Market share analysis of vitamin C products using the Markov chain method and marketing strategy using SOAR analysis

Inggrid Bella Pratama; Enny  Aryanny

doi:10.37631/ebisma.v5i1.950

Authors

Inggrid Bella Pratama Faculty of Engineering, Universitas Pembangunan Nasional "Veteran" Jawa Timur
Enny Aryanny Faculty of Engineering, Universitas Pembangunan Nasional "Veteran" Jawa Timur

DOI:

https://doi.org/10.37631/ebisma.v5i1.950

Keywords:

Market Share, Markov Chain, Marketing Strategy, SOAR

Abstract

Market Share is frequently used to indicate market competitiveness to record how well and rapidly a company is developing compared to its rivals. Vitamin products are presently a popular item among many consumers. 73% of Indonesians consumed many supplements during the Covid-19 virus pandemic, according to a survey conducted by PT Neurosensum Technology International, a market research firm based on neuroscience and artificial intelligence (AI) technology. The survey covered 500 sample sizes and found that 94% of respondents consumed vitamin C during a pandemic. According to data from Top Brand, the top five products from 2018 to 2022 are Vitacimin, Enervon-C, You C1000, Redoxon, and Vicee. It is a well-known fact that Vitamin C's market share fluctuates wildly from year to year. This study employs the Markov Chain and SOAR techniques to generate some alternative marketing strategies. The results indicated that the prediction of the percentage of market share until equilibrium conditions were reached was obtained in the 28th period of March 2025, with Vitacimin at 41%, Enervon C at 13%, You C1000 at 23%, Redoxon at 11%, and Vicee at 12%. The Redoxon product was then analyzed using SOAR analysis, and eight alternative marketing strategies were developed.

References

Aisah, Nur (2020). Strategi Pemasaran Produk Pembiayaan Pensiunan Di Bank Syariah Mandiri KCP Medan Aksara. Skripsi thesis, Universitas Islam Negeri Sumatera Utara.

Aliyuwaningsih, N., Sumarjaya, I. W., dan Srinadi, I. G. A. M. (2018). Analisis Perpidahan Penggunaan Merek Simcard dengan Pendekatan Rantai Markov. E-Jurnal Matematika. 7 (1), 56 – 63. https://doi.org/10.24843/MTK.2018.v07.i01.p185

Az-Zahra, K., Wiranatha, A. A. P. A. S., dan Wrasiati, L. P. (2019). Analisis Pangsa Pasar Beberapa Merek Produk Minuman Susu Fermentasi dalam Kemasan dengan Metode Rantai Markov di Lingkungan Kampus Universitas Udayana. Jurnal Rekayasa dan Manajemen Agroindustri. 7 (4), 561 – 570. https://doi.org/10.24843/JRMA.2019.v07.i04.p08

Dwijanto. (2016). Riset Operasi. Semarang: Unnes

Fatihin, M. K., Siswahto, E., Rusgianto, S., Hadi, N. H., (2020). Dampak Makro Ekonomi dan Financial Performance Terhadap Market Share Perbankan Syari’ah di Indonesia. Jurnal Ekonomi. no 01, pp 51 – 65. https://doi.org/10.24912/je.v25i1.626

Hadi, A. S. (2021). The influence of product attribute, promotion mix, distribution channel, and price toward repurchase intention on iPhone. Asian Management and Business Review, 95-104.

Hadi, A. S. (2022). The relationship between consumer buying behavior, social aspects, and technostress on smartphone. Asian Management and Business Review, 1-12.

Hadi, A. S., & Khairi, A. (2020). Pemilihan Strategi Pemasaran di Era Digital pada Kelompok Ibu PKK Desa Gadingharjo. Dinamisia: Jurnal Pengabdian Kepada Masyarakat, 4(1), 127-132.

Hijriany, R.W., Purwaningsih, S. S., (2022). Faktor-Faktor yang Mempengaruhi Perilaku Perpindahan Merek pada Konsumen (Studi Kasus Produk IndiHome di Wilayah Bandung Raya. Applied Business and Administration Journal, 1(3), 112 – 127.

Kusoy, N. F., Rate. P. V., & Untu, V. N., (2023). The Influence Ownership Structure, Market Share, and Company Size On Profitability of Pharmaceutical Companies Listed On The Idx For The Period 2015 – 2019. Junal EMBA, 11 (2), 56-66. https://doi.org/10.35794/emba.v11i02.47002

Ludiman, I., & Mutmainah, K. (2020). Analisis Determinan Market Share Perbankan Syariah di Indonesia (Studi Empiris pada Bank Umum Syariah dan Unit Usaha Syariah yang Terdaftar di OJK Periode Maret 2017 sampai September 2019). Journal of Economic, Management, Accounting and Technology, 3(2), 169-181. https://doi.org/10.32500/jematech.v3i2.1336

Musyawarah, I., & Indayanti, D. (2022). Analisis Strategi Pemasaran Untuk Meningkatkan Penjualan Pada Usaha Ibu Bagas di Kecamatan Mamuju. Forecasting: Jurnal Ilmiah Ilmu Manajemen, 1 (1), 1-13.

Prastiyo, A., Fathoni, A., & Malik, D., (2018). Strategi Pemasaran Produk Jahe Merah melalui Analisis SWOT pada Perusahaan UD Barokah Ungaran. Journal of Management, 4(4), 1–13

Prayudi, D and Yulistria, R. (2020). Penggunaan Matriks SWOT dan Metode QSPM pada Strategi Pemasaran Jasa Wedding Organizer: Studi Kasus pada UMKM Gosimplywedding Sukabumi. Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship, 9 (02), 224 – 240. http://dx.doi.org/10.30588/jmp.v9i2.516

Rosyid, A., Kadir, A., and Widyaningsih, N., (2020). Analisis SWOT Dalam Meningkatkan Market Share Produk Lembaga Keuangan Syari'ahdi BMT NU Cabang Pasean Pamekasan. Jurnal Ekonomi dan Perbankan, 02 (02):108-118. https://doi.org/10.32806/investi.v1i02.50

Sarjana, S., Widiana, I. N. W., Sisilia, K., Sidjabat, S., Utami, A. R., Raharto, E., & Fauzan, R. (2022). Manajemen Pemasaran. Global Eksekutif Teknologi.

Sriyono. D. S and Meutia, S. (2020). Manajemen Teknik (Untuk Praktisi Dan Mahasiswa Teknik). Yogyakarta: Penerbit Deepublish Grup Penerbitan CV. Budi Utama, h. 62.

Stravos, J. M and Hinrichs, G., (2019).Thin Book of SOAR : Building Strengths Based Strategy ed. Sue Annis Hammond (Thin Book Publishing; 2nd edition, 2019)

Susanti,F., Barkah, C. S., Tresna, P. W., Chan, A., (2021). Analisis Faktor-Faktor yang Mempengaruhi Perpindahan Merek (Brand Switching) Pada Produk Susu. Jurnal Ekonomi, Bisnis dan Akuntansi (JEBA), 23 (01), 30 – 44. https://doi.org/10.32424/jeba.v23i1.1787

Zamista, A. Z., and Hanafi., (2020). Analisis SOAR pada Strategi Pemasaran di Industri Jasa Finance. Jurnal Hasil Penelitian dan Karya Ilmiah dalam Bidang Teknik Industri, 6 (1), 27 – 33. http://dx.doi.org/10.24014/jti.v6i1.9335