DEVELOPING BUSINESS STRATEGY FOR ONLINE MUSLIM FASHION MEDIA (CASE STUDY: FESMUS.COM)

• Main Author: Fathurachman, Chadyan
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/45227
• Institution: Institut Teknologi Bandung

Fesmus.com founded as a marketplace in 2017 in Bandung, which focusing in the Muslim fashion. Along its growth, Fesmus.com created community consists of its tenants such as Muslim fashion designers, Muslim fashion brand owners, fashion-preneurs, models and etc. In 2018, it was found that most of the visitors of Fesmus.com are visiting the Fesblog page, a menu for information articles. It drives Fesmus.com shifted into online media. Currently the product is the article created by the writing community of Fesmus.com. The community of tenant is promoted by the articles. Fesmus.com business issue is because the shifting in its business, it has problem in monetizing and also needs new business model. Theoretical approach taken to solve the problem is to use The Strategy Palette from Your Strategy Needs Strategy by Martin Reeves et al. as the first step. To decide the suitable strategy, The Select and Match Approach implemented from the same book using the self-assessment for the owner. The result of the suitable strategy is shaping strategy and use the platform strategy as the approach. Then to analyze business environment is using external and internal analysis. The result from the business analysis is used as the input for the SWOT analysis. The business model is created using the Platform Design Canvas by Simone Cicero and team. The result of the analysis is used to formulate Platform Establishment and Growth Strategy by Junic Kim. Based on the analysis above, it is obtained that the root-causes of the business issue are no competitive advantage, no customer value proposition, self-fundings, and has no monetizing strategy. Therefore, the business solution proposed for these problems are using the result of TOWS matrix. There are collaborative in production, event, and participative features creation; engaging the opportunity target market; increasing the numbers and quality of the post or information and create more traction to increase the number of visitors and bounce-back rate; active in social media and pull them to the website; and research on competitive advantage and customer value proposition. It also uses focus-cost leadership as the business strategy, product development and market penetration as competitive strategy used as the input for Platform Establishment and Growth Strategy. The solutions are the monetizing strategy can be solved by the revenue from events and products; the new competitive advantage by creating mix and match application; self-funding can be solved by collaborative production in events and products; and conducting research on customer value propositions as Fesmus.com pivoted into Media. In the implementation section there are the preparation, implementation, and evaluation for the business strategy in the first three years. It also includes the required resources in implementing the business strategy based on the new Platform Design Canvas.