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Recovery and growth strategies for a MICE company amidst the COVID-19 crisis and post-pandemic implications
Full text linkIn 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. Indonesia declared the situation as a national disaster. Over the past years variants emerged. During these years, companies faced business disruption, and some had to close as measures involving distancing, travel, gatherings, and lockdowns were enforced. These measures also endangered the meetings, incentives, conferences and exhibitions (MICE) sector. This paper presents a study of the business issues faced by a Professional Conference Organizer (PCO), which like other MICE companies, faced difficulties amidst the pandemic which at the time of this writing has not yet ended. For these issues this study developed business strategies towards recovery, adaptation and growth in the current and post-pandemic era. The studied companies faced revenue decrease, competition and uncertainty. To survive, these companies had to raise capital, reduce manpower and salaries. In addition, the shifting to virtual formats poses a threat. Hence, strategies concerning pricing, segmentation focus and resilience are evaluated against the current and expected conditions. Some key recommendations of this study include expanding focus to a broader segment, R&D and diversification.Keywords: business disruption, COVID-19, diversification, events, Indonesia, MICE, pandemic, PCO, resilienc
The Influence of Perceived Risk and e-WOM towards Purchase Intention La Paris Products
Full text linkEven though the Internet has many economic benefits, some customers are still hesitant to buy inspired perfume products online due to perceived risk. The term "Inspired Perfume" is often used in the beauty industry to refer to products that have a similar scent or quality to a certain perfume brand. Buying Inspired perfume online is risky because customers cannot smell the perfume directly. Another point that needs to be investigated is how electronic word of mouth (e-WOM) communication generated by consumer comments on social networking sites can influence customers' purchase intentions in online shopping stores. This research aims to identify the factors that influence consumers' purchase intention of inspired perfume from La Paris and give recommendations that can be implemented by another inspired perfume marketers to create good strategies for online marketing. The data was collected through an online questionnaire and analyzed by PLS-SEM to assess the relationship between the factors. The results show that perceived risk does not significantly influence consumers' purchase intention, but e-WOM significantly influenced consumers' purchase intention. Another highlight is e-WOM variable is significantly influenced consumer's purchase intention.Keywords: Inspired Perfume, Perceived Risk, e-WOM, and Purchase Intentio
Proposed new product development of asset management system for healthcare facilities using design thinking and lean startup
Full text linkAn excellent health care delivery is highly associated with good hospital asset management as it is detrimental to patient safety and satisfaction. To guarantee the conditions are always ideal, hospital assets, particularly medical devices, need to be carefully managed and maintained. In Indonesia, the importance of asset management in hospitals is emphasized through Permenkes 1189/Menkes/Per/VIII/2010. However, given that hospitals have hundreds to thousands of assets of various types, management faces numerous difficulties in carrying out daily operating activities from the perspectives of asset productivity, security, and safety. Asset management in Indonesian hospitals is frequently carried out using Microsoft Excel and paper-based forms, which is inefficient for handling a large number of assets. Design Thinking and Lean Startup methodologies will be used in this study to look at what Indonesian hospitals specifically need regarding asset management system and to deliver the desired system to customers’ hands faster. Inability to report accurate asset information is found to be the biggest pain and transparency of asset data is found to be the most desired gain. Based on the customer pains and gains, a mock-up MVP of hospital asset management is built with seven features that act as the pain reliever and gain creators.Keywords: Asset management; Design thinking; Healthcare; Lean startup; Hospital asset; Product development; Value propositio
Market Evaluation of Changes in Size and Ingredient of Roti Pisang Production
Full text linkThe pandemic that occurred in 2020 had an impact on the growth of the food and beverage industry managed by SMEs in Indonesia. However, in 2021 there has been a 5% increase in the food and beverage industry. One of them is the bakery business which has increased sales of bread to reach Rp. 18.7 billion. The high demand makes the competition in the bakery business increasingly tight, so UKM Bakery E tries to make various innovations to develop its business but finds some problems in developing it. This happened after a decline in sales of the “Roti Pisang” product so the researchers help by interviewing the owner to find the main problem using root cause analysis and the main problem is product quality instability. Then use the experiment method by changing the size and the ingredient in the production process. The sample that has been made is tested on market with a questionnaire and the result shows that changing the size can help improve the quality of “Roti Pisang” so it can help increase the sales of Bakery E.Keywords: Quality Product, Size, Ingredient, SM
What factors are affecting ethical finance in Investment during the COVID-19 pandemic in Indonesia?
Full text linkSince March 2020, the world has been officially facing the COVID-19 Pandemic. This pandemic has heavily affected the world economy drastically since it affected people’s mobilization and interest of the people to invest their money. Which resulted in declining stocks and value of the company, because of the increased unexpected factor that increased risk for companies.Keywords: Index Terms—COVID-19, Ethical Finance, Indonesia, PESTEL, and SWO
Driving Factors of Entrepreneurs to Do Business in the Metaverse: A Conceptual Research
No full textThe Metaverse gains more and more attention each day. The development of the Metaverse requires entrepreneurs to grow their business capabilities and the willingness to do business in the Metaverse. However, the Metaverse remains a mystery for many due to its contemporary nature. Thus far, those developing businesses in the Metaverse are limited to the early adopters. In that regard, this research aims to contribute to the literature on the Metaverse by investigating factors that drive entrepreneurs to do business in the Metaverse. The current state of the literature provides very limited empirical insight regarding the Metaverse. This research utilizes an extensive literature review method, particularly in entrepreneurship literature in a virtual world setting (e.g., Second Life), to obtain relevant insight on the subject matter. The literature regarding the previous trend of the virtual world can act as a proxy to gauge the Metaverse due to their similar characteristics. Furthermore, this conceptual study is projected to produce a new proposed model that comprises factors that drive the entrepreneurial intention to do business in the Metaverse.Keywords: Artificial intelligence, business intention entrepreneurship, metaverse, virtual worl
Understanding the Role of Environmentally Friendly Lifestyles on Consumer Shopping Behavior at Bulk Stores
No full textEnvironment-friendly revolution in both mindset and lifestyle have become a concern among the society including business owners. This can be seen through the existence of bulk stores which are perceived to have a strong potential to intervene in people’s lifestyles in the future. This study aims to examine the influence of environmental knowledge, environmental lifestyle, environmental reputation, and environmental advertisement on consumers’ shopping behavior towards bulk stores in Indonesia. This research employed a quantitative approach by using a nonprobability sampling technique (purposive sampling) with a sample of 207 respondents from bulk store consumers in Indonesia. Using Partial Least Square as the data analysis technique, the result of this study indicates that environmental knowledge and environmental lifestyle have no significant effect on consumers’ shopping behavior in bulk stores. In addition, environmental reputation and environmental advertisement significantly determine consumer behavior in shopping at bulk stores in Indonesia.Keywords: Advertisement, Bulk Store, Environmental, Knowledge, Lifestyle, Shopping Behavio
The Influence of User-Generated Review Content Toward Brand Attitude and Online Purchase Intention of Local Beauty Brand Products
Full text linkInstagram is one of the most popular social media platforms for User-Generated Content (UGC) sharing, allowing users to share reviews about certain products or brands. In the context of local beauty products, this study aims to investigate the effect of User-Generated Review Content on Instagram on Brand Attitude and Online Purchase Intention. An online survey was conducted among 126 respondents and the results were analyzed using PLS-SEM method. The results show that there is a positive and significant relationship between User-Generated Review Content and Brand Attitude, Brand Attitude and Online Purchase Intention, and User-Generated Review Content and Online Purchase Intention. The results further show that Brand Attitude has a partial mediating effect in the relationship between User-Generated Review Content and Online Purchase Intention. This study suggested that local beauty product marketers should consider User-Generated Review Content as part of their marketing strategy. In addition, this study is expected to contribute to the literature of UGC, Brand Attitude, and Online Purchase Intention as well as to give an insight to local beauty product marketers regarding the utilization of UGC on Instagram.Keywords: User-Generated Content; Review Content; Brand Attitude; Online Purchase Intention; Instagram; Local Beauty Products
Financial Literacy, Financial Inclusion, and Digital Literacy: A Survival Kit During the COVID-19 Economic Turbulence
Full text linkThe economic turmoil caused by COVID-19 pandemic has driven regulators and financial services to move towards financial technology to offer better, more efficient financial transactions that also comply with the government’s health policies. These escalations are interrelated between the innovation itself and the users, categorized into three main aspects: financial literacy, financial inclusion, and digital literacy. Although these three indexes have been showing a confident rise per fourth quarter of 2021, this condition should not be treated as an absolute win against the pandemic turbulence and must be cautiously reviewed to prevent further downfall in personal finance. Therefore, this research applied the systematic review with a qualitative approach to compare evidence of financial literacy, financial inclusion, and digital literacy in Indonesia during the COVID-19 pandemic. It was found that financial inclusion is way higher than both financial and digital literacy index, with uneven distribution of financial inclusion across the country. However, the implementation of those variables has not been completely approached using sustainability viewpoint and therefore it is a joint responsibility for all stakeholders including individuals, financial services, and policymakers to elevate those towards inclusivity and sustainability to better promote eco-living and environmental long-term strategies.Keywords: digital literacy, financial inclusion, financial literacy, personal financ
Formation Of Indonesia Economic Policy Uncertainty Index For 2014-2021
Full text linkThis research uses information in printed newspapers to create a proxy for measuring uncertainty by forming Indonesia Economic Policy Uncertainty Index for 2014-2021. The index was built by analyzing an extensive data set of articles containing the terms ‘economics’ and ‘uncertainty’ in Bahasa. The text-mining topic modeling method of the Latent Dirichlet was applied to look for terms in the articles that referenced ‘policy.’ Based on the frequency of article publication, an index with a mean of 100 and a standard deviation of 1 was created. The IEPU index topics consist of eight main policy categories; monetary, fiscal, trade, domestic regulation, international regulation, geopolitics, energy/ resources, and politics. In addition, its movement can be described based on economic uncertainty events that happened on the timeline. This research also compares the formed index with pre-existing uncertainty indices, namely the VIX index, the GEPU index, and the WUI index for Indonesia.Keywords: Uncertainty, Policy, Volatility, Text-Minin