Essence Of Strategic Management Research Articles

ІНСТРУМЕНТАРІЙ СТРАТЕГІЧНОГО УПРАВЛІННЯ ДІЯЛЬНІСТЮ СУБ’ЄКТІВ РИНКУ НЕРУХОМОСТІ

In the ever-evolving world of property management, technology has become indispensable for streamlining operations, increasing efficiency and improving decision-making processes. As the industry becomes increasingly complex and competitive, real estate professionals rely on a variety of strategic tools and software solutions to manage real estate, analyze market trends, communicate with stakeholders, and streamline administrative tasks. The article defines trends in the modern real estate market. The essence of strategic management, its importance for long-term stable activity is defined. The essence of strategic management in the field of real estate is specified, taking into account the characteristics of the market object – buildings, structures, land and infrastructure. Growth forecasts of the global real estate market have been determined. Strategic management tools are defined: strategic analysis, strategic planning, organization of strategy selection and implementation, and strategic control. Each of them is considered in more detail. The need for a strategic analysis of the real estate market, as well as the main strategies by which this process can be carried out, is determined. The theoretical information has been transferred to the practical plane. The value of diversification, building a network of connections and adaptation through constant updating of knowledge is established. New paradigms in the field of real estate using new technologies have been identified. Features grouped together that offer leading solutions in this space. The statistics of technological indebtedness of enterprises on the real estate market have been determined. The areas of optimization of strategic management of lease operations are analyzed. Prospects for improving the tools of strategic management of the activities of real estate market entities were studied: expanded work and communication opportunities, the emergence of flexible detailed report customization options, predictive analytics based on AI, report templates with flexible settings, real-time data visualization, etc.

PROBLEMS AND PROSPECTS OF DEVELOPMENT OF STRATEGIC MANAGEMENT IN UKRAINE

The essence of strategic management and different approaches to its definition are considered. Under strategic management, we understand the dynamic process, which is based on the potential of the enterprise, is oriented on obtaining long-term competitive advantages on the market at timely adjustment of the goals of functioning (according to changes in the external environment) by means of innovative direction, growth of volumes of business, enterprise restructuring or anti-crisis management. The characteristic features of strategic management of the enterprise are given, which are based on a certain combination of management theories concerning the enterprise activity: in particular, on system and situation analysis, target and innovative approaches to management, etc.; the enterprise is considered as an open social – economic and material-substance system.The main goal of modern strategic management is to create such a system of management of the enterprise, which would allow to form mission and strategic goals of the enterprise on the basis of analysis of internal and external potential. In addition, develop, justify and implement functional and corporate strategies in a way that ensures effective achievement of high social and economic results. At domestic enterprises, the introduction of a system of strategic management is connected with many problems, in particular, with the realization that both current and strategic tasks need to be solved simultaneously in order to achieve the desired result. The expediency of strategy formation and introduction of strategic management into the practice of domestic enterprises is shown: by means of the strategy, the system of values is displayed, the views of the top management of the enterprise, his vision of the future will help to coordinate personnel in the necessary direction; the analysis of the enterprise environment will determine the limitations imposed by it and the possible evolution of its environment; the formed strategy will be a coordination tool that will ensure the goals, and in case of contradictions, will help to reach compromises, to diagnose the enterprise activity, determining the reasons for deviations between: results and goals; the formed strategy will increase the company’s adaptive readiness to unforeseen changes.

Public Value Creation: The Essence of Strategic Management in Public Administration

This insight highlights the concept of creating public value by public managers through the assets entrusted to them by the public, including public money, authority to regulate private actors, and the pre-existing public spirit. To achieve this, public managers need to have entrepreneurial skills and a restless, value-seeking imagination to identify and exploit opportunities for public welfare. However, this management style requires a full understanding and adherence to democratic legitimation and public accountability processes. Finally, I emphasizes the importance of public managers focusing on creating public value, as it provides a framework for effective public service delivery and the advancement of the common good.

СТРАТЕГІЧНЕ УПРАВЛІННЯ ЕКОНОМІЧНИМ РОЗВИТКОМ ТЕРИТОРІАЛЬНОЇ ГРОМАДИ В УМОВАХ ДЕЦЕНТРАЛІЗАЦІЇ

The article analyzes current issues of economic development of the country in terms of decentralization of power, organizational aspects and areas of state regional policy. The essence of strategic management on the ground within the territorial community is considered, its role in the development of the region and the country in the conditions of decentralization is determined. The advantages of strategic management of development of territorial communities and its influence on the development of the state economy are generalized. The aim of the study is to determine the role of strategic management of economic development of territorial communities in the development of the region and the country in terms of decentralization of power and analysis of the impact of decentralization processes on the development of education. Administrative reform in Ukraine and, as one of its components - decentralization of power, unification of territorial communities, are aimed at promoting the economic development of individual administrative-territorial units, increasing their role in the economy as a whole and its competitiveness among other European countries. In world practice, a recognized element in the system of regional management, which allows to create conditions for effective development and make current decisions based on strategic goals is strategic management. In today's competitive environment, strategic management is an integral part of local governance. A key role is played by strategic planning as a component of strategic management. The formation and development of the vast majority of resources that ensure the economic development of the country covers the field of education, which determines its decisive role in the processes of economic development of individual territorial communities. However, the economic development of the country is provided by human, infrastructural, natural and other resources of each of the territorial communities, only under the condition of effective management on the ground.

Formalization of Regional Strategies with Allowance for the Long-Term Consequences of the Interaction between Internal and External Components of Regional Socio-Economic Systems

Aim. The presented study aims to define a methodological approach to the formalization of regional strategies with allowance for the prospective benefits from the interaction between internal and external components of regional socio-economic systems for the national economy.Tasks. The authors determine the essence of strategic management of regional development by analyzing the internal processes of the interaction between subsystems, components, and elements of the region as a complex socio-economic system; compare the specific features of the functioning and interaction of administrative divisions in a planned and market economy; substantiate the principles of mutually beneficial interregional interaction and the need to improve supra-regional economic efficiency in view of the allowance made for the projected effects of interregional interaction in rational strategic planning; define the concept of strategic management of regional socio-economic systems and formulate an approach to the formation of the management process.Methods. This study use general scientific methods, including systems analysis, synthesis, induction and deduction, detalization and generalization, modelling.Results. The process of formation and coordination of regional strategies is conceptualized as a basic element of the organizational mechanism of strategic management of the functioning and development of regional socio-economic systems. A system diagram is provided that makes allowance for three hierarchical levels of management (federal, interregional, regional), each acting on the appropriate level of abstraction and introducing its inherent critical aspects of rational planning of national spatial development. It is shown that strategic planning of interregional interaction at the supra-regional level makes it advisable to develop multi-regional, multi-sectoral computer models that would help to achieve a state of interaction close to economic equilibrium, thus ensuring future functioning of the national economy based on the planning principle applied in a brand new way.Conclusions. The system of strategic management of regional development and interregional interaction should be a multilevel, hierarchically ordered mechanism for the formation and implementation of a strategic plan for the spatial development of the country. Such a system should be aimed at functionally maintaining social and economic, planned and competitive balance between national expediency determined by state strategic priorities and independent regional development guidelines without degenerating into bureaucratic formalism when creating regional development concepts on the one hand and without turning into a constant competitive struggle of divergent interests of the regions on the other. It is advisable to develop an integrated (supra-regional) approach to the strategic management of regions as regional socio-economic systems based on the conceptual organizational-managerial mechanism for their functioning and development. This approach should be aimed at achieving the planned supra-regional efficiency (socio-economic balance) using not-yet-manifested projected interregional synergetic and agglomeration effects from the use of interregional (national) infrastructure, scientifically based implementation of absolute and relative regional advantages in the process of determining and planning future regional specialization at the federal level, deployment and development of the territorial cores of intersectoral clusters serving as the starting points of growth for an optimally balanced crystal lattice of spatial development on the national scale, implementation of interregional interaction of expected quantity and quality, mathematically justified with allowance for the needs of interregional and intersectoral exchange, intra- and intersystem structures, elements, communicative relationships, dynamics and stages of the life cycle of industries, organizations, the ability to adapt to changes in the external environment of the regions included in the system.

Competitive advantages in development of agricultural enterprises’ foreign economic activity

A necessary condition for a market economy is the existence of a competitive environment between economic entities, especially when agricultural enterprises enter foreign market. This problem is clear because the foreign economic activity of enterprises provides them with a competitive advantage allowing enterprises to enter a competitive market and occupy their positions in the world market of goods and services. The choice of strategies for a particular enterprise in the field of foreign economic activity is a long-term process that involves the choice of strategies from possible behaviors and coordination of actions of all structural units. Unfortunately, the loss of agricultural enterprises is one of the negative factors preventing them from performing management tasks related to the implementation of the chosen competitive strategy. In this case, the company may not focus on any strategy at all, and will not solve operational problems related to the economic efficiency of economic activity. In general, the essence of strategic management of enterprises engaged in foreign economic activity is to form a concept of benefits and prospects that can bring the international market and its actions. When implementing the company's strategic management in the international market, it is inevitable to avoid assessing short-term, medium-term and long-term risks and prospects. The competitiveness of agricultural enterprises should be based on the following aspects: improving the quality of enterprise management, development and compliance with standards of strategic competitiveness of agriculture and food; formulation of proposals for the formation of various strategies for enterprises; improvement of innovative organizations, introduction of information technology, and the presence of merchants in the commodity market provides information support; improves the organizational and technical level of support for agriculture; develops logistics and marketing systems.

A review on dynamic capacities in strategic management

Objective: The essence of strategic management in every enterprise is targeted at creating value and adding competitive advantage for food and beverage enterprise. In the rapidly changing and complex environment, dynamic capacities play an important role in achieving and sustaining competitive advantage. The main aim of this article is to identify the nature and components of dynamic capacities that have significant effect on strategic management. Research Design & Methods: The research method is based on both theoretical and empirical review of literature. The theoretical review of literature is focusing on dynamic capacities and strategic management. Findings: From the empirical review, it was revealed that dynamic capacities and strategic management are very associated as they are embedded in each other. Also, the organizations should take cognizance of innovation and efficient decision making which are revealed to be critical dynamic capacities that do enhance value creation and competitive advantage (strategic management). The aftermath of this is the inevitability of organizational profit. Contribution & Value Added: The organizations should focus on product innovation and efficient decision making to enhance value creation and competitive advantage over their competitors. Future studies may examine the performance of dynamic capacities on enterprise in a technology turbulent situation vis-a-vis the proposition of happenings in the Industry 5.0.

Удосконалення стратегії сталого розвитку в системі стратегічного менеджменту підприємства

Стаття присвячена теоретичним та практичним питанням щодо сутності стратегічного управління. Висвітлено результати досліджень внутрішнього та зовнішнього середовища Сумської області, зокрема виявлено найбільш впливові фактори, що формують сильні та слабкі сторони регіону, зроблено рейтинг за рівнем їх впливу. Здійснено стратегічний аналіз підприємств, графічно відображено позиціювання сільськогосподарських підприємств Північно-Східного регіону в системі координат 
 Розглянуто варіанти стратегій, зокрема: стратегія інтеграції та диверсифікації, стратегія розвитку ринку та продукції, стратегія прориву, а також розглянуто бачення щодо формування майбутньої місії удосконалення стратегії сталого розвитку в системі стратегічного менеджменту підприємства.

Approaches to formation of strategies for development of administrative territories

The article studies theoretical and methodological bases of the strategic management of the development of administrative territories, considers the essence of strategic management and formulates the advantages of using it in management of administrative territory. Based on the analysis of the key provisions of the EU regional policy, the strategy of “smart specialization” is considered as the most common approach to territorial development. Using the experience of the countries of the European Union as a basis, a BPMN diagram, describing the conceptual bases for the formation of a competitive territory strategy, was built. Practical approaches to the formation of strategies for the development of administrative territories operating in Ukraine, regulatory acts, in particular, that had a direct impact on the formation of the existing model of strategic territorial management, were analyzed. The main requirements to the content of the strategic plan were considered and the list of key provisions and analytical methods (socio-economic analysis, comparative analysis, SWOT-analysis, PESTLE-analysis, sociological analysis) was formulated. Using the comparative legal analysis of the experience of the European Union as a basis, a number of features can be highlighted that must be taken into account in the process of forming the administrative territory development strategy.

Strategic company management in the digital business environment

Purpose – to analyze strategic company management in the digital business environment.
 Design/Method/Approach. General scientific methods are applied: systematization, comparison, generalization, analysis, and synthesis.
 Findings. The essence of strategic management and its significance to a company has been analyzed. The relationship between strategic company management and digital business environment has been elucidated. Basic trends for doing business in the digital environment have been defined.
 Theoretical implications. Theoretical significance of the research is in the advancement of opinion on the strategic company management in digital business environment.
 Practical implications. The practical value of the research is in the possibility of applying the results obtained by both international and domestic companies for strategic management in the digital business environment that emerged as a result of the Fourth industrial revolution.
 Originality/Value. The main trends of modern business in the digital environment have been identified. The choice of strategies of multinational companies has been identified, as well as the areas of their application in digital business environment.
 Research limitations/Future research. The prospects for further research are to study the strategic management of international companies and analyze the impact of digital business environment on their development.
 Paper type – theoretical.

Essence and basic stages of the construction company strategic management

The paper investigates the essence of strategic management and the set of five strategic management stages. This paper addresses this gap and provides an up-to-date review of strategic management research. Strategic management researches from 1962 to present time are reviewed and a modern and broad conceptualization of strategic management is adopted. While there is some awareness of effective strategic management processes, academic research has not kept pace with practice. To stimulate a resurgence of research interest, future research directions are provided. Strategic management is the process where managers establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all the relevant internal and external circumstances, and undertake to execute the chosen action plans. Also this paper investigates set of five strategic management stages, such as analysis of environment, determinations of targets, strategy selection, strategy implementation and assessment and control over implementation. A methodological introspection is observed and some new research methodologies are presented, which are critically important in researching the strategic management in turbulent and nonlinear construction company environment.

Curriculum as Strategy

The essence of strategic management is that organizations are engaged in continual adaptation to changing environmental conditions and circumstances (e.g., Grant, 1998). In higher education, strategic management decisions span multiple policy areas. For college administrators, variability in internal and external domains, such as funding source, student body, faculty characteristics, and facilities, can all be factors that drive organizational policy, individually or collectively. This article focuses on curriculum as an organization strategy in liberal arts colleges. The central issue I explored is the relationships between curriculum choices, on the one hand, and structure and performance, on the other. An empirical examination of business curriculum in 182 liberal arts colleges follows an introductory discussion of the interplay between curriculum and strategy in general, and in the liberal arts college environment in particular. Curriculum is strategic in its character for two principal reasons. First, all major internal and external decision domains - resources, markets, internal process, and organizational structure - are affected by curriculum choices. Ultimately, it can be argued, all decisions made by educational institutions are rooted in the content and format of their educational program. Second, an educational institution's curriculum can be seen both in a purpose-directed action framework and in the broad perspective that Mintzberg (1988) proposed as an analytic framework for strategy. Mintzberg argued that the construct space of strategy holds more than simply a series of choices made in order to attain overtly stated goals. He suggested that, in addition, strategy includes an institution's position in its competitive environment and its outlook or perspective on the environment. Moreover, he maintained that strategy was not even always purposeful but could sometimes be seen more clearly in retrospect as a pattern of activities. The design and implementation of curriculum policies show emergent as well as deliberate strategies. This view is consistent with other prominent approaches to strategic management (e.g., Miles & Snow, 1978). Strategic management in higher education has previously been studied by Chaffee (1984), Chaffee and Tierney (1988), and Hardy (1990, 1996), among others. A review of their work suggests that issues of leadership, financial management, external relations, and infrastructure have been at the center of most previous scholarly analyses of strategy in higher education. In Chaffee's (1984) ten pseudonymous case analyses, the academic program - i.e., curriculum - receives relatively little attention, compared to the emphasis given to linear, adaptive, and interpretive models of how strategy is formed. Similarly, Hardy uses academic institutions in Canada (1990) and Brazil (1996) to show how strategic processes of various types play out in a framework of studying organization culture and the management of the strategic process. Gumport (1987) suggests that departmentalization and the emergence of disciplinary autonomy are powerful forces affecting curricular change. The emphasis in this study, however, is not so much on the process of strategy as on strategic content, i.e., what strategic decisions are made, rather than how strategy is decided. Kotler and Murphy (1981) point out that program modification is one element of response to product/market environment in higher education. Among other things, program or curriculum is one way that competitors differentiate their offerings to prospective customers. As students select among institutions of higher education, the appropriate institution type is one element of their choice. The alternatives in the American higher education marketplace - private research universities, public and/or land-grant universities, community colleges, and liberal arts colleges - differ in a number of relevant ways: size, heritage, focus on the baccalaureate, and, in large measure, curriculum. …

A Note on the Dimensionality of the Firm Financial Performance Construct Using Accounting, Market, and Subjective Measures

AbstractMost research in strategic management ope rationalizes firm financial performance by using either accounting‐or market‐based measures. Recently, some have suggested that subjective measures may be useful in assessing a firm's financial performance. We argue that there is a theoretical basis for viewing firm financial performance as having a higher order structure consisting of three separate yet distinct dimensions. Using second‐order confirmatory factor analysis, we found that while differences exist among accounting, market, and subjective measures of firm financial performance, there is evidence to support the concept of a single underlying construct. While our findings are statistically significant and thus support our hypotheses, the substantive nature of our results suggests that much more research is needed before we fully understand the dimensionality of firm financial performance.RésuméDans la majorité des recherches en gestion stratégique, on opérationnalise la performance financière d'une entreprise au moyen de mesures fondées sur la comptabilité ou le marché. Récemment, certains ont suggéré que des mesures subjectives pourraient ětre utiles dans l'évaluation de la performance financière d'une entreprise. Nous avançons l'hypothèse qu'il existe une base théorique pour considérer que la performance financière d'une entreprise consiste en une structure supérieure de trois dimensions séparées et distinctes. Par l'analyse des facteurs de confirmation secondaires, on a trouvé qu'il existe des différences dans les mesures de performance financière d'une entreprise, que ce soit la mesure de comptabilité, de marché ou subjective, et on peut prouver le concept d'une base unique commune. Bien qu'ils soient statistiquement significatifs et prouvent nos hypothèses, nos résultats suggèrent qu'il faut effectuer des recherches plus poussées avant de comprendre tout à fait la dimension de la performance financière d'une entreprise.

Strategy as simplicity—rediscovering the essence of strategic management

Strategy as simplicity—rediscovering the essence of strategic management

Strategy as simplicity—rediscovering the essence of strategic management

Strategic management (and especially strategic planning) has come under increasing challenge in recent times. From a manager (and thus a customer) perspective, strategic management may seem to be unduly complex, hard to understand, and sometimes remote from everyday management realities. These impressions may or may not be justified. Nevertheless strategic management might benefit considerably through rediscovering its essence—and simplifying its core analysis tools might provide a fruitful first step. In this article, a single analysis tool (derived from force field analysis) is applied to a dozen key management issues. The result is a more manager-friendly framework for analysing strategy, implementation and performance. It also gives academic researchers a means of exploring managers' cognitive maps. Copyright © 1998 John Wiley & Sons, Ltd.

Institutional Learning: The Essence of Strategic Management

Strategic management is not a formal, well-laid-out set of techniques. It is the mode in which decision makers understand the context in which they function and initiate decisions and actions for establishing meaningful linkages with the environment. In recent years, strategic management has become important for several Indian organizations due to dramatic environmental changes. In this article, Ramnarayan and Reddy use the “learning” perspective to evolve a framework of the strategic management process in organizations. Through four illustrative cases, they highlight four clearly identifiable blocks to institutional learning. These are : Single Loop Learning, Analysis Paralysis, Ivory Tower Planning, and Me Too Planning. The paper outlines the likely causes of each of these dysfunctional blocks to learning. The authors propose a set of guidelines for enhancing the effectiveness of strategic initiatives in organizations.

An Industrial Competitiveness Model

Abstract The essence of strategic management is to generate within the firm the capability and the potentiality and then fully utilize them to better cope with competition. For this, however, the “competitiveness” level of a firm needs to be defined and measured. The present paper proposes a model for (i) measuring the competitiveness level of a given industrial firm, (ii) identifying the strengths and weaknesses of the firm, and (iii) formulating strategies to improve the competitive position of the firm. Field experience with this model is encouraging enough to discuss its usefulness as a tool for competitive strategy formulation.