IMPROVEMENT OF PERCEIVED VALUE OF APARTMENT: STRATEGIC ANALYSIS USING IPA, SWOT, AND AHP

ABSTRACT


INTRODUCTION
In the global recession of 2023, the property industry experiences a downturn, especially in countries that are severely affected by the recession. Reduced demand may occur as many people and companies do not have the financial resources to buy or lease new properties. However, on the other hand, there are several factors that can influence the property industry during a recession. The need for housing and commercial space will still be there, although demand may decrease. At the same time, property prices may fall and present an opportunity for those who have the financial resources to invest. Some property companies may face financial difficulties, especially with high debt (David, 2017). However, there is also a possibility that strong companies with sufficient financial resources will be able to take advantage of opportunities to expand their property portfolio at lower prices. Overall, during the global recession of 2023, the property industry is likely to face challenges but can also provide investment opportunities for those who have sufficient financial resources. The latest condition of property sector sales development in 2023 can be seen in Figure 1, Delloite report 2023 for worldwide conditions, and Figure 2 for conditions in Indonesia. The prospect of selling an apartment in 2023 will depend on various factors such as the location of the apartment, the demand for housing in that area, and the overall economic situation. In areas where demand for housing is high, apartments may still sell quickly and for a good price. However, in areas where there is an oversupply of apartments or where the economic situation is uncertain, selling an apartment may be more difficult and may result in a lower selling price. To increase the prospect of selling an apartment in 2023, it may be helpful to ensure that the apartment is well-maintained and presented attractively to potential buyers so that it will make the image of the product and company still positive for consumers.
Related to the declining property industry market, especially apartments during this global recession, one strategy can be to increase the perceived value of apartments so that they have a high bargaining position in the eyes of consumers. Case study object at the middle low apartment: Tamansari Prospero Tower 1 in East Java, Indonesia. Tamansari Prospero Tower 1 is experiencing the same problems as the property business condition in 2023. Seeing the strategic conditions of the Tamansari Prospero Apartment, consumers' interest in renting or buying the Tamansari Prospero Apartment should be relatively high. However, the problems that occur in the field are different. Based on existing sales data shows that from 2020 to 2022, it is very much different from 2019. In 2020, the actual sales achievement of the sales target was 60%, then in 2021 and 2022, it fell even further, namely 22%. The following is complete data related to the sales performance of Tamansari Prospero Apartments. To develop a strategy so that perceived value increases which then increases apartment sales, an analysis is carried out involving 3 analyses. One method that will be used for this analysis to find the gap between expectations and performance is the Importance Performance Analysis (IPA). IPAs have several excesses compared to method other. The advantage of IPA compared to others is that IPA can show the necessary attributes of a product/service that need to be improved or reduced to maintain consumer satisfaction and easier result to understand at a lower cost. The result from IPA became the basis of the strategy to improve the Tamansari Prospero Apartment in this research, which will be analyzed using SWOT and the Analytic Hierarchy Process (AHP). The SWOT analysis will be used to analyze the internal and external factors, while AHP will determine the weight of each TOWS strategy, especially formerly based on the highest rating in AHP. The novelty of this study is to conduct 3 steps of analysis, namely IPA, SWOT, and AHP. So far, research related to strategies in the property industry has only used 2 methods. Here are some studies that use these 2 strategies:  (Xie et al., 2020) IPA -ANP

METHOD
The type of research to be used in the study is quantitative research. It is more strategic exploration carried on with SWOT and AHP analysis of results IPA analysis. A survey was done offline and online through G-Forms. Respondents filled out the form via e-mail or active Whatsapp number. After that, the results were directly collected in Spreadsheet format. Samples were 130 respondents: 30 respondents for validity and reliability, 100 respondents for IPA. The determination sample was done in a non-probability sampling with purposive sampling.
The analysis used consumers or existing customers who have rented or were currently renting or buying an apartment at Tower 1 Tamansari Prospero Sidoarjo, East Java, Indonesia for study stage 1 to know the perceived value and the perceived value gap. Meanwhile, in the second stage, SWOT analysis also uses a questionnaire to know the strengths, weaknesses, opportunities, and threats from the results of IPA analysis. The SWOT and AHP questionnaire is filled out by the management of Tower 1 Tamansari Prospero Sidoarjo.
The type of questionnaire question in this research is a closed-end question where respondents are requested to choose the answers provided. Section I dug for demographic data to be asked of the respondents like age, level of education, marital status, income, job, time purchase or moment to rent an apartment, and reason to buy or rent an apartment. Then the second data classification (Section II) is a question containing a questionnaire with a Likert scale, which is the core for answer question study related to perceived value performance and expectation.
In the current research, perceived value was measured based on three dimensions: functional value, social value, and emotional value. Functional values evaluate consumers on physical and functional values from Apartment Tower 1 Tamansari Prospero Sidoarjo. There were 32 indicators used to measure functional value from Zhao and Chen (2021), Siahaan et al. (2019) and Kuo et al. (2022). Social values are the evaluation of consumers on social, demographic, and cultural aspects from Apartment Tower 1 Tamansari Prospero Sidoarjo. 17 indicators were used to measure social values from Kusuma and Shiratina (2022), Andrew and Larceneux (2019), Siahaan et al. (2019), Lundgren (2013), and Zhao and Chen (2021). Emotional values are the evaluation of consumers on value perceived benefits, as well as aspect emotion from Apartment Tower 1 Tamansari Prospero Sidoarjo. The 14 indicators used to measure the emotional value from Kusuma and Shiratina (2022), Zhao and Chen (2021), and Siahaan et al. (2019). The measurement used in this study is the Likert scale score is 1-5.
The validity test for perceived value used is Pearson Correlation or Product Moment. This was conducted on 30 respondents at the beginning of the study before the main research is conducted. The result validity and reliability test showed that some of the functional value dimensions are invalid because the corrected item to total correlation value is less than 0.3, namely indicators 3, 4, 6, 7, 19, 20, 21, and 22. There are social value dimensions that are invalid because the corrected item to total correlation is less than 0.3, namely indicators 4 and 14. Some dimensions of emotional value are invalid because the corrected item to total correlation value is less than 0.3, namely indicators 4 and 5. Invalid indicators cannot be used in the next testing process. So, there are 24 remaining functional value dimensions, 15 social value dimensions remaining, and 12 indicators remaining emotional value dimensions. The test results that all variables have a good reliability value, this can be seen in Cronbach's Alpha value which is greater than 0.6. Thus the results of validity and reliability testing show results that are in accordance with the established standards, so that a valid measuring tool can be used for research analysis.
The following research steps were carried out after testing the validity and reliability of the questionnaire for consumers. 1) Analysis based on mark expectations, performance, and gap values or differences between expectations and performance of perceived value; 2) Split the difference data based on median value, below and above median values; 3) See the indicator or statement of which one is in category quadrant A on functional value, social value, and emotional value because quadrant A is the critical quadrant; however, it still has acceptable performance; 4) Make a related SWOT analysis with incoming items in quadrant A; 5) Make a SWOT matrix for formulating SO, WO, ST, and WT strategies. Internal factors include strengths and weaknesses. The aspects included strengths and weaknesses. The considerations in determining strengths and weaknesses are also based on issues from the IPA results that fall in quadrant A. In the SWOT IFE factor, there are two items that need to be filled out: weight and rating. The weight assigned to a given factor indicates the relative importance of the factor to the success of the firm's industry.
Regardless of whether a key factor is an internal strength or weakness, factors considered to have the greatest effect on organizational performance should be assigned the highest weights. The sum of all weights must equal 1.0. A rating score from 1 to 4 is assigned to each factor to indicate whether that factor represents a major weakness (rating = 1), a minor weakness (rating = 2), a minor strength (rating = 3), or a major strength (rating = 4). Note that strengths must receive a 3 or 4 rating and weaknesses must receive a 1 or 2 rating. Ratings are thus company-based. Multiply each factor's weight by its rating to determine a weighted score for each variable. Sum the weighted scores for each variable to determine the total weighted score for the organization; 6) Make IFE and EFE matrix to see the position from Apartment Tower 1 Tamansari Sidoarjo; 7) Analyze the strategies and alternative strategies undertaken by the party company; and 8) Choose level strategic priorities and alternative strategies with the use AHP method.
The main goal of determining strategic priorities and alternatives is to increase perceived value to impact sales (sales). In the analysis of AHP requirements, the internal consistency value is 0.1. The highest AHP value reflects the first strategy that should be done by the company, and so on until the lowest AHP value reflects the final strategic step taken.

RESULTS AND DISCUSSION
This descriptive analysis was carried out from the results of distributed questionnaires to Tamansari Prospero Tower 1 consumers who had bought or rented apartments. Statements were analyzed after being declared valid and reliable. The results of the analysis are carried out by calculating the average value of the answers on expectations and performance. Then the difference between expectations and performance is called the gap value. The results of the expected value, performance, and gaps can be seen in the table below: The next step is to determine the IPA quadrants. The IPA quadrant is obtained from the value of expectations and performance. The value of expectations and performance will be sought for the median or median value. The median value will be the point of intersection to determine the quadrant. The quadrant that is of concern is the quadrant with expectations above the median but the performance is below the median value. The full results of the analysis using IPA can be seen in the following figure: Based on IPA results, which are in Quadrant A: Concentrate Here. Is an important quadrant but performance in the eyes of customers is still low, namely the indicator FV1, FV2, FV18, FV16. So the issue is in accordance with the order of the gap values that are of concern to management related to functional values, namely Tamansari Prospero Tower 1 or Fortuna is not yet conducive to increasing the comfort of occupants' lives, useful for improving health conditions, potential for resale and correspondence matters in apartments that are still difficult to resolve. SWOT analysis will carry out this issue and find a solution through the TOWS strategy matrix so that it can answer the research problems. The next step is to determine the IPA quadrants. The IPA quadrant is obtained from the value of expectations and performance. The value of expectations and performance will be sought for the median or median value. The median value will be the point of intersection to determine the quadrant. The quadrant that is of concern is the quadrant with expectations above the median but the performance is below the median value. The full results of the analysis using IPA can be seen in the following figure. Based on IPA results, which are in: Quadrant A: Concentrate Here. Is an important quadrant but performance in the eyes of customers is still low, namely the indicator SV1, SV3, SV4, SV8. So the issue is in accordance with the order of the gap values that concern management related to social values, namely Tamansari Prospero Tower 1 or Fortuna has not improved its social status, has not been optimal in providing social satisfaction, has not maximized praise given by colleagues visiting Tamansari Prospero Tower 1 Apartments, and there is a lack of pride in being the owner of the Tower 1 Tamansari Prospero apartment. SWOT analysis will carry out this issue and find a solution through the TOWS strategy matrix so that it can answer research problems. The next step is to determine the IPA quadrant. The IPA quadrant is obtained from the expectation and performance values. The expectation and performance values will be searched for the median value. The median value will then be the intersection point to determine the quadrant. The quadrant of interest is the one where the expectation is above the median, but the performance is below the median. The complete results of the IPA analysis can be seen in the following picture: Based on the IPA results, which are in: Quadrant A: Concentrate Here. In this dimension, there is no indicator that falls in quadrant A. Therefore, there is no major issue that can be raised as a company's SWOT. The TOWS strategy matrix can be used to address the research problem.

SWOT Analysis
The management team who filled out the SWOT questionnaire was the property unit manager who will receive input from the technical and commercial section head, as well as the finance and marketing section head. Only the unit manager will fill out the questionnaire as the manager is the final decision maker for the policies and strategies formulated. The results of the SWOT analysis are as follows. The IFE SWOT table shows that there are 4 items that are strengths and have a strength score of 1.8. Then there are 7 items that become weaknesses with a weakness score of 0.8. The total score of strengths and weaknesses is 2.6.
Using the same method as IFE, the EFE SWOT analysis is as follows: The SWOT EFE factor table shows that there are 3 items that are opportunities and have a strength score of 1.625. Then there are 4 items that become a threat with a weakness score of 0.7. The total score of strengths and weaknesses is 2.325.
Next, a position analysis is performed in the IFE and EFE matrices, by entering the IFE and EFE total scores. The following is the position of these scores in the IFE and EFE matrices. Based on the figure, it can be seen that the company's position is in quadrant V and is included in region 2. Quadrant V, region 2 is the IFE quadrant which is in the average category and in EFE it is in the medium category. This quadrant is called the hold and maintain quadrant. The suggested strategies at this stage are market penetration and product development.
After knowing the important aspects of the SWOT results, a TOWS strategy will be formulated which will become a strategy to increase the perceived value of Tower 1 Tamansari Prospero. The process of constructing a SWOT Matrix can be summarized in eight steps, as follows: 1. List the firm's key external opportunities. 2. List the firm's key external threats. 3. List the firm's key internal strengths. 4. List the firm's key internal weaknesses. 5. Match internal strengths with external opportunities, and record the resultant SO strategies in the appropriate cell. 6. Match internal weaknesses with external opportunities, and record the resultant WO strategies. 7. Match internal strengths with external threats, and record the resultant ST strategies. 8. Match internal weaknesses with external threats, and record the resultant WT strategies. The full results are as follows: 2) The location is close to the airport and toll booths; 3) Easy access to roads and transportation; and 4) Located in a 50% green area Weaknesses (W) 1) Lack of tenant relations officers; 2) After-sales service that does not involve an agent; 3) The apartment building cleaning team does not cover; 4) Healthy behavior (Habit) of dirty tenants and buyers; 5) Leaking roof building; 6) The appearance of exterior paint of the apartment is peeling; and 7) Broken gym facilities

Threat (T)
1) Global Recession with the economy weakening; 2) Other investment options that are more liquid; 3) Prices of building materials are increasing; 4) Substitute product competition 1) Expanding the customer segment market in the middle up (T1, T2, T4, S1, S2, S3, S4); 2) Reschedule for those who have difficulty paying (T1, S1, S2, S3, S4); and 3) Unlock multiple payment platforms with marketplaces (T1, T4, S1, S2, S3, S4) 1) Make a green and clean movement for the owner or occupant with a gift gimmick (T1, W4); and 2) Agreement with the buyer regarding the rules of residence (T4, W4) The purpose of SWOT analysis is to generate feasible alternative strategies, not to select or determine which strategies are best. Not all of the strategies developed in the SWOT Matrix will be selected for implementation. No firm has sufficient capital or resources to implement every strategy formulated. Although the SWOT Matrix is widely used in strategic planning, the analysis does have some limitations. First, SWOT does not show how to achieve a competitive advantage, so it must not be an end in itself. The matrix should be the starting point for a discussion on how proposed strategies could be implemented as well as cost/benefit considerations that ultimately could lead to competitive advantage. Second, SWOT is a static assessment (or snapshot) in time. A SWOT Matrix can be like studying a single frame of a motion picture where you see the lead characters and the setting but have no clue as to the plot. As circumstances, capabilities, threats, and strategies change, the dynamics of a competitive environment may not be revealed in a single matrix. Third, SWOT analysis may lead the firm to overemphasize a single internal or external factor in formulating strategies. There are interrelationships among the key internal and external factors that SWOT does not reveal that may be important in devising strategies. Fourth, there are no weights, ratings, or numbers in a SWOT analysis. Finally, the relative attractiveness of alternative strategies is not provided.

AHP Analysis
After conducting a SWOT matrix analysis to get a strategy formulation to answer the problem formulation, namely improving the perceived value of Tower 1 Tamansari Apartment Prospero Sidoarjo, 11 strategies are obtained. The questionnaire was filled in by 3 Prospero management, namely the property unit manager, technical and commercial section, as well as finance and marketing. The results of the answers from the 3 managers were combined. The combination of answers from the 3 participants already has a choice in the expert choice program.
The full results of the AHP analysis are in the form of rating values. The higher the value, the more it describes the priority of the chosen strategy. The total rating value is 1. The lowest rating value reflects that strategy which is the last alternative to be implemented. The full results of the AHP test are as follows:

Figure 7. AHP Analysis Results
From the results of the AHP test, it can be seen that the order of priority that needs to be done to increase the perceived value of the Tower 1 Tamansari Prospero apartment is as follows: Opened multiple payment platforms with marketplace S11 0,033 Continue to do marketing to target customers by emphasizing the main value of the product S1 0,030 Cooperation with sales agents and other external parties S4 0,021 Reschedule for those who have difficulty paying S10 0,008 The highest rating value is renovating the roof of the building and repainting the outside of the building and the lowest priority is rescheduling for those who have difficulty paying. However, the success of this strategy depends on proper and consistent implementation. The company must have a clear and consistent action plan to improve the factors that affect the perceived value and ensure that the actions taken are consistent with the priorities that have been determined. In addition, companies must monitor and evaluate the results of the actions taken to ensure that this strategy is effective in increasing perceived value and achieving the desired business goals. According to Patrick et al. (2017) and Zauner et al. (2015), there are several ways that can be done to increase the perceived value of the product or service offered.
Here are some of them: 1) Improve the quality of products or services. A high-quality product or service can increase customer satisfaction and make them more likely to repurchase in the future. This is reflected in the strategy of renovating the building and repainting the outside of the building and the strategy of seeking higher quality and longer-lasting specifications of building materials to enhance the developer's image, such as replacing the GRC (Glass Reinformed Cement) Board material with ACP (Aluminum Composite Panel) for the rooftop and the facade canopy. 2) Create a strong brand. A strong brand can give a positive impression on consumers and strengthen the perceived value of the products or services offered. The Tamansari by WIKA brand has been known by the property market since 1990 for its quality and services, this supports the market mindset, so this will strengthen consumer perceived value when the main problems are addressed one by one. 3) Provide a good user experience. A positive user experience can make consumers more satisfied and more likely to recommend products or services to others. This is implemented with the strategy of making green and clean movements for the owner or occupant with a prize gimmick: a) Give a fair price. Prices that are too high can reduce the perceived value, while prices that are too low can create the impression that the product or service is not of good quality. This is implemented with a rescheduling strategy for those who have difficulty paying. b) Provide good customer service. Good customer service can make consumers feel valued and help strengthen positive impressions about the products or services offered. This is implemented with an excellent training service strategy for tenant relations and optimizing the cleaning team's SOP. By doing this training, tenant relations can provide better service or service quality. c) Provide quality assurance or warranty. Quality assurance or warranty can give consumers confidence and help increase perceived value. This is implemented with a strategy of targeting apartment unit owners to be managed by rental management developers in collaboration with operators (Traveloka, Agoda, etc.) and collaboration with sales agents and other external parties. d) The person-in-charge should also maintain communication and interaction with internal parties at Tamansari Prospero Apartment, starting from the sales team, the Building management team, and the Management Team, such as site visits after we have improved the strategic plan and mapped out a road map to upgrade the tower 1. By implementing some of the methods above, the company is expected to be able to increase the perceived value of the Tamansari Prospero apartment, strengthening its position of the Tamansari Prospero apartment in the market.

CONCLUSION
From the steps that have been carried out, a strategy to increase the perceived value of the tower 1 Tamansari Prospero Sidoarjo apartment is obtained by renovating the roof of the building and repainting the outside of the building (facade), looking for higher quality and durable building material specifications to improve the developer's image, such as replacing the GRC (Glass Reinformed Cement) Board material with ACP (Aluminum Composite Panel) for the rooftop and the facade of canopy, holding excellent service training for Tenant relations and optimization of cleaning team SOPs, making agreements with buyers regarding rules for repairing damage/leaks in the unit (negligence by unit users), making green and clean movements for owners or occupants with gimmick gifts, expanding the customer segment market in the middle up, contacting unit owners apartments to be managed by rental management developers in collaboration with operators (Traveloka, Agoda etc.), open multiple payment platforms with marketplaces, continue to do marketing to target customers by emphasizing the main value of the product, cooperating with sales agents alan and other external parties and rescheduling those with payment difficulties. The next stage is to increase the perceived value of the Tower 1 Tamansari Prospero apartment in this Consulting Project Thesis, we do mapping or matrix to synchronize the AHP results into each dimension (functional, social, and emotional), Internal and External Matrix for Hold and Maintenance strategy (Product Development and Market Penetration) then include it in the road map for Tower 1, is as follows: