JEFMS Journal

ABSTRACT:

The viability of a company depends heavily on its ability to gain an edge not only in its competitors but also in the ever-changing business environment. In today's global economy, it is imperative that corporate leaders always make better decisions than their competitors and maintain a healthy economic position. This can only be achieved with insight, knowledge, skills, experience and leadership. All of this is built on the passage of time and effort. It also reveals and raises questions about the impact management and strategic thinkers have had on the profitability of successful businesses. Therefore, all this can be enshrined in the business strategic plan to create a clear road map for an institution for a specific period of time. After the development of the strategic business plan the next crucial stage is to manage it all the way up to the end of the specified period.

With an abundance of literature, this paper opted for an approach to understand the business strategic plan management by focusing on the current literature from different sources. The researcher used a systematic review of the existing literature as a methodology to come up with this paper. The process of reading and analysis of the literature was conducted through digital search engines with keyword in areas related to the management of a business strategic plan. The various articles explored were from Databases of JSTOR, Google Scholar and pdfdrive on managing business strategic plans.

This study reveals that many papers have been written relating to managing a business strategic plan. Therefore, the researcher had a wide range of literature to review though most of it was not directly in conformity with the study topic but could somehow relate. This paper aimed at reviewing literature relating to business strategic plan implementation and execution and further review the factors that influence the business strategy formulation and execution.

KEYWORDS:

Strategic plan, Strategy, Organization, Management, Planning, Leadership, Efficiency.

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42) Marx, T. G. (1989). The Role of Business Economics in Strategic Business Planning. Business Economics, 20-26.

43) Miles, I. S. (2016). Simplifying Complexity with Strategic Foresight and Scenario Planning. Foresight for science, technology and innovation.

44) Mintzberg, H. (1994). The Fall and Rise of Strategic Planning. Harvard Business Review 71(1), 107-14.

45) Moynihan, D. P. (2008). The dynamics of performance management: Constructing information and reform. Georgetown: University Press.

46) Parnell, J. A. (2004). Variations in Strategic Philosophy among American and Mexican Managers. Journal of Business Ethics, 167-278.

47) Poister, T. H. (2010). The Future of Strategic Planning in the Public Sector: Linking Strategic Management and performnce. Public Administration Review, s246-s254.

48) Robert M. Emmerichs, C. Y. (1996). An Executive Perspective on Workforce Planning: Organization and Human Capital Strategic Planning. United States of America : RAND Corporation.

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