Business strategy formulation using IE and SWOT matrix: Case study of medical device company

The medical device manufacturing industry in Indonesia encounters significant challenges due to the persistent dominance of imported products, despite the implementation of the Domestic Component Level (TKDN) policy aimed at enhancing the competitiveness of local products. PT Hospi Niaga Utama, a domestic medical device manufacturer, requires a structured strategy to bolster its competitiveness in both domestic and global markets. This study seeks to formulate an optimal business strategy for the company. Employing a descriptive qualitative approach, data were gathered through in-depth interviews with key stakeholders, including PT Hospi Niaga Utama’s management, medical device distributors, and industry competitors. The collected data were analyzed using the IFE and EFE methods to assess factors influencing the company’s competitiveness. Subsequently, the company’s competitive position was mapped using the IE Matrix, followed by strategy formulation via SWOT analysis and prioritization through the Quantitative Strategic Planning Matrix (QSPM). Findings indicate that a branding strategy leveraging ISO production standards is the most effective approach to enhance competitiveness. Additionally, product development aligned with government priority programs and strategic collaborations with international manufacturers for technology transfer emerged as complementary strategies to reinforce the company’s competitive stance.