A Correlational Study on the Implementation of a Strategic Plan Via Strategic Management and Its Effect on the Competitivity, Sustainability and Profitability of a Business

A correlational study on the implementation of a strategic plan via strategic management and its effect on the competitivity, sustainability and profitability of a business.

Name: Matthue Prescott

Student Number: 315200959

Course Title: Research Methods for Business

Course Code : MGMT 2063

E-tutor : Natalia Parris

Course Coordinator: Karima Mohammed

Date Submitted: 18th November 2017.

ABSTRACT

The study investigated the impact of strategic management and planning on the competitive advantages, sustainability and profitability of a business in the Trinidad and Tobago, West Indies. Three participants from the top-level management of a company called Kennscott Ltd, were selected to give their account on the effects of strategic management and planning in their organization. The study used descriptive statistics (percentages) to present the data, however inferences were made about the data to apply it to a large context of the Caribbean and businesses in general. The data was not tested for degrees of error and therefore even though inferences were made it is not determinable how accurate the inferences are. Results from the analysis indicated that strategic management and planning has positive effects on the competitivity of businesses due to its strategic nature of conquering the working environment. Likewise, the study showed that strategic management and planning is essential for the future success and long-term sustainability of businesses and as a result affects the profitability. The researcher recommended that companies should take the initiative to strive towards educating their management team on strategic management so as to improve businesses, bolster the economy and better the way of life of the citizens in the Caribbean. Also, further studies should be done on this theme with respect to businesses in the Caribbean to enhance the success rate of business and ensure the long-term sustainability of the Caribbean Community.

Key terms: Strategic Management, Strategic Planning, competitive advantages, sustainability, profitability, business

TABLE OF CONTENTS

Abstract……………………………………………………………………...2

Introduction…………………………………………….………………...…4

1. Research Problem……………….…………………………...….4
2. Key Terms………………………………………….……………4
3. Hypothesis of Study……………………………….…………….5
4. Value of Study……………………………………….……….….5
5. Literature Review……………………………………….…...….6

1. Theories……………………………………...…....…6
2. Empirical Aspects………………………………..….8
3. Conclusion of Review…………………………..…...10

Methodology…………………………………………………………………11

2.1 Research Design……………………………………….....……..11

2.1.1 Participants……………………………………..…….11

2.1.2 Sampling Method……………………………...…..….11

2.1.3 Materials and Apparatus…………………..…………12

2.1.4 Procedure……………………………….…………......13

Results and Analysis…………………………………….….………….…..14