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An Empirical Investigation on Strategic Management Practices and Their Impact on Organizational Performance

JGMP

Citation: 

Author

Ritika
Research scholar, Department of Economics, Galgotias, New Delhi, Delhi

Abstract

In a fast-moving and increasingly competitive business environment, strategic management practices have become crucial for an enterprise to ensure that the performance is sustainable and will help it to achieve its goal of long-term success. The key dimensions of strategic management include strategic planning, strategic implementation, and strategic evaluation, and empirical examination of their impact on organizational performance are performed in this study. This study used a quantitative research design. Data were collected from 200 respondents across various sectors through the use of a structured questionnaire based on a five-point Likert scale. Descriptive statistics and regression analysis were conducted to analyze the data and test the hypotheses developed. The results showed that strategic management practices were adopted at moderate to high levels among organizations sampled and further possess a positive and statistically significant effect on the performance of such an organization. Thus, based on the obtained results of the regression, with strategic management practices explaining a great proportion of variance in organizational performance, there was a rejection of the null hypothesis and consequent support for the alternative hypothesis. This study summarized that systematic adoption with effective execution of strategic management practices brings about marked improvement in organizational effectiveness, efficiency, and competitive positioning. This paper adds to the existing management literature with regard to empirical evidence of how strategic management practices can lead to enhancement of organizational performance and also offers practical implications for managers in pursuit of strengthening the strategic decision-making processes.

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Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work’s authorship and initial publication in this journal.
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