Strategic Management Model Validation with Descriptive Statistical Modeling and Hypothesis Testing

1. INTRODUCTION

Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company‘s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes [1, 2]. Strategy is defined as the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals. Strategies are established to set direction, focus effort, define or clarify the organization, and provide consistency or guidance in response to the environment [3,4]. Strategic management involves the related concepts of strategic planning [5] and strategic thinking [6]. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined [7]. In other words, strategic planning happens around strategic thinking or strategy making activity. Strategic management is often described as involving two major processes: formulation and implementation of strategy.

If organizations strive to incorporate sustainability into their activities, managers have to consider different aspects of corporate sustainability during their strategic decision-making processes and should integrate them into their corporate strategy [8,9]. This integration process requires that organizations develop learning structures and fundamental change processes that will allow them to question and change the way they think about their relationships with the natural environment. According to this view the term natural environment comprises the complex web of environmental, social, cultural and economic factors [10], whereby all of these are related to sustaining a high quality of life on earth. This task can be quite complicated for companies. A significant number of companies assume responsibility and start corporate sustainability initiatives on an operational level, instead of integrating corporate sustainability at all business levels. Therefore, several frameworks rooted in the strategic management discourse propose the integration of corporate sustainability at the normative, strategic, and operational level [11]. According to the author, the normative level focuses on ensuring and enhancing the legitimacy of firm activities by stakeholders and the society as that effectiveness is being considered and long-term objectives can be reached. On the operational level, the corporate sustainability strategy is efficiently implemented. However, the strategic level is a key area of interest for the purposes of the present article. Many companies still lack a strategic approach with respect to corporate sustainability integration. This integration assumes that a related strategic decision needs to be taken, which is essential for generating a sufficient level of company-wide commitment. Author indicated that, one reason for this lack of a clear strategy might be the very diverse set of aspects related to corporate sustainability, e.g. climate change, labor practices and human rights.

As proposed research focuses on various strategy management segments keeping modern scenarios, traditional and recent management procedures, classification of requirement phase with a solution using agile approach and new strategic flow, it is important to understand and verity the actual value of research. Hence, present chapter is dedicated to an actual survey to check the feasibility of the proposed work. Further sections will discuss about SPSS modeling for which inputs are collected from corporate, industrial and academic professionals. 3.1 Data Gathering The information selection procedures adopted are questionnaire execution and in-depth selection interviews. The questionnaire developed with an assumption that team members, managers and client communication channel people who were aware of strategic management and planning both. The in depth interviews are conducted face to face with actual management practitioners. 3.1.1 Questionnaire survey To obtain appropriate solutions without having lacking any kind of essential particulars, the actual questionnaire was initially created within local language, after that converted into English. The researcher utilized individually given questionnaires since the filtrations of data associated with information selection. The procedure associated with questionnaire improvement is referred as well as talked about beneath. The sample period from 2018 to 2019 is evaluated as of the considerable companies who adopt strategy development as a key methodology and are based at Maharashtra State. Data is examined for one year frequency and presented as a cumulative process. determined using Porter‘s matrix adjusted for a proportion to identify sample dimensions with the review. The item is defined as: According to data recorded, the total number of participants (clients), company managers, and project team member‘s population of Maharashtra State is 36,590 and so the sample size was 400.

3.2. Descriptive Statistics This part represents the data of respondents‘ demographic profile and their overall opinion about strategic management, planning, controlling and its impact on organizational reform and modeled management performance and hence future opportunities. The demographic profile of respondents includes age, gender, marital status, personal monthly income and product brand knowledge level. Frequency and percentage value were the statistical methods described the results in the table of each demographic item.

The table of age shows that from 400 respondents who participated in this survey, the other group of respondents equal to 92 respondents which means 23%, majority group was age between 25 and 34 years old which equal to 193 respondents or 48.25% while the next group which equal to 99 respondents were age between 35 and 44 years old. The further groups were respondents whose age between 45 and 55 years old which equal to 16. The most of the respondents were pretty young people between 18 and 34 years old (both bachelor‘s and Higher than Bachelor‘s degree), it can be a consequence of using social-media for survey distribution. Young people are more attracted by salary elevation and work flexibility. Also among respondents might be people who are looking for better opportunities where stress level of work is less.

The table of gender shows from overall respondents who participated in this survey were more male respondents than female which equal to 249 male respondents or 62.25% while only 151 of female respondents or 37.75%.

The table of the marital status shows that from 400 respondents, 36.75% were single which is equal 147 respondents, while 63.25% or 253 respondents were married.

The table of Personal monthly income shows that from 400 respondents who participated in this survey, a majority of respondents has an income between 30,001 - 60,000 Rupees, which is equal to 232 respondents or 58%. The second group of respondents earns 30,000 Rupees or below, which is equal to 138 respondents or 34.5%. The third group carried income between 60,001 - 90,000 Rupees, which is 21 respondents. In addition, there were 9 respondents who earned above 90,000 Rupees.

The table of Product Brand knowledge Level shows that from 400 respondents the majority had a bachelor‘s degree which is equal to 56.25% or 225 respondents. The second group of respondents had a higher than bachelor‘s degree which is equal to 36.25% or 145 respondents. About 7, 5% or 30 respondents had a lower degree than bachelor's degree.

H1: Strategic management approach is important for smooth execution of project H0: Strategic management approach is not important for smooth execution of project

The result of the significant level is .016 which is less than .05 means that the null hypothesis is rejected. H2: Employee efficiency can be increased by new strategic management approach H0: Employee efficiency cannot be increased by new strategic management approach

The result of the significant level is .010 which is less than .05 means that the null hypothesis is rejected. H0: Company growth is not dependent upon company‘s‘ strategies for various verticals

The result of the significant level is .003 which is less than .05 means that the null hypothesis is rejected.

4. CONCLUSION

It is mentioned that the particular examination productivity is categorized in the worthiness degree of 5% doing them statistically major. Right after observing these products statistically, it can be deduced that strategies with proper analysis approach may develop the highest efficiency, decision modeling and marketing performance with an increase in inter-strategy success. The actual SPSS analysis revealed a positive relationship between strategic reform and organizational reform with a cumulative strategy modeling provisions among team members increases business performance and necessarily provides suitable market options. Such provisions can be best suited for any corporate, industrial domains where decision control needs huge efforts.

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Research Scholar, Faculty of Business Administration, Himalayan University, Itanagar, AP mathewanthony3@gmail.com