Relationship Between SME and Strategic Planing: [Essay Example], 354 words GradesFixer
exit-popup-close

Haven't found the right essay?

Get an expert to write your essay!

exit-popup-print

Professional writers and researchers

exit-popup-quotes

Sources and citation are provided

exit-popup-clock

3 hour delivery

exit-popup-persone
close
This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Relationship Between Sme and Strategic Planing

Download Print

Pssst… we can write an original essay just for you.

Any subject. Any type of essay.

We’ll even meet a 3-hour deadline.

Get your price

121 writers online

blank-ico
Download PDF

Although small and medium-sized enterprises (SMEs) usually employ majority of the labour force of an economy, there is an insufficient business-related knowledge base that SMEs management possess (Beaver, 2003). Indeed, formal plans or cost controls are often only provided on an irregular basis and planning instruments are usually only used by a small number of individuals and developed rather intuitively (Brinkmann, 2002). These deficiencies point towards the significance of examining the value of strategic management for SMEs in more detail.

Globally, academicians and practitioners have called for increased use of the strategic planning in SMEs, as the role of strategic planning in large companies and the conception that decisions-making triumphs in enterprises regardless of size have been advocated for. In this sense, many empirical studies point out a link between strategic planning and performance (Bracker et al., 1988).

According to Gibson and Cassar (2002), large companies are more successful than SMEs because the large companies plan strategically. Strategic management is viewed as the set of decisions and actions that result in the formulation, implementation and control of plans designed to achieve an organisations vision, mission, strategy and strategic objectives within the business environment in which it operates (Pearce & Robinson, 2005). Strategy plan implementation is an integral component of the strategic management process and is viewed as the process that turns the formulated strategy into a series of actions and then results to ensure that the vision, mission, strategy, and strategic objectives of the organisation are successfully achieved as planned (Thompson & Strickland, 2003).

Strategic management can be defined in various ways. According to Wheelen and Hungers‘ study (2006), strategic management is a set of managerial decisions and actions that determines the long-term performance of a corporation. It involves environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control. They emphasize the analysing and evaluating of external opportunities and threats in terms of an organization‘s strengths and weaknesses (Wheelen and Hunger, 2006). From the perspective of Dess and Miller (1993), strategic management is a process that combines three major interrelated activities: strategic analysis, strategy formulation and strategy implementation.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

100% plagiarism free

Sources and citations are provided

Find Free Essays

We provide you with original essay samples, perfect formatting and styling

Cite this Essay

To export a reference to this article please select a referencing style below:

Relationship Between SME and Strategic Planing. (2019, May 14). GradesFixer. Retrieved December 1, 2020, from https://gradesfixer.com/free-essay-examples/relationship-between-sme-and-strategic-planing/
“Relationship Between SME and Strategic Planing.” GradesFixer, 14 May 2019, gradesfixer.com/free-essay-examples/relationship-between-sme-and-strategic-planing/
Relationship Between SME and Strategic Planing. [online]. Available at: <https://gradesfixer.com/free-essay-examples/relationship-between-sme-and-strategic-planing/> [Accessed 1 Dec. 2020].
Relationship Between SME and Strategic Planing [Internet]. GradesFixer. 2019 May 14 [cited 2020 Dec 1]. Available from: https://gradesfixer.com/free-essay-examples/relationship-between-sme-and-strategic-planing/
copy to clipboard
close

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

    By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.

    close

    Attention! this essay is not unique. You can get 100% plagiarism FREE essay in 30sec

    Recieve 100% plagiarism-Free paper just for 4.99$ on email
    get unique paper
    *Public papers are open and may contain not unique content
    download public sample
    close

    Sorry, we cannot unicalize this essay. You can order Unique paper and our professionals Rewrite it for you

    close

    Thanks!

    Your essay sample has been sent.

    Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

    thanks-icon Order now
    boy

    Hi there!

    Are you interested in getting a customized paper?

    Check it out!
    Having trouble finding the perfect essay? We’ve got you covered. Hire a writer

    GradesFixer.com uses cookies. By continuing we’ll assume you board with our cookie policy.