Insights on Strategic Management Practices in Jordan: A Review of Literature

Abstract

Strategic management and its practices have become the most important stream need to discuss and focus in business environment, due to its vital role in improving economic growth. Although many benefits and advantages can be obtained from using strategic management, but a lot of organizations still resist or employ it a little, since some of them think this method is only helpful for larger organizations and they didn’t believe its benefits also for small-medium sized enterprises (SME) as well. The purpose of this study is to review the studies which discuss the strategic management concept and its role and impact on the organization in Jordan. The paper adopted the descriptive cross sectional research design. The study found that majority of the organization try to adopt different strategies to achieve its organizational objectives which may include competitive advantage, market share, corporate reputation and total quality of the operation. The study concludes that strategic management has a significant correlation with many factors, for instance competitive advantage and great performance. It is recommended that the management should have a long-term strategic thought towards the using of strategic management tools and employ the right resources to obtain the desired success of a business depends basically on the value creation, and skill of its top management and the strategic formulation and implementation within the context of ambiguity of the business environment. The study methodology is based on a systematic review of empirical studies on the usage of strategic management models and methods.

Keywords: Strategic management, Strategic planning, Jordan