AN ANALYSIS OF THE EFFECTS OF STRATEGIC MANAGEMENT PROGRAMMES AND STRATEGIC THINKING ON CROATIAN BUSINESS OUTCOMES

Abstract

Both strategic planning and strategic management are well-established concepts, and this dissertation explores the relationship between them as well as business schools that place an emphasis on the former. The term "strategic administration school" is commonly used to refer to the overarching theoretical framework upheld by most senior-level executives when discussing the foundations of strategic management. The foundation of strategic management is strategic thinking, a skill that is vital yet under-researched. Only strategy will do in the highest levels of leadership. The mental activity of "strategic thinking" is too abstract to be easily categorised, evaluated, or taught. Empirical research has identified three main characteristics of strategic thinking: HEAR, FIRM, and PORT. According to analyses of ROA and ROI, HEAR and FIRM are the most effective approaches to fostering strategic thinking at large Croatian businesses. The Competitive-Contemporary schools of thought in strategic management operations is supported by the two approaches: the Resource-Oriented Approach & the Environmental Approach. HEAR has a favourable effect on ROE, while PORT has a negative effect, and FIRM has no effect on ROE. The environmental and competitive-contemporary school of strategic management have a negative impact on return on equity (ROE), but the classical school does not. According to academics, we can't hear the cries for help when it comes to the lack of a standardised, controlled framework for management, particularly in the field of strategic management, because we only use three of our five senses.