LITERATURE REVIEW: FINAL ASSIGNMENT OVERVIEW A critical skill at the doctoral level is the ability to conduct scholarly research guided by clearly articulated research questions that address a specifi
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Literature Review Outline
Daniel Akur
School of Business, Liberty University
BUSI770-D02
Jennifer Mize
July 20, 2025
Introduction
The purpose of the literature review will be presented in this section, which will show the importance of learning more about the decision-making processes, strategy development, and the role of the marketing discipline in business strategy. It will give a small description of the three research questions that will be used in achieving the study and propose the theory behind the analysis.
- RQ1: How do individual and group decision processes aid or impede business decision making?
- Individual Decision Processes and Cognitive Factors
In this section we shall discuss the role of the cognitive biases, heuristic decision-making, and personal expertise in making effective business decisions and the advantages of personal judgment as well as the constraints put in place by psychological factors (Kahneman, 2011). The discussion will analyze how time pressure and information overload affect individual decision quality in organizational contexts.
- Group Decision Processes and Team Dynamics
In this subsection, the dynamics of groups will be reviewed, such as the gains of collaboration, managing conflicts, and groupthink phenomenon which are examined to address their influence on the quality of decisions and outcomes of any organization in terms of a group (Hackman, 2011). The section will discuss the things about how diverse views could help to expand the process of decision-making and what the possible dangers of group consensus-seeking could be.
Summary
This part will integrate main insights on the role of individual and group decision process in strengthening and undermining the process of effective business decision-making to reveal best practices to promote the optimization of decision-making frameworks within firms.
- RQ2: What are the latest developments in the process of strategy development and execution?
- Contemporary Strategy Development Methodologies
In this subsection, recent developments in strategic planning such as agile planning, design thinking practices as well as data-driven strategic models facilitating a market-responsive culture in organizations will be addressed (McKinsey, 2023). The discussion will be done by reviewing the impacts of digital transformation on strategic planning processes.
- Modern Strategy Execution Frameworks and Challenges
The subsection will examine the modern issues around strategy execution, such as organizational alignment issues, change management complexities, and adaptive leadership key in the execution of a strategy successfully (Sull et al., 2015). The related discussion will concern the question of how organizations may overcome the gap between the strategic intent and the reality of organization operations.
Summary
This section will synthesize information about recent trends, innovations and longstanding issues in strategy development and implementation, with a view to showing the dynamic nature of strategic management under the conditions of a changing business landscape.
RQ3: How can finance, as a function within the organization, influence the process of business strategy development and execution?
- Finance's Strategic Input in Strategy Formulation
- This subsection will examine the role of financial analysis such as capital allocation decisions, risk analysis, and investment analysis of shaping the strategic planning and strategic choices (Ross et al 2017). The discussion will look at how finance can be a strategic partner in determining the financial feasibility and returns of strategic projects.
- Finance's Operational Role in Strategy Implementation
The subsection will explain how financial management practices such as budgeting, performance measurement, and resource allocation mechanism help achieve successful implementation of strategies and financial sustainability (Kaplan et al., 2008). The section will examine the role played by the section of finance functions in monitoring and controlling strategic execution by applying the financial measures and governance structures.
Summary
In this section, we will summarize the dual role of finance as a strategic evaluator and an operational controller. We will also proceed to analyze the value of finance as an enabler of strategy development and a protector of strategic implementation.
Conclusion
In this section, the results of the three research questions will be summarized and their relation to each other and its business practice implication will be provided. It will explain the integral nature of decision-making, strategy building and functional skills and suggest ways in the future researches on the joint theme.
References
Aaker, D. A. (2012). Building strong brands. Simon and Schuster.
Day, G. S. (2011). Closing the marketing capabilities gap. Journal of Marketing, 75(4), 183-195.
Hackman, J. R. (2011). Collaborative intelligence: Using teams to solve hard problems. Berrett-Koehler Publishers.
Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux.
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
McKinsey & Company. (2023). The state of strategy today. McKinsey Quarterly.
Porter, M. E., & Heppelmann, J. E. (2014). How smart, connected products are transforming competition. Harvard Business Review, 92(11), 64-88.
Sull, D., Homkes, R., & Sull, C. (2015). Why strategy execution unravels—and what to do about it. Harvard Business Review, 93(3), 57-66.
Kaplan, R. S., & Norton, D. P. (2008). The execution premium: Linking strategy to operations for competitive advantage. Harvard Business Review Press.
Ross, S. A., Westerfield, R. W., Jaffe, J., & Jordan, B. D. (2019). Corporate finance (12th ed.). McGraw-Hill Education.
Brigham, E. F., & Ehrhardt, M. C. (2017). Financial management: Theory & practice (15th ed.). Cengage Learning.
