Abstract
The intense competition between wooden handicraft Micro, Small and Medium Enterprises (MSMEs) in Indonesia has encouraged business owners to generate creative innovation in order to maintain the sustainability of the company. This study aims to develop the new product development strategy based on the product segment characteristics from wooden handicraft MSMEs in the Special Region of Yogyakarta, Indonesia. The segmentation of products was done by applying the combination of K-Means Algorithm and Frequency, Monetary, Customer Variety (FMC) variables to the customer transaction data. The results showed five different types of product sales characteristics in three wooden handicraft MSMEs. It will encourage business owners to gain valuable insights about useful product sales characteristics for building business strategies to face increasingly fierce competition in this era.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: IOP Conference Series: Materials Science and Engineering
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
