PROPOSED BUSINESS STRATEGY FOR PT FUTURA LAND (REAL ESTATE DEVELOPER) TO COMPETE AND GROW SUCCESSFULLY IN THE FUTURE

• Main Author: Priscilla
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/63153
• Institution: Institut Teknologi Bandung

COVID-19 has impacted every aspect in our live, especially economy. This pandemic has changed how the world works and customer behavior. Despite of all the hard work from private sector and stimuluses being issued by central government, the recovery of overall economic downturn, including in property market, caused by COVID-19 is still considered slow. Futura Land as one of real estate developer, is not an exception. Facing the fierce competition and challenges in the future, the Company needs to assess and enhanced business strategy in order to prepare for the future of property market and adapt with the possibility of COVID-19 being an endemic. This research wants to dig on the reason of unrecovered sales performance, the effect of several government initiatives on property market and also recommend business strategy including the implementation plan for the Company. This research used qualitative methodology through direct collection and interpretation of data. This research will utilize both primary and secondary data to collect the necessary information in order to find the root cause of the problem and recommending the most suitable business solution to the aforementioned problem. The primary data is collected through interviews and questionnaires. Books, articles, publication and other established data from related sources are used as the source of secondary data to support the conclusion and recommendation in this research. Interviews has been performed with 7 people and questionnaires is responded by 114 respondents. Based on data analysis, the root of problem is coming from internal and external environment. Internally, there were lack of evaluation system in the Company, low brand awareness among potential customer, low initiatives from sales person, low level of product development and collaboration. From external point of view, low purchasing power caused by endless case of COVID-19 new variant also bring a huge influence of the unrecovered sales performance. In addition, stimulus in property market is issued by government on the beginning of 2021, a year after the pandemic taken its toll. Although the issuance of government initiatives can be considered overdue, it increases the appetite of people to buy property. Customer perceived payment convenience as the most lurking initiative which is related to minimum level or nil down payment. This initiative is not preferable by the Company since the risk of customer payment default will result in buy back of property by the developer. On the other hand, employees of the Company, perceived VAT incentive as the most attractive incentives although it was very short term and more beneficial for developers with lot of ready stock inventory. To win competition and grow further, the Company should increase and shifting their marketing communication activities to online platform while revisit the content of marketing materials, develop product development team to bolster the current product design, intensify the role of banks relationship officer in order to help customer eligible for their mortgage financing and bringing wide variety of banks to propose their financing to. Last, the Company should start develop an enhanced and structured evaluation system within the Company to review the effectiveness and continuity of any program being proposed to the management.