Abstract
According to the Covid-19 crisis, the business environment changed rapidly. Strategic
management and strategy formulation process of each company is needed to be adjusted to be
suitable for the circumstance, and it is an absolutely interesting issue that should be addressed.
This research aims to examine strategic management practices during 2019-2020 of firms that
are listed in the Stock Exchange of Thailand in various aspects such as strategic planning,
strategy approach, strategy tools, strategy retreat, and strategy execution. The results represent
the body of knowledge about strategic management in Thailand. The subjects of the study
included 234 Thai public limited companies. In particular to the methodology, questionnaires
were used as a survey instrument, and descriptive analysis was conducted to examine the data
and to provide updated results of strategic management practices of firms in Thailand.
Interestingly, the results show that the majority of firms pay attention to organic growth and
sustainability rather than short-term profit. In terms of strategy tools, situation analysis (SWOT)
is still the most popular tool used in companies while business model canvas (BMC) and
objectives and key results (OKRs) become more popular.
Published in
Academy of Strategic Management Journal, Volume 20, Issue 4, 2021
