The Potential of Luxury Agricultural Products as a Niche Market for Rural Economic Development: A Delphi Technique Application
Price: ₹ 500
Author: Luis A. Flores and Craig Watters
Author Address: Associate Professor , School of Business, Colorado Mountain College, Aspen/Carbondale, Colorado ( and 1 United States) Associate Clinical Professor , Spears School of Business, Oklahoma State University, Stillwater, Oklahoma (United States)
Keywords: Economic development, luxury products, poverty alleviation, strategic management.
JEL Codes: M00, O01, O15, Q13.
Abstract
A fundamental driver for nations to realize
growth and prosperity is economic development. Growing luxury crops, such as
rare flowers, may present unique opportunities for rural environments.
Nevertheless, before starting such ventures, consideration of some variables is
needed. The following research sought to determine the potential luxury crops
hold when grown in rural areas. Expert producers served as panelists during
three rounds of data collection. We developed a questionnaire using three
questions, that is, plant products, an assessment based on SWOT analysis, and
requirements to achieve competitive advantages. After the corresponding
analysis, the participants reached a consensus on three classifications of
plant products suitable to grow by entrepreneurs; 59 items emerged from the
SWOT analysis, and 17 additional objects were associated with attaining competitive
advantages. It was established that opportunities for successfully growing
luxury products to achieve economic development exist. However, the improvement
of regional human capital is needed to exploit such opportunities.
Description
Indian Journal of Economics and Development
Volume 19 No. 1, 2023, 122-131
DOI: https://doi.org/10.35716/IJED/22485
NAAS Score: 5.15 (2023)
Indexed in SCOPUS and ESCI (Clarivate Analytics)
Journal Citation Indicator: 0.04 (WoS)
UGC Approved