Strategic management is a critical aspect of modern-day business, and as such, it has garnered significant attention in the academic and business world. Over the years, researchers have devoted their efforts to studying strategic management, exploring its different dimensions, and identifying best practices. These studies have shed light on the impact of strategic management on business performance, competitive advantage, and overall success. In this article, we will review some of the latest research on strategic management and discuss its implications for practice.
1. The Role of Strategic Management in Business Performance:
Recent studies have established a link between strategic management and business performance. A study by Fuertes et al. (2020) examined the impact of strategic management on firm performance, and the results showed a significant positive relationship. The study found that firms that effectively implemented strategic management practices had higher levels of financial performance, better customer satisfaction, and enhanced employee engagement. This finding highlights the importance of strategic management in driving business success.
2. The Influence of Dynamic Capabilities on Strategic Management:
In recent years, there has been an increased focus on dynamic capabilities and their impact on strategic management. Dynamic capabilities refer to a firm's ability to adapt and respond to changing market conditions. A study by Ferreira et al. (2020) explored the influence of dynamic capabilities on strategic management and found that firms that were better equipped to adapt to changing market conditions had a higher likelihood of success. This finding underscores the need for firms to be agile and adaptable to remain competitive.
3. The Importance of Innovation in Strategic Management:
Innovation is a critical aspect of strategic management, as it allows firms to develop new products, services, and processes that can enhance their competitive advantage. A study by Distanont and Khongmalai (2020) examined the role of innovation in strategic management and found that firms that invested in innovation had higher levels of financial performance and enhanced competitiveness. The study also found that firms that integrated innovation into their strategic management process were better equipped to adapt to changing market conditions and sustain long-term success.
4. The Impact of Organizational Culture on Strategic Management:
Organizational culture plays a crucial role in shaping strategic management practices. A study by Panda (2022) examined the impact of organizational culture on strategic management and found that firms that fostered a culture of innovation and risk-taking were more likely to implement effective strategic management practices. The study also found that firms that had a culture of collaboration and teamwork were better equipped to implement strategic management practices that involved cross-functional teams.
5. The Role of Strategic Leadership in Strategic Management:
Strategic leadership is critical in guiding firms through the strategic management process. A study by Mubarak and Yusoff (2019) examined the role of strategic leadership in strategic management and found that firms that had effective strategic leaders were more likely to implement successful strategic management practices. The study also found that effective strategic leaders were those who could effectively communicate the strategic vision, align the organization's resources, and foster a culture of innovation and collaboration.
In conclusion, the latest research on strategic management underscores the importance of strategic management in driving business success. The research highlights the role of dynamic capabilities, innovation, organizational culture, and strategic leadership in effective strategic management. As such, firms that seek to implement successful strategic management practices must prioritize these areas. By doing so, firms can develop a competitive advantage, enhance their financial performance, and sustain long-term success.
References
Distanont, A. and Khongmalai, O., 2020. The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Sciences, 41(1), pp.15-21.
Ferreira, J., Coelho, A. and Moutinho, L., 2020. Dynamic capabilities, creativity and innovation capability and their impact on competitive advantage and firm performance: The moderating role of entrepreneurial orientation. Technovation, 92, p.102061.
Fuertes, G., Alfaro, M., Vargas, M., Gutierrez, S., Ternero, R. and Sabattin, J., 2020. Conceptual framework for the strategic management: a literature review—descriptive. Journal of Engineering, 2020, pp.1-21.
Mubarak, M.F. and Yusoff, W.F.N., 2019. Impact of strategic leadership on strategy implementation. British Journal of Management and Marketing Studies, 2(1), pp.32-43.
Panda, D.K., 2022. Impact of organizational culture on strategic planning. Management Decision, 60(5), pp.1349-1368.
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