Unlocking the Critical Success Factors of Design and Technology Companies through Strategic Allocation of Resources Addressing Market Dynamics and Emerging Technological Trends

The research assessed how factors such as dynamics in the market and emerging technologies act as critical success factors that influence the efficiency of strategic resource allocation within design and technology firms. The study utilized a descriptive survey research method and collected data through questionnaires that targeted employees in the design and technology industries. The study used 100 respondents who were selected through purposive sampling. Primary data was obtained through an administered structured questionnaire that mainly contained closed ended items measured on a five point Likert scale. Hypotheses were tested using Pearson's correlation. The study found that stable market dynamics have a positive significant relationship with the efficiency of resource allocation among companies in the design and technology industry p value = 0.000 emerging technological trends also affect the efficiency of resource allocation in the design and technology companies p value =0.000 . Stable market conditions were seen to have a positive effect on increasing resource allocation efficiency in design and technology firms due to their effect in enhancing demand forecasting and subsequent resource allocation, while efficient utilization of new technologies helps organizations optimize their operations, thereby supporting the resource based view theory. The study recommends that marketing and strategy teams should conduct quarterly meetings to assess market dynamics and competitive areas, while the finance and sales teams should work together in creating flexible budgets and models to accommodate market changes. Additionally, HR should ensure that employees are skilled in new technology, senior management should use scenario planning, and executive leaders should invest in pilot projects to discover the appropriateness of technology incorporation in business processes. Omabu Stanley Ebuka "Unlocking the Critical Success Factors of Design and Technology Companies through Strategic Allocation of Resources: Addressing Market Dynamics and Emerging Technological Trends" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-4 , August 2024, URL: https://www.ijtsrd.com/papers/ijtsrd67161.pdf Paper Url: https://www.ijtsrd.com/management/strategic-management/67161/unlocking-the-critical-success-factors-of-design-and-technology-companies-through-strategic-allocation-of-resources-addressing-market-dynamics-and-emerging-technological-trends/omabu-stanley-ebuka