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Vol.13, No.2, May 2024. ISSN: 2217-8309 eISSN: 2217-8333
TEM Journal
TECHNOLOGY, EDUCATION, MANAGEMENT, INFORMATICS Association for Information Communication Technology Education and Science |
Strategic Management of Small and Medium-Sized Enterprises - Is There Space for Functional Strategies?
Lyudmila Mihaylova, Emil Papazov
© 2024 Lyudmila Mihaylova, published by UIKTEN. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License. (CC BY-NC-ND 4.0)
Citation Information: TEM Journal. Volume 13, Issue 2, Pages 1277-1282, ISSN 2217-8309, DOI: 10.18421/TEM132-41, May 2024.
Received: 10 January 2024. Revised: 30 March 2024.
Abstract:
Based on strategic management principles, it is reasonable to assume that lower-level units within the organizational structure, such as business and functional levels, will be carrying out the strategies. However, such organizational units should be considered not only as decision implementers, but also as strategists and program developers for the areas of activity in which they operate. Managers at the functional level solve problems related to setting goals and objectives in areas such as marketing, resource allocation, finance, production, and accounting. There is a lack of research on functional strategies, emphasizing the need for additional studies and publications. The goal of this paper is to outline significant elements of functional strategies, with a particular emphasis on their distinctiveness in comparison to other strategic aspects of management in small and medium-sized enterprises (SMEs). Additionally, the paper aims to explore the feasibility of implementing such strategies within these enterprises. The study seeks to accomplish its objectives through the utilization of theoretical deduction, in conjunction with the analysis of data derived from a concise survey of SMEs and pertinent practical illustrations. From a scientific perspective, the study's findings are predominantly positive rather than normative-regulatory in nature.
Keywords – Strategic management, functional strategies, SMEs. |
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