ASSESSMENT OF STRTATEGIC MANAGEMENT PRACTICES AND CHALLENGES (THE CASE STUDY OF COMMERCIAL NOMINEES PLC)

Abstract

Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization. A strategy management has three stages named strategy formulation, strategy implementation and strategy evaluation and control. Strategic management is important for the organizations because it can make a difference in how well an organization performs, help to achieve organizational goals and objectives and help to cope with this uncertainty Thus, this paper has been conducted to assess the strategic management practice of Commercial Nominees (CN) P.L.C. Therefore, it articulates the existing strategic planning, formulation, implementation and monitoring and evaluation practices of the organization. Both primary and secondary data were collected using questionnaires, interview and written materials. Simple random sampling was used to collect primary information and accordingly descriptive statistics was used to analyze the data gathered. Based on this, the finding of the study revealed that CN’s practice of communicating the strategy plan is poor and thorough participation of stakeholders is not realized. In addition, misalignment or linking strategic plan with work unites and individual tasks are observed. When it comes to the performance measures, the strategic plan lacks comprehensive performance measurements. Work unit and individuals’ performance measurements are not effective; if performance management is not linked with strategic management. Hence, it is suggested that Commercial Nominees should work on its strategic plan communication, alleviate its weakness of utilizing its analysis, shall balance its performance measures and link those measures with work unit and individual performances.