STRATEGY FORMULATION IN SMALL BUSINESS: A CONCEPTUAL FRAMEWORK

1992 ◽  
Vol 9 (4) ◽  
pp. 71-76 ◽  
Author(s):  
A. B. Ibrahim
Keyword(s):  
Small Business ◽  
Conceptual Framework ◽  
Strategy Formulation

scholarly journals Small business enterprises: Strategies for the 1980s

1982 ◽  
Vol 13 (1) ◽  
pp. 1-9
Author(s):  
Ernst W. Neuland
Keyword(s):  
Small Business ◽  
Conceptual Framework ◽  
Free Market ◽  
Business Sector ◽  
Business Firm ◽  
Strategy Formulation ◽  
Developmental Approach ◽  
Stage Of Development ◽  
Business Enterprises ◽  
And Training

The importance of small business enterprises in a free market economy is reflected by their contribution to economic activity, maintaining competitiveness, and provision of employment opportunities. Despite their economic importance, small business firms are characterized by a high failure rate, inter alia, owing to their unique problems. The independent entrepreneur accordingly has a definite need for aid - which is rendered to the small business sector in the majority of capitalistic countries, including South Africa. It would appear that research in the field of small business has, almost without exception, been conducted in an unsystematic and fragmentary manner. In this paper a conceptual framework, which is based on the developmental approach and the life cycle concept, is advanced. By relating the specific problems of small business firms to the stage of development of the firm in a strategic sense, a systematic approach for studying the dynamic small business firm ensues. This approach will also serve as a conceptual framework for: research into small business firms; developmental aid to the small business sector; development and training of entrepreneurs; financing considerations by the financial sector; and strategy formulation and implementation for the small business firm as such.

scholarly journals How Companies are Applying AI to the Business Strategy Formulation

2019 ◽  
Vol 5 (8) ◽  
pp. 77
Author(s):  
M S S El Namaki
Keyword(s):  
Artificial Intelligence ◽  
Conceptual Framework ◽  
Business Strategy ◽  
Fundamental Change ◽  
Strategy Formulation ◽  
Strategic Behaviour ◽  
Substantial Progress ◽  
Competitive Behaviour ◽  
Definition Of ◽  
Market Strategies

Computing equipment capable of what one may term partial and quasi-intelligent behaviour, commonly referred to as Artificial Intelligence (AI), is assuming a key role in business. The probability is high that this Artificial Intelligence (AI) will lead to a fundamental change in the process of business strategy formulation as much as the very contents of this strategic behaviour. Product and market strategies and the resultant competitive behaviour will, more likely than not, be the outcome of those artificial intelligence processes and reiterations. A start is made and one can observe substantial progress in this direction. Who has done it and is there a conceptual framework behind this strategic behaviour? This will be the focus of this article The article starts with a brief definition of artificial intelligence and a basic framework of the concept. Seven case studies follow supporting the hypothesis that AI is penetrating the business strategy arena and leading to a fundamental change in the concept as much as the application. Those cases were drawn from different industries, and countries. A conceptual framework is accordingly derived and positioning of those case companies within this conceptual framework is done. The article is based on contemporary frameworks of AI and the cases are drawn from contemporary analysis of strategic behaviour. The conceptual model could provide an instrument for business AI application.

scholarly journals The development of a conceptual framework to guide sustainable organisational performance

2007 ◽  
Vol 38 (4) ◽  
pp. 9-19 ◽  
Author(s):  
S. Fontannaz ◽  
H. Oosthuizen
Keyword(s):  
Conceptual Framework ◽  
Dynamic Capabilities ◽  
Assessment Tool ◽  
Management Practice ◽  
Qualitative Interviews ◽  
Conclusive Evidence ◽  
Theory Approach ◽  
Organisational Performance ◽  
Strategy Formulation ◽  
Management Approaches

The emergence of the networked economy implies that traditional management approaches no longer suffice in addressing the challenge of complexity. This is compounded by the existence of divergent approaches to determining organisational performance in both management practice and academia, resulting in an execution gap occurring between strategy formulation and results.This article contributes to an understanding of organisational performance by integrating the divergent approaches to determining organisational performance into the Performance ‘ESP’ framework. This provides a conceptual framework to guide organisational development. The research to validate the framework includes a grounded theory approach, comprising a meta-analytical study of existing research, in-depth qualitative interviews and the pilot testing of the Performance ESP Index, which provides a composite measure of the multi-faceted stakeholder view of organisational performance.The research concludes that organisational performance resides in an organisation’s ability to integrate the divergent approaches, to create an execution culture with the necessary dynamic capabilities for sustainable organisational performance in addressing the challenge of complexity. There needs to be diversity in executive abilities at board level to ensure the integration of strategy and people to create the execution culture. Furthermore, leadership should focus on the strategic fusion of strategy and people, whilst management should focus on developing the strategic paradigm throughout the organisation to ensure an execution culture.The Performance ESP framework provides a diagnostic tool to assess the existence of an execution culture to address the challenge of complexity. The purpose of the assessment tool is to complement the financial metrics of profitability, to ensure a balance between short term profitability and growth for sustainable organisational performance.Further research is required to confirm the reliability of the Performance ESP index as the initial pilot study, whilst indicative of the potential of the instrument, did not provide conclusive evidence of reliability.

scholarly journals Franchising and Economic Growth: A Macro Perspective

2020 ◽  
Vol 21 (2) ◽  
pp. 116-130
Author(s):  
Gowsia Bashir ◽  
Mubashir Majih Bada
Keyword(s):  
Economic Growth ◽  
Small Business ◽  
Conceptual Framework ◽  
Development Strategy ◽  
Economic Performance ◽  
Business Strategy ◽  
National Economic ◽  
The World ◽  
The Relationship ◽  
Different Levels

Much of the research conducted in India in the area of entrepreneurship considers the relation between entrepreneurship and economic performance. However, the latest business strategy that has shown tremendous development in business arena has been ignored altogether. The present paper provides a theoretical framework of the relationship between franchising business and national economic performance. The main aim of this paper is to present the capabilities of applying the concept of franchising in the development of entrepreneurship in SME sector so as to trigger-economic performance. This article argues that there is a need to treat franchising not just a mere business expansion option but a powerful SME development strategy that has a capability to change the economic fate of the country like entrepreneurship does. The first part deals with some aspects of the recent economics literature on the relationship between entrepreneurship, small business, and economic growth. The second part a conceptual framework presents the links between franchising and economic growth at different levels of aggregation. In particular, it gives a summary of some research works across the world.

Maintenance strategy selection and its impact in maintenance function

2015 ◽  
Vol 35 (12) ◽  
pp. 1622-1661 ◽  
Author(s):  
R S Velmurugan ◽  
Tarun Dhingra
Keyword(s):  
Literature Review ◽  
Conceptual Framework ◽  
Manufacturing Industry ◽  
Strategy Selection ◽  
Maintenance Strategy ◽  
Manufacturing Companies ◽  
Strategy Formulation ◽  
Literature Study ◽  
Maintenance Strategies ◽  
Content Type

Purpose – This paper aims to synthesize and categorize the published literatures related to maintenance strategies formulation, selection and implementation in various industries. The purpose of this paper is to develop a conceptual framework based on literature review for formulation of maintenance strategies, selection and the implementation of selected strategies. Further, to study on impact of maintenance strategies implementation in maintenance function. Design/methodology/approach – A literature review has been carried out to identify the existing frameworks related to maintenance strategies formulation, selection of maintenance strategy and implementation of maintenance strategy in the industry. Literature support for all the conceptual constructs referred in the framework has been discussed to establish a logical sequence. Findings – A conceptual framework for maintenance strategies formulation, selection and implementation and its impact in maintenance function has been developed. Further, constructs and sub-constructs which form the basis for maintenance strategies formulation, selection and implementation have been identified from the literatures. In addition, propositions have also been formulated to support the conceptual framework and these propositions provide the logical relationship among the maintenance strategies formulation, selection among the formulated strategies and the implementation of these strategies. Research limitations/implications – The conceptual framework developed in this paper for maintenance strategy formulation and selection is yet to be empirically tested. The proposed framework can be tested in various industries. Practical implications – Literature study on maintenance strategy formulation and selection has so far been very limited. Maintenance strategy selection is a critical decision-making problem for the maintenance managers working in the process plant, manufacturing companies, etc. The conceptual framework proposed in this paper will help maintenance managers to asses, formulate, select suitable maintenance strategy and implement for their organization. Originality/value – The paper provides comprehensive study on maintenance strategy problem which will be useful to researchers, maintenance managers and other professionals in various industries such as process industry, manufacturing industry, etc., to understand maintenance strategy selection problem and implementation of maintenance strategy.

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