Value creation emphasises finding ways to make quality products that employ knowledge and skill along with cultural assets that are original and also very difficult to imitate, the experts said.

Keita Nishiyama, director of the Asia and Pacific Division of Trade Policy Bureau, METI said the more global economy was challenging today's companies by creating new conditions for competition.

Price wars from emerging economies like India and China add to this competitive challenge.

In addition, fast-developing technology has forced companies to enter the digital world, where information on competing products and services is readily available and vulnerability to economic uncertainty has increased.

Some might say that branding - creating brand reputation - is important regardless of what other products and services are being offered, but, in the end, a name is just a name. Customers are now wiser in their purchases than ever before, and they tend to place high value on what products and services are available, Nishiyama said.

To face these challenges, companies must learn to differentiate themselves by creating a product that stands out from the competition in the long run.

This should focus on something difficult to imitate, like culture.

Richard Pyvis, deputy chief executive of brokerage houses CLSA Hong Kong, said Thailand had a vast diversity of local culture, particularly in its Northeast, that companies and designers could apply to their products.

To create distinction in products and services, a significant amount of investment in intangible intellectual assets is needed.

These are more important than tangible assets available to anyone.

Such intellectual assets bring the character of back-office production procedure through to customers.

But companies should set concrete steps to maintain a standard of quality and avoid negligence.

Nitida Asawanipont

The Nation