Product Development Strategy Research Articles

Strategi Pengembangan Produk Hantaran

Product development strategy is an important issue for the Hantaran MSME group in the city of Kediri. Because the products sold always face big challenges in market competition, to meet the ever-changing desires and needs of consumers. The aim of this research is to determine the right product development strategy for the Hantaran MSME group in Kediri City. The research method used is a qualitative research method and literature study. By taking the research object of the Hantaran UMKM group in Kediri city, totaling 27 members. Data collection techniques in the field were carried out using observation, in-depth interviews, group discussions, triangulation and documents. The results of the research are that MSMEs in the city of Kediri must always actively innovate or develop products to be able to compete by producing quality products, competitive prices and marketing development on various digital platforms that are adapted to changing times. Make good use of the opportunities provided by the Kediri city government.

기능성 화장품의 소비가치와 구매행동의 관계분석

The purpose of this study is to analyze the relationship between the consumption value of functional cosmetics and purchase behavior, and to provide basic data to effectively establish marketing strategies such as developing new products and promoting sales of functional cosmetics. Through the production of the questionnaire, data were collected from female consumers in their 20s and 30s who had purchased functional cosmetics and analyzed using the SPSSWIN 21.0 program. The higher the hedonic value of functional cosmetics, the higher the willingness to repurchase, and the higher the hedonic value and practical value, the higher the willingness to purchase and recommend others. It was found that hedonic value and practical value were important variables in increasing the purchasing behavior of functional cosmetics. In other words, product development and marketing strategies that can pursue practical and hedonic values are needed to increase the purchase behavior and intention to repurchase functional cosmetics.

Anallisis Pengembangan Produk Minuman Sinom Menggunakan Matrik SWOT dan Metode QSPM

Sinom drink product "FA DRINK" is a traditional drink that has many benefits for the body. In the development of its business, this beverage product has constraints in developing products to be accepted by the community. One of the problems encountered is the large number of similar beverage products on the market. The development strategy that will be carried out is based on strengths, weaknesses, opportunities and threats with the SWOT (Strengths, Weakness, Opportunities, and Threats) method, which is then sorted by the QSPM matrix to get a priority strategy. The results showed the total weight of the IFE matrix score of 3.319 and EFE of 2.990 so that the company was in a grow and build condition. Based on the QSPM matrix, the highest value is 6.863 and the lowest value is 5.17. Product development strategy recommendations based on the QSPM matrix are to collaborate with traders to increase sales, marketing by participating in exhibitions, improving product packaging to make it more attractive strengths

ANALISIS STRATEGI DIVERSIFIKASI DALAM UPAYA PERLUASAN JANGKAUAN PEMASARAN PADA UKM RAHMAD JAYA DI DESA KEBOMLATI KABUPATEN TUBAN

Given the enormous contemporary advancements, one of the biggest prospects for business actors is the development of the business world, particularly in the food industry. Similar to how UKM Rahmad Jaya creates thumb flour and 'Matahari' instant corn rice in Kebomlati Village, Tuban Regency. It is necessary to have a development strategy in place for these SMEs in order for them to play a significant part in absorbing the workforce of the neighbourhood. This study's goal is to ascertain how the diversification strategy is implemented in order to increase its marketing reach. Descriptive analysis using a qualitative approach employing SWOT, IFE, EFE, IE, and SWOT Matrix analysis is the data analysis technique used. The study's findings demonstrate that UKM Rahmad Jaya used the diversification strategy to increase the scope of its marketing efforts. As can be observed from the data analysis using the IFA matrix, UKM Rahmad Jaya has more strengths than shortcomings. The threat is greater than the opportunity, according to the data analysis results using the EFA matrix. In terms of the IE matrix, the market penetration approach is employed to broaden market reach via online media. Additionally, UKM Rahmad Jaya will implement a product development strategy by introducing new size variations.

Corporate Growth Strategies and Performance of Savings and Cooperative Societies in Mandera County, Kenya

Consistent and continuous threats from the environment have been the order of the day in the corporate world and therefore businesses need to adjust accordingly in order to survive. Just like is the case in other organizations, there is a need for SACCOs to be in a position to respond strategically to the turbulence and environmental changes they operate in. SACCOs have made little effort to master corporate growth strategies for the changes in the environment. This study therefore interrogates the influence of Corporate Growth Strategies on performance of Savings and Cooperative Societies in Mandera County, Kenya. The specific objectives are to establish the influence of Product Development Strategy on performance of Savings and Cooperative Societies in Mandera County, Kenya ; to assess the effect of Market Development Strategy on performance of Savings and Cooperative Societies in Mandera County, Kenya ; to determine the role of Divestment Strategies on performance of Savings and Cooperative Societies in Mandera County, Kenya and to explore the extent to which Diversification Strategies influences performance of Savings and Cooperative Societies in Mandera County, Kenya. The study is anchored on the Porter’s Competitive Advantage Theory, the Dynamic Capability Theory and Resource Based Theory to help explain the concepts from a theoretical point of view. An explanatory research design was adopted to achieve the objectives. Targeted population for the present survey was the four active SACCOS in Mandera county according to the Mandera County Integrated Development Plan (2013-2017). The plan indicates that the county has five registered SACCOs but only 4 with a total membership of 100 are active. Focus for the study was on the four SACCOs which are active. A quantitative method was adopted whereby data using structured questionnaires was collected. However, before using the questionnaire, its reliability was tested using a Cronbach Alpha Coefficient at a threshold of 0.7. Additionally, the quality of the content of the questionnaire was checked to make sure there are no typographical or form problems. Both descriptive and inferential analysis were used to examine the quantitative data. Correlation and regression analysis were the inferential methods used. Multivariate regression is the best option. Finally, tables and figures were used to present the study's results. The results of this study would greatly advance our understanding of corporate strategies that consider the constraints posed by environmental change on organizational performance. Furthermore, the gaps found in earlier and current research of the approach would be filled by scholars in the present and the future thanks to the findings.

LDA Topic Analysis for Product Reviews in Social Media Platform

Social media in recent years is used as platform for product reviews and customer feedback. Thus, to understand the topic which have been discussed, we utilized Latent Dirichlet Allocation for topic modeling. The topic modeling is important due to it can gain insights into the specific features that customers like or dislike about a particular product. Thus, by not using stop words due it have possibilities remove the time domain, the information can be valuable for businesses as it helps them understand customer preferences and inform product development and marketing strategies with the coherence score 0.621520, the topic modeling obtained 3 optimal topics, where the topic 0 discussed about price and time it will be available to purchase. In topic 1 it discussed about the product is hard to obtain due to it not available in market. In topic 2, it discussed about ownership (what they like after usage).

Perencanaan Business Intelligence untuk Strategi Pengembangan Produk Unggulan Menggunakan Algoritma Support Vector Machine

The government continues to encourage the government to accelerate Small and Medium Enterprises (SMEs) flagship products to enter the digital market, because the current digitalization of SMEs cannot be ignored, SMEs must be able to change their business to the digital realm. The strategy for developing superior SME products needs to be well planned, because a good and measurable strategy is very important for policy making. Development uses an approach that emphasizes that the driving force of development is commodities that are considered to be superior, both at the domestic, national and international levels. Superior products that have quality and are needed by customers require the right selection process, so we need a method to produce this information. Business Intelligence (BI) is a global term for all processes, techniques, and tools that support business decision making based on information technology. The strategy for developing superior products for SME products uses the criteria of production data, income, and SME respondent data in determining the priority list. A good product assessment based on priority can be done by BI using the classification method with the Support Vector Machine (SVM) algorithm. The research method carried out for planning the development of superior products for MSMEs in Tasikmalaya City is a research development research. To complete the classification of the right superior product development strategy, then Support Vector Machine algorithm can be used with test results using the Confusion Matrix with an average accuracy of 97%.

Coffee vanilla development strategy for women farmer groups in the forest area of Senaru

Senaru is a village located in the Bayan District, West Nusa Tenggara Province with agricultural and plantation potential. Senaru Village has a variety of potentials that are very suitable for development, one of which is Non-Timber Forest Products (HHBK), namely coffee and vanilla. This study aims to determine the strategy in developing the coffee vanilla business at KWT Amelyna Senaru. Selection of respondents with purposive sampling method, with a total of 21 respondents. This study used a descriptive research design at SWOT variables the internal and external environment in the developing business activity. The results showed that the highest strength factors can minimize the weaknesses in the development of Coffee Vanilla Product business for Women Farmer Groups in the Forest Area of Senaru namely as Tourist Destination Areas. While the highest opportunity factor at external environment is urban lifestyle in consuming coffee. Business development in Coffee Vanilla Product for Women Farmer Groups in the Forest Area of Senaru in the cell V position. The hold and maintain strategy are the best strategy to used. In this area it is very suitable to use product development and market penetration strategies.

Analisis Strategi Bisnis PT. Asuransi Jiwa Inhealth Indonesia

The purpose of this research is to analyze the business strategy of PT. Asuransi Jiwa Inhealth Indonesia. The research was carried out in an effort to identify the company's external and internal factors, and then determine a strategy using SWOT Analysis, Space Matrix and QSPM Matrix. The scope of research includes the external environment with PESTEL and the internal environment which consists of aspects that exist within the company. The population in this study are L3 and L2 managers at the service office level throughout Indonesia. The sample in this study used a purposive sample so that a sample of 5 managers and 2 people from external parties was obtained. data collection techniques by conducting interviews. The method used in this research is to use a comprehensive strategic management model. The results of the research based on the TOWS analysis obtained 16 alternative strategies that could be implemented by Mandiri Inhealth. The results of the IE analysis show that the point of intersection between the EFE and IFE analysis scores is in cell V which indicates the right alternative strategy implemented by the company, namely market penetration and product development. The results of the QSPM analysis on it can be concluded that the best strategy implemented by the company is a product development strategy with the highest total QSPM score (6.465). The limitations of this study are that it is based on corporate strategy regulations, uses SWOT analysis, IE Matrix and QSPM, only discusses Health Insurance products and does not use Business Model Canvas (BMC) analysis and also Focus Group Discussion (FGD). Suggestions for future researchers to add analysis using BMC and FGD between divisions so that planning and execution can run well according to the targets set.

Attention-based deep learning model to improving multi-criteria decision-making for customer loyalty

Understanding the factors that influence product loyalty is crucial for businesses to effectively attract and retain customers. This study suggests a novel approach to assess the importance and weight of criteria that lead to product loyalty by considering the Halo effect in customer decision-making. The suggested method utilizes an attention-based deep learning model to analyze customer feedback collected through the Net Promoter Score (NPS) scale, incorporating the insights of a large number of customers. The proposed method overcomes the limitations of traditional methods that rely on expert judgments or data mining, providing a more comprehensive and customer-centric perspective. By considering the Halo effect, which can lead to biased perceptions of product features, the method offers a more accurate assessment of criteria weights and their impact on product loyalty. A case study focusing on mobile phone selection and loyalty is conducted to explain the applicability and efficiency of the suggested method. The outcomes are compared with the NPS index and several common multi-criteria decision-making (MCDM) techniques. The findings highlight the superiority of the suggested method in capturing the complex relationships between criteria and product loyalty, surpassing the limitations of expert-based approaches and outperforming traditional MCDM methods. The suggested technique provides valuable insights for companies seeking to enhance customer loyalty and optimize product development strategies. However, it is important to acknowledge limitations related to the reliance on customer feedback and the contextual specificity of the results.

“Regions” as brands: an empirical validation of consumer-based brand equity framework and demonstration of cross-over effect

PurposeThis study aims to empirically validate the holistic consumer-based brand equity (CBBE) framework and establishment of the cross-over effect using consumer preferences for wine “regions.”Design/methodology/approachThe authors utilize a sample of 275 regular wine purchasers in Australia, who were aged above 30 years old and had consumed regional wine in the last 3 months through an online consumer panel survey.FindingsBy testing competing CBBE models, the main research model was found to have the greatest predictive ability, due to its inclusion of both the rational and emotional paths and the cross-over effect between consumer brand judgment and brand feeling. This paper indicates that consumers enhance brand equity and develop a strong ongoing relationship with regional wine brands by simultaneously engaging in both mental behavior paths, where, in the meantime, rational processing has a cross-over effect on emotional processing.Originality/valueThis study expands the brand management literature by answering the future research on the CBBE model identified by Hall et al. (2021). Moreover, it establishes the underexplored cross-over effect within the CBBE literature. Furthermore, it adds to the marketing and wine-marketing literature by extending the concept of the brand to other attributes in consumer choice, such as a wine region as outlined by Giacomarra et al. (2020). Thus, this study advances the existing branding knowledge in a practical sense, which enables regional wine marketers and wine retailers to undertake promotional and product development strategies accordingly.

DOES DIGITAL MARKETING BASED ON BRAND IMAGE AND BRAND TRUST AFFECT PURCHASE DECISIONS IN THE FASHION INDUSTRY 4.0?

Factors forming purchasing decisions are important for companies to analyze to be sustainable in rapid technological developments. The rapid development of technology is followed by e-commerce in Indonesia, which results in increasingly fierce competition between competitors. This study aims to analyze and examine the impact of digital marketing on brand trust and brand image that influence the purchase decision of Mirrorplus.id products. Data collection uses quantitative methods by distributing question­naires to Mirrorplus.id consumers. The study was conducted from July 2021 to January 2022. The sampling technique used purposive sampling with sever­al criteria and 139 respondents. The data analysis technique used SEM-PLS with the help of SmartPLS 3.2.9. The results of the study yield several conclu­sions, namely, digital marketing has a significant and positive effect on brand image and brand trust, brand image does not have a significant but positive effect on purchasing decisions, and brand trust has a significant and positive effect on purchasing decisions. The implication that will be carried out is to carry out a market penetration and product development strategy. Market penetration can be done by adding promotion and marketing costs to Mirror­plus.id digital media. Some steps can be taken are collaborating with several influencers, where influencers can spread the Mirrorplus.id brand by explain­ing product functions and values.

Hydroponic vegetable agribusiness business development strategy (Case Study in CV. Akar Hydroponics Moncongloe Subdistrict, Maros District)

This study aims to describe the hydroponic vegetable agribusiness at Cv. Hydroponic Roots, Moncongloe District, Maros Regency. Identifying and analyzing factors that must be considered in the development of agribusiness strategies and developing also recommending alternative product development strategies for hydroponic vegetable businesses. The research method used data collection methods, namely observation, questionnaires and interviews and the data were analyzed using EFE, IFE, SWOT and QSPM Matrix analysis. The results of the study show that the internal factors of the strengths influence the business development strategy of CV. Hydroponic Roots are well known product quality, good service to consumers, provision of more diverse vegetable production, strategic location, and effective distribution channels. The weaknesses faced by CV. The root of Hydroponics is that human resources are still lacking, packaging creations are lacking, product promotion is lacking, and bookkeeping and filing are still not well organized. While the external factors of opportunities are increasing demand for vegetables, planning outlets in several locations in Makassar City, participating in every existing event, managing strategies for cooperation with various parties and changing consumption patterns of people’s lifestyles. The threats that CV. Hydroponic Roots are promotions from other companies that are better, complaints from customers, the technology used, consumer bargaining and the number of company competitors. Based on the results of the matrix analysis of IFAS and EFAS CV. Hydroponic roots are in quadrant I with successive values of 1.79 and 0.84, namely grow and build. Based on the QSPM analysis, alternative strategies that can be implemented by CV. The roots of Hydroponics are maintaining and improving services to retain customers by avoiding production shortages caused by the large number of company competitors, improving the quality of services that companies implement directly or indirectly with customers, and maintaining and enhancing the company’s image to increase the company’s superiority in facing competition.

New Product Development effect on Venture Sustainability in Ethiopia: Literature review and Factor Analysis Pragmatism

The purpose of the study was to determine how New Product Development Strategies significantly impact Managerial Venture Sustainability. The case of Bule Hora University, Ethiopia, and the research philosophy of research paradigms that must be designed in quantitative and deductive research approaches, researchers have used an exploratory factor analysis (EFA), research design, stratified sampling techniques, and simple random sampling techniques, as well as a method of data collection from academic staff, administrative staff, and university customers. The data analysis was to describe the information that can be analyzed from the exploratory factor analysis, based on the correlation matrix, KMO, average variance extracted, factor loading, rotation matrix analysis, scatter plot, and construct the internal consistency of convergence validity. And it was founded that Strategies for New Product development have an effect on Venture Sustainability in Ethiopia. Therefore, policymakers should focus more on Strategies for New Product Development and Venture Sustainability.

Proposed Business Strategies for Business Development in Indonesia’s Interior Design Industry (Case: Hepta Desain)

This research aims to develop a proposed business strategy for Hepta Desain, an architectural consultancy firm in Indonesia, to capitalize on the interior design division and seize the opportunity for increased profitability. The study explores the internal and external factors influencing Hepta Desain in the interior design industry and identifies strengths, weaknesses, opportunities, and threats through a comprehensive SWOT analysis. The application of the TOWS Matrix and IE Matrix aids in formulating effective business strategies. Analysis reveals that Hepta Desain possesses strong financial capacity, an established organizational structure, valuable physical assets, advanced technological infrastructure, intangible resources, a positive reputation, and relevant certifications. Leveraging these strengths, the company can pursue market penetration and product development strategies to capitalize on existing industry opportunities. However, certain weaknesses and threats, such as limited transportation resources, technological presence, physical market presence, and service activities, require attention. The recommendations include strengthening marketing and PR activities, investing in technology and innovation, expanding physical presence, and developing strategic partnerships to mitigate risks and maximize competitive advantage. By implementing these strategies, Hepta Desain can position itself as a proactive and distinct player in the interior design industry, thereby enhancing its profitability and market standing.

Current Avenues in Nutraceuticals and Pharmaceuticals from Algae

Background: Alga (comprising of many varieties of algae) are our wealth from nature. They are abundant, and do not require any special sustenance measure; in fact, they sustain the fauna on Earth. Alga provide ‘nutritive’ and ‘ceutic’ functionalities, simultaneously. Their insignificant demand for sustenance, but the plethora of useful products they produce is intriguing. It’s also true that the im-pact of algae on our nutrition and pharmaceuticals is tremendous. Objective: Despite their utility, a coherent overview and an in-depth discussion on the various facets of alga as a source of nutraceuticals and pharmaceuticals is awaited. Currently, focus on specialization-wise utilization of algae is practiced by researchers, which could be owing to the lack of a review article that presents a comprehensive discussion on algal utilization in medicine and nutraceuticals. To know more about them functionally as a nutraceutical and pharmaceutical, a review article could provide a holistic understanding of algal utilization. Method: A narrative review for collation of findings, and developing an interlink among various find-ings has been adopted in the present article. This method was envisaged to better aid in understanding the lacunae in existing research, and formulate the way forward. The present disquisition focusses on discussing nutraceuticals and pharmaceuticals used or derived from alga that have significant utility. Results: The exposition provides an in-depth understanding on the developments that have been made, and attempts to apprise on the future scope available in the research for processes as well as products development, for the optimum utilization of this valuable bioresource. Compiling the article revealed that algal research has provided evidence-based insight into their utility spectra that establishes this botanical as a reliable bioresource for supplementation of food and medical care in the times to come. Conclusion: Interdisciplinary studies comprising botany, applied science, and product development should be envisaged as a futuristic strategy for algal product development, utilization, and commerciali-zation. This is because standalone approaches could not realize the complete potential of this biore-source. Future research could benefit from using various applications of algal products. Algal products' relevance is more realizable since the said botanical is both affordable and available in plenty (or at least be conveniently harvested). More inclusion of algae-based food products in our regular diet for functional attributes could be also considered as one of the useful outcomes of this review. Natural medicines based on algae could also be more consumed in the near future.

The Strategy Formulation of CV. Halo Art Semesta for the Development of Kriya Wood Craft Businesses

Today, business competition is getting sharper. New businesses are required to be ready and able to enter the market, able to compete, win, excel and survive. CV. Halo Art Semesta (CV. Harts) is a new company engaged in the creative economy sector, the woodcraft sub-sector. The company is developing a new product (NPD). The objectives of this research to identify the external and internal environment, analyze the factors that influence CV. Hart development strategy and determine the formulation of new product development strategy. The number of respondents was 8 respondents who are 2 wooden craft owners, 5 from internal firm, and a business expert. The research was conducted using the key success factor analysis tool, EFE matrix and IFE matrix to analyze internal and external factors, IE matrix to see where CV. Harts position, SWOT analysis to map and provide of alternative strategies and QSPM to formulate strategic priorities. Also given an Enterprise Architecture recommendation to determine the company's long-term plan. These seven alternative strategies are used to determine strategic priorities. The two highest priority strategies are (1) turbo charge Kumiko Islamic wood craft production and make it the core business, (2) maximizing marketing performance and improving the quality of HR production. The designs of the strategic architecture are also created to determine the company's long-term plans. The strategic architectural design is to lay the foundation of NPD in the first year, production and marketing channel maximization in the second year, improve production skills and get an injection of funds in the third year and achieve goals in the fourth year. Keywords: Architecture strategy, SWOT, QSPM, NPD, wood craft

STRATEGI PENGEMBANGAN PRODUK BARU SEBAGAI UPAYA DALAM MENINGKATKAN DAYA SAING PERUSAHAAN

Product development is one of the marketing strategies that aims to increase the company's competitiveness. To realize product development, companies are required to provide a wide range of product choices to consumers by taking into account the dimensions of product development itself. The purpose of this research is to find out how the new product development strategy is an effort to increase the company's competitiveness. the research method used is a literature study of several models adopted and outlined in a descriptive form. The results of this study state that the product development strategy is through a product development process by generating ideas, developing and testing product concepts. Strategies to increase competitiveness include new products for the world, new product lines, improvement of existing products, repositioning, cost reduction.

Perancangan Balanced Scorecard Sebagai Alat Penentuan Strategi

This study aims to analyze the main strategies that must be developed, analyze strategic objectives, analyze performance measures and recommend managerial implications of the Non-Tax State Budget Subdivision of the Finance Department of the University of Palangka Raya based on the Balance Scorecard perspective. The results of environmental analysis using descriptive analysis, evaluation of internal factors, evaluation of external factors, and the internal-external matrix selected an intensive product development strategy as the main strategy for the Non PNPB Subdivision of the University of Palangka Raya. The results of the research at a later stage note that the customer perspective (0.573) is the most important perspective of the four Balanced Scorecard perspectives in product development strategy, while the strategic objective of "Increasing welfare" is the most important strategic objective of all existing strategic objectives. The last stage in the research process resulted in weighting for 19 Key Performance Indicators, strategic initiatives and managerial implications which became technical recommendations for the Non-PNPB Subdivision of the University of Palangka Raya.

Analysis of the Influence of Innovative Leadership, Product Development, and Marketing Strategy on Creative Industry Business Growth in Bandung

This research investigates the intricate dynamics within the creative industry of Bandung City by analyzing the influence of Innovative Leadership, Product Development Strategies, and Marketing Strategies on Business Growth. A sample of 150 creative enterprises was surveyed, and structural equation modeling with partial least squares (SEM-PLS) was employed for quantitative analysis. The measurement model assessment confirmed the reliability and validity of the measurement instruments, while the structural model revealed significant positive relationships between the independent variables and Business Growth. Hypotheses testing supported the influence of Innovative Leadership, Product Development Strategies, and Marketing Strategies on Business Growth. The model fit indices indicated an acceptable fit, and the R-Square values suggested that approximately 60.2% of the variance in Business Growth can be explained by the combined influence of the studied factors. The regression results further confirmed the positive associations between each independent variable and Business Growth. The study contributes valuable insights for practitioners, policymakers, and researchers within the creative industry and concludes with recommendations for future research.