Business Strategy for Clothing Brand in Indonesia

Abstract

The growth of the fashion industry was able to contribute about 18.01%, or IDR 116 trillion. The fashion industry’s revenue is anticipated to reach $9.30 billion in 2022, according to recent data. By taking advantage of this chance, Good News is a Christian and Catholic spiritual clothing company. In Indonesia, Good News aims a market of 28.88 million Christians and Catholics. with 1,401,771 potential customers in Jakarta, where Good News is based. Three products were eventually released by Good News, but sales haven’t yet surpassed expectations. Additionally, based on the market potential previously mentioned, Good News sales are unable to reach the 1,401,771-person potential market in Jakarta as a whole. Qualitative research techniques are used in this study. Owners of Good News businesses are interviewed for internal data sources. External sources can be found by reviewing published sources of information for pertinent political, governmental, legal, technological, and competitive trends and events. Before analyzing Good News’s strengths, weaknesses, opportunities, and threats, the author first collects external business factors. The data is then converted into an IFE and EFE matrix, which can be used to determine rankings and weights. A matching IE matrix is created after the data analysis. Good News The total weighted scores for the IFE matrix and EFE matrix are 2.54 and 2.86, respectively. The Hold and Maintain strategy fits the Good News based on the IE Matrix. Good News can change its strategy by working on product development and market penetration. Additionally, starting in January 2023, the author developed an implementation plan, timeline, and budget plan to track strategies to keep the business on course.