Tuesday (5/10), Setsail BizAccel, President University (PresUniv), held a Market-Based Management workshop. This workshop is the third workshop of Ready Setsail Batch 1, an intensive business mentoring program for six months for nine startups owned by PresUniv students. This workshop presented Frank Silitonga, Chairman of Aksi Nusantara. Then, what is market-based management? Frank explained that market-based management is a holistic approach for organizations that incorporate theory and practice and organizes businesses to deal effectively with the challenges of change and growth.
Frank said market-based management is the business philosophy and framework developed by Charles Koch that applies to innovating, improving, and transforming to create greater value. According to Frank, the key in market-based management is dimensions. "The real strength in market-based management is the way the dimensions become mutually reinforcing when applied systematically and consistently," he said. Then, what are the dimensions of market-based management? Frank explained that there are five dimensions of market-based management: vision, virtue and talents, knowledge processes, decision rights, and incentives.
In this workshop, Frank also provided material on consumer behavior. According to him, a salesman or marketer needs to study consumer behavior to understand consumers in deciding a product. "There are four types of consumer behavior, namely complex buying behavior, dissonance-reducing buying behavior, habitual buying behavior, and variety-seeking behavior," he said. Frank added that human behavior could change at any time, including choosing a product, so marketers must know which behavior is the greatest in their consumers and focus on that behavior. (Gilang Suryanata, PR team. Photo: Gilang Suryanata. Recording link: https://bit.ly/setsail-aksi)