Proceedings of The 6th International Conference on Business, Management and Economics
Year: 2022
DOI: https://www.doi.org/10.33422/6th.icbmeconf.2022.06.25
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The Structural Strategies of the International Branding in Traditional Chinese Medicine (TCM) in the Era of Technology Upgrading
Leman Wu, Jiahao Fan, Guangbin Ren, Xueying Zhang, Yingmiao Jiao, Song Yang, Xingai Qiu, Zihuan Yue, Xiuli Chen
ABSTRACT:
With a growing desire for holistic and affordable healthcare and treatments, it is possible for Traditional Chinese Medicine (TCM) to offer new perspectives that can benefit modern medicine beyond East Asia. In order to make more people aware of the merits of TCM, this research encourages TCM knowledge and concentrates on branding. The significant focuses of prospect, prescription, product, patent, price, professionalism, partnership, place, people, and philosophy (indicated as the 10 Ps) were selected as the structural strategies of the international branding in TCM to develop the brand equity in the era of digitalization. This study collected data from fiscal reports, government websites and product advertisements related to around 70 TCM production companies in East Asia mainly from China. Several variables are chosen to embody different aspects in 10P, and cluster analysis is employed to figure out the branding strategy pattern among TCM industries under 10P. Because there are both nominal variables and continuous variables, K-Prototype was applied. It is a clustering method based on partitioning, which improve the K-Means and K-Mode clustering algorithm to cluster the mixed data types. New technologies such as virtual reality and novel automotive electronics will continue to emerge and accelerate cross-integration with artificial intelligence (AI) to promote intelligent alternation in production and lifestyle. Combining AI techniques with 10P models, the popularity efficiency of TCM will be improved obviously.
keywords: Health for One, herbal medicine, international branding, brand equity, machine learning