STRATEGIC MANAGEMENT PRACTICES IN THAILAND

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 237 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.