STRATEGIC MANAGEMENT PRACTICES AND ORGANIZATIONAL PERFORMANCE IN COMPETITIVE BUSINESS ENVIRONMENTS
DOI:
https://doi.org/10.53555/2x30wn06Keywords:
Strategic Management Practices, Organizational Performance, Competitive Business Environments, Strategy Implementation, Case Study AnalysisAbstract
The fact that business is increasingly becoming competitive requires businesses to be under continuous pressure to enhance their performance along with the adaptability to the cloudiness of the markets and its more sophisticated strategies. The ways of strategic management have therefore emerged as critical to enable the organisations to harmonise strategic intent and viable performance outcomes with actual implementation. The proposed research targets at exploring the impacts of the strategic management practices on the organizational performance within a competitive environment and how environmental pressures can be used in improving the strategic management practices. It is a qualitative multiple-case study synthesis research design, which in itself makes use of the available information given in the published open-source case studies in different industries, including banking, healthcare, manufacturing, regulatory bodies, and small and medium-sized businesses. Data analysis was conducted using within case and cross case thematic analysis in order to identify some general trends of strategic management practices and their performance results. The findings indicate that performance of organizations is improved by making strategic management practices cut across planning, implementation, evaluation and adaptation processes. Strategic implementation, management sensitivity to competition pressures and capability was found to be the determinants of financial and non-financial performance. The study finds that strategic management practices are dynamic processes through which organizations will work in competitive environment to sustain performance. The findings are valuable to managers and policy makers who may be keen on improving strategic capability within competitive business settings.
References
1.Adusei, E., Mensah, H. K., & Demah, E. (2022). Examining the performance outcome of intellectual capital: a parallel mediation analysis. African Journal of Economic and Management Studies, 13(4), 568-581.
2.Agazu, B. G., & Kero, C. A. (2024). Innovation strategy and firm competitiveness: a systematic literature review. Journal of innovation and entrepreneurship, 13(1), 24.
3.Ahmed, N. S. A. (2022). The Influence of Healthcare Strategic Planning on Enhancing the Medical Staff Performance: A Case Study of Raparin Hospital in Erbil City.
4.Alabi, Y., & Bankole, I. (2020). Impact of Strategic Planning on Organisational Performance (A Study of GTBank Plc). ADEDIPE, Oluwaseyi Ayodele OLADEJI, Ige Olubunmi, 97.
5.Ardley, B., & Naikar, S. (2020). Competitive strategy as practice: Obtaining differential advantage in the SME. Open Journal of Business and Management, 9(1), 196-212.
6.Farida, I., & Setiawan, D. (2022). Business strategies and competitive advantage: the role of performance and innovation. Journal of open innovation: Technology, market, and complexity, 8(3), 163.
7.Handoyo, S., Mulyani, S., Ghani, E. K., & Soedarsono, S. (2023). Firm characteristics, business environment, strategic orientation, and performance. Administrative Sciences, 13(3), 74.
8.Jinming, Z. (2020). Analysis 0f Strategic Management—A Case Study of Nintendo (Doctoral dissertation, SIAM UNIVERSITY).
9.Mousa, K. M., Ali, K. A. A., & Gurler, S. (2024). Strategic planning and organizational performance: an empirical study on the manufacturing sector. Sustainability, 16(15), 6690.
10.Nguyen, T., Le, C. V., Nguyen, M., Nguyen, G., Lien, T. T. H., & Nguyen, O. (2024). The organisational impact of agility: a systematic literature.
11.Onyegbula, E. F., Nwoye, M. I., & Daniel, C. O. (2023). Impact of strategy implementation on the performance of regulatory and supervisory agencies in financial services sector in Nigeria. Journal of Human Resource and Sustainability Studies, 11(2), 298-315.
12.Qian, C., Seuring, S., & Wagner, R. (2021). A review of inter-firm relationship quality in supply chains. Journal of Business & Industrial Marketing, 36(12), 2187-2200.
13.Seepana, C., Huq, F. A., & Paulraj, A. (2021). Performance effects of entrepreneurial orientation, strategic intent and absorptive capacity within coopetitive relationships. International Journal of Operations & Production Management, 41(3), 227-250.
14.Shiferaw, R. M., & Amentie Kero, C. (2024). Dynamic capabilities view practices of business firms: a systematic literature review. Cogent Business & Management, 11(1), 2336309.
15.Vrontis, D., Belas, J., Thrassou, A., Santoro, G., & Christofi, M. (2023). Strategic agility, openness and performance: a mixed method comparative analysis of firms operating in developed and emerging markets. Review of managerial science, 17(4), 1365-1398.
16.Walter, A. T. (2021). Organizational agility: ill-defined and somewhat confusing? A systematic literature review and conceptualization. Management Review Quarterly, 71(2), 343-391.
17.Weiser, A. K., Jarzabkowski, P., & Laamanen, T. (2020). Completing the adaptive turn: An integrative view of strategy implementation. Academy of Management Annals, 14(2), 969-1031.
