STRATEGIC MANAGEMENT FOR HIGH PRODUCTIVITY AND HIGH GROWTH IN SMALL AND MEDIUM ENTERPRISES

Abstract

           Strategic management implementation has been accepted for increasing benefits in terms of high productivity and high growth most of the large firms, but it can be applied to implement in small business in Thailand. This is because of the fact that the driving force of economy in Thailand are small businesses. Moreover, the current National Economic and Social plan aims to promote the growth and the success of small and medium enterprises. Hence, it is both necessary and vital to study the implement of strategic management in a small and medium enterprises. The objectives of this research were to investigate the possibility of implementing strategic management for small and medium enterprises to reap the benefits of high productivity and high growth as well as to offer valuable recommendations for effective implementation. In order to search the answers for this research objectives, a mixed method of both quantitative and a qualitative research study was conducted which was done by using interview questionnaire for 400 samples and an in-depth interviewing with 12 informants. Six of them were the managers of small and medium enterprises and another six of them were academic and policy makers who involved with the work of small and medium enterprises and government policy. Contextual analysis and both primary data and secondary data from focus group and findings of many researches were used for data analysis and to sum up findings. The findings of this study revealed that the strategic management if implement effectively should be able to increase both productivity and growth in the long run. The recommendations from the focus group included to implement strategic management in small scales by the manager who possessed the five important skills: leadership skills, risk-taking skills, innovative thinking skill, high service quality skills, and people skills.