TECHNOLOGY AND SOCIETY

BY
 INTRODUCTION

 Technology plays a significant role in society today and it has both positive and negative impacts.

 The contemporary world is adopting new advances in technology that have made life easier for society.
Technological advances are common with the creation of new hardware and software largely adopted by
the society at large.
 OVERVIEW OF THE ARTICLE…cont.
 The independent variable is the strategic review and control while the dependent variable is the SMEs
performance in Sri Lanka. The authors formulated the following hypotheses.
 Hypothesis 1: There is a positive significant relationship between strategy formulation and SMEs
performance.
 Hypothesis 2:There is a positive significant relationship between strategy implementation and SMEs
performance.
 Hypothesis 3:There is a positive significant relationship between strategy evaluation and SMEs
performance.
 Hypothesis 4: There is a positive significant relationship between strategic management practices and
SMEs performance.
 The study used a quantitative research design to investigate a study population consisting of 131 SMEs
registered in the Industrial development board under the Ministry of Industry in Sri Lanka.
 (Maldeniya et al., 2021).
 OVERVIEW OF THE ARTICLE…cont.

 The researchers used primary sources to collect data by deploying a structured questionnaire administered
through Google Forms to collect data from the respondents. Quantitative indicators used in measuring
performance include return on investments, revenue, market share, and profits.
 The questionnaire comprised the demographic information based on construct variables used.
Demographics were measured using the nominal and ordinal scale measures while items to measure the
independent and dependent variables used the Likert scale(01-05) range with 05 representing “strongly
agree”.
 Correlation results from the study reveal that there is a positive significant relationship between strategic
management practices and SMEs performance in Sri Lanka. The respondents engage in strategic
management elements (strategy formulation, strategy implementation, strategy review, and control) thus
indicating the overall performance of SMEs is satisfactory and that they have a positive level of
performance.
 The results match the previous findings and the research adds to the statistical proof that strategic
management practices contribute to improving the performance of SMEs (Maldeniya et al., 2021).
 LEARNING OUTCOMES

From the article we learn that a strategy is effective in improving the performance of a business. Strategic management
practices go hand in hand with the performance of a business.
The authors define strategic management as a set of frameworks, theories, and tools which use techniques to assist
managers in making decisions, plans, and acting strategically. These are the processes an organization carries out to
formulate and implement strategic plans.
The management should understand the strategic position of the business and work toward formulating future plans and
managing the current activities of a business.
A strategy involves the use of limited resources of a firm effectively to ensure the organizational goals are accomplished.
Managers should work with what they have by maximizing the opportunities and the business strengths while
minimizing the weaknesses and threats.
The strategic management process involves effectively formulating strategic activities by planning and implementing
activities for the devised strategy. Strategy formulation involves planning how a business will compete and survive in the
business environment at the corporate and functional levels. This includes creating a vision and translating it into a
mission while developing long-term goals and formulating strategic options to maintain the competitive advantage of a
business (Bierman et al., 2018).
 LEARNING OUTCOMES…cont.

 The management needs to create a future direction for the business encompassing how it will compete in
the business environment.
 Actualization of the strategic plan is referred to as the strategy implementation which includes executing
the business strategy in the organization by modifying the processes and structures of the firm to ensure
that they are in line with the strategy and focus on attaining the desired outcomes.
 Strategy evaluation involves assessing how the strategy was planned, formulated, and implemented and
taking control of the strategic plan.
 Another strategic management element demonstrated by the authors is strategy evaluation which involves
comparing the goals of the strategy to the results. The aim is to rectify any deviations that arise from
comparing the actual results and the intended results and undertaking corrective measures.
 (Bierman et al., 2018) (Maldeniya et al., 2021).
 CONCLUSION

 Performance of an organization and in this case the performance of SMEs is vital in the economic
growth of a country.
 Strategic management practices are essential in the successful operation of a business as they
contribute to it’s performance.
 This study depicts that strategic management practices (strategy formulation, strategy implementation,
and strategy evaluation) greatly improve the performance of a business regardless of size.
 Findings from the study implicate that the management of an organization should focus on the practice
of strategic management in decision-making to enhance the performance of their organization.
 REFERENCES

 Bierman, L., Ferrell, O. C., & Ferrell, L. (2018). Management: Principles and
applications (LLF-B/W) (4th ed.)
 Maldeniya, P., Chathuranga, N., & Marasinghe, K. (2021, October). Do strategic
management practices improve the performance of small and medium enterprises
(SMEs) in Sri Lanka? Semantic Scholar. 
https://www.semanticscholar.org/paper/Do-Strategic-Management-practices-improve-
the-of-in/3842b331ad7f4dce870364837d5144798fdfd453