Contemporary Strategic Management Research Articles

PARTNERSHIP AND DIVERSIFICATION: KEY COMPONENTS OF STRATEGIC MANAGEMENT IN THE DEVELOPMENT ENTERPRISES OF BUSINESS-SEGMENT HoReCa

The article focuses on the analysis of strategic management in the hotel and restaurant industry (HoReCa), with a particular emphasis on the significance of partnerships and diversification strategies in contemporary conditions. The authors explore not only the key dimensions of these strategies but also their interaction with current industry trends. The study examines modern trends in HoReCa, taking into account shifts in consumer preferences and the implementation of digital technologies. The role of partnerships in strategic development is discussed, highlighting their importance in gaining competitive advantages. Diversification strategies, including their effectiveness and interaction with technological innovations, are also scrutinized. The authors shed light on how hotel and restaurant enterprises can expand their business portfolios by adapting to market changes and meeting the demands of the modern consumer. Special attention is given to the influence of institutional factors on the formulation of strategies in the HoReCa sector, including legislative and regulatory aspects. This understanding is crucial for comprehending the constraints and opportunities in choosing a strategic course. The authors identify directions that require attention from both researchers and practitioners for a more comprehensive understanding and improvement of strategic management in the hotel and restaurant business. In conclusion, the article makes a substantial contribution to understanding the key components of contemporary strategic management in HoReCa enterprises.

On the Importance of Strategic Management in Contemporary Multinational Corporations

Contemporary strategic management of multinational corporations (MNCs) is a new trend in the development of MNC theory and practice. As an important part of the theory and practice of contemporary multinational corporations, the strategic management of multinational corporations reflects the changes and development trends of the contemporary world's economic structure, market structure, technological structure and so on in its own generation and development. Today, with the accelerated process of global integration and the deepening of economic globalisation, the strategic management of multinational corporations has become an important factor in the competitive advantage of contemporary enterprises and in their survival and development. As a new theoretical viewpoint, it is a scientific summary of the law of enterprise development and a useful supplement to the modern enterprise theory system.

Crisis Management: What COVID-19 Taught the World

New strategies, solutions and organizational procedures are required to deal with the many living realities that are necessitated by advances in science and technology as well as patterns of human connection in our time to deal with crises today. This study examines the most recent social issues linked with the COVID-19 outbreak in an attempt to establish critical crisis management objectives and priorities. People are worried because governments have put restrictions on both groups and people. In light of the problems that have arisen as a result of the COVID-19 epidemic, this research will focus on examining various crisis management strategies. Expert opinions were solicited in order to determine gaps and new paths in crisis management. Unfortunately, we could not find much information in the literature about successful recovery strategies and future prospects for the businesses hit worst by the current COVID-19 outbreaks. Several important findings have emerged from studies of the causes, effects, and management of crises. The paper claims that while disasters and crises are inevitable, they can have less of an impact if well managed. An organization's ability to handle vital activities during a crisis is enhanced by this. This research shows how the crisis management challenges brought on by the COVID-19 epidemic provide an opportunity, and how flexibility is a crucial part of contemporary strategic management. In order to better understand and assist the processes of such events, the research found that crisis management methodologies and concepts may be extended and used. Finally, we suggest several avenues for further research into the topic of international crisis management.

Dynamic Capabilities View within the Field of Strategic Management Field: A Bibliometric Analysis

The dynamic capabilities view has been established as one of the most influential theoretical perspectives in contemporary strategic management, raising the need to use bibliometric tools. The work aims to identify the intellectual structure of dynamic capabilities view within the scientific field of strategic management by analyzing 823 research articles published on the Web of Science Core Collection. The results obtained from the analysis of 13,144 cited references have provided important conclusions to one of the most vibrant debates of this study approach, the confrontation between two of the seminal contributions of the dynamic capabilities literature. In addition to shedding light on the ongoing debate in the literature, this paper has achieved some research findings. First, it improves the comprehensive theoretical justification of the need to implement bibliometric techniques in the study field. It lets the researcher could better understand the foundations of the analyses performed. Furthermore, the author and co-citation analysis served to build the respective network and to group the most-cited references into four clusters. These results have been of great use in understanding the current intellectual structure and how to propose the relevant research currents in this field of study. Finally, the conclusions obtained are subject to certain limitations. On the one hand, this research is based on a sample of documents published on the Web of Science Core Collection database. On the other hand, emphasis must be placed on those limitations more closely associated with utilizing bibliometric techniques, which allows us to propose interesting lines of future research.

USING THE GREEN TARGET COST TO BUILD A SUSTAINABLE COMPETITIVE ADVANTAGE IN ALZAWRAA STATE COMPANY FOR ELECTRICAL AND ELECTRONIC INDUSTRIES PRODUCTION AND ASSEMBLY OF SOLAR PANELS

The paper aims to study and analyze a framework that is theoretical and cognitive of the green target cost. Also, studying and analyzing the level of applications of Al-Zawraa State Company for Electrical and Electronic Industries for the techniques and methods of strategic management accounting, especially the green target cost. In addition to apply it in the company to build a sustainable competitive advantage by applying one of the products produced by the company, which is the solar panel's product model (450) watts. Problem statement was represented by the weakness of keeping pace with Al-Zawraa State Company for Electrical and Electronic Industries with technological developments, the high costs of its products and the low level of sustainability due to its poor awareness of contemporary strategic management accounting techniques with its various methods. The research reached a set of conclusions, the most important of which was the possibility of reducing production costs by applying the green target cost, as well as the absence of solutions to reduce the costs of the solar panel product (450 watts) model by applying green target costs to its sustainability or green properties. This makes it maintain the sustainable competitive advantages that distinguish it from other traditional products.

Synthesis towards Future-Fittest for mature forest sector multinationals

The circular bioeconomy represents a societal paradigm shift and transition challenge that inevitably influences how companies act in their evolving operational environment. The disruptive features may be particularly difficult to foresee and tackle strategically in companies with long-term operations and a relatively stable marketplace position, such as firms operating in the forest sector. Here we consider large forest sector companies in a circular bioeconomy sphere and scrutinize opportunities to hasten their sociotechnical transition pathway with a combination of open foresight and open innovation activities. We present a synthesis drawn from contemporary strategic business management literature and adapt that to forest sector multinationals. A greater openness to the actors, knowledge, and expertise outside the forest sector may be an essential element of successful bioeconomy transition for incumbent forest sector firms. This requires leadership to shift culture and an investment in the skills and expertise held by company employees. Increased investment in human capital and embracing a broader network of collaborators may pave the way for forest industry companies towards sophisticated corporate foresight and open innovation, corresponding to Future-Fittest status.

Razumevanje poslovnih procesa sa osvrtom na holističko-sistemski pristup upravljanju promenama

The subject of this paper is a theoretical background of the attitudes that treat the necessity of the importance of knowledge of business processes and holistic systemic approach to change management, in the broader context of strategic management, for better understanding and potential improvement of business by contemporary managers. The paper presents the general issues of strategic management and how it is artificially implemented in the business flows of modern organizations, then gives an overview of the concept of management by contemporary managers and issues related to the importance of knowing the characteristics of the business process and its management, and finally, provides an insight into the importance of change, as an important factor in the context of managing the business process of today, with an emphasis on a holistic-systems approach. The method of content analysis was used in the paper. The aim of the paper is to point out the importance of business process management in contemporary strategic management, above all in the context of growing changes and extremely dynamic and changing market environment, and to provide modern managers with insight into modern business and how to improve their business in an increasingly sharp market match.

Comparing the efficacy of linear programming models I and II for spatial strategic forest management

Contemporary strategic forest management goals have become increasingly complex in spatial definition and scale. For example, the Canadian Council of Forest Ministers Criteria and Indicators (CCFM C&I) includes metrics that are expressed at multiple levels of spatial resolution such as ecodistricts, watersheds, and vegetative communities. Supporting these criteria with aspatial models is sometimes difficult, and results are often not transferable to the actual forest. We describe a spatial Model I stand and prescription-based strategic forest planning model that includes spatial metrics in a realistic sized problem. We compare its formulation, capabilities, and computational efficiency with a Model II formulation using a case study on Nova Scotia’s Crown Central Forest. We demonstrate that the spatial Model I is better suited to support strategic forest management when spatial criteria are included.

Strategic Transport Management Models—The Case Study of an Oil Industry

The awareness of the need to preserve the environment and establish sustainable development evolved as the result of the development of the world economy and society. Transport plays a very important role in this process. It is recognized as one of the main factors in sustainable development strategy. Strategic transport management model is presented in this paper. It represents a comprehensive and complete strategic management process, beginning from the strategic analysis, then strategy formulation and its implementation to strategic control. What makes this model specific is the development of its phases using contemporary strategic management methods and MCDM (Multicriteria Decision Making) techniques. In this way, subjectivity is avoided and the decision-making process is impartial. To formulate sustainable transport strategy, the authors use a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) and the fuzzy Delphi method as the basis to evaluate impact factors. Fuzzy SWOT analysis is applied to formulate strategic options and the selection of optimal option is realized through DEMATEL (Decision-Making Trial and Evaluation Laboratory)-based ANP (Analytic Network Process). The strategic transport management model is applied to Serbian Oil Industry (NIS) as a company engaged in the production and transport of oil and oil derivatives. The results presented in this paper have shown that this model can be successfully implemented in profit organizations. It also can be used to formulate strategies on the basis of scientific principles and create conditions for successful sustainable strategies implementation.

Strategic Management Thinking and Practice in the Public Sector: A Strategic Planning for All Seasons?

AbstractThis paper explores how strategic management thinking manifests itself in strategic management practice in the public sector. Mintzberg's framework of ten strategic management schools of thought is chosen for mapping strategic management thinking. The paper analyses a convenience sample of 35 strategic management processes, observation of an agency's strategy reformulation process and interviews of managers in the public sector in Norway for informing the discussion. Strategic planning is heavily criticised in some of the business strategy literature. The analysis indicates that strategic management in the public sector extensively uses strategic planning, bundled with certain other schools of thought, despite tendencies to downplay formal, mechanistic planning in contemporary strategic management theory.

International Strategy and Knowledge Creation: The Advantage of Foreignness and Liability of Concentration

International business scholars increasingly emphasize regional strategies based on an optimal location of downstream sales. There has been less scholarly attention, however, to the relationship between international strategy and upstream knowledge creation including R&D. Building on contemporary strategic management theory and the knowledge‐based view we remedy this. The viability of home‐regional or bi‐regional strategies is based on common assumptions that imply negative consequences of distance and foreignness for downstream sales and marketing and benefits from agglomeration for upstream knowledge creation activities including R&D. In contrast, we propose that upstream knowledge creation, radical innovation in particular, rather gains from distance and foreignness and from being dispersed, suggesting the effectiveness of a global strategy. Based on the resource‐based view and recent research on the economics of strategic opportunities and competitive advantage, we provide theoretical explanations for this. We demonstrate how a global multinational corporation is uniquely equipped with knowledge extensity including heterogeneous social‐identity frames in multiple sub‐units. Thanks to arbitrage advantages between the sub‐units’ separate and often locally embedded knowledge, a global multinational corporation can address complex interdependences and interactions between knowledge sets required for knowledge creation. This suggests that maximum exploration capabilities are made possible by a global rather than a home‐regional or bi‐regional strategy.

The Future of Purchasing and Supply Management Research: About Relevance and Rigor

The Journal of Supply Chain Management (JSCM) is a hallmark in the academic field of operations and supply chain management. During the past 50 years, it has contributed substantially to the recognition and adoption of purchasing and supply management (PSM) as an academic and strategic business domain. Having been invited by the JSCM editors to provide some ideas on the future directions of PSM research, the authors discuss what can be done to further increase both its relevance and rigor. Rigor and relevance in academic research are interconnected. To improve its relevance, the authors argue that future PSM research should better reflect the strategic priorities raised in the contemporary strategic management literature. Next, future PSM research should be much better embedded in a limited number of management theories. Here, stakeholder theory, network theory, the resource‐based view of the firm, dynamic capabilities theory, and the relational view could be considered as interesting candidates. Rigor is connected with robustness of academic research designs and projects. To foster its rigor, future PSM research should allow for an increase in the number of replication studies, longitudinal studies, and meta‐analytical studies. Future PSM research designs should reflect a careful distinction between informants and respondents and a careful sample selection. When discussing the results of quantitative studies, future PSM research should report on effect sizes and confidence intervals, rather than p‐values. Adoption of these ideas would have some important implications for both the academic PSM community and academic journal editors.

Contemporary strategic management approach in the defense system by U.S. methodology concept

The paper wants to emphasize the importance of contemporary strategic management approachs in the defense system. Displays the work of American author Leslie Lewis and C. Robert Roll 'Strategy-totasks: a methodology for resource allocation and management'. It were used by parts of the discussion above, in order to describe the strategy-to-tasks methodology for planning, programming and budgeting system (PPBS). In developed Western countries adopted some elements of strategic management to determine and monitor the execution of strategic plans in the defense system. This trend is spreading to other countries as a result of the necessity of obeying certain methodological and technological achievements. The uncritical acceptance of a strategic management approach can cause great confusion and problems, and the terminology and scientific explanation for this trend is of great importance.

Knowledge and Strategy Creation in Multinational Companies

While a great deal of research on international business and management has fruitfully focused on knowledge transfer, this paper investigates knowledge creation; the process by which multinational companies (MNCs) continuously combine and recombine knowledge in order to generate a competitive advantage. By integrating contemporary strategic management research into the field of international business, we have developed a new perspective on strategy and knowledge creation in MNCs, by elaborating on and extending the knowledge-based view and other views of MNC strategy making. We suggest that the agglomeration of a multitude of diverse social-identity frames, nested inside a corporate centripetal frame, creates an arena in which exploitable new knowledge can be created. We propose that while a common corporate social-identity frame promotes knowledge transfer, the diversity of various subgroups’ social-identity frames, in combination, with interaction and temporary tension between them, advances knowledge creation. Although this partly involves a serendipitous process, it promotes a systemic advantage for MNCs compared to local firms, as regards knowledge exploration, (re-)combination, and integration. This competitive advantage is firmly rooted in hard-to-imitate complex social processes and may therefore be sustainable.

Questioning the epistemic virtue of strategy: The emperor has no clothes!

AbstractA critical analysis of contemporary strategic management theory and practice suggests that modernist, linear thinking has facilitated the development of an abstracted reality which is misleading to managers and fundamentally flawed. It is argued that formulaic strategic tools such as those propounded by Porter fail to capture the reality of the complex environments that confront firms and falsely suggest that an answer can be derived from a predetermined toolbox.As an alternative to this dominant paradigm, the complexity of markets is presented not as something to be feared and ignored, but rather as a truth to be embraced. As a basis of taking this step, current knowledge on how complex environments work, perspectives on how they can be better understood and how people and organizations can engage within them, is presented. Ultimately it is recognised that both theoretical and practical foundations need significant, further development.

Questioning the epistemic virtue of strategy: The emperor has no clothes!

AbstractA critical analysis of contemporary strategic management theory and practice suggests that modernist, linear thinking has facilitated the development of an abstracted reality which is misleading to managers and fundamentally flawed. It is argued that formulaic strategic tools such as those propounded by Porter fail to capture the reality of the complex environments that confront firms and falsely suggest that an answer can be derived from a predetermined toolbox.As an alternative to this dominant paradigm, the complexity of markets is presented not as something to be feared and ignored, but rather as a truth to be embraced. As a basis of taking this step, current knowledge on how complex environments work, perspectives on how they can be better understood and how people and organizations can engage within them, is presented. Ultimately it is recognised that both theoretical and practical foundations need significant, further development.

“Going to the movies”: accounting and twentieth century cinema

PurposeSince its emergence in the early twentieth century, cinema has acquired a cultural identity. As purveyor of light entertainment, the local movie palace sold escapism at a cheap price. It also acted as an important social apparatus that regulated everyday mannerisms and appearance. The purpose of this paper is to investigate the box office ledger of a UK picture house and to consider the role of the accounting document as a medium through which both local and broader social and historical norms can be reflected.Design/methodology/approachThe paper primarily employs archival sources. It examines the box office ledger of the Edinburgh Playhouse cinema for the period 1929‐1973. This ledger is held within the National Archive of Scotland. Secondary sources are also drawn upon to provide a social and historical context to the study.FindingsThe analysis of the box office ledger illustrates the potential value of an accounting document as a source of social history. Not only does this single ledger mirror the defining moments in British cinema history, it also helps inform the conception of what constitutes accounting, shapes the perception of contemporary strategic management accounting rhetoric, and further an appreciation of the relationship between accounting and everyday life.Originality/valueThe entertainment industry has been largely ignored within accounting scholarship. Such neglect is lamentable given both the scale of the industry and its impact on contemporary culture. This paper is an attempt to redress this neglect by examining one component of the entertainment business, cinema, through the medium of an accounting document.

A theory of change in turbulent environments: the sequencing of dynamic capabilities following industry deregulation

The dynamics of change and the path-dependent evolution of resources and capabilities are central concerns of contemporary strategic management. This paper integrates the resource-based and dynamic capabilities literatures to explain why development of dynamic capabilities is especially important for firms that transition from regulated to deregulated environments. We develop a theoretical model and specific propositions concerning the pattern and sequencing of dynamic capability development within environments experiencing substantial change, specifically in newly deregulated industries. We discuss implications of the proposed theoretical model for both research and managerial practice.

Strategic tools: an empirical investigation into strategy in practice in the UK

Abstract At the core of strategic planning has been the use of strategic tools and frameworks such as the ubiquitous SWOT analysis and a variety of frameworks bearing Michael Porter's moniker. There has been a tendency for generic tools to be developed and disseminated to industry, with a one‐type‐fits‐all approach. Planning and the use of tools have largely been dismissed in much contemporary, particularly European practice‐based, strategic literature. This paper argues that the use of strategic tools has a place in contemporary strategic management. However, the traditional prescriptive rationale for strategic frameworks is replaced with a practice‐based set of reasons advocating the use of strategic tools. The paper advocates the use of strategic tools in a variety of strategic contexts including planning. However, it is shown that groupings of strategic tool usage can be identified which might indicate that business and business schools should reconsider how they apply, learn and disseminate strategic framework. Copyright © 2007 John Wiley & Sons, Ltd.

Keys to the future – new business models in mobile organisation

New and innovative business models are crucial for organisations trying to compete in today's hyper-competitive environments, not least so in mobile organisation. Concepts such as strategic innovation, blue oceans and killer applications are common in state of the art literature on contemporary strategic management. In the paper, we will induce a number of conclusions regarding business models and business concepts as well as strategic management. These conclusions will lead us to a detailed case study of the telecommunications industry, which serves to illustrate the importance of formulating innovative business models in order to succeed in the future in mobile organisation.