Market Penetration Research Articles

Enhancing PT AJSE Life Insurance Business Growth Using the Digital Platform Through the Success of Major Indonesia’s Insurance Companies

The COVID-19 pandemic profoundly affected Indonesia's economy, particularly its insurance industry, leading to a surge in Digital Financial Innovation (DFI) and Financial Technology (Fintech). Despite a low insurance coverage rate of 3.18% in 2021, the Financial Services Authority (OJK) is advocating for technological integration. This research aimed to reforecast PT AJSE's financial performance amid the digital transformation in insurance, analyzing data from 2018 to 2022 from top life insurance players and employing quantitative methods to forecast PT AJSE future performance. The results indicate that DFI has enhanced profitability in top life insurance companies, suggesting significant benefits for PT AJSE, a small insurer with growth potential. By adopting DFI, PT AJSE could see improvements in income and assets, with three projected scenarios showing varied outcomes. The study recommends that PT AJSE strategically integrate DFI into its operations, enhance digital marketing skills among employees, develop customer-centric digital services, and leverage its association with a major e-commerce platform for market penetration.

The Effect of Government Policies on the Success of Micro, Small, and Medium Enterprises (MSMEs) in Regional Development in North Tapanuli Regency

This research delves into the Micro, Small, and Medium Enterprises (MSMEs) sector in North Tapanuli Regency, North Sumatra, focusing on the impact of government policies on the success of MSMEs. The research, conducted from October 2023, utilizes interviews and documentation as data collection methods. From a total of 39,856 MSME units, a simple random sample of 100 respondents was selected using the slovin pattern. Key variables include Monetary Policy (X1), Fiscal Policy (X2), and MSME Success (Y1). Monetary Policy is related to People's Business Credit, while Fiscal Policy includes aspects of taxation and financing. MSME success is measured through growth, product value, funding access, information, business expansion, market penetration, and social, cultural, and economic impact. Data analysis employs Partial Least Square (PLS) to identify the impact of government policies. Results reflect a positive contribution of fiscal and monetary policies to MSME success. Model evaluation considers validity and reliability, while the contribution of MSMEs to the Regional Gross Domestic Product (GDP) is analyzed through Proportional Analysis. This research adopts a holistic approach, combining qualitative and quantitative elements to provide an in-depth understanding of the role of MSMEs in North Tapanuli Regency and its implications for the regional GDP. The findings aim to serve as a policy foundation for the local government in supporting the growth and sustainability of MSMEs.

Vegetable distributor business development strategy (Case study at PT XYZ)

The vegetable and fruit commodity business has good prospects for continued development. Vegetable production continues to increase from year to year. On the other hand, Indonesian people's consumption of vegetables is still low. PT XYZ is a company operating in the vegetable distributor sector. It faces the challenges of increasingly fierce competition and changes in customer purchasing patterns since the Covid-19 outbreak. The aim of this research was to identify business models, formulate alternative strategies, formulate priority strategies and formulate new business models that can be implemented to develop PT XYZ's business. Identification of PR XYZ's business model was carried out using the Business Model Canvas (BMC). Next, a SWOT analysis was carried out on the 9 elements of the Business Model Canvas, the results of which were also used to carry out IE analysis (EFE and IFE). From the IE analysis, PT XYZ's position was in quadrant V (Hold and Maintain). Commonly used strategies are Market Penetration and Product Development). From SWOT Matrix analysis (SO, WO, ST and WT). on the key factors of EFE and IFE, alternative strategies were obtained which were then prioritized using the Quantitative Strategic Planning Matrix (QSPM), namely: forming a research and development section, evaluating vegetable processing processes, developing vegetable derivative products, carrying out more active marketing activities, developing marketing to the hotel, restaurant and cafe (HOREKA) segment, mapping vegetable suppliers, developing marketing to the online segment, creating a cooperation program that can bind suppliers, and opening a warehouse in Jakarta to reduce costs.

Architecture of landed house property business strategy (Case study of PT KGC)

Among the property development companies operating in Cibubur, PT KGC and PT SM are the same entity from the one holding company. PT SM demonstrates positive performance for last 4 years while PT KGC showing fluctuation performance over the past four years., therefore, PT KGC required to formulating a new strategy to compete on the landed house property business. The objective of this research is to identify the issues in the landed house business competition, formulate alternative strategies, and determine priority strategies for PT KGC to address the competition in the landed house business. The research methodology employs IFE (Internal Factor Evaluation), EFE (External Factor Evaluation), SWOT (Strengths, Weaknesses, Opportunities, Threats), and QSPM (Quantitative Strategic Planning Matrix). The research shows that inadequate implementation of existing strategies has led to unstable company performance over the past four years, causing decreased revenue, vendor payments, and delays in housing construction. The Quantitative Strategic Planning Matrix recommends strategies like market penetration, product development, and market development to improve the company's position in the profitable land-based housing industry.

Metaverse Virtual Workplace Market Penetration Possibility in Indonesia for IT Services Provider

Digitalization has revolutionized sociability, and enterprises have recognized the virtual universe as a solution for post-pandemic work-from-home. Metaverse virtual workplace, a novel networking technology, provides Indonesia a new economic potential. Indonesia, a booming market with rising financial growth, has experienced a huge change in technology usage, including Metaverse virtual workplace. Many big IT service providers see this as a chance to enter the Metaverse virtual workplace market. The analysis for the strategic decision is constructed using external analysis coming from secondary data along with discussions with SMEs and discussions with customers. The external analysis includes a macro environmental study utilizing PESTEL, Porter’s five forces, and customer analysis. Both SMEs and Customers’ discussions are qualitative assessments including subject matter expert interviews the decision maker from the IT service provider and present clientele. In the business-to-business market, the qualitative technique is utilized to understand sellers and customers. Using external studies, conversations, and sources, the author can determine if the market is viable. The first mover in the metaverse virtual workplace will gain the most benefit. Hence, the market penetrator must go to aim to be one, especially considering the low entry barrier of the market. These led the author to infer that Metaverse virtual workplace is a viable option and highly profitable market that can be entered as a new opportunity for IT Services Providers in Indonesia.

In-situ Studies of Aqueous Organic Redox Flow Batteries

Aqueous organic redox flow batteries (RFBs) are promising energy storage systems especially for grid-level storage, where low-costs, and scalability are essential.1 However, for deep market penetration of organic flow battery systems, when compared to other storage technologies, their relatively low energy densities and short lifetimes due to degradation of the electrolytes need to be addressed.2,3 Additionally, most organic systems suffer from high toxicity, e.g., viologen systems, and/or relatively high costs due to complex synthetic methods, despite being comprised of earth-abundant elements.4-6 Therefore, a system for grid-scale storage with a long lifetime, minimal degradation, low toxicity, high energy density, and low cost is urgently needed.To achieve this goal, advanced characterization methods to study RFBs are needed. They will improve the understanding and enhance the performance, ultimately extending the battery life of both organic- and inorganic-based chemistry. Ex situ characterization can be challenging, due to the high reactivity, sensitivity to sample preparation and short lifetimes of some of the oxidized and/or reduced redox-active molecules and ions within the electrolyte.2 We present amongst other things how the biomolecule flavin mononucleotide (FMN), when cycled under the right conditions, is a commercially viable anolyte in an RFB: it overcomes the limitations described above as it is commercially available, chemically stable and non-toxic and it exhibits excellent capacity retention when used in a RFB. Specifically, we show how in-situ NMR and EPR techniques can be coupled to first understand degradation. The techniques allowed us to detect the reaction intermediates directly, identify the degradation products, and explain the changes in the electrochemistry that occurred in the RBF on cycling. Critically, we were then able to use this insight to mitigate the degradation of this redox-active species. This work clearly demonstrates how a combined in-situ NMR and EPR study can be used to understand and then mitigate degradation in flow batteries. Due to the simplicity of the setup, which consists essentially of a lab-scale RFB, a flow NMR and a flow EPR sampling tube, the technique can be widely applied. We stress that the methods are general and can be applied to study a wide range of RFB chemistries, including vanadium-based batteries, and our work should inspire further research to explore and develop further in-situ characterisation of flow batteries. Winsberg, J., Hagemann, T., Janoschka, T., Hager, M. D. & Schubert, U. S. Redox-Flow Batteries: From Metals to Organic Redox-Active Materials. Angew. Chemie - Int. Ed. 56, 686–711 (2017).Zhao, E. W. et al. In situ NMR Metrology Reveals Reaction Mechanisms In Redox Flow Batteries. Nature 579, 224–228 (2020).Zhao, E. W. et al. Coupled in Situ NMR and EPR Studies Reveal the Electron Transfer Rate and Electrolyte Decomposition in Redox Flow Batteries. J. Am. Chem. Soc. 143, 1885–1895 (2021).Hu, B., DeBruler, C., Rhodes, Z. & Liu, T. L. Long-Cycling Aqueous Organic Redox Flow Battery (AORFB) Toward Sustainable And Safe Energy Storage. J. Am. Chem. Soc. 139, 1207–1214 (2017).Jin, S. et al. Near Neutral pH Redox Flow Battery with Low Permeability and Long-Lifetime Phosphonated Viologen Active Species. Adv. Energy Mater. 10, 1–10 (2020).Lin, K. et al. A redox-flow battery with an alloxazine-based organic electrolyte. Nat. Energy 1, 1–8 (2016).

Inovasi Pemasaran Dalam Mendorong Pertumbuhan Usaha Mikro Di Desa Sentol Pamekasan

The "Marketing Innovation in Encouraging Micro Business Growth in Sentol Pamekasan Village" Community Service Program (PKM) aims to increase the competitiveness and economic well-being of microbusinesses in rural Indonesia. Microenterprises hold significant value in both local and national economies. In an era of dynamic economic expansion and continuous social transformation, the growth and progress of microenterprises are of the utmost importance. The potential for micro businesses in Desa Sentol, Pamekasan, is substantial; nonetheless, proprietors of such enterprises encounter several obstacles, such as restricted market entry, intensifying competition, and a dearth of comprehension about efficacious marketing tactics. PKM places emphasis on marketing innovation as a potential resolution to this issue. The outcomes of this PKM initiative demonstrate a substantial positive influence. A 20 to 30 percent increase in the income and profitability of microenterprises contributes to enhanced economic well-being for microbusiness proprietors and the Desa Sentol community at large. Moreover, new marketing methods expand market penetration, hence generating more prospects for business expansion. Additionally, the results indicate that proprietors of microbusinesses in Desa Sentol have assimilated sustainable practices and a commitment to innovative marketing strategies. The significance of strengthening collaboration between microbusiness proprietors, local governments, and other pertinent stakeholders, as well as continuing to utilize marketing innovations, is illuminated by these findings. Ongoing support is provided through advanced training and technical mentoring. Future recommendations encompass the implementation of advanced training initiatives, continuous mentorship programs, enhanced cooperation channels, and the expansion of the range of products and services offered. By fostering ongoing assistance and expanding inventive capacity, Desa Sentol possesses substantial potential to emerge as a paradigm of achievement in the rural micro-enterprise sector of Indonesia. Additionally, this PKM program may serve as a model for other places confronting comparable obstacles.

A jam-absorption driving system for reducing multiple moving jams by estimating moving jam propagation

Jam-absorption driving (JAD) is a novel connected and automated vehicle-based (CAV-based) control strategy that uses either a single or several absorbing cars to clear moving jams. However, a practical control system has not yet been developed. This study presents a real-time control system for operating JAD against multiple moving jams on freeway sections under a partial CAVs and heterogeneous (mixture of cars and trucks) traffic environment. The system dynamically predicts absorbing end points by estimating the propagation of multiple moving jams without using a traffic model. Subsequently, it selects suitable CAVs as absorbing cars in traffic via vehicle-to-infrastructure communication to absorb moving jams. A control model embedded with complete/synergetic JAD strategy decision-making and moving jams–CAVs matching process was developed to guarantee moving jams can be properly absorbed as early as possible. Simulation results demonstrated that the proposed JAD system successfully reduced successive multiple moving jams in the toy model (with two artificial successive moving jams) and hypothetical bottleneck (with series moving jams generated by a speed limit zone) scenarios. Moreover, sensitivity analysis indicated that the JAD system effectively reduced moving jams and enhanced traffic performance (e.g., about 10% fuel consumption reduction) under approximately 1% to 10% CAV market penetration rates (MPRs). This implies that the proposed JAD system can be implemented at low CAV MPRs in the future.

The effects of Electronic Stability Control (ESC) on fatal crash rates in the United States

Problem: Electronic Stability Control (ESC) is believed to be among the most efficient vehicle safety interventions with reported effects around 50% for fatal single and rollover crashes. However, such estimates have used sample data, which have not controlled for the possibilities of self-selection, behavioral adaptation, increased access to the technology by less safe drivers, and the calculation of effects on very specific categories of crashes. Effects of ESC in the population can therefore be expected to be smaller than is currently believed. Method: National U.S. data for fatal crashes, driving exposure and other control factors, and market penetration of ESC over 1991–2021 were used to calculate whether the trends in fatalities over time in crash rates for singles, rollovers, and fatal crashes in general matched projections from estimates of effectiveness. Results: It was found that downward trends in the relevant crash types were generally present before ESC was introduced, and that the trends thereafter were weaker. Although some trends were consistent with effects of ESC, they were markedly smaller than the projected ones, and could be explained by other factors such as the number of vehicles per capita. At best, the effect for rollovers could be up to two-thirds of previous estimates, no effect was detected for singles, while for all fatal crashes results depended upon the type of analysis performed. These results conflict with conclusions in all published ESC crash sample studies, which have compared vehicles with and without ESC. This discrepancy can be explained by methodological errors in the previous studies using induced exposure methods and self-selected samples. Practical applications: Traffic safety may not be as much improved by technological interventions as believed. Alternative approaches to traffic safety are needed, which do not rely on technology that interferes with driver behavior.

Joint optimal pricing strategy of shared autonomous vehicles and road congestion pricing: A regional accessibility perspective

Current studies on shared autonomous vehicles (SAVs) and road congestion pricing (RCP) mainly focus on their independent effect on mobility, and rarely consider the joint impact of the two policies on accessibility. In light of this incentive, this paper establishes a bi-level programming model with multi-objective functions and multi-decision variables to solve the joint optimal pricing problem of SAVs and RCP considering accessibility. Because of the complex relationship between the decision variables and the objective functions, the proposed bi-level programming model belongs to a black-box problem. A machine learning algorithm based on multi-objective Bayesian optimization was developed to solve the proposed model, by taking Jiangyin City as an empirical case study. The results show that the combined implementation of SAVs and RCP plays an essential role in enhancing the performance of land-use and transportation systems. However, this advantageous outcome relies on an appropriately appropriate pricing strategy. Failing to account for the influence of the pricing strategy on implementation efficacy, SAVs and RCP could result in a 22.2 % and 5.0 % degradation in regional accessibility and total flow time, respectively. In contrast, the joint optimal pricing strategy of SAVs and RCP can not only mitigate traffic congestion and improve transportation network efficiency but also optimize urban spatial distribution and promote compact urban development, ultimately achieving a 14.0 % improvement in regional accessibility and 18.5 % reduction in total flow time. Sensitivity analysis reveals that with the increase in SAV market penetration rate, regional accessibility sees a steady rise. Conversely, the total flow time initially escalates before experiencing a decline. The method proposed in this paper serves not only in determining the joint optimal pricing strategy of SAVs and RCP to enhance accessibility, but also in analyzing and optimizing the accessibility impact of other land-use and transportation policies.

중국 내 한국 중소기업의 동적 역량이 성과에 미치는 영향

The purpose of this study is to analyze the relationship between SMEs’ dynamic capabilities and performance in China and find a moderating effect of exploration and exploitation strategy on this relationship. With 200 samples, we found that the networking capability, internationalization capability, and management capability of Korean SMEs in China contribute to improving the company’s performance. Furthermore, regarding the relationship between dynamic capabilities and performance, the moderating effect of exploitation strategy was observed only in the positive relationship between management capability and performance. This indicates that in China, where motivations such as cost reduction and local market penetration are strong, efficient management leading to cost reduction is the most effective strategy. On the other hand, the moderating effect of exploration strategy on the relationship between networking capability and performance, as well as the moderating effect of exploitation strategy on the relationship between internationalization capability and performance, was not supported.

Research on the Practice of Social Responsibility in Private Applied Undergraduate Colleges

Private application-oriented undergraduate education is an important part of higher education, which provides some help for solving the employment structural contradiction between graduates and social demand. Starting from the development status of private undergraduate education, this paper analyzes its market penetration rate and student-teacher ratio from 2017 to 2022.Taking Fuzhou University of Foreign Studies as an example, this paper expounds its social responsibility to the government and the country, to students, to faculty and staff, to organizers, and to local communities, in order to provide some reference for other private application-oriented undergraduate education to fulfill their social responsibilities.

Effects of Exclusive Lanes for Autonomous Vehicles on Urban Expressways under Mixed Traffic of Autonomous and Human-Driven Vehicles

Autonomous vehicles (AVs) are expected to be seen easily on our roads, providing benefits to society in the future. However, due to the challenges faced such as technical and regulatory issues, it will take a long time to reach 100% AVs, suggesting the coexistence of AVs and human-driven vehicles (HVs) for a substantial time. This coexistence of the mixed traffic of AVs and HVs may affect network performances in urban areas. Under this circumstance, to promote the rapid advancement of AV technology, transportation authorities are considering introducing AV-exclusive lanes. This study evaluates AV lane operation scenarios with mixed traffic consisting of both AVs and HVs. We utilized a macroscopic traffic simulation-based approach to measure the effects of AV lanes on two urban expressways in Seoul, South Korea. We varied the market penetration rate (MPR) from 10 to 80% in 10% increments. The simulation results indicate that the impact of exclusive lanes can be either negligible or beneficial depending on the characteristics of the roads. The results also showed that, in terms of the efficient use of road capacity, AV lanes should be introduced when the MPR reaches at least 20 to 30%. The results also showed that the capacity gain effect is more sensitive over a lower MPR range. We expect this study to not only enhance policy makers’ and planners’ fundamental understanding of the early stages of AV-exclusive lanes, but also help them prepare a large-scale urban network structure in the future.

Unlocking energy savings and emissions reduction: A comparative study of fixed-speed and variable-speed room air conditioners in high ambient temperature environments

Developing countries, particularly those with high ambient temperatures (HAT), are experiencing a surge in air conditioner (AC) installations. Fixed-speed ACs, which rely on on–off control, are the most used. However, fixed-speed ACs lack humidity control and experience compressor cycling, leading to poor thermal comfort and increased energy consumption. Variable-speed compressor technology eliminates compressor cycling, which increases the effective coefficient of performance, especially at part-load conditions. This study compares the transient performance of variable-speed and fixed-speed AC units in Cairo, Egypt, as an example of a HAT environment. During a 2-month experimental investigation, the variable-speed unit provided 41% electrical energy savings while maintaining a comfortable environment. Analytical modeling using a machine learning model trained by the experimental measurements predicted annual energy savings of 473 kWh/year and an overall electrical energy savings percentage of 30.5%. The study also explored different scenarios for implementing variable-speed ACs in Egypt, a developing HAT country. With a 60% market penetration for variable-speed AC as the most probable scenario, the electrical energy savings up to the year 2032 add to 1.33 TWh, leading to 79.3 million USD in cost savings and 2.64 MMT of CO2 emissions reduction.

Perencanaan Strategi Perusahaan Dalam Menghaapi Persaingan Bisnis

This research is a qualitative research that aims to formulate and plan a strategy for PT Swadharma Sarana Informatika and also to formulate and determine the selection of a business strategy at PT Swadharma Sarana Informatika. The results of the research are expected to provide guidelines for strategic planning for companies that can be used as procedures for writing a scientific research. The results of the research are formulating strategies that are obtained are market penetration strategies and product development strategies and also alternative strategies, namely Education and Training.

Analisis Strategi Persaingan PT Kalbe Farma Tbk

Competitive strategy analysis can be fundamental for responding to external conditions and increasing internal capabilities in generating a company’s competitive advantage. The purpose of this research is to determine the company's position in the industry as a basis for selecting alternative strategies so the company can strengthen its competitiveness and overcome its weaknesses in facing competitors. The methodology is descriptive qualitative research. Observation is done by data obtained from secondary sources. The analysis carried out includes: The Input Stage with Competitive Profile Matrix; The Matching Stage with Boston Consulting Group (BCG) Matrix and the Grand Strategy Matrix based on competitive analysis according to Porter's Five (Plus One) Forces; The Decision Stage with the Quantitative Strategic Planning Matrix (QSPM). Justification was carried out based on a Forum Group Discussion with several experts using the Delphi Method. The result shows that there is a change in competitive conditions, thus the market leader company, Kalbe Farma, needs to make strategic adjustments. In conclusion, the results of strategy alternatives’ formulation through BCG Matrix and Grand Strategy, as well as the selection of strategies using the QSPM show that the priority strategies for Kalbe Farma, respectively sorted from the most recommended are Market Penetration, Market Development, and Product Development.

Cultural Influence on Indian Startup Ecosystem

The Indian startup ecosystem is distinctly shaped by the country's rich cultural fabric, which plays a pivotal role in its functioning and growth. At its core, the influence of family and community is paramount, often serving as the first source of funding and support for new ventures. This deep-rooted community network not only fosters trust but also aids in market penetration. Furthermore, India's cultural diversity demands that startups cater to a wide range of market needs, often leading to the creation of products and services tailored to specific cultural nuances. The concept of 'Jugaad', or frugal innovation, is ingrained in Indian culture, prompting startups to employ creativity in utilizing limited resources. The ecosystem is also energized by India's young, tech-savvy population that is open to new, innovative ideas. Many Indian startups, reflecting the cultural ethos of social responsibility, focus on addressing societal challenges such as education, healthcare, and sustainability. Moreover, Indian startups adeptly blend global technological trends with local cultural elements, making them relevant both domestically and internationally. Additionally, the Indian government's initiatives, influenced by the cultural support for entrepreneurship, further bolster the startup environment. This unique amalgamation of familial support, innovative frugality, social consciousness, and a youthful, tech-embracing demographic, underpinned by supportive government policies, makes the Indian startup ecosystem a vibrant and dynamic domain, distinctively shaped by its cultural context.

Risk Assessment Framework for Electric Vehicle Charging Station Development in the United States as an Ancillary Service

Promoting the accelerated adoption of electric vehicles (EVs) in the United States (US) is one of the main strategies for reducing risk related to climate change. However, the lack of public charging stations (EVCSs) in the US has been identified as a grave obstacle to EV market penetration. The US Federal Government is providing extensive financial incentives to promote EVCSs. This allows diverse businesses to offer EV charging as an ancillary service, without the risks associated with traditional fuel facilities. Locations offering these novel services will reduce their financial operational risks, increase customer traffic and receive additional revenue. However, selecting unsuitable equipment for particular business segments and locations creates a severe risk of underuse and disrepair, leading to the potential failure of these new projects. Furthermore, these unsuccessful EVCSs exacerbate consumer reluctance to EV adoption and foster social opposition to this new technology. This study provides stakeholders with a framework for the optimal placement of EVCSs to maximize their successful deployment and incentivize continuous growth in the EV market. It identifies risk factors related to the placement and operation of EVCSs, aiding in optimal equipment selection for each location. Results from this study highlight EVCS location trends based on location and type of business, with the potential for some retrofitting projects. This framework provides relevant geospatial results for business owners, policy makers, consumers and other stakeholders in the adequacy of new charging infrastructure.

A Proposed Business Model Innovation Using Blue Ocean Strategy Approach for Kiumarket in The Post-Pandemic Era

Kiumarket, a local brand in the home fragrance industry, encountered significant challenges in the evolving post-pandemic market landscape. Known for its diverse range of aromatic products, including scented candles, diffusers, and sprays, Kiumarket faced declining sales due to a shift in consumer habits, as people began spending less time at home. The market also saw an influx of new competitors, leading to increased competition and necessitating a strategic reevaluation of Kiumarket’s product offerings and pricing strategies. Furthermore, changing consumer preferences towards specific scents and qualities demanded a more targeted approach to Kiumarket’s product range. The research aimed to address these challenges by exploring effective strategies that would enable Kiumarket to adapt and secure a sustainable competitive advantage. The primary focus was on assessing the effectiveness of a new business model strategy for distinctive positioning in the market, the transformative role of innovative market creation and differentiation in enhancing Kiumarket’s value proposition, and the impact of such strategies on the brand’s market penetration, profitability, and long-term viability. Employing the Blue Ocean Strategy framework, the research delved into the current competitive scenarios using analytical tools like Porter’s Five Forces and the Business Model Canvas. This comprehensive approach helped in understanding the intricate market dynamics, competitor behaviors, and dominant value propositions. The Strategy Canvas was pivotal in analyzing the market landscape, identifying competitive factors, and uncovering potential differentiation opportunities. Innovative thinking was encouraged through the application of the Four Actions Framework and the ERRC Grid, focusing on reconstructing market value and strategy. A variety of research methods were utilized, including in-depth industry reports analysis, surveys, interviews, and focus group discussions. Tools such as SPSS ensured the accuracy and reliability of the data analysis. The study also incorporated Blue Ocean Strategy instruments like the Buyer Utility Map and the Three Tiers of Noncustomers, enabling a deep exploration of new market opportunities and insights into buyer personas. The findings of the research underscored the necessity for Kiumarket to differentiate its products, maintain consistent quality, and enhance customer satisfaction. It suggested that a strategic overhaul of the product line, coupled with competitive pricing and a strong focus on customer engagement, would be crucial. Additionally, targeting non-customers and innovating in product offerings emerged as vital strategies to tap into new market segments.

Applications and Implications of Status Quo Bias

Status quo bias (SQB) refers to the inclination of individuals to prefer and maintain the current state in decision-making. This study explores the profound impact of SQB on decision-making in the fields of medicine, technology, and business. Through an extensive review of existing literature, we examine how SQB significantly influences the decision-making process and its subsequent outcomes, hampering the progress of innovation and hindering the adoption of optimal choices. Rooted in factors such as familiarity, comfort, and resistance to change, SQB acts as a formidable barrier to embracing novel alternatives. Additionally, limited understanding and low market penetration further reinforce this cognitive bias. By gaining a comprehensive understanding of the nature and implications of SQB, policymakers and decision-makers can access valuable insights to guide future planning and strategies effectively, mitigating the adverse effects of this cognitive bias. The study aims to encourage progress in medicine, technology, and business domains by promoting the exploration and adoption of new products and practices. By acknowledging and addressing SQB, stakeholders can foster a culture of adaptability and open-mindedness, ultimately driving positive advancements in their respective fields.