STRATEGIC DECISION MAKING USING SMART APPROACH TO NAVIGATE POST CRISIS RECOVERY AND SUSTAINABILITY : A CASE STUDY OF AN INDONESIAN AQUACULTURE STARTUP
Keywords:
Aquaculture Startup, Crisis Recovery, VRIO Framework, PESTEL, Porter’s Five Forces, SWOT Analysis, TOWS Matrix, SMART
Abstract
Startups have become key drivers of economic growth and innovation worldwide, including in Indonesia. PT. EF, once a leading unicorn in Indonesia that delivered innovative smart feeder technology in aquaculture industry, faced a crisis after financial manipulation and revenue inflation were revealed, leading to massive layoffs and a drastic decline in revenue. This thesis aims to support strategic decision making in the post crisis recovery and sustainability of PT. EF by applying Simple Multi Attribute Rating Technique (SMART). The research methods include both internal and external analyze using frameworks such as VRIO Framework, PESTEL, Porter's Five Forces, as well as SWOT Analyze and TOWS Matrix to generate various recovery strategy alternatives. Data used in this study is obtained from interviews with key stakeholders and secondary data related to the aquaculture industry. Based on these analyze, the alternatives are then evaluated using SMART to provide the most suitable recommendations to ensure sustainable recovery and long term growth for PT. EF. The findings of this research are expected to provide valuable insights for startup in Indonesia in facing crisis challenges and designing effective strategies. This research also contributes to the development of crisis management theory for startups by applying SMART in the context of a company struggling to recover after crisis.
References
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Noverri, P. (2022). SMART approach to decide best alternative for LLP compressor installation project at offshore platform (Master’s thesis). Institut Teknologi Bandung.
Nuh, R., Phetkaew, C., & Zakaria, F. (2023). A SWOT – TOWS Analysis for Developing the Strategy of Cage-Based Aquaculture Business in Saiburi, Patani Province. Asia Social Issues, 16(3), e255078. https://doi.org/10.48048/asi.2023.255078
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Sak, T., & Hrytsiuk, N. (2022). START-UP BUSINESS MODEL: ESSENCE, TYPESAND OPPORTUNITIES FOR APPLICATION. Scientific Bulletin of Polissia, 1(24), 93–107. https://doi.org/10.25140/2410-9576-2022-1(24)-93-107
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Taherdoost, H., & Mohebi, A. (2024). Using SMART Method for Multi-criteria Decision Making: Applications, Advantages, and Limitations. Archives of Advanced Engineering Science, 2(4), 190–197. https://doi.org/10.47852/bonviewAAES42022765
Trofymenko, O. O., & Ilyash, O. I. (2023). A Comparative Analysis of the Development of Startups in the World Economy. THE PROBLEMS OF ECONOMY, 3(57), 25–30. https://doi.org/10.32983/2222-0712-2023-3-25-30
Weihrich, H. (1982). The TOWS matrix—A tool for situational analysis. Long Range Planning, 15(2), 54–66. https://doi.org/10.1016/0024-6301(82)90120-0
Wijaya, R., (2024). Optimizing Total Value Chain Margin In Shrimp Commodity Through Improvement of Supply Chain Design. Masters’ Final Project, Institut Teknologi Bandung.
Yuda, I. J. P. (2022). Decision making analysis to increase customer service delivery by using simple multi-attribute rating technique in the oilfield services company (Master’s thesis). Institut Teknologi Bandung.
Yüksel, I. (2012). Developing a Multi-Criteria Decision Making Model for PESTEL Analysis. International Journal of Business and Management, 7(24). https://doi.org/10.5539/ijbm.v7n24p52
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Ariyani, W., & Daryanto, A. (2018). Operationalization of Internal Analysis Using the VRIO Framework: Development of Scale for Resource and Capabilities Organization (Case Study: XYZ Company Animal Feed Business Unit). Asian Business Research Journal, 3(1), 9–14. https://doi.org/10.20448/journal.518.2018.31.9.14
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Barney, J. B., & Wright, P. M. (1998). On becoming a strategic partner: The role of human resources in gaining competitive advantage. Human Resource Management, 37(1), 31–46. https://doi.org/10.1002/(SICI)1099-050X(199821)37:1<31::AID-HRM4>3.0.CO;2-W
Basuki Purwanto, H. (2016). Resource-Based View as a Competitive Advantage of the Company: an Empirical Review. Proceedings of the 2016 Global Conference on Business, Management and Entrepreneurship. https://doi.org/10.2991/gcbme-16.2016.154
Budiono, A. (2010). Business development strategy of Workshop X to maintain business existence (Master’s thesis). Institut Teknologi Bandung.
Bock, C., & Hackober, C. (2020). Unicorns—what drives multibillion-dollar valuations? Business Research, 13(3), 949–984. https://doi.org/10.1007/s40685-020-00120-2
Cheeseman, H. R. (2020). Business law (11th ed.). Pearson.
David, F.R. (2011) Strategic Management: Concepts and Cases, Global Edition. 13th Edition, Pearson Education, Inc., Upper Saddle River, 235-240.
Deni, Aulia. (2024). The Development of Shrimp Culture in Indonesia. Pukyong National University.
de Sousa, G. C., & Castañeda-Ayarza, J. A. (2022). PESTEL analysis and the macro-environmental factors that influence the development of the electric and hybrid vehicles industry in Brazil. Case Studies on Transport Policy, 10(1), 686–699. https://doi.org/10.1016/j.cstp.2022.01.030
Dixon, T., Eames, M., Britnell, J., Watson, G. B., & Hunt, M. (2014). Urban retrofitting: Identifying disruptive and sustaining technologies using performative and foresight techniques. Technological Forecasting and Social Change, 89, 131–144. https://doi.org/10.1016/j.techfore.2013.08.027
Dixon, T., Eames, M., Britnell, J., Watson, G. B., & Hunt, M. (2014). Urban retrofitting: Identifying disruptive and sustaining technologies using performative and foresight techniques. Technological Forecasting and Social Change, 89, 131–144. https://doi.org/10.1016/j.techfore.2013.08.027
Edwards, W. (1971). Social utilities. Engineering Economist, 6, 119–129.
Eversole, R. (2018). Stakeholder Analysis. In The International Encyclopedia of Anthropology (pp. 1–6). Wiley. https://doi.org/10.1002/9781118924396.wbiea2138
Feng, Y. (2024). Microsoft’s Strategic Advantage: An In-depth Analysis Based on Porter’s Five Forces Model. Advances in Economics, Management and Political Sciences, 122(1), 96–103. https://doi.org/10.54254/2754-1169/122/20242562
Goodwin, P. and Wright, G. (2004). Decision Analysis for Management Judgment. 3rd Edition. Wiley.
Handojo, R., Suryadi, N., Hardiatno, A., & Rafisukmawan, B. (2024). Analisa Porter’s Five Forces dalam Keberlangsungan Usaha Perusahaan Asuransi. Syntax Literate ; Jurnal Ilmiah Indonesia, 9(10), 5550–5558. https://doi.org/10.36418/syntax-literate.v9i10.16712
Inayah, Z. N., Musa, M., & Arfiati, D. (2023). Growth of Vannamei Shrimp (Litopenaeus vannamei) in Intensive Cultivation Systems. Jurnal Penelitian Pendidikan IPA, 9(10), 8821–8829. https://doi.org/10.29303/jppipa.v9i10.4278
Jati, P. B. (2023). Decision analysis of staff recruiting to support operational and project effectiveness using simple multi attribute rating technique (Case study). Institut Teknologi Bandung.
Jadha, V. V. (2024). Strategic Marketing Approaches for Startup Expansion: Vision, Mission, and Goals. INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT, 08(05), 1–5. https://doi.org/10.55041/IJSREM34168
Kabir, S. M. S. (2016). Methods of Data Collection. Dalam Basic Guidelines for Research: An Introductory Approach for All Disciplines (Bab 9, hlm. 201–275). Bangladesh: Book Zone Publication.
Kumar C.R, S., & K.B, P. (2023). SWOT ANALYSIS. International Journal of Advanced Research, 11(09), 744–748. https://doi.org/10.21474/IJAR01/17584
Kumbhat, A., & Sushil. (2018). Development Stages and Scaling Issues of Startups (pp. 3–15). https://doi.org/10.1007/978-981-10-8926-8_1
Kung, W. (2023). Using the PESTEL Analysis to Determine the Effectiveness of New Digital Media Strategies. Advances in Economics, Management and Political Sciences, 5(1), 19–25. https://doi.org/10.54254/2754-1169/5/20220054
Lal, J., Vaishnav, A., Verma, D. K., Jana, A., Jayaswal, R., Chakraborty, A., Kumar, S., Devati, Pavankalyan, M., & Sahil. (2024). Emerging Innovations in Aquaculture: Navigating towards Sustainable Solutions. International Journal of Environment and Climate Change, 14(7), 83–96. https://doi.org/10.9734/ijecc/2024/v14i74254
Larbi, A. O., Asare-Danquah, G. A., & Ackah, A. A. F. (2024). Utilization of Internal Analysis with the VRIO Framework and Development of Scale for Resource and Capabilities of Fashion and Design Organization. International Journal of Research and Scientific Innovation, XI(VI), 63–70. https://doi.org/10.51244/IJRSI.2024.1106006
Larissa, S., & Parung, J. (2021). Designing supply chain models with blockchain technology in the fishing industry in Indonesia. IOP Conference Series: Materials Science and Engineering, 1072(1), 012020. https://doi.org/10.1088/1757-899X/1072/1/012020
Li, Adrian, et al. (2023). Indonesia Venture Capital Report 2023. AC Ventures & Bain & Company.
Lin, C., Tsai, H., Wu, Y., & Kiang, M. (2012). A fuzzy quantitative VRIO‐based framework for evaluating organizational activities. Management Decision, 50(8), 1396–1411. https://doi.org/10.1108/00251741211261999
Madsen, D. Ø., & Grønseth, B. O. (2022). Five Forces Model. In Encyclopedia of Tourism Management and Marketing (pp. 250–252). Edward Elgar Publishing. https://doi.org/10.4337/9781800377486.five.forces.model
Madsen, D. Ø., & Grønseth, B. O. (2022). PESTEL Analysis. In Encyclopedia of Tourism Management and Marketing (pp. 473–475). Edward Elgar Publishing. https://doi.org/10.4337/9781800377486.pestel.analysis
Maouel, D., Fellah, H., Difallah, F. Z., & Milla, T. (2022). Application of SWOT and AHP analysis on aquaculture farms (South-western of Mediterranean Sea). https://doi.org/10.21203/rs.3.rs-2268487/v1
Noverri, P. (2022). SMART approach to decide best alternative for LLP compressor installation project at offshore platform (Master’s thesis). Institut Teknologi Bandung.
Nuh, R., Phetkaew, C., & Zakaria, F. (2023). A SWOT – TOWS Analysis for Developing the Strategy of Cage-Based Aquaculture Business in Saiburi, Patani Province. Asia Social Issues, 16(3), e255078. https://doi.org/10.48048/asi.2023.255078
Panagiotou, G. (2003). Bringing SWOT into Focus. Business Strategy Review, 14(2), 8–10. https://doi.org/10.1111/1467-8616.00253
Pangarkar, N., & Prabhudesai, R. (2024). Using Porter’s Five Forces analysis to drive strategy. Global Business and Organizational Excellence, 43(5), 24–34. https://doi.org/10.1002/joe.22250
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78–93.
Ramadhan, M. I. (2023). SMART approach to determine solution of coal quality discrepancy in coal-fired power plant project under binding project finance scheme (Case study). Institut Teknologi Bandung.
Rusmeliana, L.D. (2021) Decision Making Strategy Analysis for PT Borneo BYR Makmur. Master of Business Administration Final Project. Institut Teknologi Bandung.
Sak, T., & Hrytsiuk, N. (2022). START-UP BUSINESS MODEL: ESSENCE, TYPESAND OPPORTUNITIES FOR APPLICATION. Scientific Bulletin of Polissia, 1(24), 93–107. https://doi.org/10.25140/2410-9576-2022-1(24)-93-107
Samudra, et al. (2022). Impact Report 2022: Kontribusi Ekosistem eFishery terhadap Perekonomian Nasional. Jakarta: Lembaga Demografi FEB UI.
Sugiyono. (2013). Metode Penelitian Pendidikan. Alfabeta.
Suryono, Z. C., Kancana, S., Fatah, Z. K., & Lambang, D. (2024). Analisis Business Model Canvas pada Start-up di Bidang Akuakultur (Studi Kasus: efishery). Jurnal Administrasi Bisnis (JABis), 22(2), 131. https://doi.org/10.31315/jurnaladmbisnis.v22i2.12825
Taherdoost, H., & Mohebi, A. (2024). Using SMART Method for Multi-criteria Decision Making: Applications, Advantages, and Limitations. Archives of Advanced Engineering Science, 2(4), 190–197. https://doi.org/10.47852/bonviewAAES42022765
Trofymenko, O. O., & Ilyash, O. I. (2023). A Comparative Analysis of the Development of Startups in the World Economy. THE PROBLEMS OF ECONOMY, 3(57), 25–30. https://doi.org/10.32983/2222-0712-2023-3-25-30
Weihrich, H. (1982). The TOWS matrix—A tool for situational analysis. Long Range Planning, 15(2), 54–66. https://doi.org/10.1016/0024-6301(82)90120-0
Wijaya, R., (2024). Optimizing Total Value Chain Margin In Shrimp Commodity Through Improvement of Supply Chain Design. Masters’ Final Project, Institut Teknologi Bandung.
Yuda, I. J. P. (2022). Decision making analysis to increase customer service delivery by using simple multi-attribute rating technique in the oilfield services company (Master’s thesis). Institut Teknologi Bandung.
Yüksel, I. (2012). Developing a Multi-Criteria Decision Making Model for PESTEL Analysis. International Journal of Business and Management, 7(24). https://doi.org/10.5539/ijbm.v7n24p52
Zulkarnaen, W., Fitriani, I., & Yuningsih, N. (2020). Pengembangan Supply Chain Management Dalam Pengelolaan Distribusi Logistik Pemilu Yang Lebih Tepat Jenis, Tepat Jumlah Dan Tepat Waktu Berbasis Human Resources Competency Development Di KPU Jawa Barat. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 4(2), 222-243. https://doi.org/10.31955/mea.vol4.iss2.pp222-243.
Published
2025-08-10
How to Cite
Nugraha, F., & Putro, U. (2025). STRATEGIC DECISION MAKING USING SMART APPROACH TO NAVIGATE POST CRISIS RECOVERY AND SUSTAINABILITY : A CASE STUDY OF AN INDONESIAN AQUACULTURE STARTUP. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 2535-2564. https://doi.org/10.31955/mea.v9i2.5993
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