Strategic Management Practices and Their Impact on Sustainable Enterprise Development in Emerging Economies

Abstract

Strategic management has become essential for enterprises operating in emerging economies, where firms frequently face financial constraints, institutional uncertainty, market volatility, technological gaps, and resource limitations. This review examines how strategic management practices influence sustainable enterprise development, with particular attention to SMEs, microenterprises, and social enterprises. It discusses the role of resource and capability development, market orientation, financial and risk management, digital adoption, innovation, and institutional linkages in strengthening enterprise performance, competitiveness, and resilience. The review also connects strategic practices with broader development outcomes, including employment generation, poverty reduction, financial inclusion, social participation, and environmental sustainability. It argues that sustainable enterprise development requires an integrated approach in which internal capabilities are supported by microfinance, business development services, market access, value chain participation, and enabling policy environments. The discussion shows that strategic management is not limited to formal planning but also includes adaptive decision-making, organizational learning, collaboration, and resilience-building in uncertain contexts. Key challenges include limited access to finance, weak managerial capacity, digital inequality, regulatory barriers, and fragmented support systems. The review concludes that sustainable and inclusive enterprise growth in emerging economies depends on aligning strategic management practices with sustainability goals and development-oriented support mechanisms.