Strategic Management Practice for Small and Medium-sized Enterprises in Tamil Nadu: Empirical Evidence

Abstract

The survival rate of SMEs and consequently their business performance within the current competitive environment are essential for the economic development of most economies, particularly for developing countries. For this study, the secondary sources supported to supply an in-depth literature study and to postulate the hypotheses. The first source for data was surveyed instrument (questionnaire method) and snowball sampling technique was wont to collect data through referral-chain. The sensible implications are that SMEs management and manager need to strengthen the formal strategic planning and practices so as to reinforce the firm’s performance. Furthermore, appropriate business growth plan should be considered as a management tool to extend their market share and growth. the most contributions of this study are that it adds to the prevailing literature review and analyzed various dimensions of strategic planning and management practices within the context Strategic management practices ask a series of designing steps that support firms or corporations to define their mission, vision, goals, and objectives also as support in analysis the environmental. Thus, it are often implied that strategic management practices integrate the objectives and policies of the firm, and therefore the sequence of business decision-making and action is comprehensible as an entire , where the management and managers play a crucial role in strategic management practices and planning. Small and Medium-sized Enterprises (SMEs) plays a crucial role within the world’s economies, as they create jobs and add value via innovation. However, the contributions and performance may vary from one firm to a different within sectors, country, and nations. For this study, the secondary sources supported to supply an in-depth literature study and to postulate the hypotheses. the first source for data was surveyed instrument (questionnaire method) and snowball sampling technique was wont to collect data through referral-chain. The most purpose of this study is to further investigate if strategic management practices through the resource-based approach are often wont to enhance a firm’s performance within the Tamilnadu SMEs context.