Strategy Formulation For PT Sido Muncul Tbk in Market Competition
Keywords:
Strategy, Market Penetration, Herb, Strategy Formulation, DevelopmentAbstract
This research aims to analyze various strategic options that can be implemented by PT Sido Muncul. PT Sido Muncul is a company that operates in the field of natural health products such as herbal medicine and other herbal supplements. Up till now, various products from the company have spread widely throughout Indonesia constantly and have even entered the global market. The key concept of this research includes strategy formulation for the company and the results will show how the company's internal and external analysis produces strengths, weaknesses, opportunities and challenges (SWOT). This research will also present measurements through various other matrices such as EFE (External Factor Evaluation) and IFE (Internal Factor Evaluation), CPM (Competitive Profile Matrix), TOWS (Threats, Opportunities, Weaknesses, Strengths), SPACE (Strategic Position and Action Evaluation ), BCG (Boston Consulting Group), IE (Internal-External), GSM (General Strategic Matrix) and QSPM (Quantitative Strategic Planning Matrix). Based on the research results using the matrix measurements above, the strategy recommendation obtained for PT Sido Muncul is to carry out a market penetration strategy to reach an even larger market share. Through a market penetration strategy, apart from being able to increase competitiveness in a wider market, the company can also experience significant growth in the future.
Downloads
References
Akoglu, H. E., & Özbek, O. (2022). The effect of brand experiences on brand loyalty through perceived quality and brand trust: a study on sports consumers. Asia Pacific Journal of Marketing and Logistics, 34(10), 2130–2148.
Akoi, S., Ali, B. J., Saleh, P. F., Najmalddin, B., Mustafa, R. S., Abdulmajid, M. R., & Hama, A. R. (2021). Elaborating the characteristics that affect buyers in online shopping: The case of generation z girls in Kurdistan Region of Iraq.
Ali, B. J., & Anwar, G. (2021). Porter’s Generic Competitive Strategies and its influence on the Competitive Advantage. International Journal of Advanced Engineering, Management and Science, 7(6), 42–51.
Alicia, L. M., & Kerti, Y. N. N. (n.d.). The Role of Brand Image and Perceived Quality of Products Mediates Ewom Effect on The Puchase Intention of Milletional Consumer: Sido Muncul Herbal Medicine and Herbal Pharmacy Indonesian Consumers Study. Statistics, 25(57), 7.
Andadari, R. K. (2019). Intention to export of small firms in the processed foods industry. 2019 International Conference on Organizational Innovation (ICOI 2019), 505–513.
Angreyani, A. D., Muh Al Fatah, A. P., & Ramadani, A. (2023). Marketing Strategy of PT Industri Jamu and Simuncul Pharmacy Tbk in Reaching The International Market. Journal Management & Economics Review (JUMPER), 1(1), 1–8.
Ayu, K. R., Fuaddah, A., & Sutikna, N. (2023). The Utilization of Technology in Corporate Social Responsibility Activities: A Case Study of Sido Muncul’s Shared Value Program in Sambirata Village during the COVID-19 Pandemic. CHANNEL: Jurnal Komunikasi, 11(1), 11–20.
Balekundri, A., & Mannur, V. (2020). Quality control of the traditional herbs and herbal products: a review. Future Journal of Pharmaceutical Sciences, 6, 1–9.
Bryson, J., & George, B. (2020). Strategic management in public administration. In Oxford research encyclopedia: politics (pp. 1–26). Oxford University Press.
David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts and Cases. Pearson.
David, F. R., David, F. R., & David, M. E. (2023). Strategic management: A competitive advantage approach concepts and cases (17th ed). Pearson Education Limited.
Fadilah, S., Mardiansyah, D., Rofiah, A., & Irmayati, A. (2024). Implementation of Supply Chain Management in Improving Customer Satisfaction (Case Study at PT Sido Muncul Tbk). Journal of Management and Innovation Entrepreneurship, 1(4), 881–890.
Fadilah, S., Meilia, N., & Lisdayani, N. (2024). The Relationship between The Implementation of Quality Costs and Efforts to Improve Product Quality (A Case Study at PT Industri Jamu dan Farmasi Sido Muncul Tbk). Journal of Management and Innovation Entrepreneurship, 1(4), 891–898.
Garzaro, D. M., Varotto, L. F., & de Carvalho Pedro, S. (2020). Internet and mobile banking: the role of engagement and experience on satisfaction and loyalty. International Journal of Bank Marketing, 39(1), 1–23.
Isabelle, D., Horak, K., McKinnon, S., & Palumbo, C. (2020). Is Porter’s Five Forces Framework Still Relevant? A study of the capital/labour intensity continuum via mining and IT industries. Technology Innovation Management Review, 10(6).
Islami, X., Mustafa, N., & Topuzovska Latkovikj, M. (2020). Linking Porter’s generic strategies to firm performance. Future Business Journal, 6, 1–15.
Jannah, R., Jenitalia, A. N., Ramadani, A., Mutmainna, N., & Halija, S. (2023). Analisis Mengenai Strategi Pemasaran dan Internasionalisasi: Studi Literatur pada PT Sido Muncul Tbk. Southeast Asia Journal of Business, Accounting, and Entrepreneurship, 1(1), 60–64.
Khayru, R. K., & Issalillah, F. (2021). Study on Consumer Behavior and Purchase of Herbal Medicine Based on The Marketing Mix. Journal of Marketing and Business Research (MARK), 1(1), 1–14.
Kho, A., Tan, J. D., Nugroho, M. P., Kornelius, S. M., Prayoga, S., & Adi, S. (2023). The Competitive Advantage of Sido Muncul: Using PESTLE Porter's Five Forces, and SWOT Matrix Analysis. Milestone: Journal of Strategic Management, 3(1), 41–50.
Lestari, D. A. Y. (2022). Analisis Pengaruh Kualitas Produk dan Kepercayan terhadap Keputusan Menggunakan SItus Online Shopee Melalui Kepuasa Pelanggan (Studi Empiris Mahasiswa Program Magister Manajemen Angkatan 2018 Univeristas Hasanuddin Makassar). Universitas Hasanuddin.
Martins, E. (2024). Impact of Inflation on Work Performance. SCIENCES, 3(1), 14–19.
Moreira, S., & Tae, C. J. (2019). The effect of industry leaders’ exploratory innovation on competitor performance. Industry and Innovation, 26(9), 965–987.
Murhadi, W. R. (2024). Strategi kontemporer bisnis. Direktorat Penerbitan dan Publikasi Ilmiah Universitas Surabaya.
Nawiyanto, N. (2016). Modernizing Traditional Medicines in Java: Regulations Production and Distribution Networks.. Paramita: Historical Studies Journal, 26(2), 119–133.
Ningtyas, D. E. (2017). Hubungan Program CSR (Corporate Social Responsibility) Mudik Lebaran Gratis terhadap Citra Perusahaan PT. Industri Jamu dan Farmasi Sido Muncul Tbk. Communicare: Journal of Communication Studies, 4(2), 57–78.
Octavia, A., Sriayudha, Y., & Ali, H. (2020). Innovation capability and supply chain management: empirical study of inodonesian tradisional herbal medicine product. International Journal of Supply Chain Management, 9(1), 601–608.
Prabawani, B. (2017). Jamu brand Indonesia: consumer preferences and segmentation. Archives of Business Research, 5(3).
Rosyida, A., Heriyani, T., Fuadi, I., & Dinia, H. (2020). Strategy segmenting, targeting, dan positioning: Study on PT Sidomuncul. Journal of Islamic Economic Scholar, 1(1).
Saaty, T. L. (2008). Decision making with the analytic hierarchy process. International Journal of Services Sciences, 1(1), 83–98.
Sabir, B. Y., Othman, B. J., Gardi, B., Ismael, N. B., Hamza, P. A., Sorguli, S., Aziz, H. M., Ahmed, S. A., Ali, B. J., & Anwar, G. (2021). Administrative decentralization: The transfer of competency from the Ministry of Education to General Directorates. International Journal of Rural Development, Environment and Health Research, 5(3), 1–13.
Shinno, H., Yoshioka, H., Marpaung, S., & Hachiga, S. (2006). Quantitative SWOT analysis on global competitiveness of machine tool industry. Journal of Engineering Design, 17(03), 251–258.
Suhendah, R., Angelina, A., Ricardo, R., & Stevansyah, N. (2022). MSME business management and development with IFE-EFE matrix. Journal of Innovation and Community Engagement, 3(3), 175–188.
Suryaningrum, D. A. S., Dewanti, R. P., Indreswari, R., & Marwantina, I. (2024). Consumer Preferences on Processed Herbs and Spices Products of SMEs in Sukoharjo. Jurnal Informasi Dan Teknologi, 116–122.
Tohir, M., Hendiawan, T., & Belasunda, R. (2023). Totemism and exclusivism: A case study of Tolak Angin advertising with figure of Rhenald Kasali from Indonesia. Cogent Arts & Humanities, 10(1), 2241272.
Yuniawati, R. A. (2024). Analisa Penerapan Manajemen Operasional Pada PT. Indrustri Jamu Dan Farmasi Sido Muncul Tbk. Management Studies and Entrepreneurship Journal (MSEJ), 5(1), 179–192.
