Strategic Management in Indian MSMEs-A Literature Review

Large corporations across globe are following strategic management practices to achieve continuous growth. Though size of a business corporation is not a determining factor for strategic approach to business practices, strategies are more visible in case of large organizations since corporate and marketing communications make them visible. Michael Porter in his book “Competitive Advantage‟ mentions strategic management is everything about how a company uses its resources to perform better than its competitors at any point of time.

The Strategic Management is now gaining prominence in the corporate board rooms where major policy decisions on investments and returns are made. Strategic Management is everything about competitive advantage i.e. how you can perform better than your competitors consistently and in all the functional areas. Management has no more remained an excellence in any one of the field of manufacturing, marketing, finance, human resource, engineering, etc., rather the modern management propagates integration of all these functional areas to achieve combined excellence. Every entrepreneur follows some management principles to run the show, irrespective of size and nature of business. Over years, there has been considerable change in business practices followed in view of various factors like changing business scenario, intense competition, customer-dominance, government focus and support, societal expectations, etc. The Present Study covers the overview of Strategic Management in MSMEs with respect to Indian Context.