the global market
place.
Thailand's leather industry has gone through three distinct stages of
development. Initial efforts by leather product manufacturers resulted in lower
quality products for the domestic market and limited exports, which were
mostly competitive on price. The second phase resulted from the continued
efforts to increase the quality of products and found Thailand becoming a key
destination for international brands to base their production. The final stage of
development finds Thai manufacturers developing and marketing high quality
products internationally under their own brand name.
While individual companies within Thailand's leather industry operate at
varying stages of development, the DEP and the Thai Leather Goods
Association have been promoting Thailand as a competitive place for foreign
companies to base their production and helping Thai exporters to develop their
own brand names. Over the past four years, Thailand's leather exporters and
designers have been collaborating with Linea Pelle, a renowned Italian design
house, focusing on upcoming fashion trends as well as materials and accessories
needed to transform products into finished collections. Through these efforts, a
select group of Thai leather goods producers is beginning to make progress on
the international scene and are competing directly with Europe's leading
manufacturers.
Despite strong competition from regional countries, Thailand's leather
industry should remain on course for further gains in the future. Liberalized
trade within the Association of Southeast Asian Nations (ASEAN) region slated
for 2003 along with gains in product design, fashion trend awareness and
upgrades in technology will likely allow further increases in the volume of Thai
leather products shipped to destinations around the world.
Our company named “The Rich”, we establish in year 2012. Our head
office and showroom is located at Central World, the biggest shopping mall in
the central of Bangkok. We are the modern furniture’s and decorations shop
who design the furniture or decoration in luxurious style with unique
contemporary designs for all lifestyles.
We are partnership with the factory which located in the Samutprakarn,
Thailand. We are very fortunate that our partner establish in this industry over
20 years which they have many workforce of skilled technicians who combine
time honored manufacturing techniques, and the highest quality materials, to
hand build each piece of furniture for our customers home. Their dedication to
their craft, combined with our dedication to maintaining the highest product
quality standards, corporate efficiencies, and continuous improvement, make
The Rich Furniture Company vision is to be the furniture industry leader in
producing quality home furnishings. Our mission from the beginning was to be
recognized by our customers as the leader in premium home furnishings by
exceeding their expectations for excellence in quality, fashion, innovation, and
service. The mission still continues. We are very proud to present The Rich
Furniture Company products to you for your home.
The materials used to craft our furniture are selected for their natural
beauty, elegance and quality. “The Rich” uses the finest quality of leather. The
frame is constructed from selected hardwood lumbers which are carefully dried,
milled and processed to remove any structural defects or weakness. High quality
cushion with pocket springs and duck feather fillings give our furniture
maximum durability and luxurious comfort. Use of the best quality materials
along with exceptional craftsmanship to form the unique design distinguishes
“The Rich” from other brands.
Our companies have many products such as sofa, armchair, and stool
-Product/Service (in General)
Sofa
Figure 2.2
Figure 2.3
Figure 2.4
Figure 2.5
Figure 2.6
Figure 2.7
Figure 2.8
Figure 2.9
Armchair
Figure 2.10
Figure 2.11
Stool
Figure 2.12
Figure 2.13
Chapter 3
Market Analysis
Market Analysis
Thailand’s furniture industry continues to be one of the strongest in the
region due to production quality, innovative and modern styling, and flexibility
in material use. The quality of its infrastructure is better than most of its
neighbors like Vietnam, Cambodia, Laos, Philippines and Indonesia.
In a report by the vice president for research and planning at Kiatnakin
Bank, Piyasak Manason, believes Thailand’s GDP will contract sharply for at
least two consecutive quarters in 2012. Thailand’s’ economy will grow at
between around one percent and 2.8 percent in 2011 - 2012. There are two main
reasons for this.
The first is the structural damage wrought by the floods. Mr. Manason
believes that the flood’s effect on the economy will be long-lasting. Public as
well as private infrastructure needs to be repaired or reconstructed. During that
reconstruction period, production will not return to full-capacity, which will
lead to contraction in the manufacturing dector.
The Kiatnakin Bank’s second point is the dim outlook for the global
economy is due mainly to the intensifying European debt crisis. European and
IMF inefficiency in coming up with a deal to restore investors’ confidence will
make matters worse. This matter will not be resolved in the near future,
confidence will erode and financial markets will remain volatile. Subsequently,
the real sector will be hit by a slowdown in consumption and investment in the
West, which will lead to a slowdown in exports from Asia, including Thailand.
However, furniture and furnishings stores have continued to show an
improving trend, showing five percent current value growth in 2010. This is
largely due to government policies to stimulate demand in the Thai property
market. For instance, the government reduced the transferrable fee on property
purchases from two percent to 0.01 percent, and also introduced a tax
exemption on properties purchased in 2009 until June 2010. (7)
In 2011, Thailand has a GDP at current market prices of THB10.54
trillion [1] (USD345.65 billion approx.[12] ) with the growth rate of 0.1 percent,
much lower than the expected growth rate of 3.5 percent due to severe damage
from the historic flood the Kingdom confronted mainly in the last quarter of the
year. In 2012, the Thai economy is expected to grow by 5.5-6.0 percent, a V-
shaped recovery from last year’s flood. (8)
B1Apr-12
B1May-12
B1Jun-12
B1Jul-12
B1Aug-12
B1Sep-12
B1Oct-12
B1Nov-12
B1Dec-12
B1Jan-13
44.5
45
45.5
46
46.5
47
47.5
Confidential economic index
Figure 3.1
However, according to the research of Bangkok University, it shows that
the confidential economic index per economic status in Thailand is 45.57 which
is lower 1.74 from 47.31 on April 2012. They estimate that the index will
decline until Jan 2013. (9)
Competition Analysis
Since sofa industry established for a long time, there are many companies in the market which we can classify into:-
1. Direct competitor2. Indirect competitor
- Direct Competitor
Our direct competitors are the company who sell leather sofa with the same
price range and similar quality which are show below:-
Sesia
figure 3.2
Figure 3.3
(Resource: 10 )
Strength
- Good Quality compare with Pricing the product
- Design of the products quite easy to fit the room
- Variety of the products
Weakness
- Low communication in internet or facebook
- Not too many sales staff in the showroom
Studio 128
Figure 3.4
(Resource: 11 )
Strength
- Neat quality of the products espically product of Thailand
- Design of the products quite easy to fit the room
- High Brand awareness
- Neat sewing products
Weakness
- High price of products
- Design is similar to some import brand
Kevin Giormani
Figure3.5
Figure 3.6
(Resource: 12 )
Strength- Many type of
leathers- Design is
so simple
Weakness
- Low quality leather ( Corrected grain )
P9
Figure 3.7
Figure 3.8
(Resource: 13 )
Strength- Sub brand of
Studio 128- High Brand
awareness- Neat sewing
products
Weakness
- Low quality leather
- Design is similar to some import brand
- Some design look like old design
JAS
Figure 3.9
Figure 3.10
(Resource: 14)
Strength- The cost of the product is not
so high - Products produce from their
own factory
Weakness
- Low quality product
- Design is not modern
- Indirect Competitor
Our indirect competitors are the company who sell leather and fabric sofa
with high price and great quality, mostly are import from Italy and other
countries, and also sofa with low price and low quality which are show below:-
Import Brand ( B&B, Chanintr Living, Martha Stewart, Seasons, Minotti, Vinotti, Baxter, Poltrona Frau, Della Robbia, Natuzzi )
Strength- Very high design
products- Many designers design the product that fit to
each life style- Very good quality of sewing
and production- Very good raw
materials
Weakness- Very high price because of the import tax and
the price they set- Some design is quite hard to fit to
Thai people house
B&B
Figure 3.11
Figure 3.12
(Resource: 15)
Chanintr Living
Figure 3.13
Figure 3.14(Resource: 16 )
Marthastewa
Figure 3.15
Figure 3.16
(Resource: 17 )
Plotrona Frau
Figure 3.17
Figure 3.18
(Resource : 18 )
Dellarobbia
Figure 3.19
Figure 3.20
(Resource: 19 )
Index, Concept, IkeaStrength
- Low price products
- Variety of designs
- Convenience to shop because of they have many showrooms
Weakness- Low quality of
material- Low quality of sewing and
production
Index Living mall
Figure 3.21
Figure 3.22
(Resource: 20 )
SB furniture
Figure 3.23
Figure 3.24
(Resource: 21 )
IKEA
Figure 3.25
Figure 3.26
(Resource: 22 )
Koncept Furniture
Figure 3.27
Figure 3.28
(Resource: 23 )
Customer Analysis
Regarding to the customer income rate, the national statistical office had
been study on year 2554 or 2011about the income rate per month of Thai people
and also the percentage of household income rate of all over the country as shown
below:-
Group A Group B Group C Group D Group F0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
5,141.00 9,854.00
14,817.00
22,953.00
63,011.00
Income
Income
Figure 3.29
Regarding to the figure 3.2, we can classify the ranking of income rate per
month into 5 different groups which are
Group A – 5,141 baht per month
Group B – 9854 baht per month
Group C – 14,817 baht per month
Group D – 22,953 baht per month
Group F – 63,011 baht per month
It means that Group A is the people who got lowest income per month to
Group F is the people who got the highest income per month.
Group A7%
Group B10%
Group C14%
Group D20%
Group F49%
Percentage of household income rate
Figure 3.30
According to the figure 3.3, we can classify the percentage of household
income rate per year into 5 different groups which are
Group A – 6.6% or 7%
Group B – 10.3% or 10%
Group C – 14.3% or 14%
Group D – 20.2% or 20%
Group F – 48.6% or 49%
It means that Group F is the highest group percentage of household income
rate per year. On the other hand, the lowest group percentage of household
income rate all over the country is Group A. (24)
Moreover, according to the last year flood, many people had been suffering
from the damage which results after the flood were gone. They need to renovate
their house and furniture. In addition, some people might have to rebuild their
house to protect for the future.
Competitive Analysis
According to the real estate information center news on 28 January 2005,
they said that the overall furniture market is 10 billion baht. The market share of
sofa is 60% which are 40% is fabric sofa and 20% is leather sofa. However, out
of the 60% of sofa market, there are 20% of sofa market are import from other
country. (25),(26)
Nowadays, there are many brands from domestic brands and also some
other countries brands who come to sell their product in Thailand. We can
classify them into 3 different levels as show below:-
Figure 3.31
Hi-End
market
Hi to Mid-End market
Low-End market
For Hi-End market, most of them are import brands like B&B, Minotti,
Poltrona Frau, Baxter, Seasons and etc are placing their price around 300,00 –
500,000 baht or higher than 1,000,000 baht. This market is very niche and unique
because of the quality of raw materials they use which are very hard to find in
Thailand and the skill of their craftsman are very high.
For Hi-End to Mid-End market, most of them are domestic brands like
Studio 128, Sesia, P9, Jas and etc and also some brands who import their brands
from China which are Kevin Giormani, Mobella. They are placing their price
around 60,000 baht to 200,000 baht. This market will be replaced for the
customer who wants to have good quality product like import brand but they
cannot afford to pay. However, the quality of the product is good refer to the
price.
For Low-End market, most of them are mass production market like Ikea,
SB furniture, Concept furniture, Index living and etc and also factory brands
which you can see when you go to the furniture fair or exhibition at Bi-Tec
Bangna or Impact Arena Muang Thong Thani. They are placing their price
around 5,000 to 50,000 baht. This market will not concerning about the raw
materials they used on production because they want to sell at low price. (27)
STP Analysis
Market Segmentation
We can classify our segmentation into 2 groups of people:
- Endusers
- Interior/Architect
For the first group, endusers, we will segment our market by income.
According to the figure 3.2 and 3.3 on customer analysis, the income of our
customers is the most important factor whether they can afford to pay for our
products or not. Therefore, the group of people who earn 20,000 baht or higher
would be able to afford to purchase our products which are Group D and Group
F.
For Interior/Architect, we will segment our market by needs of
interior/architect and the trend of design. By doing so, the interior or architect
will be able to spec our product in their project that match to the customer need.
However, this segment would be easy to place order but it is also depends on
the price list or discount too.
Targeting
Our target market in sofa market is a group of people who building a new
house or buying a new condo and looking for new furniture to decorate their
home. Moreover, our target market would be a group of people who love leather
or like the advantage of the leather more than fabric even the price of leather
might higher than fabric.
Positioning
-4 -3 -2 -1 0 1 2 3 4 5 6
-4
-3
-2
-1
0
1
2
3
4
5
6
Brand Positioning
The RichStudio 128B&BP9JasIndexIkeaVinottoSeasonsSesia
Price
Qua
lity
The Rich
Figure 3.32
Marketing Mix Strategy
Product
Our company branding “The Rich” as Luxuary Leather Furniture which we sold mainly leather sofa. We use the front that represent smooth and luxury. For our slogan, we are using “ We made what you want” is to clarify that we try to design our products to serve to everyone lifestyle. Moreover, we try to design our products like European style ( Over sizing ). It means that the size of the sofa would be bigger than normal sofa as you can see in the market.
For our products, we can classify our product into 4 difference categories which are show below:-
3 Seated
Figure 3.33
Sofa 3 Seated is the type of sofa with the size around 1.80 meter to 2.60
meter. The smallest size can put into the condo and the bigger size can put in
the house. We try to make our product as the master piece in every house.
L-Shape
Figure 3.34
Sofa L-Shape is the type of sofa that combines 3 Seated with Couch
together. So the sofa is looking like “ L ” alphabet as we called it “ Sofa L-
Shape “. The sizing of Sofa L-Shape is from 2.60 meter to 3.20 meter depends
on the size of the cushion which we can add or remove them out.
Armchair/ Cozy Chair
Figure 3.35
Armchair or Cozy Chair is the type of sofa for 1 person. It is design for
small spaces where you can sit or relax while you reading a book or relax.
Stool/ Ottoman
Figure 3.36
Stool or Ottoman is the type of sofa that we use to put our leg once we sit
on the 3 Seated or Armchair. Stool or Ottoman is very small size 50 meter to 90
meter depends on the design.
Pricing
The Rich plan to sell the product to endusers with B+ grade or higher or
Mid-End or Hi-End. As we calculate the cost of production with the raw
material we use, we can calculate the price as show below:-
Product Price ( in Baht )3 Seated 50,000 – 120,000L-Shape 150,000 – 250,000Armchair/ Cozy Chair 40,000 – 80,000Stool/ Ottoman 20,000 – 50,000
Figure 3.37
Place
For the location that we would sell our product, we would choose
department stores or villa market as our first choice because it is easy to travel,
easy to increase awareness of brand, easy to promote and high traffic per day.
Therefore, we choose “Central World” in Bangkok as our first showroom. It is
located in the center of Bangkok with good transportation like Bus and BTS.
Promotion
Promotion is the most important part for this market because it will create
brand awareness, idea for the customer to decorate their own house, brand
recognition and etc. By doing so, we are choosing the promotion as show
below:-
Discount
Figure 3.38
By using discount, we plan to discount our product randomly one or two
item to motivate sale each year. Moreover, for some events like End year sales,
Mid year sales, Thailand new year, Showroom grand opening and etc will be
special discount for many items.
Magazine
Figure 3.39
We plan to advertise our brand in the furniture and decoration magazines
every month by asking theme and concept of each month from every magazine
and choose the one that match to our objective.
Events
Figure 3.40
We plan to go out to the exhibition like Architect Fair, Furniture Fair and
etc to gather contact of our customers and try to expose our brand to Interior,
architecture and endusers.
Facebook Activities
Figure 3.41
We plan to use facebook as another media to advertise and give
knowledge and know-how to our customers who interest in our product to
follow and discuss when they got any problems with the products. Moreover,
we also use facebook as another channel for activities like games, post pictures,
notification and etc.
Sale forecast/ Profit estimation
According to the promotion campaign, we try to use discount promotion
and promote on other media for the first 5th year to motivate and increase
awareness of our brand. We estimate that our sale forecast in pieces might show
as the follow table:-
YEAR 1 Month
Product Type 1 2 3 4 5 6 7 8 910
11
12 Total
3 Seats 2 1 1 2 2 4 2 1 1 4 2 3 25.00 L-Shape 1 0 0 1 2 2 1 1 0 2 2 3 15.00 Armchair & Stool 1 3 1 3 5 5 4 3 2 1 6 5 39.00
Total in Pieces 4 4 2 6 911 7 5 3 7
10
11 79.00
Figure 3.41
YEAR 2 Month
Product Type 1 2 3 4 5 6 7 8 910
11
12 Total
3 Seats 3 2 1 2 2 3 2 1 1 2 3 4 26.00 L-Shape 3 1 1 2 1 2 1 1 0 2 2 3 19.00 Armchair & Stool 4 3 2 3 3 6 4 2 3 3 6 6 45.00
Total in Pieces10 6 4 7 6
11 7 4 4 7
11
13 90.00
Figure 3.42
YEAR 3 Month
Product Type 1 2 3 4 5 6 7 8 910
11
12 Total
3 Seats 4 3 2 2 3 3 2 2 2 3 4 5 35.00 L-Shape 3 1 1 2 1 3 2 2 1 3 2 3 24.00 Armchair & Stool 6 4 3 5 4 8 6 4 4 5 6 8 63.00
Total in Pieces13 8 6 9 8
14
10 8 7
11
12
16 122.00
Figure 3.43
According to the figure 3.41-3.43, we forecast that our sales would
growth about 10% for the first year [(90-79)/79] x100 = 13% and increasing
about 30% for the second year [(122-90)/90] x100 = 35%.
YEAR 1 MonthProduct Type 1 2 3 4 5 6 7 8 9 10 11 12 Total3 Seats 180 90 90 180 180 360 180 90 90 360 180 270 2,250L-Shape 150 0 0 150 300 300 150 150 0 300 300 450 2,250Armchair & Stool 50 150 50 150 250 250 200 150 100 50 300 250 1,950Total in Baht(in thousands) 380 240 140 480 730 910 530 390 190 710 780 970 6,450Figure 3.44
YEAR 2 MonthProduct Type 1 2 3 4 5 6 7 8 9 10 11 12 Total3 Seats 270 180 90 180 180 270 180 90 90 180 270 360 2,340L-Shape 450 150 150 300 150 300 150 150 0 300 300 450 2,850Armchair & Stool 200 150 100 150 150 300 200 100 150 150 300 300 2,250Total in Baht(in thousands) 920 480 340 630 480 870 530 340 240 630 870 1,110 7,440Figure 3.44
YEAR 3 MonthProduct Type 1 2 3 4 5 6 7 8 9 10 11 12 Total3 Seats 360 270 180 180 270 270 180 180 180 270 360 450 3,150L-Shape 450 150 150 300 150 450 300 300 150 450 300 450 3,600Armchair & Stool 300 200 150 250 200 400 300 200 200 250 300 400 3,150Total in Baht(in thousands) 1,110 620 480 730 620 1,120 780 680 530 970 960 1,300 9,900
Figure 3.45
According to the figure 3.43 - 3.45, we calculate the total sale(in
thousand baht) of each month by estimating the selling price to each product
type times with the pieces we estimate to sell on figure 3.4 as show below:-
3 Seated = 90,000 Baht
L-Shape = 150,000 Baht
Armchair & Stool = 50,000 Baht
If we assume that cost of production is 40% of the selling price, then our
profit without any expense except cost of production would be
First year: 6,450,000x40% = 3,870,000 baht
Second year: 7,440,000x40% = 4,464,000 baht
Third year: 9,900,000x40% = 5,940,000 baht
Marketing Expense (Sale incentive)
As we already mention on Promotion part, we would do advertising in
Magazine, Events, Public relation, Brochure and Catalogue, Media printing,
sticker and etc. We estimate marketing expense on table 3.6
Description PriceQuantity
Total Amount
Magazine 30,000 24 720,000
Event200,00
0 2 400,000
Construction for Event100,00
0 1 100,000Brochure and Catalogue 25 3,000 75,000Media printing 50 500 25,000Sticker for promotion 6 3,000 18,000Public relation 5,000 2 10,000Total 1,348,000Figure 3.46
For Magazine, we plan to advertise our product in 3 magazines which are
Elle Decoration, Wallpaper, and Casaviva. Our plan to advertise on table 3.7
which shows below:-
MagazineJan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Elle Decoration Wallpaper Casaviva Figure 3.47
For Event and Public Relation, we plan to go to exhibition twice a year
with the construction cost for construction booth. We might hire part time sales
or MC to give some information about our products on an event.
For Brochure and Catalog, we plan to print 3,000 pieces for 1 year
because we need to add up some new production inside the catalog every year.
For Media printing and Sticker, we plan to use them when we have a
promotion of our showroom. We might ask the department to help us promote
but we might have to print all of our promotion printing by ourselves.
For Sales incentive, we plan to give commission to our sales
representative by 3% of total sale each month. The one who got the highest
sales will get 1% commission of total sale each month in order to motivate our
sales representative to compete with each other to get the highest sale.
YEAR 1 (in Thousands) 1 2 3 4 5 6 7 8 9 10 11 12 TotalTotal Sales 380 240 140 480 730 910 530 390 190 710 780 970 6,450Sales Commission @ 3% 11.4 7.2 4.2 14.4 21.9 27.3 15.9 11.7 5.7 21.3 23.4 29.1 168.5Sales Commission @ 1% 3.8 2.4 1.4 4.8 7.3 9.1 5.3 3.9 1.9 7.1 7.8 9.7 64.5
Figure 3.48
Chapter 4: Investment Cost
Chapter 4: Investment Cost
Location- 8*15 meter- Central world Bangkok- Near Platinum, Pantip- Next to Patumvanaram Temple, Siam Paragon- 165,000 Bath/2 big rooms
We will rent 2 big rooms in Central WorldRent Cost = 165,000 Bath
BuildingCost of real estate = 165,000 baht / 2 big rooms
Facility LayoutPattern of the store building structure
The building of the Rich Sofa has just one floor. The size of the building is 8*15 meter. There are 2 big rooms inside the place. The wall is height 3 meters and width 8 meters.
3
8
The pattern inside the store The size of the building is 8*15 meter. There are 2 big rooms inside the
place. Inside our store has to set the sofa zone in many style, a small office that to support the customer service and staff room.
Zone B
Zone D
Zone E
Staff room Zone A-E
Small office Relax zone
Staff room
Small office
Zone A Zone C
Table and chairs
Water cooler
Table and chairs
Water cooler
Sofa
Relax zone
Sofa
Zone A-E
Decoration in shop.
Sofa in many style
Machine/Tools/ Equipment
Office- Computer Acer-Intel PDC E2220 (2.4 GHz)-Linux, MEM-1GB DDRII 800-HDD 320GB SATAII-SATA-DVD-RW-Multi in One Card Reader- (PS.V740C.007LE)-Acer LCD 17 inch X193WAbd 5ms, 10000:1, DVI (ET.CX3WA.A01)-Price with vat 15,900 baht
Printer cannon image CLASS MF4412• Stylish, space-saving design• Easy to use intuitive 5-line LCD display• 23ppm (A4), 9 seconds First Copy out Time• Up to 1200 x 600dpi resolution for prints and copies
•All-in-one cartridge system for cost-efficient supplies replacements• Energy Star Qualified•The Canon image CLASS MF4410 features a simple and intuitive5•lines LCD interface designed for easy operation. Scan up to 9600 x 9600dpi. Files can be scanned directly to e -mail, or as searchable PDF using the MF Toolbox, enabling easy text searching•Price with 5900 baht.
Office desk-Price disk size 150* 80*70cm-Price 3000 bath.
Chair-Price 1200 baht.
Fax mfc 3360c- Fax machine paper roll.-Auto cut paper (fax, photocopying, answering machine)-Modem Speed 14,400 bps.-send a time sheet 10 bit. Price 6590 baht.
Paper A4-Photocopying paper: Double A-Photocopying: 80 Grammy for the photocopying and Printing.-Quantity: 500 sheets/Dream-Price 90 baht per pack
Clip files s-size 240*350cm
-Price 50 bath
Laser stamp pad Horse stamp ink-Size 7.9*12-Two color red and blue -Size 30 cc-Price 50 bath -Price 10 bath
Max Stable max
-Price 60 bath. -Price 50 baht
Punch machines Scissors-Price 300 baht -price 100 baht
Pencil Easer-Price 70 baht -Price 10 baht.
Pen Liquid paper
-Price 5 baht -Price 70 baht
Scotch tape Plug-Price 50 baht -Price 300 baht
Air- Conditioner HITACHI RAS-S24CE
- Air Wall Type- Size 23700 BTU- Disinfection of bacteria with light & UV- Nano Titanium filter discs eliminate bacteria- Speed Cool cooling system; accelerate faster- Silent Cool system noise reduction-Panel cooling large increases in thermal efficiency-price 39900 baht
Glass Rubber Stamp
-Size 20cm* 10cm-Price 40 baht. -Price 160 baht
Bill Book Shelves documents
-Price 15 baht -Price 315 baht
Clip Highlight Pen
-Price 54 baht -Price 20 baht
Capet
-Price 1,090 baht
Capet feet
-Price 150 baht
Tissues
-Price 45 baht
I phone 4s
-Price 16000 baht
Chandeliers Refrigerator
-Price 12000 baht - Price 21,990 baht
Water filter
-Price 23,500 baht
Pail Swab
-Price 20 baht -Price 1,290 baht
Internet
-3BB
-Price 699 baht
Chapter 5: Production and Operations Analysis
Chapter 5: Production and Operations Analysis
Product Characteristics
Operating Cost
Operating costs are recurring expenses (per month) which are related to the operation of a business, such as sales and administration, as opposed to production, also called operating expenses. It includes;
Location
- 8*15 mater
Cost of Labor (per month)
Position Amount Salary Total
Safe staff 2 15,000 30,000
Overhead Cost (per month)
Charge Total
Electricity 4,000
Fee Of Department Store 50,000
Rent 165,000
Logistics Management
- Rent a car from a private company to deliver a product.
- Shipping rate.
- Bangkok Metropolitan Area 1800-2500 Baht.
- Country (depending on distance).
Facility Management
- Air conditioner
- Sofa
- Table
- Chair
- Water cooler
\
Chapter 6: Administration Cost
Chapter 6: Administration Cost
Organization management
The Rich is a company owned and operated by 8 partnerships, as a limited
company. Each partnership is the developer of the products and manages the
company.
This below is the name of the partnership who invest in The Rich company.
Miss Saranrak Kittiratanapaisan
Miss Thanaporn Thareelapraksa
Miss Pattaraporn Pompoung
Miss Karnhathai Malarat
Mr. Sirichok Wuthisakul
Miss Pattarada Hirunprateep
Miss Suntaree Sangthong
Miss Varritta Puttajanyawong
The company have approximately 7 staffs including 5departments :
1. General management department
2. Sale and marketing department
3. Financial department
4. Production department
5. Human Resource department
The board of directors has five functional departments; they are the
general department, the finance department, production department, human
resource department and sale and marketing department. Every department have
a clear division of work, the unity cooperation, forming a tight unit.
The production department colleagues have quite a number of workers
and management personnel go into workshop production first line, responsible
for the real-time supervision and production.
Sales department consists of a group of experienced sales personal, they are responsible for the network promotion and marketing of company’s products.
Organization Chart
People in the organization
General Manager (1 position)
Task
Training the employee
To report to the managing director
Having direct responsibilities for all the day-to-day company operations
To plan, implement and control the overall management of the business
To prepare reports of the company activities for the shareholders
Being responsible for the human resource management
To approve the price decision proposed by the marketing manager
To advise and monitor the marketing and sales activities
To monitor the service quality to ensure customer satisfaction
To order and check the products.
Characteristics
Female age 25-45
Bachelor Degree in related field
Strong communication skills (verbal, listening, writing), strong
presentation and platform skills
Able to effectively manage labor productivity in addition to using
standard software applications and FHB systems including other related
software.
Ability to develop and implement successful sales strategies for
individual accounts of revenue management functions and account
profitability
Financial management skills e.g. ability to analyze P&L statements,
develop operating budgets, forecasting and capital expenditure planning
Designer (1 position)
Task
Help ensure the usability and appearance of the site is
high class.
Play a key role in the visual design of new features
launching on the site.
Strive for design perfection but love to release and
iterate.
Designing and creating comfortable and functional
environments that represent client's lifestyle, taste
and budget
Characteristics
Male/female age 24up
Bachelor Degree in related field
Can use HTML, CSS, AJAX, prototype.js, jQuery, etc.
Accountant (1 position)
Task
Accounts payable and fixed assets / VAT /Withholding Tax
Characteristics
Male/Female age 25-35
Bachelor’s degree in Accounting or higher
3 - 5 years experience in MANUFACTURING / Accounting function /
or ELECTRONIC company background is preferable
Satisfy English communication both in writing and reading
Good in Excel / word processing / Power point
Good communicate and relationship with all concern
Cashier (1 position)
Task
Receive payment by cash, check, credit cards, vouchers, or automatic
debits.
Issue receipts, refunds, credits, or change due to customers.
Count money in cash drawers at the beginning of shifts to ensure that
amounts are correct and that there is adequate change.
Greet customers entering establishments.
Maintain clean and orderly checkout areas.
Establish or identify prices of goods, services or admission, and tabulate
bills using calculators, cash registers, or optical price scanners.
Resolve customer complaints.
Answer customers' questions, and provide information on procedures or
policies.
Characteristics
Male/Female age 24-38
Bachelor Degree in related field
Honest
Endure
Flexibility
Sales personal (2 positions)
Task
To establish better relationship and follow up with the customers to close
sales
Handle sales and marketing activity to meet customer inquiries and
company market
Prepare documents, conduct marketing plan and sales plan
Characteristics
Male/Female, Age about 25-34 years old
Bachelor Degree in related field
Experience about 1 years in Sales
Fair command in English Both Reading & Writing
Computer literate (Microsoft Office, Outlook and Internet).
Maid (1 position)
Task
Sweep, scrub, wax, and/or polish floors, using brooms, mops, and/or
powered scrubbing and waxing machines.
Dust and polish furniture and equipment
Characteristics
Female age 20-50
Honest
Endure
Administration cost
Employee salary
Wage rate for the Rich Company
General Manager 1 person 35,000 baht
Designer 1 person 32,000 baht
Accountant 1 person 18,000
baht
Sale person 2 person (212,000) 24,000 baht
Maid 1 person 9,000 baht
Total salary Expense per month 118,000 baht
** Remark Give 0.02% commission of total sale for sale person, which is not
include the salary
Rental fee
We plan to rent area at Central World for sales and show our products.
The price for rent area 1 square meter equal to 1,500 baht and also have to pay
center service 100,000 baht. Centre service is all service that renter provide for
leaseholder; such as, electricity, water, security, housekeeping, telephone fee
internet and etc. So, we choose to rent the area 110 square meter.
110m21,500 baht = 165,000 baht
165,000 + 100,000 = 265,000 baht
Therefore, each month we have to pay 265,000 baht per month for rental
fee.
Stationary expense
Item Product Description Quantity (Unit)
Price(Baht)
Amount(Baht)
1 Calculator 2 410.00 820.002 Paper A4 3 110.00 330.003 Fax paper 5 125.00 625.004 Ink tank 1 590.00 590.005 Film fax 2 390.00 780.006 Stamper 3 90.00 270.007 Max 2 60.00 120.008 Staple max 2 65.00 130.00
9 Punch machine 1 280.00 280.0010 Scissors 3 75.00 225.0011 Thermal paper 5 180.00 900.0012 Pen 12 10.00 120.0013 Liquid paper 3 50.00 150.0014 Scotch tape 5 32.00 160.0015 Cutter 2 95.00 190.0016 Clipboard 2 80.00 160.0017 Highlight 2 20.00 40.00
Total stationary expense
5,890.00
Table 1 : Stationary expense
Insurance
We choose to making insurance with Bangkok Insurance for protect our store at Central world. We choose the insurance protect our store like Political violence, strikes, riots, civil war, terrorism, sabotage, disaster. Property insurance coverage to insure the event and unrest offers comprehensive coverage of assets fully. Home mortgage stores, shop in the department store and factory in the limit of a maximum of 10 million baht.
If we want to get 5 million baht from the insurance, we will have to pay 12,630 baht per month for insurance fee.
Figure6.1
สถานที่��เอาประกั�นภั�ย
จำ�านวนเงิ�นเอาประกั�นภั�ย1 ล้�านบาท 2 ล้�านบาท 3 ล้�านบาท 4 ล้�านบาท 5 ล้�านบาท
บ�านท��อยู่��อาศั�ยู่ 1,080 1,900 2,580 3,440 4,050
ราคาพิ�เศัษ 1,050 1,850 2,500 3,350 3,900
ร�านค�า/
อ�ตสาหกรรม2,970 5,910 8,060 10,750 12,630
ราคาพิ�เศัษ 2,920 5,850 7,950 10,600 12,500
สถานที่��เอาประกั�นภั�ย
จำ�านวนเงิ�นเอาประกั�นภั�ย6 ล้�านบาท 7 ล้�านบาท 8 ล้�านบาท 9 ล้�านบาท 10 ล้�านบาท
บ�านท��อยู่��อาศั�ยู่ 4850 5240 5990 6270 6970
ราคาพิ�เศัษ 4,750 5,100 5,800 6,050 6,750
ร�านค�า/
อ�ตสาหกรรม15,150 16,360 18,700 19,580 21,760
ราคาพิ�เศัษ 2,920 5,850 7,950 10,600 12,500
Figure 6.2
(28)
Staff’s Uniform
Our company has a uniform for the employees. Uniform differenced depending on employee’s position. So, we will pay for staff’s uniform in the
first year of doing the business or the first time that the employee start to work with us.We order our staffs’ uniform from Song Samaicompany. Price of general manager’s uniform is 2,790 baht (including the nameplate120) per 1 uniform and 2,190 baht for sales personal and cashier uniform (including the nameplate120baht) per 1 uniform. And the price of shirts 250 baht (per 1shirst) for Designer, Accountant, and Maid shirts.
Sample of uniform
Figure6.3: General Manager
Figure6.4: Sales personal and Cashier (woman)
Figure6.5: Sales personal and Cashier (Man uniform)
Figure 6.6: Designer, Accountant, and Maid
Figure6.7: Nameplate1Figure6.8: Nameplate2
AddressSong SamaiBangkapi Co., Ltd.166/29-30 Serithai Rd., Khlong Chan, Bang Kapi, Bangkok, 10240
Tel :02-3776360,02-7333121,02-3779254,089-6681908Fax :02-7333122
Figure6.9
Song SamaiBang Kapi tailor is produces our company’s staff uniform.
Staff’s uniform Expense
General Manager’s uniform (1 position) 2,790 baht
Sales personal and Cashier (3positions) (2,1903) 6,570baht
Designer, Accountant, and Maid (3 positions) (2503) 750 baht
Total price staff uniform10,110 baht
Table : Administration Cost Year 1
Table: Administration Cost Year 2
Table: Administration Cost Year 3
Chapter 7 Financing the Project
Chapter 7: Financial
Growth 35% Growth 30%
Year 1 Year 2 Year 3 Year 4 Year 5
Sales
6,450,000.00
7,440,000.00
9,900,000.00
13,365,000.00
17,365,000.00
Revenue 2,580,000.00
2,976,000.00
3,960,000.00
5,346,000.00
6,946,000.00
Cost of Goods sold 3,870,000.00
4,464,000.00
5,940,000.00
8,019,000.00
10,419,000.00
Admin Expense
Fixed Expense
Showroom 1,980,000.00
1,980,000.00
1,980,000.00
1,980,000.00
1,980,000.00
Security Service 540,000.00
540,000.00
540,000.00
540,000.00
540,000.00
Salaries 1,416,000.00
1,416,000.00
1,416,000.00
1,416,000.00
1,416,000.00 ในกรณี�ท��ไม�ม�การร�บพิน�กงานใหม�
Showroom Insurance 1,818,720.00
1,818,720.00
1,818,720.00
1,818,720.00
1,818,720.00
Variable Expense
Stationaries+Equipment
30,000.00
15,000.00
10,000.00
15,000.00
30,000.00 Estimate
Commission 258,000.00
298,000.00
396,000.00
534,600.00
694,600.00
Relate on Sales 3% and 1%
Uniform 7,920.00
5,500.00
6,500.00
8,000.00
9,000.00
Transportation Cost**
64,500.00
74,400.00
99,000.00
133,650.00
173,650.00 Estimate 1% of sales
Miscellaneous* 50,000.00
30,000.00
35,000.00
40,000.00
50,000.00 Estimate
Electricity 60,000.00
65,000.00
66,000.00
70,000.00
80,000.00 Estimate
Net Profit- 2,355,140.00
-1,778,620.00
- 427,220.00
1,463,030.00
3,627,030.00
* เช่�น Telephone, Internet, and etc.
** ค�ดเป็#น 1% ของยู่อดขายู่ป็%น�&นๆ
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