Strategic management tools and techniques: Evidence from small and medium-sized enterprises

This study investigates the tools and techniques of strategic management for small and medium-sized enterprises (SMEs) in Kosovo and Albania. These tools and techniques are used to organize and structure strategic activities and processes, thus influencing the decomposition of complex situations and the qualitative improvement of strategic decision-making (Bellamy et al., 2019; Clark, 1997). Therefore, the purpose of this study is to determine the level of use, practical utility effects, and current knowledge regarding strategic tools and techniques. To achieve the purpose of the study, a quantitative methodological approach was followed. Data were initially collected through a structured questionnaire designed using the Likert scale, while SPSS software was employed for the statistical analysis of the collected data. The empirical coverage was based on a survey of 100 SMEs across the two countries through a structured questionnaire. A total of 42 SMEs from Kosovo and 39 SMEs from Albania were considered as fully completed survey responses. The findings of the study indicate that the five most frequently used tools and techniques across both countries are: strengths, weaknesses, opportunities, threats (SWOT) analysis, political, economic, social, technological, environmental, and legal (PESTEL) analysis, price analysis, customer satisfaction, and cost-benefit analysis. The same tools and techniques were also identified as having the greatest effect in terms of practical usefulness and current knowledge. The importance of this study lies in further enriching the existing literature on the dynamics and role of strategic management tools and techniques (SMTTs) by creating a framework of important information for managers, employees, consultants, organizational leaders, and researchers.