Essays on Strategic Management in Small and Medium Enterprises Literature review

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The paper “ Strategic Management in Small and Medium Enterprises” is an exciting variant of the literature review on management. External forces entail those facets that happen outside an organization and trigger change within organizations. These forces are beyond an organization’ s control. The forces include the economy, suppliers, customers, resources, competition, regulatory, technology, and social and political conditions. It is important that a firm’ s management understand the external forces acting on them and their organizations. Apparently, external forces involve the environment in which a firm operates. While the external forces take place outside a firm, they hold a major influence on a firm’ s operations, long-term sustainability, and growth.

Taking for granted external forces can be harmful to managers and their organizations. Understanding the external forces facilitate the assessment and adaptation of a firm’ s external environment. Understanding these forces helps managers and firms to make proactive changes instead of having to take reactive strategies that may be detrimental to the firm. This paper explains why it is imperative for managers to comprehend the external forces acting on them and their organizations.

The external forces comprise a firm’ s environment. According to Robbins, Bergman, Stagg, and Coulter (2011, p. 109), a firm’ s specific environment comprises of four major elements that hold a direct effect on the manager’ s actions and decisions. The four components of a firm’ s environment are pertinent to the attainment of organizational objectives and goals. The major forces that make up a firm’ s explicit environment include pressure groups, competitors, suppliers, and customers. Firms rely on their stakeholders and environment as a recipient of outputs and a source of inputs. Constructive relationships can prompt positive organizational upshots such as enhanced expectedness of environmental shifts, flourishing innovations, increased stakeholders’ trust, and flexibility in lowering the effect of the change.

Upholding good relationships between organizations and stakeholders promotes improved organizational performance. As a result, putting into consideration the interests of a firm’ s stakeholders improves the productivity of a firm.

Reference

List

Analoui, F & Karami 2003. Strategic management in small and medium enterprises. UK: Cengage Learning.

Daft, R 2011. Management. UK: Cengage Learning.

Delaney, P & Whittington, R 2012. Wiley CPA examination review, outlines and study guides. UK: John Wiley & Sons.

Mol, T 2003. Productive safety management: A strategic, multi-disciplinary management system for hazardous industries that ties safety and production together. USA: Routledge.

Mosley, D & Pietri, P 2010. Supervisory management. UK: Cengage Learning.

Picard, R 2002. The economics and financing of media companies. USA: Fordham University Press.

Rao, V & Krishna, H 2004. Strategic management. India: Excel Books India.

Robbins, S, Bergman, R & Coulter, M 2011. Management. Australia: Pearson Higher Education AU

Sengupta, N, Battacharya, M & Sengupta, R 2006. Managing change in organisations. India: PHI Learning Pvt. Ltd.

Wilkinson, T 2013. Strategic management in the 21st century. USA: ABC-CLIO

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