A SYSTEMATIC APPROACH TO STRATEGY FORMULATION FOR MEDIUM-SIZED SHIPYARDS

Abstract: A  more  comprehensive  strategy  formulation  has  an  important  role  for  sustainable  competitive advantage of the shipbuilding companies in the global market. The nature of shipbuilding industry differs from general industry, therefore a strategy formulation model should be developed based on its own characteristics and business environment. This paper presents a proposed strategy formulation model for medium-sized shipyards both in business and corporate levels. A new approach was developed based  on  comprehensive  business  environment  analysis,  using  questionnaires  to  the  industry's stakeholders  and  multivariate  analysis  “Factor  Analysis.”  From  the  analysis,  two  business environmental  models  are  made,  and  combined  into  corporate  model  called  “Ten-boundary environment model.” These models are used to develop Shipyard Matrix, then integrated into a shipyard strategy formulation model, called “YARDSTRAT,” using the David's strategy formulation framework. Real case application and discussion have been carried out in two national shipyards. The proposed model  and  the  results  were  compared  to  their  existing  formulation  model  for  model  evaluation  and validation, using 12 evaluation criteria. The results show that, the average value of each criteria of the proposed model is much higher than the average value of the existing model (SWOT analysis).

Key words: shipyard, environment model, strategy formulation, strategic management

Author: Buana Ma'ruf

Journal Code: jpmanajemengg070013

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