Strategic Management Practices and Performance of Standard Group Limited

Abstract

This study examined effects of strategic management practices on performance of Standard Group Limited. The findings from this study can help in improving performance, as organizations are able to understand strategic management practices that best influence performance. This study sought to answer the question: How do strategic management practices influence performance at Standard Group? Two theories (Resource based view and McKinsey 7 S framework) were used to explain the influence of strategic management practices on firm performance. The study is a case study and targeted an estimated population of 300 comprising employees representing various branches of Standard Group. Purposive sampling technique was used to select the respondents and sample determination table was used as developed by Kotrlik and Higgins (2001) in choosing the 123 respondents. Questionnaires were used as data collection instruments. The study achieved a response rate of 82%. The findings show that strategic management practices performed an important role in enhancing performance of Standard Group. Specifically, the organization was able to introduce new product every year; spend over 16 million in research and development and used modern technology in increasing production. This study recommends that the organization should improve its process improvement in order to enhance performance. In addition, future studies can examine strategic management practices in other sectors for comparative purposes.