This document summarizes a study on the link between strategy formulation and implementation among small and medium enterprises (SMEs) in Zimbabwe. The study aims to examine whether SMEs implement the strategies they plan and if there are linkages between formulation and implementation. Previous research has found that strategic planning contributes to SME success but implementation is often lacking. The document reviews literature showing strategic planning benefits SME performance but many fail due to weaknesses in implementation. SMEs in Zimbabwe tend to focus on short-term reactions rather than long-term strategic planning and implementation, which could impact their survival and growth.
Grand strategies are long term plans that guide organizations towards achieving their strategic objectives. They involve decisions about stability, growth, retrenchment, or combinations of these. Stability strategies maintain the status quo, while growth strategies aim to increase profits and market share through expansion or diversification. Retrenchment strategies involve contraction through divestment, turnaround, or liquidation. Combination strategies use different approaches for different business units. Grand strategies are selected based on internal and external analyses and aim to provide long term direction.
The triple bottom line (TBL) framework evaluates a company's performance across three dimensions of social, environmental and financial sustainability. It was first coined by John Elkington in 1998 to describe a business's accountability to its stakeholders, including people, planet and profit. A TBL company considers the well-being of its employees, reduces its environmental impact through sustainable practices, and creates real economic value for the community rather than just profits for shareholders. All three pillars are interdependent, and a truly sustainable business model avoids harmful products and accounts for full life cycle costs and disposal to minimize its ecological footprint.
This document discusses different types of corporate diversification strategies. It defines diversification strategies as firms entering entirely new industries, unlike vertical integration which involves moving into a new part of an existing value chain. It provides examples of concentric diversification, where a firm takes on a related activity, and conglomerate diversification, where a firm diversifies into an unrelated industry. Specific examples mentioned include Avon marketing jewelry through its sales force, and Maggi adding tomato ketchup to its food product line.
The document discusses Porter's Five Forces model for analyzing industry competition and attractiveness. It describes each of the five competitive forces - threat of new entrants, bargaining power of suppliers and buyers, threat of substitutes, and rivalry among existing competitors. It provides examples of how each force can impact an industry using Coca-Cola's industry as an example. The document also discusses competitive advantages firms can achieve through cost leadership or differentiation strategies and notes some strengths and limitations of Porter's Five Forces model.
The document discusses the GE Nine Cell Matrix, which is a portfolio analysis tool developed by McKinsey & Company for General Electric in the 1970s. It evaluates business units based on their market attractiveness and business strength. Market attractiveness depends on factors like market size, growth rate, and profit margins. Business strength is assessed by metrics such as market share, brand strength, and competitiveness. The matrix plots business units into nine cells that indicate whether a unit should be invested in, maintained, or harvested. It provides a more nuanced analysis than the Boston Consulting Group matrix.
Strategic group analysis and positioningB. Michael
Strategic group analysis (SGA) is a tool used to analyze an organization's competitive environment. SGA identifies groups of competitors that follow similar strategies or compete on similar bases. Groups are identified using characteristics like product diversity, market segments served, and branding. SGA helps identify direct competitors and the basis of competition. It can also reveal opportunities and strategic problems. The process involves analyzing industry structure, mapping strategic groups, assessing competitiveness, and understanding strategic interactions. Conducting SGA involves using criteria like integration, market segmentation, ownership structure, and cost structure to distinguish groups.
This document provides an overview of corporate governance. It defines corporate governance as applying best management practices and complying with laws and ethical standards to effectively manage a company and create wealth for stakeholders. Good corporate governance provides benefits like better access to financing, lower costs of capital, improved performance, and reduced risk. The four pillars of corporate governance are accountability, fairness, transparency, and independence. In India, organizations like CII and SEBI have worked to establish corporate governance standards and regulations like Clause 49 to strengthen practices at publicly listed companies.
Grand strategies are long term plans that guide organizations towards achieving their strategic objectives. They involve decisions about stability, growth, retrenchment, or combinations of these. Stability strategies maintain the status quo, while growth strategies aim to increase profits and market share through expansion or diversification. Retrenchment strategies involve contraction through divestment, turnaround, or liquidation. Combination strategies use different approaches for different business units. Grand strategies are selected based on internal and external analyses and aim to provide long term direction.
The triple bottom line (TBL) framework evaluates a company's performance across three dimensions of social, environmental and financial sustainability. It was first coined by John Elkington in 1998 to describe a business's accountability to its stakeholders, including people, planet and profit. A TBL company considers the well-being of its employees, reduces its environmental impact through sustainable practices, and creates real economic value for the community rather than just profits for shareholders. All three pillars are interdependent, and a truly sustainable business model avoids harmful products and accounts for full life cycle costs and disposal to minimize its ecological footprint.
This document discusses different types of corporate diversification strategies. It defines diversification strategies as firms entering entirely new industries, unlike vertical integration which involves moving into a new part of an existing value chain. It provides examples of concentric diversification, where a firm takes on a related activity, and conglomerate diversification, where a firm diversifies into an unrelated industry. Specific examples mentioned include Avon marketing jewelry through its sales force, and Maggi adding tomato ketchup to its food product line.
The document discusses Porter's Five Forces model for analyzing industry competition and attractiveness. It describes each of the five competitive forces - threat of new entrants, bargaining power of suppliers and buyers, threat of substitutes, and rivalry among existing competitors. It provides examples of how each force can impact an industry using Coca-Cola's industry as an example. The document also discusses competitive advantages firms can achieve through cost leadership or differentiation strategies and notes some strengths and limitations of Porter's Five Forces model.
The document discusses the GE Nine Cell Matrix, which is a portfolio analysis tool developed by McKinsey & Company for General Electric in the 1970s. It evaluates business units based on their market attractiveness and business strength. Market attractiveness depends on factors like market size, growth rate, and profit margins. Business strength is assessed by metrics such as market share, brand strength, and competitiveness. The matrix plots business units into nine cells that indicate whether a unit should be invested in, maintained, or harvested. It provides a more nuanced analysis than the Boston Consulting Group matrix.
Strategic group analysis and positioningB. Michael
Strategic group analysis (SGA) is a tool used to analyze an organization's competitive environment. SGA identifies groups of competitors that follow similar strategies or compete on similar bases. Groups are identified using characteristics like product diversity, market segments served, and branding. SGA helps identify direct competitors and the basis of competition. It can also reveal opportunities and strategic problems. The process involves analyzing industry structure, mapping strategic groups, assessing competitiveness, and understanding strategic interactions. Conducting SGA involves using criteria like integration, market segmentation, ownership structure, and cost structure to distinguish groups.
This document provides an overview of corporate governance. It defines corporate governance as applying best management practices and complying with laws and ethical standards to effectively manage a company and create wealth for stakeholders. Good corporate governance provides benefits like better access to financing, lower costs of capital, improved performance, and reduced risk. The four pillars of corporate governance are accountability, fairness, transparency, and independence. In India, organizations like CII and SEBI have worked to establish corporate governance standards and regulations like Clause 49 to strengthen practices at publicly listed companies.
globalization with social responsibilityNishant Pahad
This document discusses globalization and the importance of social responsibility. It provides examples of companies like P&G, Nokia, and Nestle implementing social responsibility programs. While globalization has benefits like economic growth and technology sharing, it also has downsides such as job losses and income inequality between countries. To manage globalization's impacts, universal ethical standards and regulations need to be established to promote social justice and fairness.
The document discusses Michael Porter's generic competitive strategies, including cost leadership, differentiation, and focus strategies. It provides examples of companies that employ each strategy and explains that the "stuck in the middle" strategy of attempting to adopt all three is difficult to implement and unlikely to provide a competitive advantage. Businesses should analyze their strengths to determine which single generic strategy is most appropriate rather than trying to be all things to all customers.
This document provides an overview of strategic management and the resource-based view (RBV) of the firm. It discusses the key differences between the industrial organization model and RBV, defining resources and capabilities in RBV. VRIO framework is explained for assessing if resources can provide sustained competitive advantage. Criticisms of RBV are outlined along with suggestions for future research, such as further defining resources and developing a more subjective view of resource value in RBV theory.
Chapter 1 conceptual framework for strategic management (2)LAXMI VIDYAPEETH
This document provides definitions and explanations of key concepts in strategic management, including:
1. Strategy, policy, tactics, strategic management, programs, procedures, and key stakeholders are defined. The differences between strategy and policy are explained.
2. The strategic management process and its importance for organizational success are overviewed. Strategic intent and how organizational vision, mission, goals, and objectives are formulated is also discussed.
3. Key terms are further explained, including strategic business units (SBUs), environment threat and opportunity profile (ETOP), and examples are provided. The advantages and disadvantages of strategic management and SBUs are summarized.
People looking out for International Trade theories, This Porters Diamond will be a useful presentation for you!... If requested on mail i will send you any particular Topic in International Business.
All the Best!
The document provides an overview of mergers and acquisitions including definitions, types of mergers, motives for M&A, challenges, and keys to success. It defines mergers as combinations that result in a new company while acquisitions result in one company purchasing another. Various types of mergers like horizontal, vertical, and conglomerate are described. Motives include synergy, market power, and diversification. Challenges include integration difficulties and cultural clashes. Keys to success include thorough due diligence, respecting acquired company culture, and quick integration.
The document discusses the strategic management process and environmental scanning. It describes the external environment as consisting of the societal environment made up of PEST factors (political, economic, social, technological), and the task environment including stakeholders. The internal environment includes analyzing a company's strengths, weaknesses, opportunities, and threats. Environmental scanning involves analyzing these external and internal factors. Strategies are then formulated using SWOT analysis and considering strategic groups within the industry.
The document provides information about the GE-McKinsey matrix, which was developed by McKinsey for General Electric in the 1970s as a portfolio management tool for multi-business corporations. The GE matrix evaluates business units based on two criteria: industry attractiveness and business unit strength. It helps corporations systematically prioritize investments among different business units.
This document outlines different types of strategic management strategies including integration, intensive, diversification, and defensive strategies. Integration strategies involve expanding operations through vertical or horizontal integration. Intensive strategies focus on improving existing products and markets through market penetration, development, or product development. Diversification strategies involve entering new markets or product lines that are related or unrelated. Defensive strategies are used to protect market share and include joint ventures, divestitures, or liquidations.
The document discusses international strategy and provides frameworks for assessing internationalization potential, sources of competitive advantage, types of international strategies, market selection, entry modes, performance impacts, and subsidiary roles. Key factors in internationalization include drivers of globalization, Porter's Diamond model of national advantages, and the four main international strategies. Markets should be evaluated based on attractiveness, distance, and retaliation risk. Common entry modes are exporting, licensing, joint ventures, and foreign direct investment. Internationalization may follow an inverted U-shape performance relationship.
The document discusses the key concepts of vision, mission, goals and strategies for organizations. It provides definitions and explanations for each concept: A vision describes an organization's aspirations and desired future state without specifying how to achieve it. A mission statement expresses the overriding purpose and reason for an organization's existence. Goals are qualitative targets an organization aims to achieve, and should be consistent, feasible, understandable and agreed upon. Objectives are specific, measurable targets with deadlines that help achieve goals and missions. Strategies are the plans and approaches used to pursue objectives and achieve the vision.
Environmental scanning is the process of gathering information about events and relationships within a company's external environment that could impact its strategy. It aims to identify potential opportunities and threats from trends and events in the political, economic, social and technological spheres. Effective environmental scanning involves continuously collecting both quantitative and qualitative data, analyzing and interpreting it, and using the insights to inform strategic planning and decision-making. There are various techniques for conducting environmental scans, such as SWOT analysis, PEST analysis, and issue priority matrices, which help assess trends and their potential impact on the organization.
The document provides an overview of conducting an internal analysis for strategic management. It discusses analyzing an organization's resources and capabilities, including its resource-based view, business model, value chain, functional resources, and functional capabilities. Key aspects covered include identifying the organization's strengths and weaknesses, distinctive competencies, core competencies, management functions, strategic marketing issues like market position and segmentation, marketing mix, product life cycle, and brand reputation. The internal analysis is critical for understanding an organization's internal strategic factors to determine if it can take advantage of opportunities and avoid threats.
This document compares and contrasts the input-output (I/O) model and resource-based view (RBV) model for achieving above-average returns. The I/O model focuses on analyzing external opportunities and developing internal skills to capitalize on them. It involves finding an attractive industry and implementing a strategy aligned with that industry. The RBV model instead focuses on a firm's unique resources and capabilities and finding environments where they can be exploited. It involves identifying core competencies, competitive advantages, and selecting strategies that leverage a firm's strengths against external opportunities. Both models aim to earn superior returns but differ in their strategic focus - either external environments or internal resources and capabilities.
This document presents on the topic of the Indian model of corporate governance. It discusses how the Companies Act of 2013 introduced more transparent processes to benefit stakeholders, directors, and management. It also notes that investment advisory services provide information to shareholders on the new regulations aimed at improving governance in India. The document outlines that the Indian corporate governance model is a mix of Anglo-American and German models, and that there are three types of corporations in India: private companies, public companies, and public sector undertakings. It concludes by thanking the audience.
A profit strategy is one that capitalizes on a situation in which old and obsolete product or technology is being replaced by a new one. This type of strategy does not require new investment, so it is not a growth strategy. Firms adopting this strategy decide to follow the same technology, at least partially, while transiting into new technological domains.
For the Business Block, my project group and I research Chevron Corporation, analyzed its financial statements, market position, and competitors to ultimately assert whether investors should purchase stock in the company. We took the corporation's financial ratios (which was chiefly my responsibility), marketing efforts, operational efficiency, SWOT analysis, and accounting methods into account, and determined that investors ought to buy stock in the firm at the given time.
The document outlines 5 stages of internationalization:
1. Domestic operations focus solely within the home country.
2. Export operations expand the market internationally but production remains domestic.
3. Subsidiaries or joint ventures physically move some operations abroad through cost and profit sharing partnerships.
4. Multinational operations establish assembly facilities across several world regions with some decentralized decision making.
5. Transnational operations achieve both global efficiency and local responsiveness using worldwide markets and resources.
Strategic surveillance strategic control - strategic implementationmanumelwin
Strategic surveillance aims at a more generalized overreaching control designed to monitor “ a broad range of events inside and outside the company that are likely to threaten the course of firm’s strategy”. It is done generally through a general kind of monitoring based on selected information sources to uncover events that are likely to affect the strategy of an organization.
The Boston Consulting Group Matrix is a portfolio planning model that classifies businesses into four categories based on their relative market share and the market growth of the industry they operate in. These categories are stars, question marks, cash cows, and dogs. Stars are high market share businesses in high growth industries that require heavy investment. Cash cows have high market share in low growth industries and generate cash. Question marks have low market share but operate in high growth industries, requiring investment to potentially become stars. Dogs have low market share and operate in low growth industries, acting as cash traps. The matrix is used to assess business profiles, cash demands, resource allocation, and identify investment and divestment opportunities.
Competitive strategy and business environment influencing performance of smal...Alexander Decker
This document summarizes a study on the competitive strategies and business environment influencing the
performance of small and medium enterprises (SMEs) in the manufacturing sector in Masvingo, Zimbabwe. The
study found that cost leadership, differentiation, and innovation were the key competitive strategies used by SMEs.
However, the business environment was harsh for SMEs due to various legal, political, economic, and social factors.
The study recommends that SMEs form strategic alliances to access multiple markets and that the government
relax regulations on SMEs.
globalization with social responsibilityNishant Pahad
This document discusses globalization and the importance of social responsibility. It provides examples of companies like P&G, Nokia, and Nestle implementing social responsibility programs. While globalization has benefits like economic growth and technology sharing, it also has downsides such as job losses and income inequality between countries. To manage globalization's impacts, universal ethical standards and regulations need to be established to promote social justice and fairness.
The document discusses Michael Porter's generic competitive strategies, including cost leadership, differentiation, and focus strategies. It provides examples of companies that employ each strategy and explains that the "stuck in the middle" strategy of attempting to adopt all three is difficult to implement and unlikely to provide a competitive advantage. Businesses should analyze their strengths to determine which single generic strategy is most appropriate rather than trying to be all things to all customers.
This document provides an overview of strategic management and the resource-based view (RBV) of the firm. It discusses the key differences between the industrial organization model and RBV, defining resources and capabilities in RBV. VRIO framework is explained for assessing if resources can provide sustained competitive advantage. Criticisms of RBV are outlined along with suggestions for future research, such as further defining resources and developing a more subjective view of resource value in RBV theory.
Chapter 1 conceptual framework for strategic management (2)LAXMI VIDYAPEETH
This document provides definitions and explanations of key concepts in strategic management, including:
1. Strategy, policy, tactics, strategic management, programs, procedures, and key stakeholders are defined. The differences between strategy and policy are explained.
2. The strategic management process and its importance for organizational success are overviewed. Strategic intent and how organizational vision, mission, goals, and objectives are formulated is also discussed.
3. Key terms are further explained, including strategic business units (SBUs), environment threat and opportunity profile (ETOP), and examples are provided. The advantages and disadvantages of strategic management and SBUs are summarized.
People looking out for International Trade theories, This Porters Diamond will be a useful presentation for you!... If requested on mail i will send you any particular Topic in International Business.
All the Best!
The document provides an overview of mergers and acquisitions including definitions, types of mergers, motives for M&A, challenges, and keys to success. It defines mergers as combinations that result in a new company while acquisitions result in one company purchasing another. Various types of mergers like horizontal, vertical, and conglomerate are described. Motives include synergy, market power, and diversification. Challenges include integration difficulties and cultural clashes. Keys to success include thorough due diligence, respecting acquired company culture, and quick integration.
The document discusses the strategic management process and environmental scanning. It describes the external environment as consisting of the societal environment made up of PEST factors (political, economic, social, technological), and the task environment including stakeholders. The internal environment includes analyzing a company's strengths, weaknesses, opportunities, and threats. Environmental scanning involves analyzing these external and internal factors. Strategies are then formulated using SWOT analysis and considering strategic groups within the industry.
The document provides information about the GE-McKinsey matrix, which was developed by McKinsey for General Electric in the 1970s as a portfolio management tool for multi-business corporations. The GE matrix evaluates business units based on two criteria: industry attractiveness and business unit strength. It helps corporations systematically prioritize investments among different business units.
This document outlines different types of strategic management strategies including integration, intensive, diversification, and defensive strategies. Integration strategies involve expanding operations through vertical or horizontal integration. Intensive strategies focus on improving existing products and markets through market penetration, development, or product development. Diversification strategies involve entering new markets or product lines that are related or unrelated. Defensive strategies are used to protect market share and include joint ventures, divestitures, or liquidations.
The document discusses international strategy and provides frameworks for assessing internationalization potential, sources of competitive advantage, types of international strategies, market selection, entry modes, performance impacts, and subsidiary roles. Key factors in internationalization include drivers of globalization, Porter's Diamond model of national advantages, and the four main international strategies. Markets should be evaluated based on attractiveness, distance, and retaliation risk. Common entry modes are exporting, licensing, joint ventures, and foreign direct investment. Internationalization may follow an inverted U-shape performance relationship.
The document discusses the key concepts of vision, mission, goals and strategies for organizations. It provides definitions and explanations for each concept: A vision describes an organization's aspirations and desired future state without specifying how to achieve it. A mission statement expresses the overriding purpose and reason for an organization's existence. Goals are qualitative targets an organization aims to achieve, and should be consistent, feasible, understandable and agreed upon. Objectives are specific, measurable targets with deadlines that help achieve goals and missions. Strategies are the plans and approaches used to pursue objectives and achieve the vision.
Environmental scanning is the process of gathering information about events and relationships within a company's external environment that could impact its strategy. It aims to identify potential opportunities and threats from trends and events in the political, economic, social and technological spheres. Effective environmental scanning involves continuously collecting both quantitative and qualitative data, analyzing and interpreting it, and using the insights to inform strategic planning and decision-making. There are various techniques for conducting environmental scans, such as SWOT analysis, PEST analysis, and issue priority matrices, which help assess trends and their potential impact on the organization.
The document provides an overview of conducting an internal analysis for strategic management. It discusses analyzing an organization's resources and capabilities, including its resource-based view, business model, value chain, functional resources, and functional capabilities. Key aspects covered include identifying the organization's strengths and weaknesses, distinctive competencies, core competencies, management functions, strategic marketing issues like market position and segmentation, marketing mix, product life cycle, and brand reputation. The internal analysis is critical for understanding an organization's internal strategic factors to determine if it can take advantage of opportunities and avoid threats.
This document compares and contrasts the input-output (I/O) model and resource-based view (RBV) model for achieving above-average returns. The I/O model focuses on analyzing external opportunities and developing internal skills to capitalize on them. It involves finding an attractive industry and implementing a strategy aligned with that industry. The RBV model instead focuses on a firm's unique resources and capabilities and finding environments where they can be exploited. It involves identifying core competencies, competitive advantages, and selecting strategies that leverage a firm's strengths against external opportunities. Both models aim to earn superior returns but differ in their strategic focus - either external environments or internal resources and capabilities.
This document presents on the topic of the Indian model of corporate governance. It discusses how the Companies Act of 2013 introduced more transparent processes to benefit stakeholders, directors, and management. It also notes that investment advisory services provide information to shareholders on the new regulations aimed at improving governance in India. The document outlines that the Indian corporate governance model is a mix of Anglo-American and German models, and that there are three types of corporations in India: private companies, public companies, and public sector undertakings. It concludes by thanking the audience.
A profit strategy is one that capitalizes on a situation in which old and obsolete product or technology is being replaced by a new one. This type of strategy does not require new investment, so it is not a growth strategy. Firms adopting this strategy decide to follow the same technology, at least partially, while transiting into new technological domains.
For the Business Block, my project group and I research Chevron Corporation, analyzed its financial statements, market position, and competitors to ultimately assert whether investors should purchase stock in the company. We took the corporation's financial ratios (which was chiefly my responsibility), marketing efforts, operational efficiency, SWOT analysis, and accounting methods into account, and determined that investors ought to buy stock in the firm at the given time.
The document outlines 5 stages of internationalization:
1. Domestic operations focus solely within the home country.
2. Export operations expand the market internationally but production remains domestic.
3. Subsidiaries or joint ventures physically move some operations abroad through cost and profit sharing partnerships.
4. Multinational operations establish assembly facilities across several world regions with some decentralized decision making.
5. Transnational operations achieve both global efficiency and local responsiveness using worldwide markets and resources.
Strategic surveillance strategic control - strategic implementationmanumelwin
Strategic surveillance aims at a more generalized overreaching control designed to monitor “ a broad range of events inside and outside the company that are likely to threaten the course of firm’s strategy”. It is done generally through a general kind of monitoring based on selected information sources to uncover events that are likely to affect the strategy of an organization.
The Boston Consulting Group Matrix is a portfolio planning model that classifies businesses into four categories based on their relative market share and the market growth of the industry they operate in. These categories are stars, question marks, cash cows, and dogs. Stars are high market share businesses in high growth industries that require heavy investment. Cash cows have high market share in low growth industries and generate cash. Question marks have low market share but operate in high growth industries, requiring investment to potentially become stars. Dogs have low market share and operate in low growth industries, acting as cash traps. The matrix is used to assess business profiles, cash demands, resource allocation, and identify investment and divestment opportunities.
Competitive strategy and business environment influencing performance of smal...Alexander Decker
This document summarizes a study on the competitive strategies and business environment influencing the
performance of small and medium enterprises (SMEs) in the manufacturing sector in Masvingo, Zimbabwe. The
study found that cost leadership, differentiation, and innovation were the key competitive strategies used by SMEs.
However, the business environment was harsh for SMEs due to various legal, political, economic, and social factors.
The study recommends that SMEs form strategic alliances to access multiple markets and that the government
relax regulations on SMEs.
Challenges to implementation of business strategies implications on business ...Alexander Decker
This document discusses challenges to implementing business strategies for transnational tea firms in Kenya. It finds that the main challenges are currency exchange rate fluctuations, changes in international tea prices, and unpredictable weather patterns. These factors, which are outside the firms' control, can undermine strategy implementation and business sustainability. The document recommends that tea firms use flexible strategies and ensure strategies are integrated to mitigate the effects of these challenges on successful strategy implementation and long-term viability.
Small–medium enterprise formation and nigerian economic growthYing wei (Joe) Chou
This document discusses small-medium enterprises (SMEs) and their relationship to economic growth in Nigeria. It provides background on SMEs in Nigeria, noting they account for a large share of employment and output but the country still faces high unemployment, poverty, and low human development. The paper reviews literature on the importance of SMEs in creating jobs, innovation, and knowledge transfer. It also discusses theories of entrepreneurship and entrepreneurial development. The purpose is to empirically examine the link between SME formation, employment, and economic growth in Nigeria using statistical techniques like error correction modeling and cointegration testing.
Small–medium enterprise formation and nigerian economic growthYing wei (Joe) Chou
This document examines the relationship between small-medium enterprise (SME) formation and economic growth in Nigeria. It finds that while the number of SMEs in Nigeria has increased, leading to some economic growth, an increase in micro, small and medium enterprises has not contributed as much to development as existing businesses. The employment created by new SMEs has been the most important factor driving economic growth and reducing unemployment. The paper uses an error correction model approach to analyze how persistent increases in SME formation can improve Nigeria's economic growth and development over the long run.
An Assessment Of Budgeting And Budgetary Controls Among SMEs Evidence From A...Angel Evans
This document provides information about a peer-reviewed research paper on budgeting and budgetary controls among small and medium enterprises (SMEs) in South Africa. The paper assesses SME operators' perceptions of budgeting, the factors that influence establishing budgetary controls, and the impact of budgeting on SME performance. It relies on goal-setting theory and data collected from 170 manufacturing SMEs in Cape Town, South Africa. The study finds that perceptions of budgeting's value depend on education levels and that budgeting can improve communication and incentivize goals, but manufacturing budgets are underutilized. It contributes new insights from a developing economy context.
This document summarizes a research paper that investigates the effect of economic uncertainty on the performance of small and medium enterprises (SMEs) from 2007-2016. It finds that increased economic uncertainty is negatively associated with SME performance. It also finds that state-owned SMEs are more negatively impacted by economic uncertainty than foreign-owned SMEs, which can better mitigate the negative effects. The document provides context on the importance of SMEs and challenges they face from economic uncertainty and discusses how ownership structure can influence the relationship between uncertainty and performance.
An integration of d 8 countries with the focus of competitiveness, opulence a...Alexander Decker
This document discusses small and medium enterprises (SMEs) in the Developing 8 (D-8) countries, with a focus on Bangladesh. Some key points:
1) SMEs make up the vast majority of businesses worldwide and are significant contributors to employment and GDP in most economies. However, SMEs face challenges accessing finance, training, and other supports.
2) Within D-8 countries, SMEs vary in their economic contributions but generally play crucial roles in employment and growth. Malaysia has plans to increase SME GDP contribution to 40% by 2020. In Egypt, SMEs account for 75% of employment and 80% of GDP but face difficulties accessing finance.
3
This document provides a literature review on strategies for entrepreneurship development in Bangladesh by unleashing the potential of small and medium enterprises (SMEs). It discusses how SMEs play an important role in employment generation and economic growth. While SMEs in Bangladesh employ many workers, they have not fulfilled their potential to foster entrepreneurship and industrialization. The document reviews global evidence on the relationship between SME development and GDP, and how SMEs can contribute to poverty alleviation. However, SMEs in Bangladesh have performed poorly in terms of growth, diversity and market expansion. The document suggests analyzing successful entrepreneurs and policies to provide recommendations for developing the SME sector in Bangladesh.
This document summarizes a research study that examined how characteristics of entrepreneurs and firms affect the business success of small and medium enterprises (SMEs) in Bangladesh. The study found that entrepreneur characteristics, such as age, gender, education level and experience, significantly impacted business success, while firm characteristics did not. Specifically, SMEs operated longer by entrepreneurs were more successful, and male-owned SMEs performed better than female-owned ones. The document provides background on SMEs' important contributions to the Bangladeshi economy and reviews prior literature on factors influencing business success.
SMEs play a key role in developing economies by providing employment, income, and helping to address problems like poverty and unemployment. However, SMEs in developing countries face many challenges to their growth and performance, such as limited access to financing, lack of infrastructure, operating informally without formal registration, and burdensome regulations and taxes. Addressing these challenges through improved access to capital, development of infrastructure, promotion of formalization, and supportive regulations and tax policies could help SMEs in developing countries enhance their contributions to economic development.
Sustainability of MSME Fund of Central Bank of NigeriaKamakhya Nr. Singh
This paper evaluates the status of the Micro, Small and Medium Sector Enterprises (MSME) Development fund in Nigeria. It also analyses a few of the key constraints impeding the development of MSMEs in Nigeria and the role that the MSME Development Fund (MDF), created by the Central Bank of Nigeria(CBN), is expected to play in removing the most critical constraint of lack of adequate funding for MSMEs in Nigeria. For the MDF to have long term impact, there is no gainsaying that the MDF needs to be sustainable for all the stakeholders.
The objective of this paper is to examine the sustainability of the fund, given the socio-economic and financial conditions of Nigeria. The study takes into account the perspectives of Federal Government of Nigeria, the CBN, Participating Financial Institutions (PFIs) lending to the MSME clients and the MSME clients themselves.
The paper, proffers policy recommendations that could help to improve the sustainability of the Fund, enhance the uptake of MDF by PFIs so that the benefit of funding reach the targeted sector more efficiently and that could help larger number of MSMEs, especially, micro-enterprises, derive benefit from the MDF.
This document summarizes a study that assesses factors affecting budgeting processes among small and medium enterprises (SMEs) in the hospitality industry in Nairobi, Kenya. The study found that computerized accounting systems had the greatest impact on budgeting processes, followed by firm size, participation of workers, skills of managers, and ownership structure. Previous research also found relationships between budgeting processes and these factors. The study recommends involving workers in budgeting, separating ownership from management, improving manager skills, and prioritizing information technology to support budgeting in SMEs.
This document summarizes a research study that examined the relationship between environmental factors and the performance of micro and small-scale enterprises (MSEs) in Nigeria. The study focused on MSEs in two towns in Ondo State, Nigeria. A survey was conducted of 204 MSE owners/managers. The findings revealed that environmental factors like inadequate finance, inadequate infrastructure, and poor managerial skills had a significant negative relationship with MSE performance as measured by profit, revenue, and number of employees. Specifically, the study found that most MSEs are chronically underfunded due to issues accessing funding. Owners/managers also lacked requisite managerial skills because of ignorance of training benefits. Inadequate infrastructure only minimally affected performance because MSEs
This document provides a summary of a research paper on sustainability reporting in the context of small and medium enterprises (SMEs) in Kenya. The paper aims to conceptualize how SMEs can integrate sustainable development goals into their operations based on empirical evidence. It first reviews literature on sustainable development goals and constraints faced by SMEs, such as access to funding, limited information, and high compliance costs. It then proposes a theoretical model to show interactions between business activities, sustainability agendas, and financial performance, in order to progress knowledge and guide further research. The paper argues that meaningful engagement by SMEs requires understanding how sustainability relates to both business and financial outcomes based on real data.
SMEs and Entrepreneurship: What can and do governments do?OECDglobal
Presented at the Regional Meeting on SME, Entrepreneurship and Access to Finance Indicators, organised by the OECD-MENA Investment Initiative, December 2011. http://www.oecd.org/mena/investment
Entrepreneurial Orientation and Performance of Small and Medium Scale Enterpr...YogeshIJTSRD
Ineffective and poor entrepreneurial orientation seems to adversely affect performance of small and medium scale enterprises SMEs in Nigeria. Thus, the study was designed to examine relationship that exists between entrepreneurial orientation and performance of SMEs in South Eastern Nigeria. The study adopted a survey research design. The target population of the study comprised of 35,535 SMEs in South East Nigeria with a sample of 396 respondents, arrived at using Taro Yamane Formula. Data was collected using structured questionnaire and analyzed using, frequency, percentage and mean. Pearson Product Moment Correlation Coefficient was used to test the hypotheses at 5 level of significance. Results indicated that there exist a strong positive relationship between strategic orientation and market expansion of SMEs r=0.76, p value 0.05 and that there exist a strong positive relationship between market orientation and market sustainability of SMEs business activities r=0.83, p value 0.05 The study concluded that entrepreneurial orientation has positive impact on the performance of SMEs in South East Nigeria and recommended among others that SMEs need to embrace entrepreneurial orientation, strategic orientation and market orientation, to improve business performance. Chinedu Cosmas Onyemesi | Michael Augustine Ikon "Entrepreneurial Orientation and Performance of Small and Medium Scale Enterprises (SMES) in South-Eastern Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd43904.pdf Paper URL: https://www.ijtsrd.com/management/business-economics/43904/entrepreneurial-orientation-and-performance-of-small-and-medium-scale-enterprises-smes-in-southeastern-nigeria/chinedu-cosmas-onyemesi
Majority of SMEs collapse because they operate in business environment which is highly turbulent characterized by external factors as well as internal business factors. The study therefore sought to establish the effect of effect of product creation strategy on performance of small and medium enterprises in Eldoret town. The study was guided by Balanced Scorecard Theory. This study adopted descriptive research design. The target population of the study was 2,391 registered SMEs according to Uasin Gishu County government records and accessible population was 1764 respondents. The sample size for the respondents was therefore be 315. The study used questionnaires as the main tool for collecting data. The data collected was analyzed by using the excel program and Statistical Package for Social Science (SPSS) version 23. Data was analyzed using descriptive statistics such as mean, frequencies, percentages and standard derivation and inferential statistics which include correlation and multiple regressions. Data was presented by use of frequency tables, charts and graphs. The study findings a positive and significant effect of product creation strategy on small and medium enterprises in Eldoret Town (β=0.476, p<0.05). The study will be of benefit to management of medium enterprises and other organizations in understanding the challenges they would encounter when implementing various strategies and be able to come up with better ways of dealing with these challenges so as to be successful in their strategies. The study would be of importance to future researchers and scholars since it would be a source of material for their research and would also help them in identifying the research gaps they need to fill.
Similar to A case study review of the strategy formulation (20)
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
Women with polycystic ovary syndrome (PCOS) have elevated levels of hormones like luteinizing hormone and testosterone, as well as higher levels of insulin and insulin resistance compared to healthy women. They also have increased levels of inflammatory markers like C-reactive protein, interleukin-6, and leptin. This study found these abnormalities in the hormones and inflammatory cytokines of women with PCOS ages 23-40, indicating that hormone imbalances associated with insulin resistance and elevated inflammatory markers may worsen infertility in women with PCOS.
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
This document presents a framework for evaluating the usability of B2C e-commerce websites. It involves user testing methods like usability testing and interviews to identify usability problems in areas like navigation, design, purchasing processes, and customer service. The framework specifies goals for the evaluation, determines which website aspects to evaluate, and identifies target users. It then describes collecting data through user testing and analyzing the results to identify usability problems and suggest improvements.
A universal model for managing the marketing executives in nigerian banksAlexander Decker
This document discusses a study that aimed to synthesize motivation theories into a universal model for managing marketing executives in Nigerian banks. The study was guided by Maslow and McGregor's theories. A sample of 303 marketing executives was used. The results showed that managers will be most effective at motivating marketing executives if they consider individual needs and create challenging but attainable goals. The emerged model suggests managers should provide job satisfaction by tailoring assignments to abilities and monitoring performance with feedback. This addresses confusion faced by Nigerian bank managers in determining effective motivation strategies.
A unique common fixed point theorems in generalized dAlexander Decker
This document presents definitions and properties related to generalized D*-metric spaces and establishes some common fixed point theorems for contractive type mappings in these spaces. It begins by introducing D*-metric spaces and generalized D*-metric spaces, defines concepts like convergence and Cauchy sequences. It presents lemmas showing the uniqueness of limits in these spaces and the equivalence of different definitions of convergence. The goal of the paper is then stated as obtaining a unique common fixed point theorem for generalized D*-metric spaces.
A trends of salmonella and antibiotic resistanceAlexander Decker
This document provides a review of trends in Salmonella and antibiotic resistance. It begins with an introduction to Salmonella as a facultative anaerobe that causes nontyphoidal salmonellosis. The emergence of antimicrobial-resistant Salmonella is then discussed. The document proceeds to cover the historical perspective and classification of Salmonella, definitions of antimicrobials and antibiotic resistance, and mechanisms of antibiotic resistance in Salmonella including modification or destruction of antimicrobial agents, efflux pumps, modification of antibiotic targets, and decreased membrane permeability. Specific resistance mechanisms are discussed for several classes of antimicrobials.
A transformational generative approach towards understanding al-istifhamAlexander Decker
This document discusses a transformational-generative approach to understanding Al-Istifham, which refers to interrogative sentences in Arabic. It begins with an introduction to the origin and development of Arabic grammar. The paper then explains the theoretical framework of transformational-generative grammar that is used. Basic linguistic concepts and terms related to Arabic grammar are defined. The document analyzes how interrogative sentences in Arabic can be derived and transformed via tools from transformational-generative grammar, categorizing Al-Istifham into linguistic and literary questions.
A time series analysis of the determinants of savings in namibiaAlexander Decker
This document summarizes a study on the determinants of savings in Namibia from 1991 to 2012. It reviews previous literature on savings determinants in developing countries. The study uses time series analysis including unit root tests, cointegration, and error correction models to analyze the relationship between savings and variables like income, inflation, population growth, deposit rates, and financial deepening in Namibia. The results found inflation and income have a positive impact on savings, while population growth negatively impacts savings. Deposit rates and financial deepening were found to have no significant impact. The study reinforces previous work and emphasizes the importance of improving income levels to achieve higher savings rates in Namibia.
A therapy for physical and mental fitness of school childrenAlexander Decker
This document summarizes a study on the importance of exercise in maintaining physical and mental fitness for school children. It discusses how physical and mental fitness are developed through participation in regular physical exercises and cannot be achieved solely through classroom learning. The document outlines different types and components of fitness and argues that developing fitness should be a key objective of education systems. It recommends that schools ensure pupils engage in graded physical activities and exercises to support their overall development.
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
This document summarizes a study examining efficiency in managing marketing executives in Nigerian banks. The study was examined through the lenses of Kaizen theory (continuous improvement) and efficiency theory. A survey of 303 marketing executives from Nigerian banks found that management plays a key role in identifying and implementing efficiency improvements. The document recommends adopting a "3H grand strategy" to improve the heads, hearts, and hands of management and marketing executives by enhancing their knowledge, attitudes, and tools.
This document discusses evaluating the link budget for effective 900MHz GSM communication. It describes the basic parameters needed for a high-level link budget calculation, including transmitter power, antenna gains, path loss, and propagation models. Common propagation models for 900MHz that are described include Okumura model for urban areas and Hata model for urban, suburban, and open areas. Rain attenuation is also incorporated using the updated ITU model to improve communication during rainfall.
A synthetic review of contraceptive supplies in punjabAlexander Decker
This document discusses contraceptive use in Punjab, Pakistan. It begins by providing background on the benefits of family planning and contraceptive use for maternal and child health. It then analyzes contraceptive commodity data from Punjab, finding that use is still low despite efforts to improve access. The document concludes by emphasizing the need for strategies to bridge gaps and meet the unmet need for effective and affordable contraceptive methods and supplies in Punjab in order to improve health outcomes.
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
1) The document discusses synthesizing Taylor's scientific management approach and Fayol's process management approach to identify an effective way to manage marketing executives in Nigerian banks.
2) It reviews Taylor's emphasis on efficiency and breaking tasks into small parts, and Fayol's focus on developing general management principles.
3) The study administered a survey to 303 marketing executives in Nigerian banks to test if combining elements of Taylor and Fayol's approaches would help manage their performance through clear roles, accountability, and motivation. Statistical analysis supported combining the two approaches.
A survey paper on sequence pattern mining with incrementalAlexander Decker
This document summarizes four algorithms for sequential pattern mining: GSP, ISM, FreeSpan, and PrefixSpan. GSP is an Apriori-based algorithm that incorporates time constraints. ISM extends SPADE to incrementally update patterns after database changes. FreeSpan uses frequent items to recursively project databases and grow subsequences. PrefixSpan also uses projection but claims to not require candidate generation. It recursively projects databases based on short prefix patterns. The document concludes by stating the goal was to find an efficient scheme for extracting sequential patterns from transactional datasets.
A survey on live virtual machine migrations and its techniquesAlexander Decker
This document summarizes several techniques for live virtual machine migration in cloud computing. It discusses works that have proposed affinity-aware migration models to improve resource utilization, energy efficient migration approaches using storage migration and live VM migration, and a dynamic consolidation technique using migration control to avoid unnecessary migrations. The document also summarizes works that have designed methods to minimize migration downtime and network traffic, proposed a resource reservation framework for efficient migration of multiple VMs, and addressed real-time issues in live migration. Finally, it provides a table summarizing the techniques, tools used, and potential future work or gaps identified for each discussed work.
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
This document discusses data mining of big data using Hadoop and MongoDB. It provides an overview of Hadoop and MongoDB and their uses in big data analysis. Specifically, it proposes using Hadoop for distributed processing and MongoDB for data storage and input. The document reviews several related works that discuss big data analysis using these tools, as well as their capabilities for scalable data storage and mining. It aims to improve computational time and fault tolerance for big data analysis by mining data stored in Hadoop using MongoDB and MapReduce.
1. The document discusses several challenges for integrating media with cloud computing including media content convergence, scalability and expandability, finding appropriate applications, and reliability.
2. Media content convergence challenges include dealing with the heterogeneity of media types, services, networks, devices, and quality of service requirements as well as integrating technologies used by media providers and consumers.
3. Scalability and expandability challenges involve adapting to the increasing volume of media content and being able to support new media formats and outlets over time.
This document surveys trust architectures that leverage provenance in wireless sensor networks. It begins with background on provenance, which refers to the documented history or derivation of data. Provenance can be used to assess trust by providing metadata about how data was processed. The document then discusses challenges for using provenance to establish trust in wireless sensor networks, which have constraints on energy and computation. Finally, it provides background on trust, which is the subjective probability that a node will behave dependably. Trust architectures need to be lightweight to account for the constraints of wireless sensor networks.
This document discusses private equity investments in Kenya. It provides background on private equity and discusses trends in various regions. The objectives of the study discussed are to establish the extent of private equity adoption in Kenya, identify common forms of private equity utilized, and determine typical exit strategies. Private equity can involve venture capital, leveraged buyouts, or mezzanine financing. Exits allow recycling of capital into new opportunities. The document provides context on private equity globally and in developing markets like Africa to frame the goals of the study.
This document discusses a study that analyzes the financial health of the Indian logistics industry from 2005-2012 using Altman's Z-score model. The study finds that the average Z-score for selected logistics firms was in the healthy to very healthy range during the study period. The average Z-score increased from 2006 to 2010 when the Indian economy was hit by the global recession, indicating the overall performance of the Indian logistics industry was good. The document reviews previous literature on measuring financial performance and distress using ratios and Z-scores, and outlines the objectives and methodology used in the current study.
High-Quality IPTV Monthly Subscription for $15advik4387
Experience high-quality entertainment with our IPTV monthly subscription for just $15. Access a vast array of live TV channels, movies, and on-demand shows with crystal-clear streaming. Our reliable service ensures smooth, uninterrupted viewing at an unbeatable price. Perfect for those seeking premium content without breaking the bank. Start streaming today!
https://rb.gy/f409dk
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
KALYAN CHART SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
Stone Art Hub offers the best competitive Marble Pricing in Dubai, ensuring affordability without compromising quality. With a wide range of exquisite marble options to choose from, you can enhance your spaces with elegance and sophistication. For inquiries or orders, contact us at ☎ 9928909666. Experience luxury at unbeatable prices.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
Non Linear Optimization
Demonstrating Business Performance Improvement
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
AI Transformation Playbook: Thinking AI-First for Your BusinessArijit Dutta
I dive into how businesses can stay competitive by integrating AI into their core processes. From identifying the right approach to building collaborative teams and recognizing common pitfalls, this guide has got you covered. AI transformation is a journey, and this playbook is here to help you navigate it successfully.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART INDIA MATKA KALYAN SATTA MATKA 420 INDIAN MATKA SATTA KING MATKA FIX JODI FIX FIX FIX SATTA NAMBAR MATKA INDIA SATTA BATTA
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
A case study review of the strategy formulation
1. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
A Case Study Review of the Strategy Formulation and
Implementation Link among SMES in Zimbabwe
Tonderai Nyamwanza
Department of Entrepreneurship, Midlands State University, P Bag 9055, Gweru, Zimbabwe
*tnyamwanza6@gmail.com
Abstract
The importance of SMEs development in the economic activities in Zimbabwe cannot be overemphasized. It has
been acknowledged that strategy formulation and implementation are important to both the survival and growth
of SMEs, and their continued contribution to economic growth. Despite this realisation, SMEs performance has
continued to be marginal, hence the need to review the strategy formulation and implementation linkage. There
is evidence that SMEs undertake strategic planning but what happens there after is not very clear. The findings
indicate that there are neither forward nor backward linkages between strategy formulation and implementation,
nor that each activity is treated as an end in itself rather than as part of a process. SMEs do not benefit from
accumulated knowledge and experience.
Key words: Strategy, formulation, implementation, linkages, performance, SMEs, strategic management,
owner/manager, Zimbabwe
1. Background
There is a growing realisation in Zimbabwe that there is need to redesign its economic model to focus more on
internally driven economic growth anchored in SMES development. Adedeji, as quoted by Acquach (1997, p.
356) states that if there are no major changes in either the domestic or external environments and present trends
continue, the outlook for Africa is horrendous. The continent has witnessed significant changes across the
spectrum from politics to economic activities. While the majorities of African countries are now recording
economic growth, this growth has in the main been driven by exploitation of the continent’s vast natural
resources, with foreign direct investment (FDI) playing a major role and China being the major player. African
governments have started to question the sustainability of such a model; Zimbabwe, for example, is promoting
indigenous entrepreneurship in the form of SMEs in order to attain more balanced economic activities. In the
absence of such initiatives, Africa would become more economically dependent than it is at present; its economy
would be more exposed to external competition, (Acquach, 1997).
SMEs in all countries including Zimbabwe have experienced stunted growth for more than a decade. In 2012, it
was estimated that, of the currently employed population over the age of 15 of 5.4 million, 84% were in informal
employment, 11% were in formal employment and 5% were in employment not classifiable (Zimstats survey
results, 2012).
Having realised the contribution of SMEs to economic growth, the Zimbabwe Government came up with a
cocktail of policy measures. Despite policy interventions which reached their peak (Mufudza, Jengeta and Hove,
2013) in the decade after the year 2000, Zimbabwe’s economic performance has continued to deteriorate. Studies
by Zimstats (2012) have revealed that only 28 percent of the over 2 million informal businesses in the country
offer employment to other people other the business owner. This means that the majority of informal businesses
are mere job substitutes.
Many policies were passed in a bid to solve the economic woes, to the extent that businesses had hardly had time
to adjust to the policies when more were added (Mufudza et al, 2013). This suggests that while policy regimes
may be helpful, in the case of Zimbabwe, they achieved very little and in some cases had negative effects. A case
in point was the shortage of basic commodities during the period 2007 to early 2009 following government’s
decision to slash prices or to print money (Mufudza et al, 2013).
138
2. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
The very survival of SMEs is thus under threat and there is need for them to strategise to counter these
environmental challenges and increased competition. It is acknowledged that strategy formulation and
implementation are important in achieving both SMEs survival and growth.
Most SMEs have adopted entitlement mentality which takes the responsibility for the success of individual
organisations out of the hands of the owners and places it with government and other institutions. SMEs believe
that someone, especially government, should support them; thereby creates a dependence syndrome. SMEs
should take the initiative themselves. Urban (2004) adds that instead of hoping for massive capital injections to
improve business performance, transitional economies would be well advised to implement formal self-efficacy
programmes to foster individual initiatives for entrepreneurial empowerment. Such programmes would enable
entrepreneurs to fashion their own destiny, through the formulation of a strategic plan.
It is therefore frustrating to hear Zimbabwean entrepreneurs continuing to call for government intervention and
consequently SMEs tend to put in marginal efforts to attain self-set objectives in order to qualify for assistance
programmes. This is reflected by businesses that were promised financial assistance through the Dimaf
programme launched by the Zimbabwean government in 2010. The businesses have done nothing to increase
their levels of production as they await government assistance. Their business outlook has continued to
deteriorate in the meantime.
The lack of clear strategic plans and their proper implementation could be the missing link in SMEs
development in Zimbabwe. This study seeks to examine whether SMEs in Zimbabwe implement what they had
initially planned to undertake in the form of strategic plans. The objectives of this study are:
•
•
•
To establish the planning behaviour of SMEs in Zimbabwe.
To examine whether there are linkages between strategy formulation and implementation.
To analyse whether SMEs use existing organisational knowledge in planning and
implementation activities.
2. Literature Review
The very survival of SMEs is thus under threat and they need to strategise to counter environmental challenges
and increased competition. All companies, including SMEs, are exposed to a harsh business environment in
Zimbabwe. One might wonder how businesses can formulate and execute strategies in such a turbulent economic
environment (Mufudza et al, 2013). Some authors have argued that most businesses fail due to management
deficiencies. de Waal (2007) argues that, in the five years prior to his study, more shareholder value was
destroyed as a result of mismanagement, wrong decisions and poor execution of strategy than through
compliance standards and scandals combined. He cites the Booz Allen Survey of 1 200 large corporations that
found that of the 360 worst performers, 87% of value destroyed was caused by strategic missteps and operational
ineffectiveness.
Smit and Cronje (1992) observed that the survival rate of small businesses in South Africa tends to be quite low
compared with similar organisations in Singapore and the USA. They note that the survival rate in Asia, Latin
America and West Africa is on average 50%; while in East and Southern Africa (inclusive of Zimbabwe) it is
only about 10%. There seems to be a major discrepancy in the manner in which SMEs are spawned in Southern
African and how they are managed, resulting in this low survival rate. Ekwulugo (2006) confirms that small
businesses are struggling to survive at both national and international level, an indication that all might not be
well in terms of SMEs’ management practices.
Kohtamaki et al (2012) argue that strategic planning contributes to the success of SMEs; however, they indicate
that there have been contradictory findings with regard to the planning-performance relationship. However,
Dandira (2011) notes that although remarkable progress has been made in the field of strategic management, the
problem of strategy implementation failure persists. To avoid failure, SMEs in Zimbabwe have to pay particular
attention to issues of strategic planning and implementation.
Ekwulugo (2006) believes that strategy reflects a firm’s short and long term responses to challenges and
opportunities posed by the business environment. Smallbone et al (2006) add that the management actions
associated with these aspects are characterised as “adjustments” made by firms to changes in external conditions
and in the circumstances of the firm, since actions are closely related to implementation and ultimately the
performance of organisations. It is clear that a poor or vague strategy can limit implementation efforts
139
3. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
dramatically; hence the kind of strategy that is developed will influence the effectiveness of implementation (Li
et al, 2008). Increasingly intense competition has made continuous planning and quality improvements
prerequisites for the survival not only of large firms, but SMEs (Temtime, 2003).
The benefits of strategic planning and implementation cannot be overemphasized. Mugler (in Raymond and
Crouteau, 2006) advises that SMEs must develop themselves strategically in order to remain competitive, grow
and prosper. However it has been acknowledged by authors like Mboko and Smith-Hunter (2009) that SMEs are
reactive in their business approaches, which might mean that they do not have a clear, long term view of where
they want to take their businesses to. Being reactive might affect SMEs’ ability to remain competitive or to
grow. They are forced to adapt to new circumstances and as they play catch up, effective implementation might
be compromised, to the detriment of their performance.
Given that Mboko and Smith-Hunter (2009) observed that Zimbabwean SMEs are in the early stages of strategy
formulation, it is unlikely that they are using strategic planning tools. Effective strategy formulation requires the
effective setting of objectives, the identification and evaluation of alternative action and the implementation of
the selected choice (Tan & Platts, 2006). Mboko and Hunter-Smith note that these SMEs’ planning is limited to
visioning and objective setting. This could cause differences in the implementation approach dictated by the
economic environment in the country. Very little is known about how SMEs in Zimbabwe actually plan and
implement for survival and growth. Given that strategy formulation is a critical step in strategy implementation,
Crittenden and Crittenden, as cited by Tapinos et al (2005) contend that strategic planning should attempt to
systematise the processes that enable the organisation to achieve its goals and objectives. In SMEs, the emphasis
might lie elsewhere and the steps involved might be too cumbersome. They add that there are five steps in the
strategic planning process: goal/objective setting, situation analysis, alternative consideration, implementation
and evaluation.
Due to the processes involved in strategy formulation, most SMEs in Zimbabwe end up adopting strategies that
have been used in other contexts. This implies a lack of commitment to the borrowed objectives and strategies by
both the employer and the employees, resulting in less vigour in pursuit of the said objectives. Naicker and
Saungweme (2009) showed that SMEs adopted strategic alliances as a strategy but the failure rate was as high as
75%. Strategy implementation has been the focus of numerous studies, particularly because the process from
project formulation to project implementation is not effective and therefore not adequate in today’s business
world (Sorooshian, Norzima, Yusof & Rosnah, 2010). Issues such as the involvement of the implementers
(Dandira, 2011) could be the missing link in successfully implementing the strategy.
Adopting strategies from other organisations indicates that organisations are not considering their long term
success, but are focusing on issues that might extricate them from the immediate situation. The “burning of cash”
as noted by Mufudza et al (2013) sought to address liquidity challenges in the Zimbabwean economy, but this
was short-lived and eventually decimated by the adoption of multiple currencies.
Suominen and Mantere (2010) argue that it is exceptional to come across an organisation that has no plans or
objectives labelled ‘strategic’, whether it is operating in the private, public or third sector. They further contend
that strategy appears to have penetrated almost every organisation, obliging managers to follow suit and submit
themselves to the principles of strategic management. If the plans are not of the required quality, they might
produce substandard performance or a lack of enthusiasm to implement them.
Dobbs and Hamilton (2007) argue that once such a goal has been established, the specifics allowing enterprises
to achieve their growth strategy become less clear. Such specifics would include the manner in which
organisations go about implementing strategy. Evidence of strategic planning does not in itself determine the
performance of SMEs. SMEs have failed to deliver on their plans due to several handicaps. Bouzdine-Chameeva
(2006) argues that formulating a credible strategy is explicitly based on analysing distinctive competencies that
are unique to a company, difficult to copy and could be used to exploit opportunities and create synergies in
order to provide distinct strengths, thus helping to generate significant profits as well as reduce risks.
Like elsewhere, SMEs in Zimbabwe tend to focus on the immediate, where implementation (Temtime & Pansiri,
2006) is driven by short term objectives, especially profits. The profit motive seems to drive strategic planning
and implementation in Zimbabwe at the expense of other aspects of strategic management. SMEs therefore tend
to take shortcuts to strategy implementation.
140
4. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
Ashill, Frederikson and Davies (2003) contend that corporate strategy should focus on internal resource
allocation, which influences the short term performance demanded by controlling shareholders. Most SMEs are
concerned with short term performance goals rather than what Ashill et al (2003) term “robust strategies” which
concern long term survival by ensuring that steps are taken to counter potential threats.
Mufudza et al (2013) observe that organisations in Zimbabwe tend to adjust strategies at least four times a week
in the hyperinflationary environment. This approach presents a uniquely Zimbabwean approach to strategy
implementation which does not allow for strategies to be wedded to the psyche of the organisation concerned.
There is pressure to react (Mboko & Smith-Hunter, 2009) and this might generally affect how SMEs in
Zimbabwe implement strategies in the long term given the short term orientation of some businesses. Ninety six
percent of the respondents in Temtime’s (2003) study stated that it was not possible to effectively operate
without business plans. Bonn (2002:36) and Kraus et al (2006) found that there was a positive relationship
between strategic planning and performance. Seventy percent of the studies in their analysis identified a positive
relationship, which suggests broad support for the performance impact of strategic planning. The availability of
a plan does not in itself translate to effective implementation because, as Chen et al (2008) argue, organisational
implementation determines the implementation and operational results of an organisation’s strategy.
Implementation, according to Chen et al, is core to the competiveness of an organisation and determines its
development.
SMEs are said to have formal or informal visions and missions (Mboko & Hunter-Smith, 2009; and Naicker &
Saungweme, 2006). The quality of planning among SMEs could also impact on strategy implementation. Every
year, top management put great effort into developing strategic plans, but by the end of the year these have been
shelved; often, middle and grassroots managers do not understand the strategy and are not provided with clear
direction on the work they are expected to do (Dandira, 2011 and Chen et al, 2008). Therefore preimplementation protocols might be totally overlooked even though they are critical to strategy implementation
and include variables of strategy and structure (Snider, da Silveira & Balakrishnan, 2009).
Dobni et al (2001) show that there is clear evidence that executives have been unable to move strategy out of the
boardroom onto the playing field. Failure to move from planning to action is a serious handicap to all businesses,
particularly SMEs in Zimbabwe which have a key role to play in improving living conditions in the country.
Brilliant strategies do not always succeed, often succumbing to not so brilliant implementation proceses that
reinforce traditional organisational boundaries (Dobni, Dobni & Luffman, 2001).
According to Jooste and Fourie (2009), for the past two decades, strategy formulation has been widely regarded
as the most important component of the strategic management process - more important than strategy
implementation or strategic control. They further argue that the high failure rate of organisational initiatives in a
dynamic business environment is primarily due to poor implementation of new strategies. Kumar, Markeset and
Kumar (2006) are of the view that strategic management is gradually shifting from paying 90% attention to
formulation and 10% to strategy implementation, to paying equal attention to both. Strategy formulation is a key
step in successful implementation but strategy formulation does not necessarily lead to robust performance. The
missing piece in the whole strategic planning process could be strategy implementation.
Although remarkable progress has been made in the field of strategic management, the problem of
implementation persists (Dandira, 2011). This study seeks to confirm the use of strategic planning by SMEs in
Zimbabwe but, more importantly, establish the approaches that SMEs adopt to formulate strategies, given the
country’s continued economic challenges. Do they follow a business driven approach in formulating strategies
and how does the approach they adopt influence business strategy? The literature review did not yield any
studies that link strategy formulation approaches to eventual implementation. This would provide a new
dimension to strategy implementation. Mufudza et al (2013) observe that if SMEs want to win, when it comes to
strategy, they should ponder less and do more. They emphasized that businesses need to match strategy to
implementation, pointing out that during the hyperinflationary era in Zimbabwe, most companies were changing
strategies an average of four times a week, due to external forces, which were changing on a daily basis.
Dandira (2011) observed that there is a missing link between the formulation stage and the implementation stage.
Dandira is looking at the strategy formulation process, but what happens when the plan is in place becomes very
important. Apart from wasting considerable amounts of time and money, the failure of strategy implementation
efforts causes lower employee morale and diminished trust and faith in senior management (Sorooshian et al,
2010). The main issue is therefore for SMEs to carry out strategy implementation in an effective manner. In
summary, the following conceptual framework developed by Sorooshian et al epitomises the focus of this study.
141
5. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
Strategy
implementation
www.iiste.org
Performance
(+)
Figure 1 Strategy implementation framework: Source: Sorooshian et al (2010)
This study will examine the strategy formulation approaches used by SMEs in Zimbabwe and investigate
whether the approach has any influence on how the strategies are implemented. Strategy implementation will
eventually lead to strong organisational performance. The link between strategy formulation and implementation
of strategy among SMEs in Zimbabwe needs to be investigated in order to enhance overall implementation and
eventually overall performance. Do SMEs in Zimbabwe follow a structured format in moving from strategy
formulation to implementation? What links exist between strategy formulation and implementation or are these
activities completely divorced and not influencing each other? There is very little literature on how SMEs in
Zimbabwe implement strategies; thus calls for exploratory studies on this issue.
3. Research Methodology
This was a qualitative study involving the use of multiple case study approach. Eight SMEs
organisations in four Zimbabwean cities were selected for this study using convenient sampling.
Organisations had less than 100 employees, having been in existence for 5 years and were showing
signs of growth, were used in this study. In depth interviews were held with the owner managers for
these organisations. In addition, observations and secondary document analysis were used to support
the data gathered from the interviews. Data analysis was done using Atlasti and content analysis.
4. Findings and discussion
The study revealed that SMEs in Zimbabwe generally practice strategic planning although six organisation did
not formalise the strategy formulation process. Only two organisations had written strategic plans and went
through a formal strategic formulation process. The management team jointly came up with the strategic plan.
With regard to the other six organisations, the owner or family members came up with the strategic plan/vision.
As a result the emphasis was on the social security of the owners rather than a business focussed vision and
goals. The focus of those SMEs who planned formally was business growth, while those that focussed on social
security aimed more at survival.
Stonehouse and Pemberton (2000) confirm that the vast majority of organisations participating in the service
sector appear to plan strategically in the sense of having a clearly articulated vision and mission statement
supported by business level objectives. They report that organisations also set strategic targets in terms of sales,
profits and costs, with the manufacturing sector placing greater emphasis on these aspects than service oriented
companies. Unfortunately, these targets did not exist in the SMEs studied in Zimbabwe. The findings resonate
with Tan and Platts’s (2006) study that observed that current strategy frameworks and processes focussing on
broad direction and the establishment of objectives. However there was no indication in their study of whether or
not SMEs actually implemented these visions or targets and how these targets were actioned or achieved.
The above findings seem to be at variance with Kraus et al (2006:336), who propounded that strategic planning
is commonly characterised by the following three criteria:
• “A long term view
•
Strategies in written form; and
•
Evaluation and control (Rue and Ibrahim, 1998).”
The differences could have been due to differences in the operating environment. While Kraus et al conducted
their study in a stable environment the Zimbabwean environment has at best been very volatile, not allowing
business to focus on either the long term view or the formalised and written version. Temtime and Pansiri (2006)
142
6. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
note, that, most SMEs in developing economies do not have formal structures, lines of communication,
formalisation and standard policies. Stonehouse and Pemberton (2002) point out that in terms of planning, the
time horizon provides an indication of whether this is short, medium or long term. They add that for both sectors
(manufacturing and services) there is close agreement, with a median value of three years. The SMEs under
study tended to plan for periods of up to one year in the case of the manufacturing concern, while the others had
shorter planning horizons depending on the economic environment.
Save for HRE 2 and BYO 2, the SMEs under study did not have written strategies or robust evaluation and
control mechanisms. Despite the owners’ high levels of academic achievement, the other six did not have a long
term focus or a formalised planning system. They did not evaluate performance, save for the ability to meet
obligations and when they failed to meet obligations they tended to negotiate with employees to forego salaries.
The six entrepreneurs adopted an approach similar to that noted by Mboko and Smith-Hunter’s (2009) study.
They found that while those cases using complete planning have a vision, it is short term in nature and has a high
situational responsiveness. BYO 1, GRU 1 and MRE 1 favoured this approach; they de-emphasized their
business focus to pursue ideas that had income generating potential. This could have been influenced by the
rapidly changing business environment in Zimbabwe. As businesses struggled to recapitalise in an illiquid
market, SMEs could have been more inclined to focus on survival rather than growth.
This study also confirmed that SMEs in Zimbabwe adopted some form of strategic planning. Kraus et al (2006),
Mboko and Hunter-Smith (2009) and Temtime (2001)’s findings show that smaller enterprises do in fact plan
strategically. In addition, Kraus et al’s empirical investigations show that strategic planning can contribute to
performance. However, the empirical results draw a differentiated picture of the relationship between strategic
planning and performance in small firms. Although there was evidence of growth in the SMEs due to some form
of strategic planning, what was apparent was the nature of the vision adopted by the businesses. Traditional
businesses including retailing and transportation operations in this study focussed more on socially driven
visions, where the emphasis was on the social security of the owner. When they implemented strategies they
tended to adopt diversification in unrelated businesses, e.g., GRU 1 started by retailing cement, then moved to
transport, estate management, construction and is now gravitating towards real estate. This was also the case
with the other five SMEs classified as traditional businesses. This provides evidence of some form of strategic
planning and the selection of particular strategic choices. Mboko and Hunter-Smith (2009) concede that SMEs’
planning tends to be survivalist oriented, which is slightly different from the findings of this study which points
to a social security anchoring.
On the other hand, businesses in competitive sectors like manufacturing and advertising adopted formalised
strategic plans which were business focussed and used these to drive their organisations. Consequently these
businesses witnessed substantial growth in both revenue and business assets. HRE 2 and BYO 2 confirmed the
notion that formalised strategic planning enhances organisational performance. Stonehouse and Pemberton
(2000) found that when SMEs practiced strategic planning, performance tended to be high. On the other hand,
informal strategic planning led to suboptimal performance; the owners were merely concerned with their own
security. For example BYO1 bought a ten hectare plot which was eventually put to commercial use after twelve
years. It was just being held as an asset that will be utilised on a rainy day. It was only put to use when the
principle bookshop operation began to experience problems. In the first year the plot was produced tomatoes at
the rate of 8 tonnes per day yet the market required only one tonne per week. There was a serious mismatch,
therefore SMEs owners did not fully use their strategic plans or than the plans were poorly crafted. Although the
literature does not confirm this view, one would be inclined to believe that a lack of planning leads to suboptimal
performance.
Secondly there was no effort made by the owner/manager to break down their overall plan into tasks and
activities. For example GRU1 imported three trucks from the United Kingdom but no funds had been set aside
for the clearance of the trucks from Namport in Namibia. The vehicles remained impounded for over four
months accumulating storage charges. The purchase of the trucks was a separate activity to clearing them and in
typical SMEs previous bought assets had to be sold to raise the necessary resources for the clearance of the
trucks. Strategies were not clearly thought through hence their negative consequences on the performance of the
SMEs.
Lastly the SMEs studied did not reverse link strategy formulation to strategy implementation, which in a way
can be considered as utilising existing organisational knowledge in strategizing. Therefore these organisations
tend to lose out on accumulated knowledge and experience. This resulted to a certain degree from the absence of
a performance review mechanism and the absence of prior set performance targets. For example GRU 2 opened
143
7. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
a new supermarket in Mutare but there was no prior consideration as to what revenues and profits the new unit
will contribute to the organisation. Opening the branch was thus an end in itself and not a part of the overall
organisational outlook. Strategic management thus became isolated activities that could not be harmonised for
the benefit of the organisation.
5. Conclusions
Although there was evidence that, SMEs had strategic plans but the strategic planning approaches
were in line with the whims of the owners. Owners in traditional businesses like transportation and
retailing tended to adopt informal strategic planning; their major emphasis was security. This was
considered to be suboptimal in that it did not take into consideration the environmental variables
and resource availability. A case in point was the importation of trucks by one respondent without
consideration of duty payments amounting to $30000. Businesses with a social security vision
focused on survival rather than growth. This was reflected in the general strategy of unrelated
diversification. This will not contribute much to the economic development of Zimbabwe.
The SMEs in competitive industries like manufacturing and advertising adopted aggressive business
strategies which enabled them to achieve rapid growth. HRE 2 and BYO 2 focussed on success
rather than personal security and hence adopted a different approach to both their choice of strategy
and strategy implementation. If SMEs are to contribute to economic growth, they need to adopt
business focussed strategies rather than focus on their own social security.
6. Recommendations
The following recommendations are offered to enhance the ability of SMEs in Zimbabwe to achieve
both business growth and ultimately the growth of the country’s economy.
Universities and development partners should mentor local SMEs to develop their strategic planning and
implementation skills by offering in house training to SMEs management. This will help to develop a strategic
planning culture among SMEs. According to Al-Turki (2011), “Strategic planning is a culture as much as it is a
process. Spreading the culture throughout the organisation is a major success factor of strategic planning. The
culture can be achieved by awareness sessions and training workshops at all levels of the organisation.”
The Ministry of SMEs should be mandated to supervise, monitor and fund a training programme to give SMEs
owners, hands on training in strategy formulation and implementation, since most will find it difficult to release
funds for such programmes. Support for SMEs should be linked to such training programmes.
If SMEs are to grow and contribute to the Zimbabwean economy, there is need for SMEs owners to focus on a
business vision and strategy rather than the owners and their family’s social security. One way to achieve this is
the involvement of major stakeholders. The absence of key stakeholders in the development process leaves gaps
in the analysis and evaluation of strategic options (Al-Turki, 2011).
For sustained growth, there is need for SMEs to focus on related diversification rather than unrelated
diversification and national expansion. This will ensure that resources are properly focusses rather the thinly
spread approach adopted by the majority of SMES owners.
References
Acquah B. K (1997).The African Economic Crisis. In Kinoti, G. & Kimuyu, P. (eds.), Vision for a Bright Africa:
Facing the Challenges of Development. Nairobi: IFES Anglophone Africa & AISRED
Al-Turki, U. (2011). Methodology and theory: A framework for strategic planning in maintenance. Journal of
Quality in Maintenance Engineering, 17 (1), 150-162.
Ashill, N.J., Fredrerikson, M., & Davies, J., (2003). Strategic Marketing, A grounded investigation. European
Journal of Marketing, 27(3/4), 430-460, DOI 10.1108/03090560310459032.
Bonn, I., (2000).Staying on top: Characteristics of long term survival. Journal of Organisational Change
Management, 13(1), 32-48.
Bouzdine-Chameeva, T., (2006).Modelling of distinctive competence in strategic. European Journal of
Operations Research, 108(4) 273-289.
Chen, K; Gou, G., & Li, H. (2008). The implementation of strategy evaluation model and index
system construction. International Journal of Business Management, 3(9) September 2008.
Dandira, M., (2011). Involvement of implementers: Missing element in strategy formulation. Business strategy
series, 12(1), 30-34.
de´ Waal, A. (2007) The secret of high performance organisations; Management online review,
www.moreexpertise.com. Accessed 2 June 2013.
144
8. European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol.5, No.31, 2013
www.iiste.org
Dobbs, M., & Hamilton, R. T., (2007). Small business growth: Recent evidence and new directions.
International Journal of Entrepreneurial Behaviour and Research, 13(5), 296-322.
Dobni, B., Dobni, D., & Luffman, G., (2001). Behavioural approaches to marketing strategy implementation.
Marketing Intelligence and Planning, 19(6), 400-408.
Ekwulugo, F., (2006).Entrepreneurship and Small and medium sized enterprise in London (UK): Evaluating the
role of black Africans in this emerging sector. Journal of Management Development, 25(1), 65-79.
Jooste, C., & Fourie, B., (2009). The role of strategic leadership in effective strategy implementation:
Perceptions of South African strategic leaders. South African Business Review, 13(3), November.
Kohtamaki, M., Kraus, S., Makela, M., & Rankko, M., (2012). The role of personnel commitment to strategy
implementation and organisational learning within the relationship between strategic planning and
company performance. International Journal of Entrepreneurial Learning, 18(2), 159-178.
Kraus S., Harms R., & Schwarz E.J., (2006). Strategic planning in smaller enterprises: New empirical findings.
Management Research News, 29(6), 334-344.
Kumar, R., Markeset, T., & Kumar, U., (2006).Implementation and execution of industrial strategy: a case study
from the oil and gas industry. Journal of Quality in Maintenance Engineering, 12(2), 105-117.
Li, Y., Gouhui, S., & Eppler, M. J., (2008).Making strategy work: A literature review of factors influencing
strategy implementation. ICA Working Paper 2/2008, Institute of Corporate Communication, Univesita
della Svizzera Italiana.
Mboko, S., & Smith-Hunter, A. E., (2009). Women entrepreneurs in Zimbabwe: A case study. Journal of Global
Business Issues; Spring.
Mufudza, T., Jengata, M., & Hove, P. (2013). The usefulness of strategic planning in a turbulent economic
environment: A case of Zimbabwe during the period 2007-2009. Business Strategy Series, 14(1); 24-29.
Naicker, V., & Saungweme, P., (2009).Strategic alliances governance in Zimbabwe policy and
strategy. African Journal of Business Management, 3(8), 325-332.
Raymond, L., & Croteau, A . M (2006). Enabling the strategic development of SMEs through
advanced manufacturing systems. Industrial Management and Data Systems, 106(7), 1012-1032.
Smallbone, Leigh, & North, (1995). The characteristics and strategies of high growth SMEs. International
Journal of Entrepreneurial behaviour and Research, 1(3), 44-62.
Smit, & Cronje, (1992). Principles of Management. Juta and Co; Republic of South Africa.
Sorooshin, S., Norzima, Z., Yusuf, I. & Rosnah, Y. (2010). Effects analysis on strategy implementation drivers.
World Applied Sciences Journal, 11(10), 1255-1261.
Suominen, K., & Mantere, S., (2010). Consuming Strategy: The art and practice of managers’ everyday strategy
usage. Advances in Strategic Management, 27, 211-245.
Stonehouse, G., & Pemberton, J., (2002).Strategic Planning in SMEs- some empirical Evidence.
Management Decision, 40(9), 853-861.
Szabo, A. (2001). Internationalisation of SMEs. International Conference on Internationalisation –
Challenge for SMEs, Portoroz, November 2001, The UNECE Approach: Regional Advisor on
Entrepreneurship and SMEs: UNECE
Tan and Platts, (2006).Effective strategic action planning: A process and tool. Business Process
Management Journal, 11(2), 137-157.
Tapinos, Dyson & Meadows, (2005).The impact of performance measurement in strategic planning.
International Journal of Productivity and Performance Management, 54(5/6)307-384.
Temtime, Z.T., (2003).The moderating impacts of business planning and firm-size on total quality
practices. The Total Quality Management magazine, 15(1), 52-60.
Temtime Z.T., & Pansiri, (2006). Perceived managerial problems in SMEs: Evidence from
Botswana. Development and Learning Organisation, 20(5), 15-17.
Urban, B., (2004). Understanding the moderating effect of culture and self-efficacy on entrepreneurial intentions. (Unpublished
thesis), University of Pretoria.
Zimstats
(Zimbabwe
National
Statistics),
(2012).
2011
Labour
force
survey.
Accessed
www.zimstat.co.zw/dmdocuments/Labourforce.pdf.
145
9. This academic article was published by The International Institute for Science,
Technology and Education (IISTE). The IISTE is a pioneer in the Open Access
Publishing service based in the U.S. and Europe. The aim of the institute is
Accelerating Global Knowledge Sharing.
More information about the publisher can be found in the IISTE’s homepage:
http://www.iiste.org
CALL FOR JOURNAL PAPERS
The IISTE is currently hosting more than 30 peer-reviewed academic journals and
collaborating with academic institutions around the world. There’s no deadline for
submission. Prospective authors of IISTE journals can find the submission
instruction on the following page: http://www.iiste.org/journals/
The IISTE
editorial team promises to the review and publish all the qualified submissions in a
fast manner. All the journals articles are available online to the readers all over the
world without financial, legal, or technical barriers other than those inseparable from
gaining access to the internet itself. Printed version of the journals is also available
upon request of readers and authors.
MORE RESOURCES
Book publication information: http://www.iiste.org/book/
Recent conferences: http://www.iiste.org/conference/
IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar