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SME Strategic Management

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Chapter 2 - Literature Review In this chapter various previous works will be presented concerning SME strategic management. Since there are two key concepts in this study (SME and strategy) next few paragraphs will be devoted to these terms. Small and Medium enterprises (SMEs) SME is defined as one that has only a small share of its market is managed in a personalized way by its owner and not through the medium of a complex management structure (Analoui & Karami, 2003). However, there is no universal definition for small and medium enterprise. Instead, it is usually defined based on different measures, such as countries, turnover, number of employees, or annual sales. Other writers have pointed another problem for setting one definition …show more content…

Chandler (1962) has pointed out that strategy is “the determination of the basic long term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals”. Andrews (1987) has defined strategy as “the pattern of decisions in a company that determines and reveals its objectives, purposes, goals and the major policies and plans for achieving these goals, and defines the range of business the company is to pursue and the kind of company it is to be”. While Minzberg (1987) stated that strategy is “a pattern in a 12 stream of actions over time”. He also brings 5Ps definition to the strategy, which are plan, ploy, pattern, position and perspective. In addition, Mintzberg and Waters (1985) have provided a different framework of strategy which compares two concepts: planned strategy and emergent strategy. The planned strategy is developed from the strategic making process, and the purpose is very clear, while the emergent strategy is normally emerged from feedbacks or everyday activities in the organization. In addition, Johnson, Scholes and Whittington (2007) see strategy as the direction and scope of firms in the long run that will bring benefits for the firms through combinations and allocations of resources …show more content…

The conceptual model of strategic management consists of 4 elements: environmental scanning, strategy formulation, strategy implementation, and strategy evaluation and control (Analoui & Karami, 2003). However, this model has been re-adjusted and adapted to SMEs due to their size, nature and characteristics by many scholars. For example, Karami (2007) in his study raised a dynamic SME strategic management model which has three stages: awareness: understanding the strategic situation; strategic formulation; and strategic

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