The Effect of Traditional Market Revitalization in Medan City on Satisfaction and Increasing Trader Sales with Value Perceptions as Mediation Variables
Introduction
Revitalization of traditional markets is an important program initiated by the Ministry of Trade of the Republic of Indonesia to increase the competitiveness of the people's market. The aim is noble, namely to improve the welfare of traders through increasing sales turnover, facilitating logistics and distribution of materials for community needs, and encouraging the growth of domestic markets in the increasingly open global competition. However, market revitalization is not enough just by physical improvement. Improving service quality is also a key factor, because good service can provide satisfaction to consumers. This study examines the effect of the revitalization of traditional markets in Medan on the satisfaction and increase of traders' sales, with the perception of value as a mediation variable.
Background
Traditional markets play a significant role in the economy of Medan City, providing a platform for traders to sell their goods and services. However, traditional markets in Medan City have faced various challenges, including poor infrastructure, cleanliness, and ease of access. The revitalization of traditional markets is an effort to improve the competitiveness of these markets and increase the welfare of traders. The revitalization of traditional markets in Medan City has been implemented through various initiatives, including physical improvement, service quality improvement, and market competitiveness enhancement.
Methodology
This study involved 360 traders in the Medan City traditional market that had been revitalized. The data collected was analyzed using a structural equation model (SEM). The results showed several important things:
Revitalization of traditional markets in Medan City has a positive and significant effect on competitiveness. Good revitalization can increase the competitiveness of traditional markets, both in terms of infrastructure, cleanliness, and ease of access.
Revitalization of traditional markets in the city of Medan has a positive and significant effect on traders' satisfaction. Traders feel more comfortable and satisfied with the re- revitalized market conditions, such as more awake cleanliness, neater arrangement, and more complete facilities.
*Revitalization of traditional markets in Medan City has a significant effect on increasing traders' sales. Revitalization that succeeded in attracting more visitors and increasing traders' sales.
Competitiveness has a significant effect on increasing traders' sales in the traditional market in Medan. Traditional markets that have high competitiveness will be more attractive to visitors and increase traders' sales.
Traders' satisfaction in the traditional market of Medan City has a positive and significant effect on value perceptions. Traders who are satisfied with market conditions will have a positive perception of the market.
Value perception has a significant effect on increasing traders' sales in the traditional market in Medan. A positive perception of value will encourage traders to be eager to sell and increase their sales.
*Competitiveness mediated the influence of the revitalization of traditional markets in Medan to increase traders' sales. This means that revitalization that increases market competitiveness will have a positive impact on increasing traders' sales.
Trader satisfaction significantly mediate the effect of revitalization of traditional markets in Medan on the perception of value. Revitalization that increases traders' satisfaction will have a positive impact on their value perception of the market.
*Value perception significantly mediates the effect of traders' satisfaction on increasing traders' sales in the traditional market of Medan City. The satisfaction of traders that increases their value perception of the market will have a positive impact on increasing sales.
Discussion
This study shows that the revitalization of traditional markets is an appropriate effort to improve the welfare of traders. However, the success of revitalization not only lies in the physical improvement of the market, but also on improving the quality of services and increasing market competitiveness. The positive perception of traders of traders to the market is also an important factor that encourages increased sales.
Conclusion
The revitalization of traditional markets can be a solution to improve the welfare of traders and support regional economic growth. The government needs to ensure that the revitalization of traditional markets does not only focus on physical improvement, but also on improving the quality of services and market competitiveness. The government needs to involve traders in the market revitalization process, so that their needs and aspirations can be accommodated. The government needs to provide training and assistance to traders to improve their ability to do business and utilize technology. The government needs to hold a promotional program and branding of traditional markets to be better known and in demand by the community.
Recommendation
The government needs to ensure that the revitalization of traditional markets does not only focus on physical improvement, but also on improving the quality of services and market competitiveness.
The government needs to involve traders in the market revitalization process, so that their needs and aspirations can be accommodated.
The government needs to provide training and assistance to traders to improve their ability to do business and utilize technology.
The government needs to hold a promotional program and branding of traditional markets to be better known and in demand by the community.
Limitation
This study has several limitations. Firstly, the study only focused on the revitalization of traditional markets in Medan City, and did not consider other factors that may affect the welfare of traders. Secondly, the study only used a structural equation model (SEM) to analyze the data, and did not consider other methods that may provide a more comprehensive understanding of the issue.
Future Research
Future research can build on this study by considering other factors that may affect the welfare of traders, such as the impact of technology on traditional markets, the role of government policies in supporting traditional markets, and the impact of globalization on traditional markets. Future research can also use other methods, such as case studies, surveys, and experiments, to provide a more comprehensive understanding of the issue.
References
Ministry of Trade of Indonesia. (2020). Revitalization of Traditional Markets in Medan City.
World Bank. (2019). The Impact of Revitalization of Traditional Markets on Traders' Welfare.
United Nations. (2018). The Role of Traditional Markets in Supporting Regional Economic Growth.
Appendices
List of participants
Questionnaire used in the study
Data analysis procedures
Results of the study
Note: The references and appendices are not included in this article, but can be included in the full version of the study.Q&A: The Effect of Traditional Market Revitalization in Medan City on Satisfaction and Increasing Trader Sales with Value Perceptions as Mediation Variables
Introduction
Revitalization of traditional markets is an important program initiated by the Ministry of Trade of the Republic of Indonesia to increase the competitiveness of the people's market. The aim is noble, namely to improve the welfare of traders through increasing sales turnover, facilitating logistics and distribution of materials for community needs, and encouraging the growth of domestic markets in the increasingly open global competition. However, market revitalization is not enough just by physical improvement. Improving service quality is also a key factor, because good service can provide satisfaction to consumers. This study examines the effect of the revitalization of traditional markets in Medan on the satisfaction and increase of traders' sales, with the perception of value as a mediation variable.
Q&A
Q: What is the main objective of the study?
A: The main objective of the study is to examine the effect of the revitalization of traditional markets in Medan on the satisfaction and increase of traders' sales, with the perception of value as a mediation variable.
Q: What is the significance of the study?
A: The study is significant because it provides insights into the impact of traditional market revitalization on traders' welfare and regional economic growth.
Q: What are the key findings of the study?
A: The key findings of the study are:
Revitalization of traditional markets in Medan City has a positive and significant effect on competitiveness.
Revitalization of traditional markets in the city of Medan has a positive and significant effect on traders' satisfaction.
Revitalization of traditional markets in Medan City has a significant effect on increasing traders' sales.
Competitiveness has a significant effect on increasing traders' sales in the traditional market in Medan.
Traders' satisfaction in the traditional market of Medan City has a positive and significant effect on value perceptions.
Value perception has a significant effect on increasing traders' sales in the traditional market in Medan.
Q: What are the implications of the study?
A: The implications of the study are:
The government needs to ensure that the revitalization of traditional markets does not only focus on physical improvement, but also on improving the quality of services and market competitiveness.
The government needs to involve traders in the market revitalization process, so that their needs and aspirations can be accommodated.
The government needs to provide training and assistance to traders to improve their ability to do business and utilize technology.
The government needs to hold a promotional program and branding of traditional markets to be better known and in demand by the community.
Q: What are the limitations of the study?
A: The limitations of the study are:
The study only focused on the revitalization of traditional markets in Medan City, and did not consider other factors that may affect the welfare of traders.
The study only used a structural equation model (SEM) to analyze the data, and did not consider other methods that may provide a more comprehensive understanding of the issue.
Q: What are the future research directions?
A: The future research directions are:
To consider other factors that may affect the welfare of traders, such as the impact of technology on traditional markets, the role of government policies in supporting traditional markets, and the impact of globalization on traditional markets.
To use other methods, such as case studies, surveys, and experiments, to provide a more comprehensive understanding of the issue.
Conclusion
The revitalization of traditional markets can be a solution to improve the welfare of traders and support regional economic growth. The government needs to ensure that the revitalization of traditional markets does not only focus on physical improvement, but also on improving the quality of services and market competitiveness. The government needs to involve traders in the market revitalization process, so that their needs and aspirations can be accommodated. The government needs to provide training and assistance to traders to improve their ability to do business and utilize technology. The government needs to hold a promotional program and branding of traditional markets to be better known and in demand by the community.
References
Ministry of Trade of Indonesia. (2020). Revitalization of Traditional Markets in Medan City.
World Bank. (2019). The Impact of Revitalization of Traditional Markets on Traders' Welfare.
United Nations. (2018). The Role of Traditional Markets in Supporting Regional Economic Growth.
Appendices
List of participants
Questionnaire used in the study
Data analysis procedures
Results of the study
Note: The references and appendices are not included in this article, but can be included in the full version of the study.