An assessment of strategic management practices used in a small Ghanaian owned business enterprise

Ing. Henry Larrious-Lartey

Master's thesis

Abstract:

Available statistics indicate that many SMEs in Accra, Ghana uses the cost leadership strategy in their business operations. This assertion is obvious considering the country's state as a developing nation. Most of Ghana's businesses fall under the small and medium enterprise (SMEs), which has been the backbone of economic development in many developing countries. This has drawn the attention of government agencies and business experts to find balance in their growth and profitability. This study uses a questionnaire to evaluate a service industry company in Accra, Ghana, regarding its strategic management practices, manager and employee perceptions, and areas that need improvement. Chi-square analysis, cross-tabulation, and descriptive statistics were employed to address the research questions. The differentiation strategy is the most profound among the three generic strategies, offering opportunities for cost-cutting and internal efficiency improvement. It emphasizes professionalism in products and quality of service. How-ever, a lower rating for tax non-compliance suggests ethical practices are needed to maintain distinctiveness. Strategic management practices like human resources development, constant research, and digital innovation can further enhance the differentiation strategy.

Abstract:

Available statistics indicate that many SMEs in Accra, Ghana uses the cost leadership strategy in their business operations. This assertion is obvious considering the country's state as a developing nation. Most of Ghana's businesses fall under the small and medium enterprise (SMEs), which has been the backbone of economic development in many developing countries. This has drawn the attention of government agencies and business experts to find balance in their growth and profitability. This study uses a questionnaire to evaluate a service industry company in Accra, Ghana, regarding its strategic management practices, manager and employee perceptions, and areas that need improvement. Chi-square analysis, cross-tabulation, and descriptive statistics were employed to address the research questions. The differentiation strategy is the most profound among the three generic strategies, offering opportunities for cost-cutting and internal efficiency improvement. It emphasizes professionalism in products and quality of service. How-ever, a lower rating for tax non-compliance suggests ethical practices are needed to maintain distinctiveness. Strategic management practices like human resources development, constant research, and digital innovation can further enhance the differentiation strategy.

Keywords

Strategic Management, Strategy, Management, Practices

Language used: English

Date on which the thesis was submitted / produced: 13. 5. 2024

Thesis defence

• Date of defence: 20. 6. 2024
• Supervisor: Ing. Bc. Alena Šafrová Drášilová, Ph.D.
• Reader: Ph.D. Mariia Shkolnykova

Masaryk University

Faculty of Economics and Administration

Master programme / field:
Business Management / Business Management