Essay: Business Strategic Management and Industrial Analysis: the Case of Developed and Developing Economy

Abstract
Business Strategic Management is a comprehensive model of processes and activities that organizations cart to synchronize and align resources in an orderly way; also develops a stroke to set up mission, vision and strategy to convene organizational goal. It is the customary that transforms static plan to system; a key component on decision making process and enables the plan and faces circumstances. Strategic management is tantamount of strategy execution that amounts to systematic implementation of strategy. Strategic Management analysis does hold different frameworks and methodologies; as there are no absolute rules. Many framework cycle passes through variation of basic phase like a) analysis or assessment: it links with understanding of current international and external economic environments b) strategy formulation: it develops soaring end strategy and organization level strategy is documented c) strategy execution: high level plan is translated to action and operations d) evaluation: it evaluates performances, communications, data report and strategic management issue. It helps an organization to cope with wide range of contingencies; subsequently, it ensures the long term survival of an organization. The aim of the research is to develop a considerate Business Strategic Management in present global economy. This requires studying Strategic Management, its significances, role, value and practice and potential susceptibility. It will further create a rationale in case of industrial analysis including driving factors and obstacles. It will also take a professional opinion. The research will be taken in different context; in case of developed economy (Norway, UK, USA) and in case of developing economy (China, India, Thailand, Nepal). Most of the data will be collected via interviewer-administered questionnaires, digital and virtual communication will be applied too. Most of the targeted people would be corporate, policy makers, business personalities, economist, bankers, insurances, key managers and service holders. 120 questionnaires will be collected. The questionnaires created will be followed by 20 semi-structured interviews that will be set to generate quantitative findings obtained by the questionnaires.
CHAPTER 1
1.1 Research Topic
‘Business Strategic Management and Industrial Analysis: the Case of Developed and Developing Economy’
1.2 Overview
Business Strategic Management is a key operational tool of present world corporate; contemporary business trend is very vibrant and swift nature and do embrace the probability of high potential threat that may suffer long term and short term business; Organization eventually has received only partial and incomplete attention by strategic management researchers. Regardless how immense is the value; Strategic management are underutilized though it’s a solution factor to reduce organizational risk. This limits the spectrum of such studies and moves the field of organizational risk further from concern and practice (Palmer and Wiseman, 1999; and Ruefli et al., 1999).
Pollard and Hotho (2006), Preble (1997), and Mitroff et al. (1992) have highlighted that
Strategic management has been evolving separately over the last few decades and few scholars have attempted to investigate the common ground between the two. Hence these studies alert on developing an understanding of the significance of integrated emergency management and its synchronization with strategic management. It is further counted as a way to improve organizational buoyancy.
Wong (2009) in his journal illustrated that the role of Business Strategic Management at the executive level has not been well conversed in the literature. Most of the experts are keen to emphasize strategic management as a response towards organizational crisis; but in fact, it’s a separate wing to be explored in distinct way. He also added that more research are to be focused on strategic management and analysis and to be kept as high level management function; as it plays a very significant role in gaining organizational goal.
Herbane et al. (2004) added that empirical studies and elaborated research that are based on the strategic role are required since this field of study is still largely under-explored. The team further reached in a thought that a developed field has to be explored and well surveyed using organizations from different contexts and sectors.
Therefore, this research responds Business Continuity Management researchers who have highlighted the significance of developing a better understanding strategic management practice and the significance to achieve an integrated-strategic framework that aims to provide an enterprise-wide capability.
CHAPTER 2
2.1 Literature Review
This chapter intends to introduce Strategic Management and discuss its role and importance in achieving various organizational purposes. Next, it discusses the potential vulnerability of its ignorance that global economy is facing as kept as normal agenda before.
Strategic Management
Appleby (1994) classified planning into two main categories: a) Tactical Management: which involves deciding upon the way corporate resources are allocated in order to achieve strategic goals and is based on past records and involves short timescales. b) Strategic Planning: which involves deciding upon the goals, mission and vision of an organization and is performed at a corporate level and depends on unreliable long-term forecasts.
The NetMBA (2010) defined Strategic Management as: ‘a fundamental and deliberate process in which senior management creates, on a regular basis, corporate strategies and then communicates them down the organization for implementation’.
Ocasio and Joseph (2008) defined Strategic Management as: ‘a form of management and planning practice intended to formulate strategy’.
Wheelen and Hunger (2002) also argued that strategies are made in order to facilitate organizations to decide the ways that lead to growth and stability; deciding on the industries and markets in which the organization will operate and contend; settling on on the ways senior management will coordinate, communicate and transform skills and activities; and encouraging innovation and creation.
Strategic Management Issues
According to O’Shannassy (2003), the popularity of Strategic Management was at its peak in the 1960s. However, during the late 1970s and 1980s, it experienced a decline in its popularity and influence and faced criticism in terms of its effectiveness as it botched to deliver many of its expected outcomes. Its approaches seemed to be of doubtful value and insufficient especially in highly dynamic and uncertain business environments for the elements of organizational menace, adversity and emergency and their management were missing in the strategy process and in strategic management research.
Rationale for placing Strategic Management in Industrial Area
The business environment is shifting rapidly. As seen, it is becoming riskier and supplementary volatile, a new perspective to Strategic Management has to emerge which draws more attention to issues of organizational issues and their management. ‘As the environment is continually changing, it is also necessary for strategic planning to continually change in order to maintain a balance with the external environment’ (Proctor, 1997; Wright et al.,1996).
CHAPTER 3
3.1 Research Objective
This research intends to build up an understanding of the significance of placing Strategic Management in the milieu of Strategic Planning and Analysis. This requires studying the following:
Firstly, Strategic Management, its significance, role and practice; secondly, Business Management, its significance, purpose and potential vulnerability; thirdly, the rationale for placing strategic management in business economy and its analysis; other concerns would be;
1. Investigate the Business Strategic Management and make integrated industrial framework in developed and developing economy primarily based in Norway.
2. Examine the present practice of World Corporate by investigating person/groups, duration, scope, maturity level, business areas, comprehensiveness, effectiveness and challenges between countries.
3. Examine the purpose of Strategic Business analysis in developed and developing country.
4. Examine the possible ways required in order to place in strategic development that reduces the gap between countries in world economy.
3.2 Hypotheses
Over the many queries made over strategic management research question, the answer to most of them is ‘It depends.’
Hypothesis tests are faced with various marginal results from one variable to another, hence there comes the need of developing contingency hypotheses by the strategy researchers to explore nuanced relationships that involves multiple variables. On basis of Strategic Management Journal from its inception time 1980 to 2009, there has been a continuous development of contingency thinking in strategic management process. On Venkatraman’s framework, it gives the details of all contingencies within the sample available and the same model will be followed.
Analyses have revealed the fact that contingency hypotheses are getting more common these days, so there is a very less diversity in the effects that are tested. Also, on an aspect, contingency hypotheses are getting more sophisticated over the cross of time so there is a room of methodological improvements. In this research; Hypothesis testing will be made on key role of business strategic management and industrial leadership to be effective in modern economy offering both theoretical and methodological guidelines that will help on further strategic studies.
3.3. Objectives or Questions
The endeavor of this chapter is to discuss the question methodology of the research and the selection of the different aspects related to the research process. In order to do so, the chapter is alienated into six main sections.
In section a) the background to the research methodology would be introduced.
In section b) research philosophy would be discussed. In this section, the approach which is applied in research would be presented.
In section c) the research strategy would be discussed including research design and time dimension.
In section d) question collection methods including the research questionnaire and interviews and the primary and secondary data sources would be revealed.
In section e) also will include a background to the business environment in Norway, as well as a discussion of issues related to validity and reliability of the data collection method.
Finally, in section f) the statistical methods which will be used for the purpose of data analysis and hypotheses testing, including descriptive and inferential statistics will be discussed.
Philosophy: Positivism, Approach: Deductive, Strategy: Survey research, Quantitative (Dominant), Qualitative (Less Dominant), Time horizon, Cross-sectional
Data collection methods (Minor data collection method)
Semi-structured interviews Analysis (Major data collection method)
Interviewer-administered Questionnaires (literature as a secondary data source)
Qualitative Analysis, Non-parametric statistics
3.4. Problems
Limitations of the research
This research may have following limitations:
‘ The research is descriptive, cross-sectional and will be performed on the basis of survey strategy. Under this methodology, it will help to fulfill most of the existing gaps of an earlier literature and act precisely to achieve the objectives of the research; still may not provide opportunity to explore in more depth over some areas related to Strategic Management.
‘Although the researcher will make assurances regarding the anonymity/confidentiality of respondents, still respondents are likely skeptical regarding information sharing chore.
‘ Data collection may twist on tedious issue in different organizations.
‘ The data that will be obtained from the questionnaires suggests the use of non-parametric statistics. Non-parametric statistics, however, do have some disadvantages
CHAPTER 4
4.1 Research Strategy
Research Strategy will be alienated into three stages:
The first stage engrosses in the selection of the research philosophy, approach, strategy, time-horizon and data collection methods. The research philosophy reflects the way knowledge is developed and is based on the regulation of positivistic paradigm. Adopting a positivistic context implies measuring the characteristics of the social characters using quantifiable observations. It can be analyzed statistically as and when required. Thus, the research will be based on a deductive approach by 20 semi-structured interviews.
The second stage will be performing the empirical study.
The third stage will be involved presenting findings and analyzing data. In this stage, Qualitative data obtained by the semi-structured interviews will be presented and analyzed using descriptive analysis.
CHAPTER 5
5.1 Anticipated Results
This section provides a summary of the key prospective findings of this research which relates to the business strategic management and the existence of an integrated framework for the business economies. It may further support on
– The use of the business strategic management and its existence of an integrated framework on business planning and industrial analysis in between the countries.
– The steps required to make business strategic management as a key source of policy making process among the corporate and countries.
– Analyze the critical factors that obstruct the placement of business strategic management.
– Make an effort on removing the gap on what leaders doing in strategic implementation between the developed and developing countries.
– Analyze the Managers view on present practice followed and upcoming placement of business strategic management
5.2 Targets and Recommendations
(Recommendations for organizations that may arise from the research findings)
It is hoped that these recommendations will contribute to a better understanding and development of Business Strategic Management in a global context.
‘Benefits that can be gained from developing in-house Business Strategic Management can be applied in an institutional level rather than making a use of hiring external consultants.
‘ It targets enhancing Business Strategic Management more in developing economy by bringing new perspectives
‘ Research findings endeavors on the rise of industrial analysis more to a strategic level and support the existence of an integrated framework.
‘ It may recommend organizations to craft extra efforts towards their vulnerability assessment on strategic scrutiny and create analysis in order to improve their understanding of their failings which, in turn, will stimulate the development of further actions and will encourage the placing of Business Strategic Management.
CHAPTER 6
6.1 Schedule & Budget
Research time dimension
Research is also characterized by its time dimension. This research will be based over following practices;
a) Cross sectional research study
b) Longitudinal research study
Cross-sectional studies are carried out once at a time and signifies developing snapshot of one point in time. On the other hand (Cooper and Schindler, 2003), longitudinal studies are based on tasks that are repeated and holds overextended periods also it aspires to track changes over the time.
Analyzing the number of factors like time, resources and practicality of research task, the cross sectional type will be applied in research keeping following threefold rationale:
a) Budget and time constraints while conducting longitudinal research create the need for cross-sectional analysis, especially when undertaking research for the purpose of
academic programs, such as Doctoral degrees. This type of research degrees is always connected with budget and time (Cooper and Schindler, 2003; Saunders et al., 2000).
b) Cross-sectional studies usually serve the purpose of descriptive studies. It further provides the detailed picture of an existing issue. It will also provide a description of business element required on given time (Saunders et al., 2007; Hair et al., 2003).
c) Cross-sectional studies are more common in nationwide scale survey strategy (Hair et al., 2003; and Easterby-Smith et al., 2002). Hence it is often known as a social survey design and is common among the local researcher too (Bryman and Bell, 2007). This type of study explains about the role of different factors in different organizations to achieve the research objectives (Saunders et al., 2000).
7. References and Bibliography
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