Factors and Business Strategies for Making Local Products Successful: Case Study From the Developing Economy

Abstract

Purpose: This study provides insights into the factors that determine the success of local products, taking the Hai Phong fish sauce industry as a typical example. Theoretical framework: The research team utilized qualitative techniques, focusing on gathering and analyzing secondary data across various developing countries, with a particular emphasis on local product brands in Hai Phong City, Vietnam. Results and discussion: Meticulous consideration of customer preferences and local needs is core to the success and sustainability of local products in highly competitive markets. It is concerned with preserving local culture and heritage as well as promoting ethical and sustainable values, thereby enhancing the overall impact of these products in the regional and global context. bridge. Policy implications recommend creating an enabling environment that encourages using high-quality raw materials and traditional techniques in local product development, and strategic investments in branding and marketing, while ensuring strict compliance with food safety regulations. This study has limitations, mainly related to the focus on Hai Phong fish sauce products, which may limit the generalizability of the findings. Research Implications: Future research should include a broader range of products and local areas. Traditional production methods and craftsmanship are essential in product differentiation, cultural preservation, and consumer loyalty. Furthermore, appropriate packaging and branding are indispensable to attract consumer attention and communicate the value of the product. Marketing and distribution strategies enhance product visibility and consumer engagement. Originality/value: Appropriate packaging and branding are indispensable to attract consumer attention and communicate the value of the product. Marketing and distribution strategies enhance product visibility and consumer engagement.