Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.

Small Medium Enterprises (SMEs) known as the driver for both developing and developed economics including Malaysia. This category of business faced various challenges internally and externally which refrain them from growing and sustaining. From there, SME businesses initiate various initiative to...

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Main Authors: Kamarudin, Muhamad Ali Imran, Jais, Juraifa, Sidek, Syamsuriana, Jaaffar, Abdul Rahman, Mohamad, Maliani
Format: Conference or Workshop Item
Language:English
Published: 2023
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Online Access:https://repo.uum.edu.my/id/eprint/30608/1/8th%20ICSC%202023%20154-164.pdf
https://repo.uum.edu.my/id/eprint/30608/
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Institution: Universiti Utara Malaysia
Language: English
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spelling my.uum.repo.306082024-03-21T08:16:41Z https://repo.uum.edu.my/id/eprint/30608/ Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd. Kamarudin, Muhamad Ali Imran Jais, Juraifa Sidek, Syamsuriana Jaaffar, Abdul Rahman Mohamad, Maliani HF Commerce Small Medium Enterprises (SMEs) known as the driver for both developing and developed economics including Malaysia. This category of business faced various challenges internally and externally which refrain them from growing and sustaining. From there, SME businesses initiate various initiative to overcome those challenges and one of the initiatives is through diversification strategy. However, implementing the strategy is not a guarantee success for SME entrepreneurs where various hurdles and challenges were faced. Practical intervention deemed as the key to successfully implement, subsequently lead towards favourable results for the business. Therefore, this study aims to understand the practical intervention took placed by one of the steadily-growing diversified SME in Malaysia namely, Indah Teraju Sdn. Bhd. (ITSB). The proposed model of intervention strategy in diversification implementation among SMEs is conceptualized based on the Resource-Based View and the absorptive capacity theory. It is employed an in-depth one-on-one interview with ITSB’s business owner and the data is analyzed through thematic analysis using NVivo12 software. Findings of this study revealed that ITSB implemented practical solution in terms of exploiting its’ existing networking while leveraging its’ interpersonal strengths. Also, the business adapting the current promotional strategies using social media for their marketing strategy. This study offers practical implication to the relevant stakeholders namely government agencies whom conducting entrepreneurial training and development program for SMEs as well as SME entrepreneurs themselves to focus on practical solution on diversification strategy implementation. While from the policymaker perspective, the design of training and development program should consider soft skills acquisition such as competitiveness, resilient, creativity and innovation among SMEs. 2023 Conference or Workshop Item PeerReviewed application/pdf en https://repo.uum.edu.my/id/eprint/30608/1/8th%20ICSC%202023%20154-164.pdf Kamarudin, Muhamad Ali Imran and Jais, Juraifa and Sidek, Syamsuriana and Jaaffar, Abdul Rahman and Mohamad, Maliani (2023) Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd. In: 8th International Case Study Conference, 30 August-1 September 2023, Ibis Melaka Hotel, Bandar Melaka, Malaysia.
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutional Repository
url_provider http://repo.uum.edu.my/
language English
topic HF Commerce
spellingShingle HF Commerce
Kamarudin, Muhamad Ali Imran
Jais, Juraifa
Sidek, Syamsuriana
Jaaffar, Abdul Rahman
Mohamad, Maliani
Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
description Small Medium Enterprises (SMEs) known as the driver for both developing and developed economics including Malaysia. This category of business faced various challenges internally and externally which refrain them from growing and sustaining. From there, SME businesses initiate various initiative to overcome those challenges and one of the initiatives is through diversification strategy. However, implementing the strategy is not a guarantee success for SME entrepreneurs where various hurdles and challenges were faced. Practical intervention deemed as the key to successfully implement, subsequently lead towards favourable results for the business. Therefore, this study aims to understand the practical intervention took placed by one of the steadily-growing diversified SME in Malaysia namely, Indah Teraju Sdn. Bhd. (ITSB). The proposed model of intervention strategy in diversification implementation among SMEs is conceptualized based on the Resource-Based View and the absorptive capacity theory. It is employed an in-depth one-on-one interview with ITSB’s business owner and the data is analyzed through thematic analysis using NVivo12 software. Findings of this study revealed that ITSB implemented practical solution in terms of exploiting its’ existing networking while leveraging its’ interpersonal strengths. Also, the business adapting the current promotional strategies using social media for their marketing strategy. This study offers practical implication to the relevant stakeholders namely government agencies whom conducting entrepreneurial training and development program for SMEs as well as SME entrepreneurs themselves to focus on practical solution on diversification strategy implementation. While from the policymaker perspective, the design of training and development program should consider soft skills acquisition such as competitiveness, resilient, creativity and innovation among SMEs.
format Conference or Workshop Item
author Kamarudin, Muhamad Ali Imran
Jais, Juraifa
Sidek, Syamsuriana
Jaaffar, Abdul Rahman
Mohamad, Maliani
author_facet Kamarudin, Muhamad Ali Imran
Jais, Juraifa
Sidek, Syamsuriana
Jaaffar, Abdul Rahman
Mohamad, Maliani
author_sort Kamarudin, Muhamad Ali Imran
title Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
title_short Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
title_full Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
title_fullStr Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
title_full_unstemmed Diversification Strategies Among Small-Medium Enterprises: Embracing Practical Solutions in the Implementation of Indah Teraju Sdn. Bhd.
title_sort diversification strategies among small-medium enterprises: embracing practical solutions in the implementation of indah teraju sdn. bhd.
publishDate 2023
url https://repo.uum.edu.my/id/eprint/30608/1/8th%20ICSC%202023%20154-164.pdf
https://repo.uum.edu.my/id/eprint/30608/
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