Business Strategy Formulation Research Articles

Couples traveling together and long-haul truckers’ transport performance: A theory-based empirical test

As the core force in logistics transportation, long-haul truck drivers profoundly impact the global economy. However, the monotonous and demanding nature of the transport task often results in truck drivers neglecting their health and well-being, and the resulting issues of psychological safety and fatigue pose a significant challenge to truck drivers’ transport performance. Couples traveling together as a strategy can increase driver-family interactions and significantly improve driver transport performance. However, there is a gap in research on the specific pathways of the effects of traveling together as a couple on truck drivers’ transport performance. This study combined perceived risk theory, conservation of resources theory, and job demand-resource theory with structural equation modeling to investigate 167 long-haul truck drivers from China. The comprehensive evaluation found that, under the mediating role of psychological capital and job burnout, couples traveling together can reduce the perceived health, financial, social, and performance risks of long-haul truck drivers, thereby increasing the psychological capital of long-haul truck drivers, reducing job burnout, and ultimately improving transportation performance. This study reveals the jurisprudential relationship between truck driver couples traveling together and transport performance. This study also provides useful insights for transportation companies and government departments to formulate business strategies and management policies for truck driver couples traveling together.

Analyzing the nexus between Chinese industrial policy and cross-border M&As.

In recent years, as China experiences economic expansion and its corporations become more global, it has notably become a central hub for cross-border mergers and acquisitions (M&A) on the world stage. The Chinese government, in tandem, leverages these international M&A operations to drive industrial transformation and progress in technology. This research investigates the role of China's industrial policies in shaping cross-border M&A activities by examining recent instances. Findings indicate that relaxing financial barriers and applying specific industrial tactics bolster companies' abilities to secure funding, consequently energizing cross-border M&A initiatives. Several firms in these international mergers and acquisitions are intricately connected to political strategies, markedly affecting the formulation of industrial policies. This assertion is corroborated through the analysis of relevant statistical evidence. The study methodically collects and scrutinizes data to quantitatively depict the current landscape and influencing elements of cross-border M&A, thus providing concrete evidence for policy and business strategy formulation.

Roadblocks in Integrating Lean Six Sigma and Industry 4.0 in Small and Medium Enterprises

To survive in highly competitive markets, industries focus on enhancing product quality and customer satisfaction. One specific iteration of this approach sees industries striving to optimize processes to improve product quality while generating minimum waste. This has encouraged companies to begin adopting management practices such as lean six sigma (LSS) and kaizen alongside their implementation of digital technologies of automating processing. This study aims to identify and analyze the barriers to integrating LSS practices with Industry 4.0 technologies for small and medium enterprises. Upon shortlisting fifteen barriers from an exhaustive literature review, the Grey-Decision-Making Trial and Evaluation Laboratory (DEMATEL) methodology is used to analyze those shortlisted barriers and establish causal relations between barriers and outcomes. The findings identify the lack of available infrastructure, lack of training on LSS, and lack of consultants in the field as the most dominant barriers in the cause group. Furthermore, the influence map of barriers produced demonstrates the relationship between cause-and-effect barriers. This study’s findings will ensure that small and medium enterprises formulate business strategies that mitigate the barriers to integrating LSS with Industry 4.0. This study offers insights into overcoming the identified challenges by proposing strategies to enhance product quality and the accuracy of enterprise decision-making, thereby facilitating a successful integration and fostering sustainable growth in SMEs.

Business Strategic Realignment for a Sustainable Fashion Brand

Research Aims: This study aims to determine and formulate business strategies for House of Majik, an upcycling fashion brand, to redefine its business model as a sustainable fashion brand. 
 Design/methodology/approach: This study uses a conceptual framework which uses several steps and tolls, such as business environmental scanning through external analysis (PESTEL, Porter’s Five Forces, and Competitor Analysis), Internal Analysis (Value-chain Analysis), Strategy Formulation (TOWS Matrix Analysis), and Redefining Business Model through Value Proposition Canvas and Business Model Canvas approach. 
 Research Findings: Findings suggest House of Majik to adopt focus-differentiation business strategy, as the strategy is the most appropriate to leverage the exclusivity, creativity, and uniqueness inherent in an upcycling brand. Which affirmed by the value proposition of House of Majik to offer limited editions of upcycled pieces as distinctive products with reasonable prices.
 Keywords: business strategy; value proposition canvas; business model canvas; sustainable fashion; upcycling fashion

Business incubators and their impact on startup success: A review in the USA

This review critically examines the significance of business incubators in shaping the success trajectories of startups, focusing on the dynamic landscape within the United States. Business incubators, specialized environments designed to support early-stage ventures, have become integral to fostering innovation and entrepreneurial growth. The review explores the diverse ways in which these incubators influence startup success, encompassing key elements such as access to funding, mentorship programs, collaborative workspaces, and networking opportunities. In the context of the USA, where a robust startup ecosystem thrives, the review analyzes the impact of business incubators on the financial aspects of startups. It investigates how access to funding channels, facilitated by incubators, contributes to the viability and sustainability of emerging enterprises. Additionally, the quality of mentorship provided within these incubators is scrutinized, emphasizing its pivotal role in guiding entrepreneurs through the complexities of business development and strategy formulation. Furthermore, the review delves into the collaborative environments that business incubators cultivate. Examining how shared workspaces, networking events, and collaborative initiatives foster a sense of community and knowledge exchange, the review highlights the social dynamics that contribute to startup success. The interconnectedness and knowledge-sharing culture within incubators are explored as catalysts for innovative thinking and problem-solving. As the startup landscape evolves, understanding the nuanced impact of business incubators in the USA becomes imperative for entrepreneurs, policymakers, and investors. This review provides insights into the multifaceted ways in which business incubators contribute to the success of startups, offering a comprehensive overview of the supportive ecosystems that play a pivotal role in shaping the entrepreneurial landscape in the United States.

The Influence of Internet Technology on the Aviation Industry: Existing Tactics and Future Advancements

This paper focuses on the customer interface effects that Internet technologies are having on airline firms; the examination centres on many airline businesses that have been utilizing Internet technology for their own profit. It is demonstrated how airline operators are utilizing the Internet to provide their consumers cutting-edge transaction structures and exchange methods. Customers' expectations of what and how these businesses supply products and services are growing as the Internet becomes more widely used. In reality, the Internet has become critical to the strategic development of the airline corporations under consideration. The use of Internet technology at the user interface has made the limits and extent of the aviation sector less obvious. The availability of a diverse variety of products and services is driving industry convergence, which has significant consequences for business strategy formation. The use of the Internet at the consumer interface has become a critical driver in the development of the airline business. Further exploitation of the Internet will result in increased levels of complexity, which will raise customer expectations about what and how these firms supply products and services.

Formulation and selection of blue economy operational business strategy using Montecarlo Simulation and Multi Criteria Decision Making

The Cirebon Government has provided guidelines for the establishment of mangrove ecotourism aimed at reducing the level of mangrove damage in Cirebon, which has reached 75%. One of the newly established mangrove ecotourism sites in January 2023 is the “Kasih Sayang Mangrove Ecotourism Area.” This tourism destination focuses solely on the natural beauty of the mangrove ecosystem, generating revenue from entrance tickets and parking fees. Therefore, a business operational strategy is needed to increase income and the number of visitors. The strategy design is based on the Internal Factor Evaluation (IFE) Matrix, External Factor Evaluation (EFE) Matrix, Internal-External (IE) Matrix, and the General Strategy of Blue Economy, resulting in three alternative strategies: Mangrove Planting Scheme for Tourists, Paddling Attractions for Tourists, and Utilization of Mangrove Trees as Souvenirs. The selected alternative strategy, using the Monte Carlo Simulation and Multi-Criteria Decision-Making approach, is the Paddling Attractions for Tourists, with an average Net Present Value of Rp 92,210,01, an investment of Rp 544,298,000, an additional 5 local workers, and an estimated 14,598 kg of waste.

STRATEGI BISNIS STARTUP MELALUI BUSINESS MODEL CANVAS: STUDI KASUS GOJEK DAN AIRBNB

This study explores the application of the Business Model Canvas (BMC) in formulating business strategies that enable innovation and sustainability, focusing on the successful startups Gojek and Airbnb as case studies. BMC, a strategic management tool, provides a structured approach for startups to dissect and optimize their business models. This research delves into how Gojek and Airbnb utilized BMC to identify unique value propositions, adapt to market dynamics, and sustain long-term growth. Through a qualitative analysis, the study highlights the significance of BMC in fostering continuous innovation, strategic adaptation, and scalability in the competitive startup ecosystem. The findings underscore the importance of a holistic approach in business model formulation, continuous iteration based on market feedback, and the strategic alignment of business components to achieve sustainability and competitiveness. This research contributes to the understanding of BMC's practical application in startup strategy development, offering insights and recommendations for startups aiming to navigate the complexities of the modern market landscape

Agrotourism Business Development Strategy “Eptilu” in Garut Regency

Agrotourism is one of the most popular tourism concepts in Indonesia. During the pandemic, many agrotourism closed permanently due to government regulations such as PSBB and PPKM that prohibit community activities outside their house. This regulation is strictly enforced as on the efforts to cut off the chain of transmission of Covid-19 itself. This study aims to help formulate business strategies that can be implemented in Eptilu Agrotourism as an effort to improve business and also gain a wide market share. Data was obtained from observations, direct interviews and questionnaires. The number of internal respondents for Eptilu Agrotourism was 10 people, while the number of respondents to analyze the level of visitor satisfaction was 78 visitor respondents. This research method uses qualitative and quantitative methods with various analytical tools such as internal analysis using IFE matrix, external analysis using EFE matrix and IPA, IE matrix, SWOT matrix, and QSPM matrix. The results showed that nine strategy proposals were obtained and sorted by priority. The main priority strategy that emerged was related to human resource development in Eptilu Agrotourism. Keywords: agrotourism, business strategy, new normal, pandemic, qspm

Building the Future of the Apparel Industry: The Digital Revolution in Enterprise Architecture

Using qualitative methodology, this study investigates the effects that the digital revolution in corporate architecture has had on the apparel industry. In this article, digital technologies, like AI, big data analytics, and the Internet of Things, are the main points of emphasis. They have revolutionized business and operational practices, as well as marketing strategies in the sector. According to the findings of this study, the implementation of advanced technologies significantly contributes to the enhancement of operational efficiency, the introduction of innovative products, and the enhancement of the competitiveness of businesses. The research also highlights the impact that digital transformation has had on sustainability and personalization in the clothing production industry. It demonstrates that adopting an enterprise architecture that is aligned with digital technologies not only increases operational efficiency but also strengthens innovative and competitive capacity. Furthermore, this research acknowledges the significance of ethically responsible and transparent business practices in this digital era, as well as taking into consideration the effects that digital transformation has on society and the environment. The findings of this study provide industry stakeholders with a strategic perspective that can be utilized in the formulation of adaptive business strategies, the exploitation of opportunities, and the facing of challenges in the ever-changing business environment that is associated with the digital era

ENTERPRISE DEVELOPMENT STRATEGY IN THE GLOBAL ENVIRONMENT

Enterprises develop and interact with the global environment. Their activities are influenced by various factors, and timely identification of the degree of their influence allows forecasting business development and reasonably choosing development strategies. The work is based on the hypothesis that in the global environment, under the influence of internal and external factors, tools can be developed for enterprise assessment and business strategy formation. The puprose of the paper is to develop a toolkit for evaluating an enterprise in a global environment for choosing a development strategy. In the article, the authors conduct a study of the influence of factors of the global environment on the development of the enterprise, propose a model with the help of which it is expedient to forecast the metastate of the enterprise and put forward proposals for choosing an effective development strategy. A structural and logical model for ensuring the stable development of business systems has been proposed. In the process of research, the authors developed a system of indicators that form an integral index that characterizes the effectiveness of the development of business systems. The basis of the integral indicator of the metastate of the development of business systems is a set of indicators for assessing the development and changes in the state of business systems in a dynamic global environment. The economic and mathematical model of estimating the metastate of business systems is considered as a reflection and formalization of the main, essential parameters of business systems development (production, technological and property, personnel, social, financial, material and supply, marketing, foreign trade. The integral metastate index of business systems systematically reflects the effectiveness of the Kharkiv machine-building business systems and allows determining strategies for their development. The selected machine-building enterprises have been grouped by the following types of development strategies: a rapid growth strategy aimed at ensuring the development of enterprises, offensive positions; a strategy of moderate growth and stabilization, characterized by stable parameters of business systems development, adequacy of resources for development, aimed at saving resources and costs, market expansion and development, product upgrades, innovative development; a strategy of curtailment, reduction, which is characterized by negative development trends due to lower profits, reduced assets, reorientation of consumers to other products or markets. As a result of the research, a methodological approach to the assessment of trends in the development of business systems has been developed, which will allow obtaining additional advantages in the global environment. Determination of benefits becomes a basic characteristic for monitoring information provision regarding the organization of enterprise activities in a global environment. The paper makes a contribution to the research of the methodology for assessing the development of enterprises that can be applied to other enterprises, not only to the Kharkiv area. In the event of a change in the influence of global environmental factors, the degree of influence should be specified. The work offers an opportunity to develop further research from the point of view of strategic management, the concept of six sigma, and production optimization.

Mediating Factor of Strategy Business in the Relationship between Environmental and Business Performance

The purpose of this study is to examine the impact of the internal and external business environment on the formulation of business strategy, the impact of business strategy on business performance, and the impact of the internal and external business environment on the performance of the Service and Creative Industry Cluster MSMEs in DKI Jakarta. This study employs a quantitative approach to research, collecting data through observation and interviews and processing primary data derived from respondents' questionnaire responses. Using SEM-PLS 3 Version, the validity test, the reliability test, outer loading, the inner model fit (R-Square), the significance test (hypothesis test), and the F-Square Test are then utilized to assess the study data. F-square of 0.409 > f-square of 0.35, the External Environment has a moderate influence on Business Strategy. The moderate influence of the Internal Environment on the Outcome of Small and Medium-Sized Enterprises, as indicated by the F-Square value of 0.29, is accompanied by a modest effect. The finding from this research indicates that the service and creative industry cluster MSME actors in DKI Jakarta formulate business strategies to become Prospector, Analysts, Low-Cost Defender, and Different Defender based on or have different external environmental backgrounds in terms of demography, politics/law, economic conditions, and the technology used to run their respective businesses.

Analisis Strategi Bisnis Non Aeronautika PT Angkasa Pura I Bandara Internasional Syamsudin Noor Banjarmasin

This study aims to analyze the non-aeronautical business strategy of PT Angkasa Pura I at Syamsudin Noor Airport in Banjarmasin obtained from the identification of internal factor conditions (strengths and weaknesses) and external factors (opportunities and threats) and find the formulation of a non-aeronautical business strategy at PT Angkasa Pura I Airport Syamsudin Noor Banjarmasin. Identification of internal factors (strengths and weaknesses) and external factors (opportunities and threats) was obtained by researchers from the results of in-depth interviews with credible and experienced informants. Apart from that, external analysis was also obtained from PESTLE analysis on the non-aeronautical business environment. The research results from the identification and analysis of internal factors (strengths and weaknesses) and external factors (opportunities and threats) were processed with the Internal Factor Evaluation (IFE) matrix and the External Factor Evaluation (EFE) matrix. The formulation of the results of the IFE and EFE matrices is obtained from the results of the SWOT matrix. Finally, after processing the data through these matrices, we found a way to find out the right business strategy for the non-aeronautical business of PT Angkasa Pura I Syamsudin Noor Airport in Banjarmasin with the SPACE Strategy which interprets the company's position to be in the Cartesian coordinate quadrant. This study found that the non-aeronautical business of PT Angkasa Pura I Syamsudin Noor Airport in Banjarmasin is in a quadrant I position that can implement the strategy market penetration, market development, product development and diversification related and un related business. Keywords : Non Aeronautics, PESTLE, IFE Matrix, EFE Matrix, SWOT, SPACE Strategy Matrix

Green premium modeling based on total cost ownership analysis: From the Chinese Electric Vehicle sales forecasting perspective

In the field of energy economics, the concept of “green premium” refers to the cost difference between zero-emission or emission-reducing technologies and emission-emitting technologies. This cost difference plays a crucial role in the adoption and commercialization of renewable energy technologies, which is essential for addressing climate change. However, the green premium, as an abstract concept, is often used qualitatively, and research on quantifying the green premium is very limited. This has significant adverse effects on both the formulation of business strategies for companies and the planning of government policies. The Total Cost of Ownership (TCO) method is a widely used cost analysis approach in businesses and organizations. It can quantitatively assess and understand the overall costs associated with specific products, assets, or services, thereby assisting decision-makers in making informed choices and managing resources. Therefore, this study introduces, for the first time, a TCO-based green premium modeling model to address the challenge of quantifying the green premium. Considering that China’s Electric Vehicles (EVs) industry has successfully overcome the green premium barrier and entered the commercialization phase, it is an appropriate domain for studying the green premium. To further demonstrate the effectiveness and scalability of the modeling, this paper enhances the classic Bass model for sales forecasting of electric vehicles. It innovatively incorporates the influence of the green premium in the generalized Bass model. Additionally, the study uses primary data from industry research to construct a multi-factor green premium model for EVs based on TCO analysis. It also develops a generalized Bass diffusion model that considers the green premium and selects time-series data on EV diffusion in the Chinese market from 2010 to 2021. A genetic algorithm is employed to fit the model parameters, and different scenarios are considered to forecast EV market penetration over the next decade. Experimental results validate that incorporating the green premium in the generalized Bass model leads to better forecasting performance compared to methods that do not consider the premium which proved these related green premium modeling approaches exhibit good accuracy and scalability.

Innovative Approaches in Business Development Strategies Through Artificial Intelligence Technology

This study explores the key role of artificial intelligence (AI) in changing business development strategies in an era characterized by rapid technological progress. The goal of this research is to find innovative ways to integrate artificial intelligence into corporate operational structures to increase competitiveness and efficiency. Adopting a qualitative research design, this study conducts an in-depth analysis of the literature retrieved from Google Scholar using a systematic approach to presenting data reduction and drawing conclusions. Research shows that integrating AI into business strategy improves existing operations. It emerges as a catalyst for sophisticated data analytics that drive personalized customer experiences and improve decision-making. This study highlights the transformative potential of artificial intelligence to create dynamic business environments where predictive analytics and customer insights inform strategic decisions. A key innovation of this research is its focus on the symbiotic relationship between artificial intelligence and human decision-making. This indicates a paradigm shift in the formulation of business strategy where artificial intelligence becomes not just a tool but a strategic partner that complements human ingenuity. This approach highlights the importance of connecting AI capabilities with human insights to create innovative business strategies that are responsive and adaptable. In conclusion this study provides a comprehensive understanding of the transformative impact of artificial intelligence on business development strategies. It provides valuable insights for organizations looking to use AI for strategic advantage by highlighting the need for a balanced integration of technology and human expertise in an ever-changing business environment.

Enhancing Business Strategies with Advanced Location Intelligence Techniques: A Multifaceted Approach Using GIS and Python

This paper delves into the transformative impact of advanced location intelligence (LI) techniques on business strategy formulation across several critical areas, such as optimizing service coverage, determining strategic retail locations, planning network infrastructure, and analyzing market penetration. By harnessing the capabilities of geographic information systems (GIS) and Python for advanced analytics, we underscore the significance of LI in informing strategic decisions, elevating customer experiences, and achieving a competitive market edge. Our approach employs a holistic methodology that includes rigorous data quality checks, in-depth geospatial analysis, and detailed demographic assessments, enriched by practical case studies. This synthesis offers valuable, actionable insights for businesses aiming to leverage LI in strategic planning, thereby driving growth and operational efficiency.

Unraveling the Relationship between Business Strategy and Shareholder Value Maximization

Purpose: This study aims to explore the relationship between business strategy and shareholder value maximization, focusing on the mechanisms that drive value creation and sustainability in the global marketplace. It seeks to integrate various theoretical perspectives and empirical evidence to enhance understanding in this area. Research Design and Methodology: The thematic analysis and narrative synthesis reveal key themes and theories that contribute to understanding the formulation of business strategy and its impact on shareholder wealth. The findings emphasize strategic consistency, resource endowments, and stakeholder engagement as crucial drivers of financial performance and value creation. Findings and Discussion: The study highlights the need for further research to adapt to emerging trends and practical challenges in strategic management and corporate governance. It contributes to ongoing discussions in the field, providing valuable insights for scholars, practitioners, and organizational leaders, and underscores the practical implications of effectively implementing business strategies for maximizing shareholder value. Implications: The study underscores the importance of continuous adaptation and innovation in accounting practices to navigate evolving business environments successfully. Moreover, technological advancements, globalization, and regulatory reforms significantly impact accounting practices and organizational dynamics, presenting both opportunities and challenges.

Business Strategy Formulation of Sharia Rural Bank (SRB) in Facing Pandemic

This study was conducted to formulate a business strategy for a sharia rural bank whose performance has decreased because the financing sector served is affected by Covid-19. This study is applied research that is qualitative and uses a single case study approach. Primary data was obtained through interviews with several members of the board of commissioners, members of the board of directors, and heads of divisions. Secondary data were obtained from internal company documents, while external sources were mostly from regulatory bodies for the sharia banking industry in Indonesia. A framework from David et al. (2020) is used to obtain a business strategy formulation. For the upcoming three years, the business strategy that should be carried out are market penetration and product development, i.e., conducting selective increase in financing in prospective sectors, conducting coaching in the micro and small sectors so that they can better cope with the impact of Covid-19, and developing products for first-time young customers.

Occupational health and safety management policies and employee quality of life in developing countries: Insights from Ghana

AbstractThis study explores the formulation and implementation of occupational health and safety management (OHSM) policies by multinational manufacturing firms operating in sub‐Saharan Africa and how they influence employees' quality of life (QOL). We used Afrifoods (pseudonym), a food manufacturing multinational company in Ghana as a case. Gathering qualitative data through interviews, focus group discussions, and archival sources, we found that despite the prevailing institutional deficiencies in sub‐Saharan African countries especially in ensuring the implementation of health and safety policies, food manufacturing multinational companies formulate and implement health and safety policies. And, the high rates of unemployment notwithstanding, employees of manufacturing companies prioritize safe and healthy working environment and consider it the first and most important attribute of their QOL. Employees also consider being able to provide their family needs as well as being recognized for the efforts expended at work as other determinants of their QOL. Multinational firms operating or intending to go into sub‐Saharan Africa should consider health and safety policies as indispensable in their business strategy formulation, if they wish to get the maximum benefit from their employees. Governments must also intensify monitoring to ensure firms' compliance with national health and safety laws at their work sites.

THE ANALYSIS OF STRATEGIC MANAGEMENT AT CIPTO MANGUNKUSUMO HOSPITAL AS A TEACHING HOSPITAL, UNIVERSITAS INDONESIA

The effectiveness in improving academic quality in universities is determined by good and practical management. Universities must have a quality management strategy to provide high-quality education. Therefore, this research aims to analyze the activities that occur at the Universitas Indonesia in improving the quality of its management that facilitates students’ both academic and non-academic activities. This research is a descriptive qualitative approach that focus to observe and analyze existing strategies at the Faculty of Medicine, Universitas Indonesia. This research also provides the recommendations for alternative strategies to achieve a competitive advantage. This research is using data analysis from interviews and formulating business strategies through 3 steps. The result of this research is in Medicine faculty of Universitas Indonesia already has a good corporate branding as an opportunity to increase promotion; develop more aggressive advertising; adjusting the market share for growing; and become more loyal in the term of service and quality of the Medicine faculty of Universitas Indonesia.