Abstract
In today's changing environment companies are pushed to be flexible, develop new strategies and implement change plans. Strategy implementation and realisation is a critical component of organizational performance, however, many organizations fail to implement their strategic plans, while others could not achieve their desired results. In practice nowadays more attention is paid to the implementation of the strategy than to its creation, still strategy research most often treats strategy execution and realisation as a black box. The aim of this study is to find out the factors influencing the successful implementation and realization of business strategy in Latvian organizations. Quantitative research using a structured questionnaire (n = 440) and a multivariate linear regression analysis shows that managerial competence and leadership followed by clarity of goals play a decisive role in the successful implementation of business strategy. Implications of the results for managerial practice are discussed and propositions for future research provided
Highlights
A primary research question of strategic management is related to understanding why some firms are more successful and perform better than others and (Greer et al, 2017; Pfarrer et al, 2019)
The findings show that the importance of job satisfaction might be overestimated especially when it relates to the implementation and realisation of organisational strategy
Four out of five hypotheses were approved indicating that aim clarity, change management, communication, and leadership, have significant positive impact on strategy implementation and realisation
Summary
A primary research question of strategic management is related to understanding why some firms are more successful and perform better than others and (Greer et al, 2017; Pfarrer et al, 2019). Unknown organizations appear on the market, but other well-known firms disappear because they fail to react to changes in the external environment (Caune & Dzedons, 2009). Obeidat and colleagues (2017) believe that the existing business environment has become much more uncertain and unpredictable for profit and non-profit organizations., managers and leaders of different types of organizations need to think, learn and act strategically (Obeidat et al, 2016). An organization strategy is a plan that describes how to achieve organizational goals, how to run an organization, how to position itself in the market, attract customers, compete successfully and win the competition. A review of published literature indicated that many organizations had failed to implement more than 70% of their new strategic plans, while 30% could not achieve anything at all (Miller, 1997). Nowadays more attention is paid to the implementation of the strategy
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