Business Innovation, Strategic Management Practices, and Growth Performance of Small and Medium Enterprises in Masbate Province
DOI:
https://doi.org/10.65339/ijsis.V1.I3.222Keywords:
Business Innovation, Business Sustainability, Growth Performance, Market Expansion, Masbate Province, Small and Medium Enterprises, Strategic Management Practices, Sustainable Development GoalsAbstract
This study examined business innovation, strategic management practices, and growth performance among small and medium enterprises (SMEs) in Masbate Province, Philippines. Anchored on Dynamic Capabilities Theory, Resource-Based View Theory, and Innovation Diffusion Theory, the study employed a descriptive-quantitative research design involving 100 SME owners or managers selected through convenience sampling. Data were collected using a structured questionnaire subjected to expert validation, pilot testing, and reliability assessment using Cronbach’s Alpha. Frequency counts, percentages, weighted means, and one-way analysis of variance (ANOVA) were employed for data analysis. Findings revealed strong business innovation practices in product (3.31), process (3.30), marketing (3.32), and organizational innovation (3.32). Strategic management practices were generally implemented in planning (3.13), implementation (3.02), monitoring and evaluation (3.14), and decision-making (3.14). Growth performance was positively assessed in sales growth (3.15), profit growth (3.14), market expansion (3.11), and business sustainability (3.21). ANOVA indicated a statistically significant difference in growth performance among the groups examined (F = 293.644, p < .05). Identified areas for improvement included technology adoption, market exploration, needs-based planning, regular activity monitoring, evaluation utilization, and achievement of financial targets. The study recommends strengthening innovation, strategic management, resource utilization, and market development to support enterprise competitiveness and growth. The research aligns primarily with Sustainable Development Goal (SDG) 8, Decent Work and Economic Growth, and SDG 9, Industry, Innovation and Infrastructure, with an indirect connection to SDG 12, Responsible Consumption and Production. Its sustainability relevance lies in providing localized evidence that may inform managerial improvement, enterprise-support initiatives, operational continuity, and sustainable local economic development.
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