Strategic Management in MSMEs- A Study on MSMEs of...

Pushpa Hongal et al., International Journal of Research in Management, Economics and Commerce,

ISSN 2250-057X, Impact Factor: 6.384, Volume 07 Issue 10, October 2017, 04-115

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Strategic Management in MSMEs- A Study

on MSMEs of North Karnataka

Pushpa Hongal1, Dr. Poornima Charantimath

2, and Gururaj G. Phatak

3

1(Assistant Professor, Kousali Institute of Management Studies, Karnatak University Dharwad and Research Scholar in Management, Singhania University, Pacheri Bari, Jhunjhunu - 333 515 Rajasthan, India)

2(Professor, KLS Institute of Management Education and Research, Hindwadi, Belagavi, India) 3(Research Scholar, Department of Studies in Business Administration, NITTE Research and Education

Academy, Banaglore, India)

Abstract: Micro, Small and Medium Enterprises (MSMEs) play a very important role in a nation‟s economy. This is true for both developed and developing countries. SMIs also constitute a high proportion of a nation‟s

business activities and generate more employment opportunities than the large corporations in recent years.

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.

There are not many research efforts undertaken in Strategic Management in Micro, Small and Medium scale

industries in north Karnataka. The researcher felt a need to conduct an in-depth study of strategic management

practices followed by selected industries in this region. Hence, this is an attempt to bring out new knowledge in

the area of strategic management by conducting a research of the topic of “Strategic Management Initiatives

in MSME- a Case Study of North Karnataka.”

The influence of Strategic Management Concepts has been widely researched.However there is limited research

on the influence ofStrategic Management Concepts on Hubli-Dharwad and Belgaum Industrial areas of Indian

Context. The study explores this aspect in relation to the characteristics of Strategic Management Concepts

identified through the literature review. The study presents the Strategic Management Concepts followed by 60 MSMEs of Hubli-Dharwad and Belgavi Industrial Areas.

Keywords: Strategic Management, Micro, Small and Medium Enterprises, ANOVA, Regression Analysis.

I. INTRODUCTION Micro, Small and Medium Enterprises (MSMEs) play a very important role in a nation‟s economy.This

is true for both developed and developing countries. SMIs also constitute a high proportion of a nation‟s

business activities and generate more employment opportunities than the large corporations in recent years.

On the other hand, MSMEs are very vulnerable, and their failure rate is very high; so highthat no

nation can afford to ignore. The Business Statistics Office (UK) observed that “60 per cent [of small enterprises]

fail in the first three years of existence‟2. In the United States, the picture is much the same with “eighty per

cent of all start-ups succumb within their first five years”3. With this being the case, greater efforts are urgently

needed to reduce the fatality rate of MSMEs, Ultimately, a more robust MSME sector helps to build a nation‟s wealth, without it having to woo investments of sophisticated technology.

Although every nation has instituted assistance programs to aid its own MSMEs, the entrepreneurs‟

efforts count most in determining the performance of this industry. After all, assistance programs are no more

than tools available for the MSMEs. It is the careful selection and correct application of such tools that

determine entrepreneurial success.

Strategic Management Practices across the world

Large corporations across globe are following strategic management practices to achieve

continuousgrowth. 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 revolution in electronic commerce has added another dimension to the strategic management

practices followed by companies. These firms are now overlooking traditional methods of doing business and


ISSN 2250-057X, Impact Factor: 6.384, Volume 07 Issue 10, October 2017, Page 104-115



instead opt for online commerce. Hence, we find use of extensive IT (information technology) in giving speed,

accuracy, convenience to dealing with different stakeholders. Some firms believe in continual growth i.e.

growth at a normal pace with intermittent breaks, while others believe in continuous growth – steady growth

over a period of time. The researchers have given both growth types almost equal weightage. This is guided by

the nature of decisions to be taken and the entrepreneurs‟ or owners‟ risk taking abilities. Recent examples of

many American and European companies deciding to invest heavily in emerging markets like India, China, South East Asian countries, etc. for setting up their manufacturing operations, research facilities, marketing

hubs, etc. are testimonials of growth strategies of continuous type.

Strategic Management Practices in India

The Government of India has embraced the policy of economic reforms since early 1990s and the

sectors are now open for new private initiatives – from domestic firms as well as overseas firms, including

multi-national corporations (MNCs). Indian firms have come out of the protection era – though still finding it

difficult to digest the fact that government support will be bare minimum – and one has to be independent and

proactive to embrace the changes in business environment. Earlier, we used to find companies used to design,

develop, manufacture, and market products which used to stay put in markets for years together. But, today the

scenario is completely different. One cannot predict precisely the life cycle for the products developed and the

number of years products will remain in each of the stages of product life cycle viz., introduction, growth,

maturity, and decline. The increase in number of competitors – local as well as foreign – has given consumers wide choice of products and brands at the market place. Also, with increased incomes, changing lifestyles, easy

availability of finance, etc. the customers have become demanding.

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. A need has been felt by many industrialists to have a strategic focus to their business practices to

remain competitive and achieve growth. Earlier, the main concern for an industrial unit or business house was to

increase sales, improve profitability, recover money invested, and be happy with whatever little could be

achieved. Today, with diverse changes in external and internal environment, the guiding factors for determining

success of a business unit have changed significantly. Strategic Management is felt necessary in view of

uncertainty of future and difficulty of existence or survival. Many industrialists look forward to business

achievements in the short-run i.e. what will be the results for the current year and a year or two ahead. They do

not envision what will be their position say 5 years down the line or 10 years from now.

These entrepreneurs feel where is the need for strategic management? We are doing well and we have

done reasonably well. So, we will do well in future too! Rather than worrying about current problems on hand,

why should we be concerned about where will we be 5 or 10 years down the line. At their level of thinking, it

may appear to be nothing wrong in this ideology. But, that indicates they are little concerned about the path to be followed to achieve higher performances. One thought speaks about continue to work hard and achieve

whatever best possible with the resources available without being much concerned about distant future. While,

the other group considers it is essential to dream big and work towards realizing that. This group says if you do

not have any dreams, where will be the motivation to achieve bigger results. Also, the dreams will create vision

statements which provide direction to the people in taking planning and execution seriously, in the right earnest.

Strategic Management in Karnataka

Most of industries in Karnataka are located at the capital of the state – Bangalore. Till around late

1980s, the industries in Bangalore were falling in 2 distinct categories viz. public sector industries like

Hindustan Machine Tools (HMT), Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL),

Bharat Earth Movers Limited (BEML), Indian Telephone Industries (ITI) etc and private sector industries like

Mico, VDO, Auma Motors, Parle-G etc. In recent years we have seen Bangalore has become Information Technology – Bio-Technology (IT-BT) hub with growth in Information Technology (IT) industries like Infosys,

Wipro, TCS, Satyam, Accenture, IBM (India) etc. and Biocon in Bio-Technology (BT) sector. Other places in

Karnataka are also having some prominent industries like Mangalore, Mysore, Hubli-Dharwad, Belgaum,

Hospet and Bellary.

While some of these companies are following growth strategies, the rest are following predominantly

stability and retrenchment strategies. The growth strategies followed by some companies were either organic

(growth out of own resources) or inorganic (growth by acquisitions, mergers, joint-ventures etc). It is found

many IT companies have followed both organic as well as inorganic growth strategies. Hindalco of Belgaum has





followed growth strategy but with variation i.e. it has discontinued manufacturing of finished aluminium and

instead restricting itself to just processing of raw bauxite in view of power shortage in the state and the

exorbitant cost of power. Some of the companies have lost the ground to the forces of globalization in view of

their inability to meet intense competition e.g. The Mysore Kirloskar have closed all its 4 plants in Karnataka,

New Government Electric Factory (NGEF - a state govt. owned company) is on the verge of closure, Bagalkot

cement is closed in view of financial problems etc. However, some companies have showed their resilience to face the intense competition and look at possibilities of devising new strategies for survival and then growth. In

fact, a study of each of the medium-scale and large-scale unit will be a case study in itself to understand the

strategies followed, if any, and the impact of such strategies.

It might be said that the industrialists / entrepreneurs in the state have now realized that running of an

industry in a relatively open-market environment is distinctly different from the protected environment prevailed

before liberalization process began in our country (early 1990s). It is observed from corporate reports and other

publications, service industries are performing better than that of manufacturing industries (if we include IT

industries in service industry). Growth of an industry depends on internal factors as well as external factors.

While the control of management on internal factors is expected to be greater, while on external factors is

minimal. But, in case of a few industries it is observed that they do not have control on internal factors also like

human resources, finance, technology, marketing, research and development, etc.

Industries in north Karnataka are very few and their growth has been normal and not extra ordinary. They are facing locational dis-advantage as compared to industries in other places on account of problems

related to logistics, raw material, power availability, nearness to market etc. But then, to survive and grow they

need to identify winning strategies which will help them to develop new products with highest quality at

affordable / acceptable prices. If they cannot do anything themselves, then they can follow strategic alliances

route to achieve the growth. In fact, 21st century is known for strategic alliances forged for consolidation and

growth and that too all over the world.

Introduction to MSMEs in India

According to report MSME at a Glance(2016) published by Ministry to Small and Medium Enterprises,

Micro, Small and Medium Enterprises (MSMEs) sector have proved to be an exciting and energetic sector since

last five decades in the Indian economy.

MSMEs in addition to contributing to the job creation at a lower capital cost, also contribute to the industrialization of the country and undeveloped localities, which reduces the inequalities and ensures that the

national income and wealth could be distributed equally. MSMEs complement big organizations and participate

in the important production areas. They also have a huge contribution to the socioeconomic development of the

country.

Micro, Small and Medium Enterprises (MSMEs) sector have proved to be an exciting and energetic

sector since last five decades in the Indian economy. MSMEs in addition to contributing to the job creation at a

lower capital cost, they also contribute to the industrialization of the country and undeveloped localities, which

reduces the inequalities and ensures that the national income and wealth could be distributed equally. MSMEs

complements big organizations and participate in the important production areas, MSMEs has a huge

contribution to the socioeconomic development of the country. In India, MSMEs are defined according to

MSMED Act, 2006, by the investment made by them in factories and equipment‟s and on the machinery which

provides services. (MSME at a GLANCE 2016)

Table 1.1.: MSME Definition: According to Ministry of MSME ACT 2006

Manufacturing Enterprises – Investment in Plant & Machinery

Description INR USD($)

Micro Enterprises up to Rs. 25 Lakh upto $ 62,500

Small Enterprises above Rs. 25 Lakh & up to Rs. 5 Crore above $ 62,500 &upto $ 1.25 million

Medium Enterprises above Rs. 5 Crore& up to Rs. 10 Crore above $ 1.25 million &upto $ 2.5

million

Service Enterprises – Investment in Equipment

Description INR USD($)

Micro Enterprises Up to Rs. 10 Lakh Up to $ 25,000

Small Enterprises above Rs. 10 Lakh & up to Rs. 2 Crore above $ 25,000 & up to $ 0.5 million





Medium Enterprises above Rs. 2 Crore&uptoRs. 5 Crore above $ 0.5 million & up to $ 1.5

million

(Source: Annual Report 2014-2015. Ministry of MSME, GoI)

Growth of MSMEs in Karnataka State

Table1.3: Growth of MSMEs in Karnataka State

Year MSME units

(in number)

Investment

(Rs. In lakh)

Employment

(in numbers)

2011-12 21021 159614 128387

2012-13 24206 216851 155551

2013-14 25966 285056 167347

2014-15

(Up to Dec. 2014) 19721 191905 122286

(Source: Department of Industries and Commerce. GoK.)

Statement of the Problem According to Lawrence R. Jauch and William F. Glueck “Strategic management is a stream of

decisions and actions which leads to the development of an effective strategy or strategies to help achieve

corporate objectives. The strategic management process is the way in which strategists determine objectives and

make strategic decisions”.

According to Michael A.H. et.al “The strategic management process is the full set of commitments,

decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns.”

Strategic Management has gained importance since 1980s as a major drive to achieve competitive

advantage. The business firms are now aligned to having a well-defined vision and mission statement to provide

direction to their activities. Strategic Management stresses on how top management takes different decisions

after evaluating different alternatives available on hand. In their efforts to take strategic decisions, the

corporations are guided by the factors prevailing in external and internal environments confronted by them. The

management has to consider different strategic options they have to improve the performance. There are two routes to achieve growth viz. organic growth and inorganic growth. Organic growth model contemplates growth

by using internal resources available with the company, whereas, the inorganic growth model hinges on external

growth options like strategic alliances, joint ventures, mergers and acquisitions etc.

There are not many research efforts undertaken in Strategic Management in Micro, Small and Medium

scale industries in north Karnataka. The researcher felt a need to conduct an in-depth study of strategic

management practices followed by selected industries in this region. Hence, this is an attempt to bring out new

knowledge in the area of strategic management by conducting a research of the topic of “Strategic Management

Initiatives in MSME- a Case Study of North Karnataka.”

Need for the study

In market there are two types of business organizations – one which is serious about strategic

management initiatives and the other not so serious. It is necessary to research into types of management practices followed by these organizations, their achievements, and their plans for the future. It is possible that

some organizations have followed a well-thought out strategy for successful future and their results have been

Contributions of MSME's in Indian Economy:

Table: 1.2. Contribution of MSMEs to Indian Economy

Year

Gross Value of

Output of MSME

Manufacturing

Sector (Rs. in

Crores)

Share of MSME sector in total GDP (%) Share of MSME

output in total

Manufacturing

Output (%) Manufacturing

Sector MSME

Service

Sector

MSME

Total

2006-2007 1198818 7.73 27.40 35.13 42.02

2007-2008 1322777 7.81 27.60 35.41 41.98

2008-2009 1375589 7.52 28.60 36.12 40.89

2009-2010 1488352 7.45 28.60 36.05 39.63

2010-2011 1653622 7.39 29.30 36.69 38.50

2011-2012 1788584 7.27 30.70 37.97 37.47

2012-2013 1809976 7.04 30.50 37.54 37.33





commensurate with their efforts, where as other firms may not have looked at the need for strategic initiatives

and hence have not progressed well. Alternatively, there is a distinct possibility that some business firms might

have followed certain strategic initiatives but have not achieved any significant gains and some firms have not

followed any specific strategic initiatives but have grown fast in the recent past.

There are not many research efforts undertaken in Strategic Management in Large and Medium scale

industries in north Karnataka. The researcher felt a need to conduct an in-depth study of strategic management practices followed by selected industries in this region. Hence, this is an attempt to bring out new knowledge in

the area of strategic management by conducting a research of the topic of “Strategic Management Initiatives in

MSME- a Case Study of North Karnataka.”

Scope of the Study

1. This study is restricted to large and medium manufacturing industries in Dharwad and Belgaum

districts in Karnataka State.

2. The study will look into concepts of strategic management and their impact followed in the selected

industries. The Concepts includes, Generic Strategies, Porter Five Force Model, Resource based

Analysis and Crisis Management. The researcher intends to ascertain whether there is any relationship

between the strategic management concepts followed and the performance achieved.

Objectives of the Study

1. To study the strategic management concepts followed in the selected industries. 2. To identify and evaluate Generic Strategies, Porters Five Force Model, Resource Based Analysis and

Crisis Management in MSMEs.

3. To Evaluate the Impact of Strategic Management Concepts Such as Generic Strategies PFM, RBA and

CMs in MSMEs in Select Industrial Areas

4. To Relate Strategic Management Concepts in MSMEs to their Performance.

Research Gap

In the review of the literature, the intention was to review of Strategic Management Concepts in

MSMEs. Various literatures on of Strategic Management Concepts from Indian and other developing countries

were analyzed.

1. The preceding review of the literature revealed the following gaps in research which the current study

will endeavor to fill. Several studies have been done on of Strategic Management Concepts but no studies with respect to Manufacturing MSMEs in Karnataka found. Various classifications were used

to categorize industry's of Strategic Management Concepts during the investigation. Different

classifications were implemented by different researchers, in content as well as in a number of

dimensions, with regards to context.

2. The present research also attempts to review of Strategic Management Concepts in MSMEs. Much

emphasis has been laid by previous research on the definition of MSMEs, Contribution to Indian

Economy, Moreover, an absence of research was found with special regard to of Strategic Management

Concepts based on in Generic Strategies, Porters Five Force Model, Resource Based Analysis and

Crisis Management in India or in Karnataka.

3. Furthermore, an elaborate attempt has not been made so far to determine the Strategic Management

Concepts with respect to MSMEs

4. There are very limited studies which focus on Strategic Management Concepts based on in Generic Strategies, Porters Five Force Model, Resource Based Analysis

5. There is a need to Strategic Management Concepts based on in Generic Strategies, Porters Five Force

Model, Resource Based Analysis its role in the success of MSMEs

Limitations of the Study

The Limitations of the study are:

1. The Study is focused only on MSME Manufacturing Firms of Hubli Auto- and Belgaum Foundry

Industries.

2. It was very difficult to get the contact of entrepreneurs and fixing the appointment for the interview.

Some entrepreneurs gave less time to give a response to the Structured Questionnaire.

II. RESEARCH METHODOLOGY The Study is Exploratory in nature. In this study, based on Strategic Management Concepts based on in

Generic Strategies, Porters Five Force Model, Resource Based Analysis its role in the success of

MSMEsevaluated and measured to see if there is any relationship between Strategic Management Concepts and

their impact on MSME Firm Performance was also evaluated.

Population of the study

The Unit of Analysis in the present study is Micro, Small and Medium enterprise in the manufacturing

sector of Hubli-Dharwad and Belagavi Area.





Table 1.4: Showing the Population of the Industrial Areas

Type of Cluster Micro Enterprises Small Enterprise Medium Enterprise Total

HDAC 216 41 4 261

BFC 98 57 7 162

Total 314 98 11 423

(Source: Primary Data. List Obtained from DIC offices of Hubli-Dharwad and Belagvi.)

Sampling Technique

Sampling Frame: sampling frame was developed from single source. List obtained from DIC Offices

of Hubli-Dharwad and Belgaum Districts.

Stratified Random Sampling Technique: The list of MSMEs was collected from both DIC offices. After collecting the list, manufacturing firms which are established after 2007 in the areas are identified

and the entrepreneurs were contacted over telephone. The Total Population from both areas is 423.

Based on this Data, three stratums were selected such as Micro, Small and Medium Enterprises. In the

Present Study, the final sample size is 60.

Data Collection Method

The study has been carried out using both primary and secondary data. The primary data was collected

from respondents through the Structured Questionnaire. The secondary data was collected through websites,

books and journals etc. The Data is collected from 60 Entrepreneurs of Entrepreneurial MSME firms of Hubli-

Dharwad and Belagavi Area.

Statistical Tools used for the Analysis

A multi-method data analysis was used on the collected data. Appropriate statistical techniques were used to analyse the data. The main focus was to identify and Evaluate Strategic Management Concepts Such as

Porters Five Forces Model, Resource Based Analysis and Crisis Management. The study also aimed to measure

the above three concepts on MSME Firm Performance. SPSS based data analysis was carried out, and a host of

quantitative techniques were used, which include One-way ANOVA, Linear Regression and Chi-square Test in

testing out hypotheses.

Reference Period

The study will cover a period of 10 years – five years before the study i.e. 2004 to 2008 and five years

after the study i.e. 2009 to 2014. This will help in ascertaining whether there has been any significant change in

the strategies – past, current and future – and the reasons behind these strategies and the impact of such

strategies – observed and anticipated.

III. DATA ANALYSIS To identify and evaluate Generic Strategies, Porters Five Force Model, Resource Based Analysis and

Crisis Management in MSMEs.

One-way ANOVA Table

ANOVA

Sum of Squares Df Mean Square F Sig.

GS1

Between Groups 1.618 2 .809 5.262 .008

Within Groups 8.766 57 .154

Total 10.384 59

GS2

Between Groups 4.781 2 2.391 4.696 .013


Total 33.799 59

PFM

Between Groups 7.120 2 3.560 4.505 .015


Total 52.167 59

RBA

Between Groups 2.725 2 1.363 4.076 .022


Total 21.783 59

CM

Between Groups .762 2 .381 1.409 .253


Total 16.183 59





Descriptives

N Mean Std. Deviation Std. Error

95% Confidence Interval for

Mean

Lower Bound

GS1

Micro 21 4.14 .452 .099 3.94

Small 32 3.90 .283 .050 3.80

Medium 7 4.37 .605 .229 3.81

Total 60 4.04 .420 .054 3.93

GS2

Micro 21 3.82 .921 .201 3.40

Small 32 3.63 .570 .101 3.43

Medium 7 4.54 .574 .217 4.01

Total 60 3.80 .757 .098 3.61

PFM

Micro 21 2.30 .939 .205 1.87

Small 32 2.73 .842 .149 2.43

Medium 7 1.69 .951 .360 .81

Total 60 2.46 .940 .121 2.21

RBA

Micro 21 4.09 .719 .157 3.76

Small 32 3.81 .438 .077 3.65

Medium 7 4.46 .680 .257 3.83

Total 60 3.98 .608 .078 3.83

CM

Micro 21 4.19 .512 .112 3.96

Small 32 4.28 .457 .081 4.12

Medium 7 4.57 .787 .297 3.84

Total 60 4.28 .524 .068 4.15

Interpretation

Generic Strategies - Management Level

From the above ANOVA Table, Under Generic Strategies the overall ratings by Micro, Small and

Medium were respectively 3.8, 4.1 and 4.37. We found that there is Increase in the ratings From Micro Firm to

Medium Firm is attributed.

Generic Strategies Varies from Firm to Firm and Product to Product. Micro Enterprises need to focus

on Vision and Mission Development, Defining Objectives, Whereas Small and Medium Enterprises are already established there brand with their Clarity in Objectives and Mission Statement, in Two Selected Industrial

Areas.

Generic Strategies- Operation Level

From the above ANOVA Table, Under Place Strategy the Overall Micro, Small and Medium

Enterprises were respectively 3.82, 3.63 and 4.84, based on 5-Point Scale. Thus, Generic Strategies is adopted

by the enterprises is almost same in Micro and Small Categories and high in Medium Category.

Porters Five Force Model

From the above ANOVA Table, Under Porters Five Force Model the overall ratings by Micro, Small

and Medium were respectively 2.30 2.73 and 1.69 based on 5-Point Scale.

Resource Based Analysis

From the above ANOVA Table, Under Resource Based Analysis the overall ratings by Micro, Small

and Medium were respectively4.09 3.81 and 4.46, based on 5-Point Scale.

Crisis Management Further

From the above ANOVA Table, Under Crisis Management Further the overall ratings by Micro, Small

and Medium were respectively4.19 4.28 and 4.57, based on 5-Point Scale.

H01: Generic Strategies, does not differ significantly between MSMEs

H11: Generic Strategies, differs significantly between MSMEs

One-way ANOVA Table for Generic Strategies

ANOVA


GS1

Between Groups 1.618 1 .809 5.262 .008


Total 10.384 60

GS2 Between Groups 4.781 1 2.391 4.696 .013






ANOVA


Total 33.799 60

From the Above table it can be interpreted that, there is a There is a Significant Difference between

Generic Strategies, adopted by MSMEs, since P-Value is .008, 0.013<0.05.

H02: Porters Five Force Model does not differ significantly in MSMEs

H12 Porters Five Force Model differs significantly in MSMEs

One-Way ANOVA Table for Porters Five Force Model

ANOVA


PFM

Between Groups 7.120 1 3.560 4.505 .015


Total 52.167 60

From the Above table it can be interpreted that, there is a There is a significant Difference between

Porters Five Force Model to MSMEs since P-Value 0.015>0.05.

H03: Resource Based Analysis does not differ significantly between MSMEs

H13 Resource Based Analysis does not differ significantly between MSMEs

One-way ANOVA Table for Resource Based Analysis

ANOVA


RBA

Between Groups 2.725 1 1.363 4.076 .022


Total 21.783 60

From the Above table it can be interpreted that, there is a There is a significant Difference between

Resource Based Analysis adopted by MSMEs since P-Value 0.022>0.05.

H04: Crisis Management does not differ significantly between MSMEs

H14: Crisis Management differs significantly between MSMEs

One-Way ANOVA Table for Crisis Management

ANOVA


CM

Between Groups .762 1 .381 1.409 .253


Total 16.183 60

From the Above table it can be interpreted that, there is a There is No Significant Difference between

Crisis Management Strategies adopted by MSMEs since P-Value .001<0.05.

H05: There is no significant association between Strategies Management Concepts adopted in

MSMEs and Industrial Area

H15: There is a significant association between Strategies Management Concepts adopted in

MSMEs and Industrial Area

Descriptive Statistics

Mean Std. Deviation N

Area 1.4667 .50310 60

GS1 4.04 .420 60

GS2 3.80 .757 60

PFM 2.46 .940 60

RBA 3.98 .608 60

CM 4.28 .524 60

Correlations

Area GS1 GS2 PFM RBA CM

Pearson Correlation

Area 1.000 .231 .512 .137 .286 .326

GS1 .231 1.000 .463 -.368 .721 .210

GS2 .512 .463 1.000 -.479 .709 .331

PFM .137 -.368 -.479 1.000 -.417 .001

RBA .286 .721 .709 -.417 1.000 .356

CM .326 .210 .331 .001 .356 1.000





Sig. (1-tailed)

Area . .038 .000 .149 .013 .006

GS1 .038 . .000 .002 .000 .054

GS2 .000 .000 . .000 .000 .005

PFM .149 .002 .000 . .000 .496

RBA .013 .000 .000 .000 . .003

CM .006 .054 .005 .496 .003 .

Model Summary

Model R R

Square

Adjusted

R Square

Std.

Error of

the

Estimate

Change Statistics Durbin-

Watson R

Square

Change

F Change df1 df2 Sig. F

Change

1 .697a .485 .438 .37728 .485 10.182 5 54 .000 .940

a. Predictors: (Constant), CM, PFM, GS1, GS2, RBA

b. Dependent Variable: Area

ANOVAa

Model Sum of Squares Df Mean Square F Sig.

1 Regression 7.247 5 1.449 10.182 .000b

Residual 7.686 54 .142

Total 14.933 59

a. Dependent Variable: Area

b. Predictors: (Constant), CM, PFM, GS1, GS2, RBA

Model Unstandardized Coefficients Standardized

Coefficients

T Sig.

B Std. Error Beta

1 (Constant) 1.789 .654 -2.734 .008

GS1 .254 .172 .212 1.480 .145

GS2 .534 .098 .804 5.426 .000

PFM .260 .062 .486 4.188 .000

RBA -.226 .150 -.274 -1.510 .137

CM .108 .104 .112 1.038 .304

Dependent Variable : Area

Interpretation: The Regression Model to predict Industrial Area and Strategic Management Concepts bound

on Generic Strategies , Porters Five Force Model Resource based Analysis and Crisis Management, is a good fit

with p-value(0.000) and r=0.697

The Regression Model for Industrial Areas has Positive Coefficients for Generic Strategies , Porters

Five Force Model and Crisis Management, whereas for Resource Based Analysis it is found to be negative.

The Strategic Management in MSMEs under study is influenced by various concepts like Generic Strategies, Porters Five Force Model Resource based Analysis and Crisis Management, It is tested that using

Regression Analysis that there is a Significant Correlation between Generic Strategy and Industrial Area (0.534

and Significance Value is 0.000) Further the relationship between Industrial Area and other influencing

variables is confirmed by regression model with p-value 0.000<0.05 and r=0.697

Therefore, output of the regression analysis may be written as:

Industrial Area = 1.739 + 0.254(Generic Strategies-Management) + 0.534 (Generic Strategies-Operations) +

0.260 (Porters Five Force Model) - 0.226 (Resource Based Analysis)+0.118(Crisis Management)

Hence, the Alternative Hypothesis is accepted.

Limitations of the Study

The limitations of the study are as under:

1. The study is restricted only to 60 nos. each of large and medium-scale manufacturing industries in the districts of Dharwad and Belgaum.

2. The study covers only manufacturing industries and does not cover service organizations such as

hospitals, hotels, banks, insurance companies, educational institutions etc. Thus, strategic management

practices prevailing in service industries may be significantly different from those in manufacturing

industries being surveyed.


ISSN 2250-057X, Impact Factor: 6.384, Volume 07 Issue 10, October 2017, 4-115



3. The study will try to bring out important decision-making processes practiced in the industries under

study, some of the companies may not reveal confidential information especially related to labour

issues and profit / turnover figures.

4. Comparison between other districts or other states in not done since the study is restricted to only

Dharwad and Belgaum districts.

Future Line of Research While the present research study analyses the outlook of entrepreneur‟s industrialists towards strategic

management practices, it leaves enough scope for future research studies into related areas like:

Strategic management practices in small-scale industries.

Role of Information Technology (IT) in Strategic Management.

Importance of Human Resource Development in effective strategic management.

Style of management and its effect on strategic management.

Comparative study of finding in 2 different study areas.

Strategies keep evolving and so do the strategic management practices. The two dimensions of strategic

management – formulation and implementation – have to be properly integrated for optimal results. Good

strategy formulation but poor execution and poorly formulated strategy but effective implementation, both is

bound to bring poor results.

IV. CONCLUSIONS This study was undertaken to explore Strategic Management Concepts in Indian context. The study

outlined a process Strategic Management Concepts the objectives of this study were achieved. The findings of

this study have also served to highlight the link between Strategic Management Concepts and entrepreneurship.

It is hoped that this study has also contributed to the area of theory that aims to contribute to the growing body

of knowledge that attempts to profile entrepreneurs of different cultural backgrounds. We can conclude that,

there is an impact of Strategic Management Concepts Such as Generic Strategies PFM, RBA and CMs in

MSMEs in Select Industrial Areas.

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