INDIVIDUAL ASSIGNMENT

TECHNOLOGYPARK MALAYSIA
BM045-3-3-SMGT
STRATEGIC MANAGEMENT

HAND OUT : 21 JANUARY 2021

HAND IN : 1 MARCH 2020
WEIGHTAGE : 40%
TP NUMBER : TP050289
NAME : EINSTEN DAVIDSON
INTAKE : UC3F2011BM (E-BUS)
LECTURER : MARGARET A/P SUBRAMANIAM
WORD COUNT : 3072
Table of Contents

INTRODUCTION.................................................................................................................................1

EXTERNAL ENVIRONMENT............................................................................................................2
PEST Analysis...................................................................................................................................2
FIVE FORCES MODEL...................................................................................................................6
EXTERNAL ANALYSIS.................................................................................................................7

INTERNAL ENVIRONMENT.............................................................................................................8
VALUE CHAIN ANALYSIS...........................................................................................................8
SUPPORT ACTIVITIES.................................................................................................................10
INTERNAL ANALYSIS.................................................................................................................11

TOWS MATRIX.................................................................................................................................11

TOWS MATRIX RECCOMENDATION...........................................................................................12

STRATEGIC ALLIANCE AND PARTNERSHIP..........................................................................12
NEW PRODUCT DEVELOPMENT STRATEGY.........................................................................13
IMPROVE EXISTING PRODUCT.................................................................................................13

CONCLUSION...................................................................................................................................13

REFERENCES....................................................................................................................................14
INTRODUCTION

Figure 1: Bank Mandiri Logo (Setlyaningsih,2018)

According to Mandiri (2021), Is a government owned commercial Bank and was

created from four combined state owned bank that has been merged into one Bank called
Bank Mandiri. Bank mandiri was founded in year 1998. Based on Statistica (2020) bank
Mandiri is the 2nd largest bank in Indonesia in terms of Asset.

The following report will elaborate further on strategic management of Bank Mandiri
in Indonesia. The report will focus on external and internal environment and will try to
identify its internal strength and weaknesses and external threats and opportunities. The
following report will also provide strategy reccomendations based on those internal strength
and weakness and external threat and opportunities.
EXTERNAL ENVIRONMENT

PEST Analysis

1.Political
As stated by Santosa (2020), Bank Mandiri is owned by BUMN (Badan Usaha Milik
Negara) which are the business entity that is owned entirely or mostly by the Indonesian
government. Therefore, the Indonesian government has a big political influence towards
Bank Mandiri. Bank Mandiri will be affected by government policy and changes set by the
Indonesian government.

According to Wareza (2020), Bank Mandiri is also affected by OJK regulations and
policies. Based on OJK (2021), OJK is an independent institution established by Indonesian
government to monitor, organize, and inspect every financial services that includes banking
sector and other financial service institutions. As stated by Intan & Yolandha (2021), in order
to accelerate economic recovery after Covid-19 pandemic, OJK released an order to
Indonesian Banks to lower their interest rates from 4% average of interest rate in late
December to 3.5% average interest rate in early February in order to increase liquidity.
Grenisia & Rianto (2019), a low interest rate retailers will less likely to save and will more
likely to borrow as paying interest rate of a loan will be lower. Bank Mandiri can be affected
by the new regulation positively and negatively. With a lower interest rate, Bank Mandiri will
lose more asset from their clients as people will less likely to save their money in the bank.
But Bank Mandiri could benefit from higher volume of people who wants to borrow money
and would profit from the interest rates the clients need to pay.

2. Economic

According to Usman, et al. (2020), Covid-19 pandemic affected negatively towards

the global economy. As stated by Wenno (2020), the covid-19 pandemic affected Bank
Mandiri’s stock market significantly bearish. On late February of 2020, Bank Mandiri’s stock
market is positioned at 8025 points. After the outbreak of the virus, Bank Mandiri’s stock
plummeted to 3800 points on late March of 2020. It is 53% decrease of market share price.
The worst stock crash ever recorded by Bank Mandiri since Bank Mandiri IPO (Initial Public
Offering) in 2006. After the crash, Bank Mandiri is steadily recovering their stock
performance with a healthy uptrend projection.
 Figure 2: Bank Mandiri Stock Chart (tradingview, 2021)

Bank Mandiri also can be affected by the GDP growth of Indonesia. According to Tani
(2020), Indonesia’s GDP shrank for the year of 2020 with a significant percentage. In Q1,
Indonesia’s GDP fall from 4.97% to 2.97%. In Q2 it fell significantly to -5.32%. Making it
the worst GDP growth rate Indonesia has endured from 2000 to 2020.

Figure 3: Indonesian GDP Growth rate (trading economics,2021)

With a bad GDP growth rate performance, it is expected that Bank Mandiri will suffer
from weak bank credit as the public spending power will be significantly lower than the
previous year.
3. Social

The social aspect of Indonesia can affect Bank Mandiri also. According to World Population
Review (2021), Indonesia’s religion is mostly Islam with a majority percentage of 87% of the
total population. Due to Indonesia’s religion majority of Islam, rules and regulation will be
mostly follow the influence of Islam and companies will try not to conflict with Islam’s
religion interests and its Shariah Laws. Many banks also influenced by Islam in the region
and created several Syariah banks including bank Mandiri. Mandiri. Based on Syariah
(2021), Bank Mandiri Syariah is established in year 1999 Bank Mandiri established a shariah
bank. The reason why Bank Mandiri opened a shariah bank is to create a banking branch that
adhere to Shariah Laws where it attracts the Islam population in Indonesia and abroad.

Figure 4: Indonesia Population Pyramid 2021(world population review,2021)

Another social aspect that Bank Mandiri can be affected is Age group. As stated by
Dewi (2017), the youngest age to open an account in Indonesia is 17 years old. Banks targets
the working class as the age group has an income. According to Majaski (2021), a working
age can be range from 15-64 or 18-64. Due to Indonesia is a developing country, Indonesia’s
population has more working class population compared to developed couontries. It’s good to
have a lot of working age as it can provide more loan opportunities, higher spending power,
and better economic growth that can benefit Bank Mandiri in a positive way.
4. Technology

According to Alam (2020), the rise of digital marketing is accelerated significantly in

year 2020 where clients can open an account digitally and using banking services like money
transfers and online banking. But internet banking or digital bank also has its downside.
According to Natter (2019), Digital bank has a downside of security and identity theft with
the rapid increase of technological advances, the more sophisticated cyber crime techniques
developed too. Not only that, digital marketing can also be limited to technology and service
interruptions. Such as unstable internet network. According to Hananto (2019), Indonesia has
one of the worst internet speed and it is ranked 92th fastest in the world. With a low internet
speed, it could be a barrier for operating a stable and fast service of digital banks and internet
banking services.

FIVE FORCES MODEL

1. Rivalry Among Existing Competitors

Figure 5: Logo of Bank BRI and BCA (BCA,2021)

According to Richard (2021), the biggest competitor Bank Mandiri faced currently is
Bank BRI and BCA. Both competitors is one of the largest banks that are currently operating
in Indonesia. With BRI has the most asset with an amount of Rp1,447.85 trillion with an
annual growth of 10,89 % and BCA’s asset amounting Rp1,003.63 trillion with an annual
growth of 12.3 %. Compared to Bank Mandiri that has RP1405,85 trillion with annual growth
of 10,28 %. Both competitor provided a similar busniness model of a convetional Bank
as well as Bank Mandiri with almost identical services provided such as fixed deposits, loans,
and others. According to OJK (2020), Both Bank BRI and BCA also has their Syariah Banks
also competing with Bank Mandiri Syariah. Not only that Bank BRI and BCA also engaged
in digital bank and internet banking services.
2. Threat of New Entry

According to Alhadeff (1974), the barrier of entry for Banking is very high, therefore,
it will be harder for a new Bank to enter and compete as the cost and time needed to enter and
compete is very high. Not on just resources, stated in Indonesian Bank regulations, a bank
should issue a Banking license and other documents that could be a barrier to enter for a new
comer. But there is a new kind of Bank that has different business model compared to
conventional Banking which is Digital Banks. According to Mulia (2021), Digital Banks does
not require a bank license to operate in Indonesia, this could be an important foothold for new
Banks that wish to enter.

3. Threat of Substitution

According to Indiatsy, et al. (2014), threat of substitution can be denifed as every

firms that has a same industry that produces substitude products and services and potentially
a threat replace the existing products and services. According to Yang & Liang (2018), third
party payment is starting to replace bank for specialized financial services such as 3 rd party
payment such as GoPay, PayPal, Alipay, and others. This could replace existing banking
financial services which is a threat to Bank Mandiri.

4. Bargaining power of suppliers

Bank mandiri has two main supplier for them. The first one is Bank Mandiri’s own
client who deposit their money into the bank who provide the main supply of capital or
money. And the second supplier is Bank Mandiri’s employees. An individual client is less of
a threat as they have a low bargaining power to reduce margins earned by bank Mandiri. But
big corporate clients that entrust their capital in bank Mandiri has a larger bargaining power
as they invested a lot of money into the bank. For bargaining power of employees, an
individual employee has less bargaining power compared to high executive employee who
has much larger bargaining power.

5. Bargaining power of Buyer

The bargaining power posessed by individual consumer or a client is fairly small as

switching to other banking would cost time and administration fees that could discourage
clients to switch as there is too much hassle to do so. To extent, if an individual is tied to
martgage, loans, credit card, or others, it is hard to change banks for the individual. It’s a
different story for corporate clients and high net-worth individuals as banks cant suffer a loss
of a large sum of money and revenue that can affect the bank’s profitability substatntially.
Therefore Corporate clients and high net worth individuals has more bargaining powers.

EXTERNAL ANALYSIS
By analysing PEST analysis and Micheal Porter’s Five Forces Model analysis stated
above, both analysis could identify Threats and Opportunities faced by Bank Mandiri.

To begin with Bank Mandiri faces a few external threats. The first threat Bank
Mandiri face is competitors who has the same business model with Bank Mandiri like BCA
and Bank BRI. And other competitors who has different business models such as 3rd party
payment and digital banks. Bank Mandiri also faced an uncertain politics in the region and its
more significant as Bank Mandiri is owned mostly by the government. A bad economy
performance could also pose a threat to Bank Mandiri.

Secondly, Bank Mandiri also faced a few opportunities. Due to social factor that
Indonesian religion is mostly Islam, Bank Mandiri can market their products and services
more relevant and acceptable to Islam populations making it more attractive and Indonesia
being a developing country resulting a much higher working class population that could
benefit Bank Mandiri. Technological advancement could also benefit Bank Mandiri creating
new innovation such as Digital Bank that can shift Bank Mandiri overall business model if
the new innovation has more benefits than the previous one.
INTERNAL ENVIRONMENT

VALUE CHAIN ANALYSIS

According to Jurevicius (2013), value chain analysis can be described as range of

activities divided into primary and support activities that is necessary for provding value to a
product and try to analyze the full range of activities in order to decrease the cost and
increase differentiation of the product itself.

Figure 6 : Porter's Value Chain Analysis (Dudovskiy,2021)

PRIMARY ACTIVITIES

1. Inbound Logistics

Based on Fisher, et al. (2020), Inbound logistic is a process of receiving and storing
raw materials. According to Lamarque (2000), the main inbound logistic of a commercial
bank is raising funds. The purpose of raising funds is to find the best way to accumulate
capital or funds for an adequate time provided. Raising funds can be gained from company
and private deposits, Bank Mandiri’s own fund, and refinancing. Bank Mandiri can choose or
combine those raising fund methods to get the best way to accumulate funds but also attached
to means of payment management service.

2. Operations

As stated by Fisher, et al. (2020), Operations is a process of converting raw material

to final prodcuct or services.Based on Lamarque (2000), the operations of a commercial bank
is product and service design. The operation activity for bank Mandiri is Product and service
design specific for targeted audience as bank Mandiri is considered as a commercial bank.
The operations activity can also be called as product dressing where the price of product and
services prices are set.

3. Outbound Logistics

According to Fisher, et al. (2020), Outbound logistics is a process of distributing the

final products and services produced from operations. Based on Mutua (2013), stated that the
main outbound logistics of a commercial bank is bank branches. Bank Mandiri distributes its
final products and services by opening branches in many different location where clients of
Bank Mandiri can gain access to those products and services. Accoding to Era (2020), Bank
Mandiri has the largest bank branch in Indonesia with 1539 branch.

4. Marketing and Sales

Based on Fisher, et al. (2020), marketing and sales is a process of increasing visibility
and target customers who has an interest of the products and services by using marketing and
sales strategies such as protomition, advertising, and others. Based on Mandiri (2016), in
Mandiri’s operational review stated that Bank Mandiri is engaged in marketing strategies to
promote Bank Mandiri’s final product and services towards their existing client and potential
new customers.

5. Services

As stated by Fisher, et al. (2020), Services is an activity firms use for keeping and
better customer experience standards. Services also can be use for maintaining products and
services. Based on Lamarque (2000), commercial bank like Bank Mandiri use Services to
maintain client satisfaction after sales of product and services. To extent, based on Mandiri
(2018), annual report regarding to corporate social responsibility, Bank Mandiri take Services
seriously in order to maintain client satisfaction for their products and services.

SUPPORT ACTIVITIES

1. Firm Infrastructure
According to Fisher, et al. (2020), firm infrastructure can be described as the
company’s support system that keeps the Firm’s operations operational. Firm infrastructure
can be in a form of administrative functions, accounting, and others. According to Mutua
(2013), a good firm infrastructure can provide a competitive advantage and help supporting
the value chain of Bank Mandiri.

2. Human Resource Management

Based on Fisher, et al. (2020), human resources management is an act of finding new
or keeping existing employees that is suitable for the business strategy. Hiring the right
employee could help the primary activities overall to be more effective. Based on Bank
Mandiri (2017), Bank Mandiri is applying Human Resource Management and also try to
improve their existing employees to be more efficient on supporting the main operation of
Bank Mandiri.

3. Technology Development

According to Mutua (2013), techology development are set of activities that focus on
product development and improvement that can be achieved through researh, development,
and innovation. As stated by Mandiri (2021), bank Mandiri has implemented technology
development as their supporting act by transitioning their banking product and services into
digital forms. But it has still suffer from flaws like bugs and weak security.

4. Procurement

According to Fisher, et al. (2020), procurement isn act of purchasing raw resources,
sometime negotiation for the price of resources occurred with the firm and the supplier.
According to Kencana (2020), Bank Mandiri is planning to buy a small to medium bank for
their expansion can be categorized as a procurement act. But the plan was postponed due to
the current pandemic. Resulting a stagnant expansion for Bank Mandiri

INTERNAL ANALYSIS
Based on Value chain analysis provided above, it can identify the strength and
weakness of Bank Mandiri.

To begin with, the strength of Bank Mandiri is having a good outbound logistic as
Bank Mandiri has the largest bank branch in Indonesia. Bank Mandiri also provide a good
Human Resources Management that can support the main activity of Bank Mandiri. Bank
mandiri also has engaged in technology development by transitioning their bank into digital
forms.
 Secondly, the weakness of Bank Mandiri is having a weak security and bugs for their
digital bank or internet banking. If Bank Mandiri can’t develop a new solution to strengthen
their security in digital bank and finding new solution to fix the bugs, clients of Bank mandiri
will be dissatisfied with Bank Mandiri. And due to postponed plan of expansion, Bank
mandiri is unable to expand.

TOWS MATRIX

According to Weihrich (1982), TOWS Matrix is a continuation of SWOT analysis

where TOWS elaborate further by adding internal strengths and weakness and external
Threats and Opportunities. As stated by Lynch (2020), the main purpose of TOWS matrix is
to develop strategic options based from internal and external analysis.

External Opportunity (O) External Threat (T)

O1. Opportunity of dressing the
final product and services
targeting Islam majority in
Indonesia.
O2. Technological advancement
leading to new innovations.
O3. High percentage of
working-class age.
T1. Competitors
T2. Threat of Substitution from 3rd
party payment
T3. Uncertain Politics in the region
T4. Bad Economy Performance in
the region

Internal Strength (S) SO WO

S1. Has the largest branch in 1. develop existing product and
Indonesia services that are targeting Islam
S2. Good Human Resources population with good product
Management distribution. (S1, S2, O1)
S3. Engaged in Technology 2. Focusing on technology
Advancement advancement to find new
innovations, and new products
and services to market. (S3, O2)
1. Focus on technology advancement
to improve and innovate better
product and services in order to
compete with other 3rd party payment
(S3, T2)
Internal Weakness (W)
W1. Weak digital bank
security
W2. Lack of Expansion
WO WT
1. Improve digital bank security 1. Form a strategic alliance or
as technological advancement partnership (W2, T1)
will accelerate new innovation
that could improve it. (W1, O2)

TOWS MATRIX RECCOMENDATION

STRATEGIC ALLIANCE AND PARTNERSHIP

According to Kalia (2020), a strategic alliance can be described as an agreement

between two firms to accept a beneficial project for both firms without creating a separate
business entity. Therefore, both firms could maintain their own independence to run their
firms. Bank Mandiri could use strategic alliance to reduce the weakness of Lack of
Expansion and external threat of competitors. Rather than buying small to medium bank for
expansion which cost a lot of capital, strategic alliance with another bank in a new market
could benefit Bank Mandiri as it will be easier to enter a new market and by sharing
resources with another bank, Bank Mandiri does not require to invest a lot of money to
acquire the resources needed.

NEW PRODUCT DEVELOPMENT STRATEGY

Based on TOWS matix analysis as shown above, by utilizing and maximizing the
strength of Bank Mandiri of having a good Human Resource Management, Bank Mandiri can
assign employees who can design and develop existing product and services that is more
suitable for Islam population as Indonesia has a population that has a majority population of
Islam population. And by utilizing the strength of Bank Mandiri of having the biggest branch
in Indonesia, it will be easier to distribute the new products and services to different parts of
Indonesia.

IMPROVE EXISTING PRODUCT

 By maximizing the strength of Bank Mandiri of their commitment of technology
advancement, Bank Mandiri could improve their existing products and services that is
focused on competing with 3rd party payment firms that is an external threat of bank Mandiri.
To prevent a threat of substitution by the competitors, Bank mandiri need to provide a better
product and services compared to Bank Mandiri’s competitors. This strategy would minimize
the external threat of Bank Mandiri.

CONCLUSION
After analysing the external environment and internal environment faced by Bank
Mandiri, It can be determined what internal strength and weaknesses that Bank Mandiri
possessed and what external opportunities and threats that Bank Mandiri faced. By using this
analysis, Bank Mandiri can plan a strategy to tackle the threats and weakness or minimizing it
and maximizing the strength and opportunities given by Bank Mandiri.
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