Abstract:
It is argued that strategic management practices positively influence the
competitiveness of firms. In the light of this the study examines the strategic
management behaviors (practices and tools) adopted by firms from emerging markets,
using Ghana as a case study. To address this issue, literature was extensively
reviewed out of which a conceptual model consisting of a sample of key strategic
management practices and tools that enhance firm competitiveness was adapted and
validated using data from Ghana. The study sampled 390 respondents from the
manufacturing and service sub-sectors that were purposively and conveniently drawn.
By employing mean rankings and analysis of variance (ANOVA) to confirm and/or
refute the proposed model, the following were among the key findings. First,
development of annual goals and long-term goals were among the common strategic
management practices used by Ghanaian firms. Secondly, concerning the strategic
management tools, doing a SWOT analysis, and examining critical success factors
(CSFs) were commonly used. Following from the findings, the study recommends
that firms from Ghana must link the application of strategic practices and tools to their
key performance measures. This will enable them to identify the outcomes of strategic
behaviours and assess their impact on competitive indicators. It was further
recommended that the ministry of Trade and Industry in collaborations with various
industries and their associations must include some of the key strategic tools and
practices as standards of best practices.
