Strategic Management for SMEs

This report provides references on strategic management for SMEs. It includes information on strategic orientations, capabilities, and analysis, as well as the importance of information and technology. The references also cover the impact of competitor orientation, absorptive capacity, and organizational culture on SMEs performance. Additionally, it discusses the role of internal analysis, strengths and weaknesses, and stakeholder analysis in business growth. The references also provide insights into Porter's generic strategies, differentiation, and cost leadership.

Statement of report

REFERENCES:
Alnawas, I. and Farha, A.A., 2020. Strategic orientations and capabilities' effect on SMEs'
performance. Marketing Intelligence & Planning.
DRAFT: They provide the best prescriptions to people which can be helpful to them and provide
the medications which will be suitable for them on a daily basis (Alnawas and Farha, 2020). The
technology which they uses are also different and unique in which they make the use of
combination of state art technology which has lead to award winning dispensing facility.
JUSTIFICATION: I have taken this reference into consideration as in this book planning
related to strategic management is explained. This reference also states the importance of
information and technology for the strategic management.
Baporikar, N., 2021. Influence of Business Competitiveness on SMEs Performance. In Research
Anthology on Small Business Strategies for Success and Survival (pp. 1054-1075). IGI Global.
DRAFT: Strategic analysis refers to the process in which company makes the analysis of
the environment in which they operates their activities and on the other hand the
competitive environment which will affect the business to achieve their business
objectives(Baporikar, 2021)
JUSTIFICATION: I understand that this reference is appropriate to know definition of
strategic analysis and its importance in corporate world. The reference is also important
to create a major understanding of contemporary business environment in context to
strategic analysis.
O’Dwyer, M. and Gilmore, A., 2019. Competitor orientation in successful SMEs: An exploration of the
impact on innovation. Journal of Strategic Marketing, 27(1), pp.21-37.
DRAFT: There are some of the factors which has to be followed by the pharmacy
business and it is related with the health and safety of the people so the regulations
framed by the government become important(O’Dwyer and Gilmore, 2019).

JUSTIFICATION: This reference is taken into consideration as the author concerned
with this book tells about safety and health of citizens. Government's priority to maintain
health and safety of public is also explained in this reference in a well defined manner.
Gorondutse, A.H. and Hilman, H., 2018. Does organizational culture matter in the relationship between
trust and SMEs performance. Management Decision.
DRAFT:People are focusing towards the health in which they are making investment at
the larger level so that their health can be improved. With the coming of pandemic the
society have become more focused towards their health (Gorondutse and Hilman,
2018)
JUSTIFICATION: The authors in this book clearly focus on different aspects of social
health. This reference also states the advantages and disadvantages of health
improvement of society.
Miroshnychenko, I. and et. al., 2021. Absorptive capacity, strategic flexibility, and business model
innovation: Empirical evidence from Italian SMEs. Journal of Business Research, 130, pp.670-682.
DRAFT: The business which is related with the pharmaceutical are always required with
the need of technological innovations so that they can operate their work without any
difficulty. If their will be not usage of technology then the industry and the businesses
will not be uplifted in any area(Miroshnychenko and et. al., 2021)
JUSTIFICATION: This reference includes major dimensions of innovation and its
application for a legal business. The reference also clearly states “why it is crucial for a
business to take support of information and technology'
Liu, H.M. and Yang, H.F., 2019. Managing network resource and organizational
capabilities to create competitive advantage for SMEs in a volatile environment. Journal
of Small Business Management, 57, pp.155-171..
DRAFT: These products are the most important one and for that only government
frames the laws so that the production which is being done by the businesses can be
controlled in an effective way(Liu, and Yang, 2019).

JUSTIFICATION: This reference is considered in this assignment as it describes role
played by government in supporting business organisations of the country.
Varelas, S. and Georgopoulos, N., 2017. Porter’s competitive forces in the modern globalized hospitality
sector–the case of a Greek tourism destination. J Tour Res, 18, pp.121-131.
DRAFT: Porters Five forces is a model which is used to determine the strategic position
of a company in its industry. This analysis models have five competitive forces that are
responsible for impacting the functioning of an industry (Varelas and Georgopoulos,
2017).
JUSTIFICATION: The two authors in this reference clearly defines Porter's five forces
model and also defines its value in gaining competitive advantage for a company.
Hu, J. and et. al., 2018. Strategic planning and the stratification of Chinese higher education
institutions. International Journal of Educational Development, 63, pp.36-43.
DRAFT: This component of the model is used to describe how the behaviour of
consumers could impact the functioning of companies (Hu, and et. al.,2018). In case of
the selected organization the bargaining power of buyers is low because
Pharmaceutical industry is considered among unique sector.
JUSTIFICATION: The reference is selected in this draft due to its explanation about
bargaining power of buyers and its significance for a business.
Żmuda, M., 2017. Towards a taxonomy of international competitiveness. Central European Management
Journal, 25(3), pp.97-116.
DRAFT: This component of the model helps in explaining how the existence of other
companies in same industry could decrease the market share of another company
(Żmuda, 2017).
JUSTIFICATION: This reference is taken into consideration for this assignment as it
clearly outlines competitive rivalry's role in the contemporary business environment.

AlQershi, N., Abas, Z.B. and Mokhtar, S.S.M., 2019. Prospecting for structure capital: Proactive strategic
innovation and the performance of manufacturing SMEs in Yemen. International Journal of
Entrepreneurship, 23(3), pp.1-19.
DRAFT: Internal analysis means the examination and analysis of the internal
components so that the company can make the strategy on that basis. The analysis of a
internal factors are important because if the company would be unable to make it then it
can create difficulty in the accomplishment of the business objectives(AlQershi, Abas
and Mokhtar, 2019).
JUSTIFICATION: The reference is used here as it clearly shows the importance of
internal analysis of a business. This reference also states the elements associated with
internal environment of a business.
Fidel, P., Schlesinger, W. and Emilo, E., 2018. Effects of customer knowledge management and customer
orientation on innovation capacity and marketing results in SMES: the mediating role of innovation
orientation. International Journal of Innovation Management, 22(07), p.1850055.
DRAFT: With the help of internal analysis the company is able to make the identification
of the strengths and weaknesses so that they can make the modifications in order to
accomplish their goals with great productivity(Fidel, Schlesinger, and Emilo, 2018).
JUSTIFICATION: The reference here is selected because it defines the role of
strengths and weaknesses of a business and their impact on internal environment.
Tehseen, S. and et. al., 2019. Entrepreneurial competencies and SMEs’ growth: the mediating role of
network competence. Asia-Pacific Journal of Business Administration.
DRAFT: The strengths of Pharmacy2U is that they are having the skilled doctors who
are having the experience of around 8 years. They are hard working people and help
the patients in providing the best advice which will be helpful to them and will also make
some improvements(Tehseen and et. al., 2019).
JUSTIFICATION: This reference is selected because, it states that it is essential for a
business organisation to focus on strengths. This helps in the company in to develop
ability to face different consequences and issues related to a business.

Leitner, K.H., 2018. Intellectual capital, innovation, and performance: Empirical evidence from SMEs. In
Exploiting Intellectual Property to Promote Innovation and Create Value (pp. 255-282).
DRAFT: Government of UK at times makes the formulation of those things which will
make favor to the companies(Leitner, 2018). As Pharmacy2U have achieved higher
success and because of this it would be great for the company to develop their business
in the other market
JUSTIFICATION: The reason behind choosing this reference is it clearly depicts
different ways to develop a business.
Hermawati, A., 2020. The implementation of dynamic capabilities for SMEs in creating
innovation. Journal of Workplace Learning.
DRAFT: High interest people are those who are highly interested in the working of a project as
what things are being undertaken and they make the measurement of
performance(Hermawati, 2020)
JUSTIFICATION: The referenced is selected because in this book, stakeholder analysis is a major
way to solve key issues of the company. This reference also states key dimensions of a business
and their role in increasing stakeholder awareness.
Timilsina, B., 2018. Overcoming the Barriers of Strategic Planning, Implementation, and
Monitoring in Turbulent Business Environment: A qualitative study on Finnish SMEs. In Global
Business Expansion: Concepts, Methodologies, Tools, and Applications (pp. 1276-1298). IGI
Global.
DRAFT: Low power and low interest stakeholders will cover those people who are neither
interested in the project which the company is doping nor they have any power to make any of
the changes (Timilsina, 2018).
JUSTIFICATION: The reference is chosen because it provides in depth understanding related
to stakeholder matrix.

Anwar, M. and Shah, S.Z., 2021. Entrepreneurial orientation and generic competitive strategies
for emerging SMEs: Financial and nonfinancial performance perspective. Journal of Public
Affairs, 21(1), p.e2125.
DRAFT: Porter Generic strategies is the marketing model which help to analyse how a company
can gain competitive advantage in market. It describe four kind of strategies which can be used
by companies to compete in their serving market and gain more customers for the company
(Anwar and Shah, 2021).
JUSTIFICATION: The reference is chosen because it helps a learner to understand key
aspects of Porter Generic strategies. This reference also creates a major
understanding about the importance of Porter's generic growth strategy in a
business organisation.
Tavalaei, M.M. and Santalo, J., 2019. Pure versus hybrid competitive strategies in the airport
industry. Transportation Research Part A: Policy and Practice, 124, pp.444-455.
DRAFT: It is beneficial for any company to analyse the prices of their competitive
products and try to reduce the prices of their products as compared to their
competitors offerings so that most of the customers will get attracted to
purchase products from specific company (Tavalaei and Santalo, 2019).
JUSTIFICATION: The cost leadership is defined in this reference in an appropriate
manner. It also states key role of management of a business in development of
cost leadership approach.
Dombrowski, U., Krenkel, P. and Wullbrandt, J., 2018. Strategic positioning of
production within the generic competitive strategies. Procedia CIRP, 72,
pp.1196-1201.
DRAFT: This is the competitive strategy which consist of serving different and unique
products in market which is not served before (Dombrowski, Krenkel and
Wullbrandt, 2018). It is essential for every company to focus on their
differentiation factor of product because customers get attracted easily toward
those products which have unique characteristics from their substitutes.

JUSTIFICATION: The reference clearly outlines the aspects of competitive strategy and
impact of differentiation on a business.
Taghipour, M. and et. al., 2020. Investigating the Relationship between Competitive
Strategies and Corporates Performance (Case Study: Parsian Banks of
Tehran). Management, 3(4), pp.13-28.
DRAFT: This is the strategy which consist of reducing prices of products for a particular
targeted segment (Taghipour and et. al., 2020). In context of Pharmacy2U
company, they can use this strategy for those segments of society which are
having less knowledge about pharmaceutical products.
JUSTIFICATION: I have selected to choose this reference as it clearly develops major
understanding. The cost focus is essential for a company in order to lead the
competition and gain competitive advantage in a short span of time.
Islami, X., Mustafa, N. and Latkovikj, M.T., 2020. Linking Porter’s generic strategies to
firm performance. Future Business Journal, 6(1), pp.1-15.
DRAFT: This strategy also opted with the main aim of targeted a segment and mainly
fulfill their needs and wants because here, company analyzed that targeting
particular segment will provide them more benefit as compared to other
segments (Islami, Mustafa and Latkovikj, 2020).
JUSTIFICATION: The main purpose of mine to select this reference was, it helps in
gaining knowledge about differentiation focus. This reference also supports a
learner in gaining knowledge related to focus on differentiation.
Rojek, T., 2019. Analysis of pro-market concept of business model. Marketing and
Management Innovation , (2), pp. 266-281.
DRAFT: Ansoff matrix is a tool which help a company to analyse that which strategy will
help them to grow well in future. In context of Pharmacy2U, it is a small
company which aims to expand their business to other markets (Rojek, 2019).
JUSTIFICATION: I have chosen this reference as it helped me to understand key
dimensions of Ansoff matrix and its application for a business entity.

Aroca, P. and et. al., 2021. Prosilience trajectories of phoenix regions: a narrative on
intelligent transformation of old mining areas. Eastern Journal of European
Studies , 12 .
DRAFT: It consist of neither changing the characteristics of product not it changing
market. Hence, here Pharmacy2U company can focus on their promotional
strategies to aware as much as customers regarding their existing product
(Aroca and et. al., 2021). Cutting prices of existing product also help company
to gain more customers with existing product in existing market.
JUSTIFICATION: The reference in this part of assignment is considered as it helps in
development of knowledge related to market. I also understood dimensions of
market penetration and its role in increasing revenue and profitability of a
company.
Prananda, N. and et. al, 2020. Go-jek company: gojek's rise to dominating Indonesian's
markets and southeast asean. Test Eng. Manag , 82 , pp. 735-743.
DRAFT: This is the strategy which consist of making changes in products or bringing
new product in existing market. This is one of the most used growth strategy by
many companies (Prananda and et. al, 2020). This will help the company to
gain more customers by offering variations in products and services.
JUSTIFICATION: I have chosen to put this reference in the part of assignment to gain
knowledge related to new product development by a business entity.
Mukhambetov, T. and Yerdavletova, F., 2019. The Strategic Model of Quality Management in
Health Care Organization. International Journal of Innovation, Management and
Technology, 10(3).
DRAFT: Market development- This is the strategy where company enter new market
with their existing product (Mukhambetov and Yerdavletova, 2019). Here,
company have to face new customers and this is the strategy where companies
are not well aware about the behavior and attitude of their customers while
purchasing their product

JUSTIFICATION: Gaining knowledge related to market development was my key
importance. So I selected these two authors in order to develop effective and
precise knowledge related to market development.
Jintana, J., Sopadang, A. and Ramingwong, S., 2021. Idea selection of new service for
courier business: The opportunity of data analytics. International Journal of
Engineering Business Management, 13, p.18479790211042191.
DRAFT: Differentiation- This is the strategy of growth where companies enter new
market with new product (Jintana, Sopadang and Ramingwong, 2021).
JUSTIFICATION: I have selected this reference in order to develop effective knowledge
and understanding of differentiation. This knowledge will also help me in
professional career development.