Impact of Technology Adoption and Strategic Management Factors on MSME Self-Reliance (From Survival to Thriving) in Telangana State

Abstract

In order to achieve ongoing development, many organisations throughout the world are implementing strategic management approaches. An organization’s approach to business activities is not determined by its size; however, strategies are more apparent in the case of huge corporations and companies, as they are brought to light through business and marketing communications. According to Michael Porter's book "Competitive Advantage," strategic management encompasses all aspects of a company's utilisation of resources to outperform its rivals in any given situation. The corporate offices of corporations, where important policy choices about investments and returns are decided, are increasingly giving strategic management a prominent place. Strategic management is all about maintaining a competitive edge, which means outperforming the competition in all areas of operation on a constant basis. Modern management promotes the integration of all these fields rather than focusing on excellence in just one of them (manufacturing, marketing, finance, human resources, engineering, etc.). Many variables, such as the ever-shifting business landscape, fierce rivalry, consumer dominance, government support and attention, social expectations, etc., have contributed to the dramatic evolution of business practices throughout the years. This research provides a review of the state of strategic management in micro, small, and medium-sized enterprises (MSMEs) in Telangana State.