37 Chapter IV Findings: Business Solution The fourth chapter explores the in-depth analysis of the data collected through the method from the previous chapter. The data will then be processed to be analyzed using the external and internal analysis. The external analysis consists of PESTEL analysis, Porter’s Five Forces, and Consumer Behavior. Followed by the internal analysis which consists of Marketing Mix 7Ps and VRIO matrix. After the environmental scanning is done, then the strategy formulation is proceeded using the SWOT-TOWS analysis and Ansoff matrix. The business solution would be in the form of new Marketing Mix 7Ps, STP (Segmenting, Targeting, and, Positioning) strategy, and proposed business strategy framework. The proposed business strategy framework will then be elaborated in the implementation plan. IV. 1 Analysis The data collection that has been conducted through in-depth interviews are then processed through a coding method. The coding process involved a systematic and thorough analysis of the transcripted interview data which were carefully reviewed and coded to obtain significant information embedded in the narratives (“The Coding Manual for Qualitative Researchers,” 2021). The purpose of analyzing the in-depth interviews is to obtain meaningful insights to be further analyzed for the internal, external, and SWOT analysis. 38 Table IV. 1 Internal In-Depth Interview Objective Quotes Code Key Findings Business Strategy “In my opinion, in terms of human resources, honestly, there should be more. As the clinic keeps growing and the number of patients increases, the human resources should also be enhanced. However, due to the limited capacity of the building, even if there are more human resources, they might not be able to do what we desire.” (dr. G. Handoyo, personal interview, November 7, 2023) Human resource management The current human resource management is not really effective since the owner is still handling it herself. There is no one in charge of holding the staff’s performance standard. There’s also concern that the number of human resources for handling the patients need to be increased but due to limited capacity it is not possible to add more personnel. “From the previous history of patients, the patients moving towards purchases might be around 90%, but for repeat purchases, it might only be about 25%.” (A. Anfi, personal interview, November 7, 2023) Customer retention rate Patients would normally undergo treatment for two years and if their spine is already corrected then they would not purchase another brace. This is why the clinic should aim at reaching new market that aren’t aware of the clinic’s services. “There is a positive action from the parents, when they are aware about it, they are now spotting the issues with their child's posture sooner. Finding scoliosis early is great because young spines can be shaped more easily, leading to better results. So, awareness about this stuff helps the Postur Clinic make a bigger impact.” (dr. G. Handoyo, personal interview, November 7, 2023) Market awareness There is an increase of scoliosis awareness among the parents that help early detection for their children. This awareness helps with attracting new patients and with early detection they could have better treatment results. (cont) 39 (cont) Objective Quotes Code Key Findings Business Strategy “For now, there's no strategy. What’s crucial is the clinic must be profitable. So, the focus is on low cost and high income.” (dr. A. Artono, personal interview, November 6, 2023) Current financial objective The financial objective of this business is that they have to at least be profitable. They do not yet have a certain strategy or monthly target. To have an adequate business strategy they should have financial projection and quarterly meetings to discuss the financial progress that they achieved each month. Not to forget the budgeting that they need to make to have financial control over the business. “Approaching a new market, because we need to be the first ones in before being snatched by the new brand. We need to be ahead because they are very new, just entering the market, and their base is in Surabaya, while ours is in Jakarta. Their workshop is in Sidoarjo, so their production time is faster, and they do trading as well.” (dr. A. Artono, personal interview, November 6, 2023) Urgency for market development The emergence of new competitors increased the urgency to reach new markets. Currently the business already has loyal patients that would be willing to advocate for the clinic. The clinic should attract new patients that eventually increase the number of loyal patients. (cont) 40 (cont) Objective Quotes Code Key Findings Business Strategy “Meanwhile, in our place, I feel it's not spacious enough for the patients. So, hopefully, in the future, it can continue to grow, and the building itself can be expanded as well.” (dr. G. Handoyo, personal interview, November 7, 2023) Limited capacity This limited capacity to accommodate the growing number of patients could be a weakness for the clinic. The limited capacity is causing the waiting time for the patients to increase, this means the patients can’t get their treatment immediately. The waiting list could be a good sign that people are highly interested in the clinic, but this could also be a boomerang since they might try to get treatment somewhere else. Adaptation to Technology and Innovation “The system doesn’t accommodate for an efficient medical record input, the system should all be integrated with the patient’s information, purchase history, and billing” (A.