Business Strategy Formulation Research Articles

Boardcraft: Learning the Art of Strategic Decision-Making Card by Card

Boardcraft, an interactive, sequential card game, is a powerful tool for teaching Strategic Management in an undergraduate Business Administration Degree. This innovative game provides students with practical experience in strategic analysis, business strategy formulation, and strategic decision-making, addressing one of the main challenges of social science teaching: practical application. The objective of the research to be carried out is to find evidence of a change in students' attitudes towards making strategic decisions. To do this, two questionnaires will be carried out, one before and one after the game's introduction in the classroom, three months apart. The data will tell us if decision-making through a business strategy game changes their perception and attitude towards decision-making by acquiring competencies and skills that prepare them better for decision-making throughout their career and life. This game will streamline the teaching of strategic management in higher education, a subject traditionally based on lectures and case studies. Teaching strategic management is complex since the student is immersed in a context of continuous decision-making that requires the application of an appropriate methodology for proper understanding. Game-based learning (GBL) activities like Boardcraft that bring strategic management closer to real-life contexts are desirable. The application of this game will also allow researchers to analyse the effect of experiential learning, the acquisition of interpersonal and conceptual skills, the importance of aesthetics and the introduction of fun elements in game-based learning.

Analisis Strategis Rukita Winter

Rukita as a boarding house service provider is one of the main players in fulfilling the housing needs of students, workers, and the general public. With the tight competition in the boarding house market, especially in metropolitan areas such as West Jakarta, Rukita Winter has its own challenges to ensure its excellence and competitiveness. Successfully attracting the attention of boarding house tenants requires the right action in business strategy. Therefore, Rukita Winter always strives to adjust its business strategy to meet the needs and preferences of boarding house tenants. This study aims to identify and analyze the business strategies implemented by Rukita Winter. In addition, this study also aims to analyze the strengths (Strengths), weaknesses (Weaknesses), opportunities (Opportunities), and threats (Threats) faced by Rukita Winter's business. The method used involves the use of the IFE (Internal Factor Evaluation), EFE (External Factor Evaluation), IE (Internal-External), and QSPM (Quantitative Strategic Planning Matrix) matrices to analyze Rukita Winter's position. This study is expected to contribute to increasing knowledge and understanding of SWOT analysis and how its application can help Rukita Winter in formulating business strategies.

The Importance of Using SWOT Analysis in Business Success

The SWOT analysis is a strategic planning tool that helps businesses identify their strengths, weaknesses, opportunities, and threats. This article explores the importance of SWOT analysis in achieving business success. Through a comprehensive literature review, it examines the role of SWOT analysis in strategic planning, decision-making, and organizational growth. The methodology includes a review of case studies and empirical data from various industries. The findings highlight how SWOT analysis aids in aligning strategies with market dynamics and enhancing competitive advantage. The discussion delves into the practical implications and limitations of SWOT analysis, concluding with recommendations for its effective use in business strategy formulation

Preliminary study to consider the preparation of a business strategy for The Regional Public Service Agency (BLUD) in the water tourism area of Gita Nada and Gili Sulat Lawang Lombok, NTB Province

This study aims to obtain fundamental information that will be used as a reference in formulating business strategies for Regional Business Services Agencies (BLUD) in the Gita Nada and Gili Sulat Lawang marine tourism areas in NTB Province. This conservation area has huge tourism potential with an estimated economic value of tourism resources based on Willingness To Pay (WTP) reaches more than 17 billion rupiah per year. However, the use of this tourist destination is still not optimal. This study uses a survey method through interviews with the management, local communities, and related company partners. The survey results show that BLUD business development in this region faces several challenges, among which the most impactful are budget problems and limited human resources. Based on these findings, this study proposes an effective business strategy to optimize the potential of the tourist area. The proposed strategy is expected to increase the income and welfare of tourism industry players in the region, as well as make a positive contribution to the local economy. With the implementation of this strategy, it is hoped that this aquatic tourism area can develop sustainably and provide maximum benefits for all parties involved.

Transition to the Circular Economy: Innovative and Disruptive Production Technologies Adopted by Agribusiness Startups

ABSTRACTThis study aimed to analyze the impact of innovative and disruptive production technologies adopted by Brazilian agribusiness startups on the value chain, contributing to the transition to the circular economy. Qualitative research was carried out through 10 semi‐structured interviews with CEOs of startups in the agribusiness segment, also called agtechs. The results indicate that various disruptive innovative technologies are in use, such as precision agriculture, artificial intelligence, and biotechnology. The adoption of innovative technologies, especially those that have disruptive potential, contributes to the transition to a circular economy. These innovations enhance efficiency, productivity, resource waste reduction, greenhouse gas emission reduction, monitoring, and control. At the same time, they have the potential to contribute to the generation of food security, the minimization of environmental impact, and the promotion of sustainability in agribusiness, making it more resilient. It is concluded that disruptive technologies, especially those originating from Industry 4.0, have the potential to transform the agribusiness industry. They support sustainable and efficient practices and have the potential to replace the lack of human labor in the field. Furthermore, the study expands the theoretical understanding of the role of agtechs in the circular economy and provides practical insights into the formulation of public policies, investments, and business strategies to promote sustainability in the agricultural sector.

Business Strategy Formulation for PT Silka Teguh Sejahtera (Sciencom) to Elevate its Revenue

PT Silka Teguh Sejahtera (Sciencom) is one of Indonesia’s IT and computer training providers. In the past several years, the company faces limited revenue growth despite its strong reputation and high-quality training services as well as promising market potential for IT and computer training provider. This happens because Sciencom main target customer base is government institutions which have faced budget reductions for education and training. This study aims to formulate a business strategy for Sciencom to enhance its revenue by identifying the factors influencing the limited growth of the company’s revenue. The primary data is gathered from qualitative method in which the author conducted interviews with Sciencom’s employees and customers representatives in order to analyze the internal and external factors to the business issue. To support the finding, the author uses secondary data collected from company’s reports, journals, books, and websites. Through thorough internal and external analysis, the author was able to propose a new Segmentation, Targeting, and Positiong (STP) and Marketing Mix 7Ps to develop Sciencom’s business strategy using the Ansoff Matrix Growth Strategy that the company can utilize in order to elevate its revenue amidst a competitive market. The proposed strategy include expanding the target customer base to state-owned enterprises and fresh graduates, integrating a Leaning Management System (LMS) for online training, offering ERP solutions, partnering with universities for Swakelola Type 2 projects, forming a digital marketing and human resources departments, and regularly updating IT courses, certification, and promotional package offerings.

How does artificial intelligence affect the business context? A bibliometric analysis

We conducted a descriptive bibliometric analysis to examine scientific production, identify the most influential publications, and identify the most and least researched topics in four specific knowledge domains. We used a quantitative, descriptive, and correlational research approach to scientific production to carry out the analysis, which involved extracting 7,937 articles from the Web of Science and distributing them into three search equations. Using SciMAT v1.1.04 software, we processed the data and conducted a descriptive analysis of scientific production, enabling the creation of maps highlighting scientists with the most and least researched topics. The analysis of published articles, author performance, most productive journals, and most cited articles provided a detailed view of the dominant trends and approaches in the fields of Artificial Intelligence and business. The analysis showed that there is a significant evolution in the scholarly output, with themes such as "Value Creation", "Artificial Intelligence", "Business Intelligence", "E-Commerce", "Decision Making" and "Management" emerging as central in different periods, indicating their continued importance. Additionally, we note the inclusion of emerging themes like 'Customer Experience', 'Chatbots', 'Internet of Things', and 'Machine Learning', which reflect the dynamics and evolution of research concerns over time. The results of the analysis have significant implications for business policy and strategy formulation. Understanding emerging trends can help organizations make informed decisions and proactively adapt to changes in the artificial intelligence and sustainability landscape.

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.

IFE EFE Analysis of A Social Enterprise Business Strategy

The problem with Kawoel’s MSMEs is the dominance of decreased income, therefore MSMEs need the right business strategy and are suitable for this social enterprise. The object of this research was carried out at a social enterprise company, namely Kawoel's MSMEs. Therefore, the objectives of this study are: 1) to find out an overview of the business strategy carried out by MSMEs at Kawoel's, 2) to find out the strengths, weaknesses, opportunities and threats of Kawoel's MSMEs, 3) to find out alternative business strategy formulations using SWOT Internal Factor Evaluation (IFE) matrix analysis and External Factor Evaluation (EFE) matrix for MSMEs in Kawoel's. This type of research was descriptive qualitative with data collection techniques using observation, interviews, and literature study. This study uses a single variable, namely business strategy, to analyse business strategy in Kawoel's MSMEs using the IFE and EFE matrix tools. The business strategy implemented by Kawoel's had not been maximised so that it had a negative impact on its business. The results of the IFE and IFE matrix for Kawoel's business strategy formulation are in quadrant V, which means that it can be done with a maintain and maintain strategy.

Analysis of Social Business Strategy (Case Study in Rumah Harapan Kita Foundation)

This research aims to create an overview of business strategies, identify business strategies using the social enterprise model canvas and SWOT models, and formulate appropriate business social business strategies. The object of this research is the Rumah Harapan Kita Foundation, which is one of the social businesses in Tasikmalaya City. The method used is qualitative with a case study approach. The types of data used are primary and secondary with data collection techniques using observation techniques and unstructured interviews. Primary data was obtained from an in-depth interview process with the Rumah Harapan Kita Foundation, while secondary data was obtained from documents, websites, and foundation archives. The informant for this research is the CEO and Director of Entrepreneur of Rumah Harapan Kita Foundation. Data analysis uses the model analysis method from Miles and Hubermen (1992), namely: reducing data as a form of data sorting; processing data as data presentation; and verifying the conclusions of the data that has been analyzed. The research results show that the Rumah Harapan Kita Foundation's business strategy has not been structured systematically. Then, based on the results of the analysis using SWOT and SEMC, 8 SEMC elements need to be developed. So the formulation of Rumah Harapan Kita Foundation's business strategy is focused on the elements of customer segments, value propositions, channels, customer relationships, revenue streams, key activities, key partners, and impact & measurement.

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.

Impact of Financial Innovations on Business Strategy Formulation: A Qualitative Study

This study delves into the profound impact of financial innovations on the formulation of sustainable business strategies in the contemporary global landscape. As financial technologies continue to advance, their influence on strategic decision-making processes becomes increasingly pronounced. The abstract explores how the integration of financial innovations, such as blockchain, artificial intelligence, and open banking, is reshaping traditional business paradigms. The research investigates the multifaceted implications of these innovations on sustainability considerations, emphasizing the need for businesses to adapt to the evolving financial ecosystem. It explores how the strategic alignment of financial innovations with sustainable practices can lead to enhanced operational efficiency, improved risk management, and heightened responsiveness to market dynamics. The study also highlights the evolving role of finance professionals, emphasizing the imperative for professionals like CPAs and CMAs to embrace FinTech literacy in order to drive sustainable business strategies. In an era characterized by intense global competition, the study concludes by emphasizing the strategic imperative for businesses to leverage financial innovations consciously, integrating them into the fabric of their sustainable business strategy formulation. As financial technologies redefine the contours of global commerce, understanding and harnessing their potential becomes paramount for businesses committed to long-term viability and success.

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