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Analysis of the Implementation of Re-Thinking Strategic Leadership in MSMEs for Sheet and Bed Cover Products in the City of Bandung Dewi Puspasari; Sobandi Sobandi; Budi Santoso
West Science Business and Management Vol. 2 No. 02 (2024): West Science Business and Management
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsbm.v2i02.982

Abstract

MSMEs in the bed linen industry often face challenges in increasingly tight market competition and changing consumer dynamics. To remain relevant and competitive in an ever-changing market, MSME leaders need to rethink their leadership strategies. Rethinking in this context includes re-evaluating business models, marketing strategies, production processes, and relationships with customers. MSME leaders need to consider new strategies that enable them to face challenges and exploit opportunities in the bedsheets industry. Based on the results of observations and in-depth interviews with MSME owners who produce bed sheets and bed covers in the Bandung area, it is clear that most of the MSME players who produce bed sheets and bed covers, especially the owners, in this case who are the leaders, have implemented re-thinking strategic leadership, especially those in the bed sheet business who produce on a large scale. . Re-thinking strategic leadership in this case means that MSME bed sheet and bed cover players have re-evaluated business models, marketing strategies, production processes and relationships with customers. MSME owners of bedsheet and bedcover products in Bandung have adopted various strategies to understand and adapt to the rapidly changing business environment. They use e-commerce and social media platforms, prioritize environmentally friendly products, adopt health protocols during the pandemic, and adjust production processes according to environmental regulations. Their strategic leadership drives adaptation through market research, product innovation, sales channel diversification, improved customer service, operational efficiency, collaboration, pricing flexibility, and human resource development. Additionally, they apply long-term thinking through SWOT analysis, market trend monitoring, competitor research, and data analysis. Team collaboration and engagement are also enhanced through cross-functional teams, open communication, shared goals, and collaborative rewards. Technology and innovation are encouraged with training, support systems, feedback loops, and innovation awards. Systemic thinking and leadership development is carried out through outreach, training, open communication, and feedback. These MSMEs also have risk awareness with appropriate risk analysis and risk mitigation as well as regular performance measurements for evaluation and strategy adjustments. MSME leaders are also considering new strategies that will enable them to face challenges and exploit opportunities in the bedsheets industry. MSME leaders in the bed linen industry have implemented strategic leadership to direct their business in a direction that is in line with the company's vision and mission. Strategic leadership involves making smart decisions, identifying market opportunities, managing risks, and developing long-term strategies. Even though the results obtained, not all MSMEs producing bed sheets are as expected.
Decision Making in Financial Behavior: A Systematic Literature Review¬ Siti Havidotinnisa; Dewi Puspasari; Budi Supriatono Purnomo; Imas Purnamasari
West Science Social and Humanities Studies Vol. 2 No. 01 (2024): West Science Social and Humanities Studies
Publisher : Westscience Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58812/wsshs.v2i01.578

Abstract

Digitalization is a major factor in the rapid dissemination of information, especially in the financial world. This has an impact on the emergence of various financial behaviors that can affect Investor Decision Making in investing. Financial behavior is a key factor that can affect the quality of Investor Decision Making, which is characterized by achieving optimal results and avoiding biased decisions. Effective financial behaviors are very important and should not be taken lightly. As an investor, adopting appropriate financial behaviors is key to overcoming behavioral biases associated with Investor Decision Making. The purpose of this study is to investigate the current state of behavioral finance research with a focus on the significant factors that influence Investor Decision Making. Driven by the need to create a comprehensive literature on peer pressure, this study used a bibliometric approach by identifying 92 studies using the term "behavioral finance" from the Scopus database. The most frequently reviewed articles were analyzed to highlight key contributions and provide general information about the field. All mentioned information covers several aspects, such as the relationship between investors, fund managers, the investment industry, and the significant influence of behavioral finance on Investor Decision Making. The practical implications of this study have the potential to be a valuable reference for researchers and practitioners, assisting in the development of clear and concise conclusions with relevant context. Investors should be encouraged to integrate their internal processes with the results of bibliometric analysis. This research emphasizes the importance of behavioral finance in Investor Decision Making, provides insight into the current state of research, and the role of researchers in developing a critical understanding of Investor Decision Making.