ABSTRACT
The objective of the study was to evaluate the strategic
planning, social network relationship, and performance of small and large firms
in Ghana. In an emerging economy it has been identified that performance of
firms lies also on the social Networking Relationship, (Acquaah, 2007; Li et
al., 2008; Li and Zhang, 2007; Peng and Luo, 2000). Semi-structured
questionnaire as a tool was used in the collection of data from Small and Large
firms answered by their managers/owners/ administrators yielding to a total of
300 questionnaire. In the measure and analyzing of the variables the measure
through Confirmatory Factor Analysis was used in measuring the effect of the
variables of strategic planning, Social Network Relationship to the performance
of Small and Large firms, and to determine the level of moderation. The
strategic planning in the area of goal setting, analysis and scanning was
identified as moderately accurate in the small and large firms in Ghana. The
extent to which top managers of small and large firms in Ghana develop and use
personal and social networking relationships for the past three years was
observed to be frequently used. Social networking relationship also has
significant effect on firm performance of small and large firms in Ghana. The
effect of the small and large firm strategic planning on firm performance was
moderated by social networking relationship but statistically insignificant. In
conclusion, higher level of strategic planning and social networking
relationship conditionally stimulated operational and financial performance of
small and large firms in Ghana. The managers of small and large firms should develop
strategic plans for their business activities. This can be achieved through
formulation of a mission statement of the firm, establishing objectives,
crafting and implementing the strategies, and monitoring and controlling the
progress in strategy implementation. Personal and social networking relations
with communities’ stakeholders, government and business should be enhanced by
managers of small and large firms in Ghana.
CHAPTER ONE
1.1
Introduction
This section of the chapter
introduces the topic at stake, which involves evaluating the strategic
planning, social network relationship, and performance of small and large firms
in Ghana, areas captured involves background, problem statements, objectives,
research questions, research hypothesis, significant of the study, method
applied in carrying out the study, scope of study, limitations of the study and
organization of the study.
1.2
Background
Across countries and regions the
definition of SMEs varies under different economic concept. From the
perspective of the World Bank SMEs was define as a firm with a number of
employees with a scale number of 300 and total annual sales of US$ 15 million
(Pearce and Robinson, 2009). Other scholars evaluate SMEs as firms which engage
the services of employees less than 250 person with an annual turn-over
exceeding 50million Euro and the total of their annual balance sheet not
exceeding 43million Euro to the European union.
Moreover the definition on firm’s
size varies with regards to academic sources (Halland Cook, 2009) on of
official sources (e.g. the USA – Hatten, 1997; 1971; Storey, the UK – Bolton,
1994; European Commission – European Commission, 1996). In context of that the
main groupings adopted was in regards to the volumes of sales in monetary
value, the number of full-time employees and the money value of total asset. On
the concept of strategic factors, Pearce and Robinson (2009) outline such
factors as the practice of gaining competitive edge in the market places. This
was further
elaborated as being determine or identify by top management, and as such
differs from operational issues being govern by first line managers and middle
level managers which involves day-to-day function of business. According to Halland
Cook, (2009) achieving a comparative edge, firm needs to combine different resources
within every field of operation. Moreover Such capabilities of strategic
approach where a firm acquire and applies these resources ensure superior
performance overtime (Acquaah, 2012).
On the perspective of social
Network relationship religious, social and family functions such as (especially
kings of ethnic groups, chiefs of towns and cities and village heads) are seen
as the standard bearers within the societal context and their role are very
critical in the lives and activities of organizations and individuals (Acquaah,
2012). Leaders within the religious fraternity such as traditional and modern,
(e.g. Islam, Christianity etc.), have a very strong impact in the level of
influence on individuals and business leaders in Ghana.
This is as a result of the high
level of trust, in norms and shared values between traditionalist, religious
leaders and the community. Currently Essentially community leaders in Ghana are
cornerstone of societal norms, with a shared understanding and expectations,
that serves as acceptable practices and behavior of the business environment
with most communities (Salm and Falola,2002).
In an emerging economy, it has been
identified that performance of firms lies also on the social Networking
Relationship, (Acquaah, 2007; Li et al., 2008; Li and Zhang, 2007; Peng and
Luo, 2000). Based on that in achieving business success among small and large
firms the ability to ensure a strong Social Networking relationship with other
stake holder such as community leaders, political leaders, bureaucratic
government official should be of key concern to management of Small and large
firms, this is in a bid to achieving success (Li et al., 2008).
The value gain through the
engagements of social networking relationship by firms involves gaining of
critical resources in the form of knowledge acquisition and exploitation, human
capital, financial capital and technological opportunities, these in the long
run enhance firm’s level of performance and success (Li et al., 2008). On the
measure of performance Return on Asset (ROA) and Return On sales (ROS) are
mostly the line of focus through which firms performance are could be measured.
Such level of measure in performance has been established in many field of
operations studies (Lerner & Almor, 2002:Yusuf & Saffu, 2005; Saffu
& Manu, 2004). According to Neely et al (2002), these approaches in the
measure of performances are of much important as it serves as a guide to
management in the analyzing and collections of information. Base on the above evaluations
it is essential to investigate the effects of “strategic planning, social
networking relationship, and performance of small and Large scale firms within
Ghana
For more Marketing Projects Click here
===================================================================Item Type: Ghanaian Topic | Size: 70 pages | Chapters: 1-5
Format: MS Word | Delivery: Within 30Mins.
===================================================================
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.