OPTIMIZATION OF THE STRATEGIC MANAGEMENT PROCESS AT THE LEVEL OF THE ECONOMIC ENTITY

Cristina Mihaela Ionescu(haralambie) () and George Alin Haralambie ()
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Cristina Mihaela Ionescu(haralambie): "VALAHIA" UNIVERSITY FROM TARGOVIŞTE
George Alin Haralambie: UNIVERSITY PETROLEUM GAS OF PLOIEȘTI

Journal of Smart Economic Growth, 2023, vol. 8, issue 3, 89-108

Abstract: The dynamics and uncertainty of the business environment force economic entities to design a strategic action plan aimed at long-term business survival. The formulation of the vision and mission of an economic entity is an important stage in the strategic planning process, being considered the foundation through which the components of strategic management are formed. The principles guided by strategic management take into account two coordinates, namely the positioning of the business to obtain a long-term competitive advantage and the use of the strategy on the adoption of managerial decisions, recognizing the extreme importance of organizational structure and culture. The use of the questionnaire research method has enabled relevant data to be obtained on the state of play of strategic planning activities by economic entities and the links between strategic planning and the components of this process in reflecting economic performance. The study performed highlighted positive aspects of strategic planning, among which we mention, the relatively high degree of formalization of the action plan, the use of SWOT analysis and scenarios for various situations that required strategic thinking among economic entities, the interest shown in customer needs, effective communication within the economic entity. The study also found some aspects that need to be improved, such as the allocation of resources suitable for the implementation of strategies, long-term evaluation of strengths and weaknesses, the strategy selected to have a competitive advantage and not least to ensure high attention to the strategic intentions of competitors. The elaboration of written plans and strategic planning play an important role in achieving the set objectives and achieving the desired results.

Keywords: strategic planning; economic entity; SWOT analysis; action plan; competitive advantage (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:seg:012016:v:8:y:2023:i:3:p:89-108

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