BUSINESS STRATEGY FORMULATION OF DAYA MINYAK, Ltd

Anugerah Satiawarman, Tanti Sutandra, Ningky Sasanti Munir

Abstract


The weakening of crude oil price had caused the performance of Daya Minyak, Ltd decline. The efforts to improve had succeeded in improving performance, but it was still below the industry average. Therefore, in 2020 a research was carried out aimed at systematically formulating Daya Minyak, Ltd business strategy for the years 2021-2024. This applied research was conducted qualitatively, using the business strategy formulation model from David and David (2016) where external strategic issues were compiled in the External Factor Evaluation (EFE) matrix and internal strategic issues in the International Factor Evaluation (IFE) matrix. The weighted value of the EFE matrix is 2.93 and the weighted value of the IFE matrix is 2.97, which meant that the future business strategy is to hold and maintain. Two alternative strategies, market penetration, and product development were developed using the Internal-External (IE) matrix and the TOWS matrix. Two priority strategies, namely a strategy to increase market penetration through integrated services at low costs and a product development strategy through increasing local content with international standards are determined by the Quantitative Strategic Planning Matrix (QSPM).

Keywords


Keywords: Business Strategy, Hold and maintain, Market Penetration, Product development

Full Text:

PDF

References


Abbasi, F., Esparcia, J., dan Saadi, H. A. (2019). From Analysis to Formulation of Strategies for Farm Advisory Services: Valencia – Spain) - An Application Through SWOT and QSPM Matrix. European Countryside, 11(1), 43-73.

Ayoubi, M., Mehrabanfar, E., dan Banaitis, A. (2018). Guidelines on Designing Conceptual Framework for Strategic Management with Application to the Energy Industry. Administrative Sciences, 8(3)

Coman, A., dan Ronen, B. (2009). Focused SWOT: Diagnosing Critical Strengths and Weaknesses. International Journal of Production Research, 47(20), 5677

Dahiri (2020). Analisis RUU tentang APBN No 06/an.PKA/APBN/ IX/2020 Harga Minyak dan Komoditas Unggulan Indonesia: Perkembangan dan Determinannya. Pusat Kajian Anggaran Badan Keahlian Dewan Perwakilan

David, F., dan David, F. (2016). Strategic Management: A Competitive Approach, Concepts, and Cases 16th edition. New Jersey: Pearson

Denzin, N.K. dan Lincoln, Y.S. (2018). The Sage Handbook of Qualitative Research 5th edition. Los Angeles : Sage

Fattouh, B., Poudineh, R., dan West, R. (2018). The Rise of Renewables and Energy Transition: What Adaptation Strategy for Oil Companies and Oil-Exporting Countries? Oxford Institute for Energy Studies diunduh dari https://ora.ox.ac.uk/objects/uuid:c4bee7fd-305f-4ec9-a681-6f46fb6ec07e

Helms, M. M., dan Nixon, J. (2010). Exploring SWOT Analysis - Where Are We Now?: A Review of Academic Research From the Last Decade. Journal of Strategy and Management, 3(3), 215-251.

Pazouki, M., Jozi, S. A., dan Ziari, Y. A. (2017). Strategic Management In Urban Environment Using SWOT and QSPM Model. Global Journal of Environmental Science and Management, 3(2), 207-216

Porter, M. (1998). Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press.

Realisasi investasi migas meleset dari target, Downloaded from https://www.skkmigas.go.id/news

Sekaran, U., dan Bougie, R. (2016). Research Methods For Business: A Skill Building Approach 7th Edition. West Sussex: John Wiley dan Sons.

Serfointein, E., dan Govender, K. K. (2020). Stakeholders’ Views Regarding Macro-Environment Impacts on Commercial Flight Operations in South Africa. Journal of Transport and Supply Chain Management, 14

Singh, S., dan Srivastava, S. (2019). External Factors Affecting Indian Hand Loom Industry: A Paradigm Shift. International Journal of Business Insights and Transformation, 12(1), 33-41.

Slintak, K., dan Dvorsky, J. (2019). The Purpose of Firms and Its Influence on Formulating Their Missions and Visions. Montenegrin Journal of Economics, 15(2), 15-29.

Tonysheva, L.L., Yakunina, O.G., dan Yakunin, D.E. (2019). Modelling Oilfield Service Companies’ Strategic Development: The Matrix. Espacios, 40(30), 17-25.

Vlados, C. (2019). On a Correlative and Evolutionary SWOT Analysis. Journal of Strategy and Management, 12(3), 347-363.




DOI: https://doi.org/10.26533/eksis.v16i1.769

Refbacks

  • There are currently no refbacks.


Creative Commons License
Under License Creative Commons Attribution 3.0 License

Indexed By:

 

Flag Counter

 

View MyStat View MyStat