International Journal of Research Studies in Management
CollabWritive Special Issue
2023 Volume 11 Issue 9
Available Online: 25 August 2023
Author/s:
Llave, Airis Jane
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
Competitive advantage is one of the features that drives a firm to outdo its rivals. It ensures a firm has outstanding financial gains compared to its competitors and achieves value for its overall performance. Along with this, effective strategic management practices and business sustainability of microenterprises play a vital role in achieving overall business success and competency. Descriptive research was used as the research design and in choosing the target respondents, the researcher used a purposive sampling technique. The study used a self-made questionnaire and distributed it to 366 respondents from different cities in the province of Batangas. Weighted and composite mean and Spearman’s rho were the statistical tools used in analyzing the data. Using statistical tools, the researcher found out that the respondents agreed that they were competitive in terms of quality, delivery, and flexibility. Meanwhile, they strongly agreed that they have a competitive advantage in terms of cost. Different strategies and activities along with strategy formulation, strategy implementation, and strategy evaluation and control were also practiced by the respondents. It was also found that they strongly agreed that they were sustainable in terms of economic, social, and environmental dimensions. In addition, the results revealed that there was a significant relationship between competitive advantage and strategic management practices of microenterprises. Furthermore, there was also a significant relationship between strategic management practices and business sustainability as to social and environmental dimensions. These results build on existing evidence that competitive advantage, strategic management practices and business sustainability are the strongest points in the pursuit of sustainability and inclusive growth. Without these, a business can no longer survive in the competition. The results of the research also give a deep cornerstone to businesses in enhancing their strategies and actions towards the attainment of excellence and to give focus on what really brings the business to its desired outcomes. Based on the results of the study, the researcher formulated a framework for competitive advantage, strategic management practices, and business sustainability leading to business competency.
Keywords: business competency framework, business sustainability, competitive advantage, strategic management practices
DOI: https://doi.org/10.5861/ijrsm.2023.1119
Cite this article:
Llave, A. J. (2023). Competitive advantage, strategic management practices, and business sustainability: Inputs to business competency framework. International Journal of Research Studies in Management, 11(9), 79-90. https://doi.org/10.5861/ijrsm.2023.1119