A Blue Ocean Strategy for Herbal Liniment: Escaping Tight Competition in Indonesian Market

Abstract

The herbal liniment industry operates in a highly competitive and saturated market. This study focuses on developing a blue ocean strategy for Yodosan Herba Natur, an herbal liniment manufacturer, to treat musculoskeletal pain. Through qualitative interviews with 17 participants in Surabaya, customer preferences and latent needs for musculoskeletal pain treatment were explored. Data analysis utilizing NVIVO v.12 software revealed seven main themes: effectiveness, experience, ease of use, sensation, availability, recommendation, and other factors. This research assessed the competitive landscape comprehensively using blue ocean strategy analysis tools. The blue ocean strategy is to develop an odorless product with long-lasting heat, a strong brand image, widespread availability, compact size, and affordable prices. New factors introduced are packaging designs, niche marketing, and strategic partnerships. The findings highlight the potential for Yodosan Herba Natur to revolutionize musculoskeletal pain treatment and capture the untapped markets of second and third-tier non-consumers.

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Author Biography

Werner Ria Murhadi, Universitas Surabaya

Head of the Master's in Management Program

Faculty of Business and Economics

Universitas Surabaya

Published
2023-11-08
How to Cite
SANTOSO, Elvina Yohana; MURHADI, Werner Ria. A Blue Ocean Strategy for Herbal Liniment: Escaping Tight Competition in Indonesian Market. Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, [S.l.], p. 153 - 170, nov. 2023. ISSN 2302-8890. Available at: <https://ojs.unud.ac.id/index.php/jmbk/article/view/102828>. Date accessed: 21 feb. 2024. doi: https://doi.org/10.24843/MATRIK:JMBK.2023.v17.i02.p04.
Section
Articles