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Risdarwanto
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Control & Systems Engineering Decision Sciences, Operations Research & Management Engineering Industrial & Manufacturing Engineering

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Business Strategy Formulation : A Literature Review Risdarwanto; Nasution, Harmein; Pujangkoro, Sugiharto
Jurnal Sistem Teknik Industri Vol. 25 No. 1 (2023): JSTI Volume 25 Number 1 January 2023
Publisher : TALENTA Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32734/jsti.v25i1.9459

Abstract

Strategy is a series of actions that are formulated to achieve long-term goals by involving resources to achieve competitive advantage. Strategy formulation  to develop the business must be adjusted to the wishes of consumers to achieve competitive advantage. Business strategy focuses on growth and profitability by providing a framework for functional and operational strategies in terms of which products should be developed, how they should be priced and distributed, as well as which market segments should be targeted. The strategy formulation is determined in three steps consisting of: input step, matching step and decision-making step. The input step focuses for analyzing Company’s Internal and External Factor. The matching step focuses for determining strategies based on Company’s Internal and External Factor by using  SWOT, SPACE and BCG Matrix.  Decision step focuses for determining the best strategy using the Quantitave Strategic Planning Matrix (QSPM). This paper aims to review several studies that use formulation strategy methods in making the best decisions for companies. Without being based on a formulation strategy, it is very difficult for companies in making the best decisions to achieve competitive advantage
Co-Authors Harmein Nasution Sugih Arto Pujangkoro