Strategic decision making for a material construction store: A simple multi-attribute rating approach
Abstract:
Central Java, has been operating its offline store for 15 years and its online store for two years. As part of its growth strategy, the store aims to transition to a company and open a new physical store.
Research Methodology: To achieve this objective, a comprehensive strategy is required to ensure alignment with its goals. This study conducts an analysis of TDJ stores’ internal conditions and external environment to provide insights into the company's current situation. Utilizing Porter’s Five Forces framework, the Diamond Model, financial performance analysis, and SWOT analysis, this research examines both internal and external factors affecting TDJ stores.
Results: The findings were then used to formulate strategies with the TOWS matrix and determine the type of strategy using the SPACE matrix, which identified an aggressive strategy (quadrant 1) as suitable. Finally, the SMART method is applied to prioritize alternative strategies, selecting market penetration as the most appropriate strategy for TDJ stores based on the current conditions.
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Akter, S., & Rahman, S. (2020). Factors affecting entrepreneurial intention: evidence from Khulna University, Bangladesh. Journal of Sustainable Tourism and Entrepreneurship, 1(3), 255-267.
Aliekperov, A. (2021). Creating business and corporate strategy: an integrated strategic system: Routledge.
Amegayibor, G. K. (2023). Government Covid-19 Stimulus Package, Smes' Awareness, Accessibility, and Challenges in Cape Coast. International Journal of Accounting and Management Information Systems, 1(1), 67-80.
Anochiwa, L. (2021). A contribution to the human capital investment debate vis-à-vis economic growth: the case for Nigeria. Annals of Human Resource Management Research, 1(1), 15-28.
Bejleri, E., Kraja, Y. B., & Memaj, G. (2024). Porter Framework vs A More Extended Framework. International Journal of Religion, 5(9), 115-124.
Campbell, D., Stonehouse, G., & Houston, B. (2002). Business strategy: an introduction: Routledge.
Hadiwijaya, H., & Yustini, T. (2023). Analysis of consumer preferences towards digital marketing and its implications on the competitive advantage of SMEs in Banyuasin Regency. Annals of Human Resource Management Research, 3(2), 83-96.
Kashif, O., & Iqbal, M. N. (2022). A Conceptual Framework On Evaluating Swot Analysis As The Mediator In Strategic Marketing Planning Through Marketing Intelligence. Priority-The International Business Review, 1(1), 1-9.
Kenny, G. (2022). Strategic Planning Should Be a Strategic Exercise. Retrieved from https://hbr.org/2022/10/strategic-planning-should-be-a-strategic-exercise
Lesnikova, P., Schmidtova, J., & Cichocka, I. (2023). STRATEGY FORMuLATION ACTIVITIES WITH EMPHASIS ON STRATEGIC MANAGEMENT TOOLS AND TECHNIquES IN SLOVAK COMPANIES.
Porter, M. E. (1990). New global strategies for competitive advantage. Planning review, 18(3), 4-14.
Porter, M. E. (1991). Towards a dynamic theory of strategy. Strategic management journal, 12(S2), 95-117.
Porter, M. E. (1996). What is strategy?
Porter, M. E. (1998). Competitive strategy: Techniques for analyzing industries and competitors.
Siregar, D., Arisandi, D., Usman, A., Irwan, D., & Rahim, R. (2017). Research of simple multi-attribute rating technique for decision support. Paper presented at the Journal of Physics: Conference Series.
Stonehouse, G., & Snowdon, B. (2007). Competitive advantage revisited: Michael Porter on strategy and competitiveness. Journal of Management Inquiry, 16(3), 256-273.
Tantarto, T., & Wandebori, H. (2020). Business Strategy Improvement for PT. XYZ to Achieve Competitive Advantage in Construction Industry. European Journal of Business and Management Research, 5(4).
Tiimub, B. M., Christophé, N., Atepre, B. A., Tiimob, R. W., Tiimob, G. L., Tiimob, E. N., . . . Agyenta, J. J. (2023). Crop production potential of reclaimed mine sites for sustainable livelihoods. Journal of Multidisciplinary Academic and Practice Studies, 1(1), 83-97.
Vlados, C. (2019). On a correlative and evolutionary SWOT analysis. Journal of Strategy and Management, 12(3), 347-363.
Wardhani, F. K., & Dini, A. (2020). Strategy formulation using SWOT analysis, space matrix and QSPM: a conceptual framework. International Journal of Innovative Science and Research Technology, 5(5), 1520-1527.
Yuliari, G., & Riyadi, B. (2019). Bundling as strategy of tourist attraction based on natural and cultural tourism in the ex-Surakarta residency. Journal of Sustainable Tourism and Entrepreneurship, 1(1), 1-12.
Zutter, C., & Smart, S. (2021). Principles of Managerial Finance [Global Edition] 16th Edition: Pearson.
- Akter, S., & Rahman, S. (2020). Factors affecting entrepreneurial intention: evidence from Khulna University, Bangladesh. Journal of Sustainable Tourism and Entrepreneurship, 1(3), 255-267.
- Aliekperov, A. (2021). Creating business and corporate strategy: an integrated strategic system: Routledge.
- Amegayibor, G. K. (2023). Government Covid-19 Stimulus Package, Smes' Awareness, Accessibility, and Challenges in Cape Coast. International Journal of Accounting and Management Information Systems, 1(1), 67-80.
- Anochiwa, L. (2021). A contribution to the human capital investment debate vis-à-vis economic growth: the case for Nigeria. Annals of Human Resource Management Research, 1(1), 15-28.
- Bejleri, E., Kraja, Y. B., & Memaj, G. (2024). Porter Framework vs A More Extended Framework. International Journal of Religion, 5(9), 115-124.
- Campbell, D., Stonehouse, G., & Houston, B. (2002). Business strategy: an introduction: Routledge.
- Hadiwijaya, H., & Yustini, T. (2023). Analysis of consumer preferences towards digital marketing and its implications on the competitive advantage of SMEs in Banyuasin Regency. Annals of Human Resource Management Research, 3(2), 83-96.
- Kashif, O., & Iqbal, M. N. (2022). A Conceptual Framework On Evaluating Swot Analysis As The Mediator In Strategic Marketing Planning Through Marketing Intelligence. Priority-The International Business Review, 1(1), 1-9.
- Kenny, G. (2022). Strategic Planning Should Be a Strategic Exercise. Retrieved from https://hbr.org/2022/10/strategic-planning-should-be-a-strategic-exercise
- Lesnikova, P., Schmidtova, J., & Cichocka, I. (2023). STRATEGY FORMuLATION ACTIVITIES WITH EMPHASIS ON STRATEGIC MANAGEMENT TOOLS AND TECHNIquES IN SLOVAK COMPANIES.
- Porter, M. E. (1990). New global strategies for competitive advantage. Planning review, 18(3), 4-14.
- Porter, M. E. (1991). Towards a dynamic theory of strategy. Strategic management journal, 12(S2), 95-117.
- Porter, M. E. (1996). What is strategy?
- Porter, M. E. (1998). Competitive strategy: Techniques for analyzing industries and competitors.
- Siregar, D., Arisandi, D., Usman, A., Irwan, D., & Rahim, R. (2017). Research of simple multi-attribute rating technique for decision support. Paper presented at the Journal of Physics: Conference Series.
- Stonehouse, G., & Snowdon, B. (2007). Competitive advantage revisited: Michael Porter on strategy and competitiveness. Journal of Management Inquiry, 16(3), 256-273.
- Tantarto, T., & Wandebori, H. (2020). Business Strategy Improvement for PT. XYZ to Achieve Competitive Advantage in Construction Industry. European Journal of Business and Management Research, 5(4).
- Tiimub, B. M., Christophé, N., Atepre, B. A., Tiimob, R. W., Tiimob, G. L., Tiimob, E. N., . . . Agyenta, J. J. (2023). Crop production potential of reclaimed mine sites for sustainable livelihoods. Journal of Multidisciplinary Academic and Practice Studies, 1(1), 83-97.
- Vlados, C. (2019). On a correlative and evolutionary SWOT analysis. Journal of Strategy and Management, 12(3), 347-363.
- Wardhani, F. K., & Dini, A. (2020). Strategy formulation using SWOT analysis, space matrix and QSPM: a conceptual framework. International Journal of Innovative Science and Research Technology, 5(5), 1520-1527.
- Yuliari, G., & Riyadi, B. (2019). Bundling as strategy of tourist attraction based on natural and cultural tourism in the ex-Surakarta residency. Journal of Sustainable Tourism and Entrepreneurship, 1(1), 1-12.
- Zutter, C., & Smart, S. (2021). Principles of Managerial Finance [Global Edition] 16th Edition: Pearson.