Strategic Management Thinking Research Articles

Managerial Aspect of Private Health Care Institutions in the Republic of Croatia at the Time of COVID-19 Pandemic

Managerial economics, with its specificity, provides a special insight into the management of private health care institutions. According to the sources of the Financial Agency (FINA) and the national classification of activities (8622 and 8610), the observed industry in the Republic of Croatia in 2020 contains 675 entities, out of which 9 are in special private hospitals (8610), and others are in specialist medical practice (8622). The effectiveness of managers in conditions of uncertainty and increased risk is reflected in the availability of information and their experience in similar situations. Precisely the lack of information that was present at the time of the COVID-19 pandemic indicates the effective strategic thinking of managers (owners) of the observed institutions who responded in a timely manner to market needs in these conditions. In doing so, they acted as a substitute for specialist health care because it was not able to provide adequate service to the required extent. Key words: managerial economics, private health care, COVID-19 pandemic, company, market structure

Strategy-induced organisational resilience through dynamic resource orchestration

Dynamic Capabilities View (DCV) has an illustrious history of shaping strategic management thinking. However, with the increased frequency of systemic disruption episodes, alternative postulations emerge that promise a more robust explanation for organisational sustainability. The Dynamic Resource Orchestration View (DROV) is the latest evolution in theory development, extending the Dynamic Resource-Based View (DRBV). As a framework, it elevates leadership strategy as a superordinate resource, with dynamic resource orchestration, rather than resource base, as the differentiating factor that sets resilient organisations apart in systemic disruptions. The present study utilised the lenses of DROV to mine the perspectives of 13 Kenyan ex-bankers on dynamic resource orchestration at the intersection of strategy-induced organisational resilience. The results provided empirical validation of the robustness of DROV in explaining strategy-induced organisational resilience, with dynamic resource orchestration as a source of differentiation for sustainable competitive advantage (SCA). The study has effectively contributed to strategic management scholarship by underscoring the critical role of leadership strategy, decisions and actions in the organisational resilience– SCA equation. It has also highlighted the attributes that characterise high-resilience organisations (prospering or capitalising organisations), moderate-resilience organisations (surviving organisations) and low-resilience organisations (struggling organisations). A conceptual illustration for deepening research on the novelty, dimensionality and utility of DROV is provided

Conceptual Framework for the Strategic Management

This study aims to reveal the development of strategy and strategic management thinking, which has become even more important in today's intensely competitive environment, and the direction of current research issues in strategic management issues. In this framework, a literature review has been made to make comments and reach new syntheses by examining the subject with a broad and deep perspective in our study. It has been ensured that the sources related to the subject of the article are reviewed, opinions, attitudes, and descriptions are found. In this article, the pioneers of strategic management thought and philosophy from the past to the present and the historical development process, the strategic management schools and research issues that have emerged until today, have been tried to be revealed through a literature review. In our study, the progress and developments provided by strategic management thinking have been examined.

Стимулирующий стратегическое мышление менеджеров интегрированный процесс созидания и операционализации стратегии промышленного предприятия

Rigidity and inertia of formalized analytical approaches toward a strategy development process do not facilitate strategic improvisation of enterprise management that is crucial in modern dynamic state of turbulent markets. Further improvement in the development of enterprise strategy is associated with creativity, strategic thinking, and intuition of managers. The article provides: (1) a two-level systemic mental model of future development determined by strategist's understanding; (2) a model of the strategic thinking of a strategist; (3) a model of the integrated process of creation and operationalization of the strategy that stimulates the thinking of managers. The models are aimed at increasing the strategic adaptable capacity of an enterprise to the dynamically developing future by shifting the focus from formal analysis on activating and engaging the strategic thinking of managers.

KOBİ Yöneticilerinin Stratejik Bilinç ve Stratejik Yönetim Algıları Üzerine Bir İçerik Analizi

Günümüzde KOBİ'ler faaliyet yürüttükleri sosyal ve ekonomik çevre açısından büyük öneme sahiptir. Dünya genelinde ekonomilerin temel dinamiği KOBİ faaliyetleri üzerine kurgulanmıştır. KOBİ'ler bulundukları ekonomi içerisinde kaldıraç görevi üstlenmektedir. Küreselleşme ve teknoloji gibi fenomenlerin etkisi KOBİ yöneticilerinin bilgi ve bilgiye odaklı uygulamalara olan ihtiyacını artırmıştır. Dolayısıyla KOBİ'lerin stratejik yönetim düşüncesiyle yönetimi KOBİ'lerin sürekliliği açısından önem arz etmektedir. Stratejik yönetim odaklı düşünce, stratejik bilinç sahibi olmayı gerektirmektedir. Bu çalışmanın amacı KOBİ yöneticilerinin stratejik bilinç ve stratejik yönetim algılarını ortaya koyarak, yönetici algıları arasındaki farklılık ve benzerlikleri tespit etmektir. Araştırmada nitel araştırma yöntemlerinden içerik analizi yöntemi kullanılmıştır. Çalışma kapsamında KOBİ yöneticilerinin stratejik bilinç ve stratejik yönetim algıları üzerinde içerik analizi uygulanmıştır. İçerik analizi sonuçlarına göre, KOBİ yöneticilerinin stratejik bilinç ve stratejik yönetim algıları üzerinde anlamlı farklılıklar tespit edilmiştir.

Strategic thinking and accounting: potentials and pitfalls from a managerial perspective

This study explores the strategic thinking of managers from an accounting perspective. By building on interview data from managers working with strategic roles in various organizations, an understanding is offered of the experienced potentials and pitfalls of accounting in strategic thinking. The results are elaborated into a framework presenting the dual nature of accounting in strategic contexts. This study suggests that the benefits and pitfalls of accounting for strategic thinking constitute a paradoxical duality, which cannot be fully solved, but must be addressed by practising managers. The observed role of accounting in managers’ strategic thinking also offers implications for management control in organizations.

Investigating Strategic Thinking of Managers and its Impact on Optimism and Improving Job Performance of Employees at the Terminal

Investigating Strategic Thinking of Managers and its Impact on Optimism and Improving Job Performance of Employees at the Terminal

Strategic thinking and accounting: Benefits and pitfalls from a managerial perspective

This study explores the strategic thinking of managers from an accounting perspective. Purpose of this article is to explore the ways in which managers find accounting useful in strategic thinking ...

THE IMPLEMENTATION OF BSC INTO THE MANAGEMENT OF SLOVAK COMPANIES

Implementation of the Balanced Scorecard method to the management system of Slovak businesses seems to be a real problem. A large number of factors are involved in the use of this method in the business management, from theoretical concepts to practical applications. The largest, respectively the most significant problem is in the misunderstanding of the importance and benefits of this method, but also in financial difficulty of Balanced Scorecard model implementation to the life of Slovak companies. Small and medium-sized businesses in particular are concerned about this method because it is rather expensive for them and they are not convinced of its benefits and positive results. In addition, the present time is significantly affected by a lack of funds for the implementation of expensive software solutions for business management and controlling. Balanced Scorecard method, however, is an area that cannot be omitted due to lack of funds. It is the area that is important to develop in time of lack of funds, because the right setting of goals helps to overcome this problem as well. No expensive software solutions of Balanced Scorecard from IT companies are needed but healthy strategic thinking of managers of enterprises. Only those who work in the company know it the best. The benefit of this paper is to point out away of applying BSC method without application of software products of IT companies but by the initiative of managers and employees in selected Slovak companies.

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.

Strategy making by hybrid organizations: The case of the port authority

Due to dynamic competition, the gain of autonomy through port devolution and the resulting evolution towards accountability in diverse fields of performance, port authorities (PAs) evolve from landlords that are strongly embedded in the public domain to more autonomous acting organizations with stronger requirements for ‘business like’ performance.This evolution implies a stronger need for proper strategic analysis and subsequent strategy formulation, evaluation and implementation. Based on the main current strategic challenges that PAs face, we define and position the PA as an organization combining both public and private values and analyze the validity of the lenses of different theoretical perspectives from strategy and public management research for its strategic analysis.We argue that the strategic challenges' PAs face in their current operating environment, also reflect the evolution in strategic management thinking, whereby more actor-related attributes are added to the various research frameworks, loosening the traditional strict conditions of profit maximization, rationality and transparency and whereby more integrated concepts like co-evolution and network theory gain importance. We also conclude that PAs as shared value organizations are interesting domains for academic research based in the strategy domain, as to strengthen the analytical base that is available for research into the strategy of organizations.

Market expansion strategy – reasons for and against: what do managers in India think?

Managers have been often criticized for not making adequate market expansion efforts especially in emerging markets. In strategy literature various reasons have been cited for and against choice of a market expansion strategy. However these are mostly opinions of scholars which have not been empirically examined. A lot of literature on marketing to emerging markets and bottom of the pyramid segments is normative in nature. In this study a maiden attempt has been made to examine views of managers from consumer products companies in India. Reasons for and against choice of a market expansion strategy are classified into three categories: market domain related reasons; industry domain related reasons; and team domain related reasons. Hypotheses with respect to each category of reasons have been tested through a cross-sectional survey of 28 senior level managers. Data have been collected through a combination of a structured questionnaire and in-depth interviews. The study reports a mismatch between scholarly writing and views of managers on quite a few issues related to market expansion strategy. Depth interviews throw light on the strategic thinking of managers operating in consumer product companies in India. This study also discusses several market expansion strategy related innovations practiced by companies.

Competition vs. Profitability

Corporate cultural emphasis on long-term competitiveness as opposed to shorter-term rofitability is evaluated in terms of effectiveness in achieving higher profit margins, real profitability, and survival in the long term. Competitive orientation continues to have adverse impact even with a lag of four decades. If supported by further, multivariate analyses, this finding suggests amendments to what has become standard strategic management thinking, perhaps in favor of earlier and more conventional microeconomic focus on profits.

Drucker's strategic thinking process: three key techniques

PurposeThe astute observations of Peter Drucker – seminal management thinker, author and consultant who died in 2005–have influenced the strategic thinking of managers for decades. The author, a former colleague of Drucker's, believes that his meta‐thinking – that is, his pattern of thinking –offers executives especially valuable insights for improving the process of strategic analysis. The paper aims to look at several modern case studies using Drucker's favorite analysis techniques.Design/methodology/approachThe paper looks at three case studies that use Drucker's favorite analysis techniques.FindingsBuilt into his pattern of thinking are three techniques that Drucker used to consider almost every problem. Learning to apply these techniques can be extremely helpful to senior managers. Drucker was the alpha knowledge worker. His influence was global – altering the mindset of managers around the world. His lessons in strategic thinking are a model for all who practice strategic management or advise others on how to do so.Research limitations/implicationsThe paper is based on personal recollection and a review of literature.Practical implicationsThree techniques that Drucker often employed are: ask penetrating questions of people who understand current and future realities so they can generate and evaluate a creative set of strategic options; reframe the prevailing view of the situation in simple, understandable terms that enable a review of priorities and adjustment of actions to better adapt to the competitive environment; and question the assumptions underlying current views – consider alternative assumptions and diligently probe their context and strategic implications.Originality/valueThe paper provides useful insight into Drucker's brilliant intuitive analysis process.

What Type of Corporate Culture Should the Contemporary Enterprises Build?

The corporate culture, the key factor affecting business core competitiveness, is the most strategic management thinking and management method for modern enterprises. The paper discusses that corporate culture plays an important role in the growth of enterprises, analyzes that enterprises should build what type of corporate culture under new economic form?

Location, location: the geography of industry clusters

PurposeThe purpose of this paper is to explore the implications of regional‐sectoral agglomerations – clusters – for the strategic management of firms. Concentration of firms along a single value chain is a common phenomenon in modern economies, but has seldom been reflected in the realm of strategic management.Design/methodology/approachThe paper draws back on Porter's cluster model and the innovative milieu approach. A case‐study methodology consisting of a combination of action research and semi‐structured interviews is applied to four cases, illustrating the managerial implications of firm membership in industry clusters.FindingsThe existence of regional‐sectoral clusters has a substantial impact on the strategic position of firms. An assumption underlying most current strategic management thinking, namely that spatial factors are not relevant, must be challenged. The paper illustrates options for firms located within as well as outside clusters.Research limitations/implicationsThis research does not prove the cluster theory, but rather illustrates a part of it requiring further clarification: its application to management issues. Future research should substantiate the findings on a broad empirical scale.Practical implicationsThe paper alerts managers to the necessity of considering their company's entire value‐creating system from a geographical perspective. Several common strategic decisions may be viewed differently if a cluster perspective is taken: decisions regarding location, such as locating in a cluster in new countries; sourcing decisions, such as re‐evaluating global sourcing; marketing and innovation issues, such as linking up with the most competitive market globally rather than avoiding it; or portfolio decisions, such as divesting of firms not located in clusters.Originality/valueThe paper is highly thought‐provoking as it challenges a common assumption, namely the “death of distance” argument. The cluster approach demonstrates that proximity matters fundamentally affects a firm's profitability and ultimately its chances of survival. Applying the cluster approach to corporate management provides a new set of explanations, for example for firms that continue to underperform, even after successive management changes. On the other hand, taking advantage of clusters could be a source of strength for firms which have largely remained untapped up to now. In particular, this paper provides a real‐life case account, illustrating the relevance of clusters, as well as options for managers.

Toward an Integrated Strategic Management

Based on research of 168 US companies, this paper integrates most of existing strategic management thinking. It reviews a wide spectrum of literature in areas such as Industrial Organization, Resource-Based View of the Firm, Value Based Management, Knowledge Management, Transaction Costs Economics, and other disciplines. The statistical analysis correlates two existing variables: Economic Value Added and Growth of Operating Capital with two new testable variables: Market Power and Knowledge. This paper shows how the framework developed integrates competitive strategies, corporate strategies, and functional strategies. It shows that the different existing models and theories produce different results in terms of stock value creation.

Knowledge in the business strategy context

The paper builds on the resource-based approach to the firm and develops it further towards the knowledge-based approach by exploring the importance of knowledge in a modern firm. Various concepts explaining characteristics of knowledge are compared and contrasted in order to contribute to the current strategic management thinking and to stimulate adoption of the concepts of knowledge management in modern businesses. The paper draws from the literature review made within the project Information and Knowledge Support for Strategic Management financed by the Czech Ministry of Education, Youth and Sports.

Strategizing in industrial networks

This paper provides an overview of the implications for strategizing offered by an industrial network perspective and a comparison of this view with strategic management thinking. We argue that it is crucial for a company to relate its activities to those of other firms in order to enhance its performance, and it is through the continuous combining and recombining of existing resources that new resource dimensions are identified and further developed within business relationships. From the standpoint of a single company, strategizing from an industrial network perspective implies that the heterogeneity of resources and interdependencies between activities across company boundaries, as well as the organized collaboration among the companies involved, must be considered simultaneously.

Enterprise in Recession

The converging forces of globalization, technology, deregulation, economic restructuring and the present threat of recession in many parts of the small business sector, make strategy and strategic thinking an essential prerequisite if business survival is to remain on the agenda for many entrepreneurs and owner-managers. This paper examines the actions and responses of a sample of small firms in the Midlands region of the UK, currently facing adverse trading conditions or the threat of recession. In an earlier study conducted by one of the authors (Beaver, 1997) these firms described themselves as ‘practitioners of strategic management’. Whilst there is no guarantee of immunity for any business from the effects of deteriorating economic conditions, it can be expected that those firms that engage in strategic management, better understand and respond to the changing nature of industry positioning and competitive advantage, and make timely and appropriate adjustments to preserve or enhance their market position (Bracker, Keats and Pearson, 1988; Jennings and Beaver, 1997). Put another way, it is generally well accepted that suboptimal performance and potential business failure are closely correlated with a lack of attention to business strategy (Birley and Westhead, 1990; Wheelen and Hunger, 1992 and 1998; Jennings and Beaver, 1997). It follows therefore, that those firms facing tough trading conditions should fashion their competitive responses in accordance not only with any contingency plans that may have been developed, but should act in a positive and timely manner to underpin their chosen strategic position. Given that many small businesses experience a measure of disadvantage (Beaver and Harrison, 1994; Jennings and Beaver, 1996 and 1997), due not only to the size of the enterprise, but also to their resource-base and operating context, the need to embrace strategic management thinking and actions, especially in a recessionary environment, has never been more necessary.