RESEARCH PROPOSAL

 Strategic management is critical to the success of companies as it enables

them to plan, prioritize, and allocate resources effectively, gain a competitive
advantage, and adapt to changing circumstances. By adopting a strategic
management approach, companies can achieve their goals more efficiently and
effectively, and ensure long-term sustainability and growth. Strategic management
can be related to companies in several ways such as; in terms of defining a clear
goal or target to optimize necessary and pivotal resources and gives a major vision
to work towards. This can also allow companies of different kinds to develop
strategies that improves their strengths over weaknesses to gain a competitive
advantage in the business market which furthermore helps in managing risks, as
well as minimize impact of a potential disruption and give way to company’s
longevity.

 One practical business problem that I would like to solve and that involves
the use and application of strategic management is how to enter a new market with
a new product or service. And I already have an idea of how I want to solve
domestic or occupational hazards in an industrial setting and this problem requires
a strategic approach that involves analyzing the level of frequency as to which and
how these accidents occur, identifying potential opportunities and threats it might
bring out within and outside a professional environment, and formulating a plan to
enter the market successfully as well as being effective and efficient. Here are
some key steps involved in applying strategic management to this problem:
firstly, is to analyze the new market and understand the needs and preferences of
the target audience which involves conducting market research, gathering data on
competitors etc., as well analyzIng the competition and understand their strengths,
weaknesses, opportunities, and threats. This involves analyzing their products,
services, strategies, and marketing efforts.Once the market entry strategy has been
achieved, the company should implement it and monitor its progress. This involves
measuring key performance indicators (KPIs) and evaluating the success of the
strategy over time. Adjustments can be made as needed to ensure continued
success.

 Here is an example of how I plan to provide answers to research problem

and related questions which involves data collection and analysis strategy on
strategic management: I try to define the research topic and questions related to
strategic management. For example, a research question on: "How do firms use
strategic management to improve their competitive advantage?" secondly, I make
use of a case study approach which will definitely depend on the research question
and this is a method I find suitable as it gives opportunity to a explore and get in-
depth within and outside the company. I thereby continue by Identifying the data
sources collected by either through interviews or surveys or from industry reports
and/or academic publications. The data collection aspect includes details on the
sampling method, data collection instruments, and procedures, Where I plan on
getting informations, based on company, size, and geographic location, and
interviews could be conducted with key managers to gather information on their
use of strategic management. Interviews would be carefully conducted and
recorded, and quality control measures would be put in place to ensure the
accuracy of the data.
The analysis would be guided by the research question and objectives, and may
involve identifying patterns or themes in the data. After which the data analysis
focuses on giving a good context of the research question and objectives
Which then involves comparing the results to previous research, identifying
implications for practice, and drawing conclusions. And then the final step includes
presenting the results in a report or presentation, publishing academic articles, or
communicating the findings to head of departments of companies.

 My research on “How firms use strategic management to improve their

competitive advantage”, contributes to new knowledge development which gives
me an opportunity to generating new theories, conducting empirical research,
encouraging cross-disciplinary collaboration, and using case studies to provide rich
data and insights. This new knowledge can help organizations to develop and
implement more effective strategies and ultimately achieve their goals and
objectives.