Business success is highly dependent on competent managerial and strategic leadership. Strategic
processes of managing and leading are people oriented and require strategic skills to ensure that there is proper
motivation in the work environment so as to achieve increased stakeholders value. In the present global
environment the need to cope with competition and other critical environmental challenges of business and
management underscores the essence of strategic management and business success. The exploratory research
design was employed for the study to assess the effect of strategic management on business success in Nigeria.
Data generated were analyzed through the regression statistical technique, and it was found that with 1 percent
increase in strategic management business success increases by 7.31 percent.
Strategic alert control strategic control - strategic implementationmanumelwin
A strategic alert control is the thorough and often rapid consideration of the firm’s strategy because of a sudden unexpected event. Examples of such events can be the sudden fall of the government, a natural calamity etc. In the face of such unexpected events, the firm should respond immediately, and releases it strategies quickly.
Frederick W. Taylor (1856-1915)
Father of “Scientific Management.
attempted to define “the one best way” to perform every task through systematic study and other scientific methods.
believed that improved management practices lead to improved productivity.
Three areas of focus:
Task Performance
Supervision
Motivation
Scientific management incorporates basic expectations of management, including:
Development of work standards
Selection of workers
Training of workers
Support of workers
In November 2009, EA hit the headlines when the BATTLEFIELD HEROES team made sweeping changes to their in-game economy and virtual item catalogue that many felt would completely destroy the game Kotaku's headline summed up the feelings of the press - 'BATTLEFIELD HEROES Is Practically Ruined'. A game that had previously been perceived as welcoming to free players suddenly demanded much more grinding to maintain a player's free items, a team that had previously promised they had no plans to sell items that gave an advantage were selling 'super' and 'uber' weapons that many players felt were more powerful than standard equipment, and the Battlefield Heroes forum posters were in uproar with an 'EA Failed' campaign against the changes. Despite the predictions of destruction, over a year on, BATTLEFIELD HEROES continues to be a powerhouse in the free-to-play space, with nearly 7 million registered users, no declining trend in active users, and it long-term future assured. So, what happened? In this talk, Ben Cousins, General Manager of Easy (the EA studio behind BATTLEFIELD HEROES) takes us through the story of this controversy. Through the development of BATTLEFIELD HEROES and the early performance of the title, into the high-pressure environment in EA that forced the sweeping changes and out the other side with detailed look at the games store catalogue and business performance.
Strategic alert control strategic control - strategic implementationmanumelwin
A strategic alert control is the thorough and often rapid consideration of the firm’s strategy because of a sudden unexpected event. Examples of such events can be the sudden fall of the government, a natural calamity etc. In the face of such unexpected events, the firm should respond immediately, and releases it strategies quickly.
Frederick W. Taylor (1856-1915)
Father of “Scientific Management.
attempted to define “the one best way” to perform every task through systematic study and other scientific methods.
believed that improved management practices lead to improved productivity.
Three areas of focus:
Task Performance
Supervision
Motivation
Scientific management incorporates basic expectations of management, including:
Development of work standards
Selection of workers
Training of workers
Support of workers
In November 2009, EA hit the headlines when the BATTLEFIELD HEROES team made sweeping changes to their in-game economy and virtual item catalogue that many felt would completely destroy the game Kotaku's headline summed up the feelings of the press - 'BATTLEFIELD HEROES Is Practically Ruined'. A game that had previously been perceived as welcoming to free players suddenly demanded much more grinding to maintain a player's free items, a team that had previously promised they had no plans to sell items that gave an advantage were selling 'super' and 'uber' weapons that many players felt were more powerful than standard equipment, and the Battlefield Heroes forum posters were in uproar with an 'EA Failed' campaign against the changes. Despite the predictions of destruction, over a year on, BATTLEFIELD HEROES continues to be a powerhouse in the free-to-play space, with nearly 7 million registered users, no declining trend in active users, and it long-term future assured. So, what happened? In this talk, Ben Cousins, General Manager of Easy (the EA studio behind BATTLEFIELD HEROES) takes us through the story of this controversy. Through the development of BATTLEFIELD HEROES and the early performance of the title, into the high-pressure environment in EA that forced the sweeping changes and out the other side with detailed look at the games store catalogue and business performance.
In this slide we will learn how to do strategic Management or how to manage things using strategy.This will help you to manage organization strategically.
Key concepts in Organizational Development Organizational Change and Develop...manumelwin
Organization change is the process of learning and behaving differently, in order to achieve new and better outcomes, by reordering the system structures that drive behavior.
STRATEGIC MANAGEMENT IN TODAY’S COMPLEX WORLDRonal Parmar
With the development of economy, original pure rational strategic management could not adapt to the complex and ever-changing environment now.
The world is changing and becoming more and more unpredictable with each passing day. A kind of irrational strategic management is emerging quietly.
This passage introduces the development of irrational strategic management and its function in strategic management, and discusses the way of irrational factor playing an active role in strategic management.
Corporate level strategies - strategic management - Manu Melwin Joymanumelwin
Market penetration involves trying to gain additional share of a firm’s existing markets using existing products. Often firms will rely on advertising to attract new customers with existing markets.
Strategic Management: Organizational DesignTriune Global
There are a number of factors that differentiate small-business operations from large-business operations, one of which is the implementation of a formal organizational structure. Organizational structure is important for any growing company to provide guidance and clarity on specific human resources issues, such as managerial authority. Small-business owners should begin thinking about a formal structure early in the growth stage of their business.
In this slide we will learn how to do strategic Management or how to manage things using strategy.This will help you to manage organization strategically.
Key concepts in Organizational Development Organizational Change and Develop...manumelwin
Organization change is the process of learning and behaving differently, in order to achieve new and better outcomes, by reordering the system structures that drive behavior.
STRATEGIC MANAGEMENT IN TODAY’S COMPLEX WORLDRonal Parmar
With the development of economy, original pure rational strategic management could not adapt to the complex and ever-changing environment now.
The world is changing and becoming more and more unpredictable with each passing day. A kind of irrational strategic management is emerging quietly.
This passage introduces the development of irrational strategic management and its function in strategic management, and discusses the way of irrational factor playing an active role in strategic management.
Corporate level strategies - strategic management - Manu Melwin Joymanumelwin
Market penetration involves trying to gain additional share of a firm’s existing markets using existing products. Often firms will rely on advertising to attract new customers with existing markets.
Strategic Management: Organizational DesignTriune Global
There are a number of factors that differentiate small-business operations from large-business operations, one of which is the implementation of a formal organizational structure. Organizational structure is important for any growing company to provide guidance and clarity on specific human resources issues, such as managerial authority. Small-business owners should begin thinking about a formal structure early in the growth stage of their business.
A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
This paper’s objective is to present the importance of the strategic planning in business management. Speaking of strategic planning is always speaking in general terms and how to fix paths of behavior will necessarily affect deeply and significantly in the future evolution of the company or organization that adopts it. Today we think of the organization as part of an environment and in terms of options or choices based on what you have, of its surroundings and the opportunities or pathways that can lead to achieving the objective, (Garrido, 2009). For this work the method used was a bibliographical review of relevant articles from a range of authors was conducted. The conclusions were that the be properly analyzed and adapted to the precise conditions and characteristics of the small business or, more generally, to any type of business for which the planning is intended. Strategic planning brings multiple benefits (which exceed its disadvantages) if applied in the right way, however, there are inherent risks, which can be overcome with proper monitoring and control.
CHARTER 1 EVOLUTION OF BUSINESS POLICY AND STRATEGY (1).pptxDanielDeGuzman23
Strategy and strategic plans: How they are different and why it matters
Strategy creates a common understanding of what an organization wants to achieve and what it needs to do to meet its goals. Strategic plans bridge the gap from overall direction to specific projects and day-to-day actions that ultimately execute the strategy. Job No. 1 is to know the difference between strategy and strategic plans — and why it matters.
Strategy defines the long-term direction of the enterprise. It articulates what the enterprise will do to compete and succeed in its chosen markets or, for the public sector, what the agency will do to achieve its mission.
Strategic planning defines how the enterprise will realize its strategic ambitions in the midterm. Too often, strategic plans are created and then forgotten until the next planning cycle begins. A well-done strategic plan turns an enterprise strategy into a clear roadmap of initiatives, actions and investments required to execute the strategy and meet business goals.
Functional strategic plans document the choices and actions needed for the function to move from the current state to the desired end state, and contribute effectively to the enterprise business model and goals.
Although performance appraisal is concerned with the evaluation of workers job performance, it at the same time serves to highlight the specific objectives of an organization. As the employee is being evaluated the organization is also evaluating itself by comparing objectives and standards of performance, reviews the whole appraisal framework and design as well as organizational values and culture. Performance appraisal is a veritable tool for organizations to evaluate and increase the quality of education and training of their workforce with a view to developing lifelong learning patterns and strategies to sustain productivity throughout longer working periods. Motivation as it relates to employee productivity is often behind the drive for performance and self-actualization and provides opportunities for higher productivity. Productivity is an important measure of goal achievement because getting more done with less resources increases organizational profitability. Using the exploratory research design and 109 participants the result of the study indicates a strong positive correlation between performance appraisal and employee productivity. It suggests that the issue of performance appraisal in charitable organizations should be addressed. In view of the result of the study, the paper recommends that performance appraisal should carefully review employee’s strengths and weaknesses against requirements for possible future higher responsibilities.
The integration between innovation and business is a key factor in competitiveness between organizations. That is, innovation applied to a business makes no sense if not considered as an integral tool for the processes of the organization. Companies should therefore adopt a policy where innovation plays a strategic role in the design of business models to become lean, effective and competitive entities (Moraleda, 2004). The objective of this paper is to show the importance of innovation within companies, identifying the concept, the various models that different entities might adopt in order to develop better processes of innovation, as well as indicators that represent innovation at global and national levels in order to develop strategies that lead to an increase in competitiveness. For this work the method used was a bibliographical review of relevant articles from a range of authors was conducted.
The practitioners and academicians in the business arena are highly concern about the enhancement of employee performance in this competitive age for achievement of business goals. Considering the issue, this study aimed to measure the influence of Human Resource Management (HRM) practices on the performance of employees. The data of this study have been collected from 392 on-the-job operational level employees using survey method who are working at different garment factories in Bangladesh. The collected data are analyzed through structural equation modeling to partial least square method. The study empirically proves that employee training and development, promotion opportunity, and job security has significant influence on the employees’ performance. Theoretically, this study proves that training and development, job security and promotion opportunity together influence on the performance of employees in the developing economy. The practitioners and policy makers of the organizations are expected to make necessary adjustments in their existing HRM practices based on the findings of this study in the context of Bangladesh for enhancing the employees’ performance level so that their whole-hearted efforts can be gained for the achievement of business goals.
Child labor is one of the issues receiving much attention from researchers and scholars around the world. Child labor still occurs in most countries around the world. Viet Nam is also one of the countries with relatively high child labor and increasing trend. This article is based on critical discourse analysis and data from the General Statistics Office of Vietnam to analyze some fundamental issues of child labor in Vietnam, thereby giving policy suggestions to the Vietnam government in minimizing the current child labor situation.
The rapid trend of changes and social issues in managing the global workforce has forced organizations to look for innovative ways of enhancing the job satisfaction of employees. Among these innovative approaches is the provision of Flexible Working Arrangements (FWAs). The purpose of this exploratory research was to identify the effects of FWAs, i.e., flextime schedule, compressed workweek, and telecommuting on job satisfaction from the perspective of the Ethiopian national employees of the United Nations Economic Commission for Africa (ECA) in Addis Ababa. To achieve this objective both descriptive and inferential statistics were conducted. The total population of the study was 250; out of which, 71% of responses were collected. A primary data collection method was implemented using a structured questionnaire. The analysis showed that there is significant positive effect of flextime schedule (R = .39, R2 = .264, p = .001) and compressed workweek (R = .39, R2 = .159, p = .039). This means that increase in the use of flextime schedules and compressed workweek enhances job satisfaction for employees of the ECA in Addis Ababa. The independent variables reported R = .39 and R2 = .15 which means that 15% of corresponding variations in employee job satisfaction can be explained by flexible working arrangements. Nevertheless, this study found out that there are no significant relationship of telecommuting (R = .39, R2 = .065, p = .398) on job satisfaction. Therefore, since the provision of FWAs is at the nascent stage, further studies on the effect of telecommuting on job satisfaction from Ethiopian employees context are highly recommended.
This study evaluates the impacts of urban road investment and operation in China, especially the spillover effect attributable to the investment of urban road projects. Using the synthetic control method and difference-in-differences technique and taking the opening of Jiaozhou Bay Bridge and its Subsea Tunnel in China on 30 June 2011 as a natural experiment, this paper investigates the causal effect between urban road investment and its economic impacts. Results show that the project has a positive externality in terms of its contribution to the output and employment: taken the industrial relative output as outcome variable, no matter whether the covariates are controlled or not, the parameters of the interactive terms are positive; taken the industrial relative employment rate as outcome variable, the gap between the treated unit and its counterpart indicates a direct program effect for the treated city as well as a spillover effect across the cities within the sample province. Furthermore, the permutation test ascertains that the probability of achieving a spillover effect as large as the treated city is around 5.88 per cent. Overall, the investment and operation of urban road transportation infrastructure has a noticeable spillover effect. Our results are robust across a series of placebo tests.
Poor public management defined by corruption and lack of prudence in public life continues to hold Nigeria hostage and makes good governance difficult. Since the 1980s government has been using many methods including the processes of privatization and commercialization as means of re-engineering the public sector for total quality management, and to increase the share of the public sector’s contribution to the gross domestic product. The experiment never achieved the desired level of success partly due to lack of political will on the part of government to wedge a total war against corruption, and also partly because the public sector is a large scale administration that has many entry and revolving doors which government finds difficult to close. These limitations provide the incentives for widespread public corruption that is recognized as one of the greatest challenges of government in carrying out its mandate. 110 respondents participated in this study conducted through the exploratory research design. The participants provided useful data that were triangulated with data from secondary sources for the purpose of the study. To achieve the objective of the investigation, data were analyzed through statistical techniques and the result showed significant positive correlation between good governance and good management. It was recommended that appointments in the public sector should feature a combination of people from private and public sectors of the economy to enhance competence with the aim of reducing public sector corruption. Further study should examine the reasons behind rising budget deficits as a way of reducing cost of governance in Nigeria.
In this article, we analyze in the Malian context the link between the structure of the shareholding and the sustainability of companies based on data from the census of industrial enterprises of the Ministry of Trade and Industry, 2015. The results show that Mali’s economic opening option in the 1980s, strengthened in the 1990s following the implementation of the Structural Adjustment Programs, resulting in the state’s withdrawal from the management of enterprises, have enabled the emergence of private enterprises in almost all sectors of economic activity. However, shareholding in industrial enterprises has suffered from poor governance. It also shows that the number of women entrepreneurs is close to that of men. Between 2010 and 2014, the majority of shareholders are in the agri-food sector. The majority of the investment is in the metal and metallurgical sector.
The study examined the relationship between non-financial incentives and workers’ motivation in Akwa Ibom State Civil Service exploring five key variables of continuing professional development, performance feedback, employee employment, employee participation in decision-making and task autonomy. Survey research design was adopted involving the use of questionnaire to gather data from 392 respondents drawn from a population of 20465 civil servants in state using Taro Yamene Sample Size Determination Table. The sample was drawn across all ministries and departments through stratified and convenience sampling techniques. Data collected were analysed using descriptive and inferential statistics. Hypotheses were tested at 0.05 level of significance. The five dimensions of non-financial incentives were positively correlated with workers’ motivation from the results of the analysis. Continuing Professional Development (CPD) had the highest correlation value (r = 0.33, P<0.01). Also, the five null hypotheses were rejected implying that the variables of study influence workers’ motivation in Akwa Ibom State Civil Service, Nigeria with beta coefficients and t-values of CPD (0.29;4.313); PF (0.117; 3.500); EE (0.2.141); PDM (0.182; 2.935), and TA (0.231;2.817). It was concluded that since workers’ motivation is a vital tool to organizational effectiveness and growth, employers should explore more of non-financial incentives in formulating and implementing employee benefits related policies.
This literature review is organized in five sections. Firstly, we begin with general ideas and continue with the origin of the fraudulent. Secondly, we discuss the struggle of the phenomena, insisting on the available mechanisms. Finally, we’ll discuss the link between audit and fraud.
Accounting function aims at providing accurate and sufficient accounting information to facilitate proper financial reporting and management performance. Accounting information is usually in the form of periodic or annual financial statements which are products of costing, financial and management accounting prepared for the benefit of a number of external interest groups. Accounting has its roots in the stewardship approach and as a management performance tool to guide the agent and the principal over the exact status of the going concern. Accounting function also involves financial statement analysis, interpreting the accounts by computing and evaluating ratios which relate pairs of financial information or items with one another. This analysis of ratios can be cross-sectional comparing the results of one company with another or trend. In doing so close attention is usually paid to profitability ratio to help keep pace with effective management performance. The exploratory research design was adopted for the study and result showed positive correlation between accounting function and management performance. The study was not exhaustive, therefore, further study should examine the relationship between audit failure and business failure as a matter of finding a solution to the problem. It was recommended that management should always carefully study audit reports to enhance decision making and management performance.
This study examines the effect of the trademark on consumer behavior of consumers of air conditioners in Sudan, in order to know the dimensions of the trademark that affect consumer behavior in Sudan, and provide information to companies on the dimensions of the trademark that affect the purchasing decision of the customer and contribute to customer satisfaction. The study adopted descriptive analytical method using a sample of 230 individuals who consume air conditioners in Sudan. The results showed that there is a positive significant relationship between the trademark of air conditioning and consumer behavior as well as a positive significant relationship between the trademark name of air conditioning and consumer behavior and finally there is a positive significant relationship between the trademark logo and consumer behavior.
In recent years, retired workers eligible for social security receive their emoluments from the appropriate regulatory agency and this provides more realistic evidence on the better living standard of the aged (retirees) under the scheme. Empirically, this paper examines the impact of social security on economic growth in Ghana using time series secondary (monthly) data ranging from 2000 – 2018. The author answers in two questions: 1) how significant are pensioners benefit payments dependent on economic growth and also, 2) how business environmental policy is contributing to economic performance as far as pensioners well-being are concerned. Using STATA analytical software, the findings show a positive significant relationship between social security and economic growth. The study concludes by outlining appropriate policy measures to help strengthen the current social security scheme in Ghana.
This research begins by showing the different meanings attributed to the term cluster by different currents and authors, which suggests definitions that are found around its spatial framework. Next, the factors that intervene in the competitiveness of a region and its growth are shown, for the development of these, Porter’s model of competitiveness which was taken as reference, and the contexts: geographical and economic. Therefore, the methodology was used based on a qualitative design, with descriptive and correlational scope since it will analyze differences of each cluster, with respect to the factors of dimensions, establishments, growth, economic impact and policies. To do this, the information-gathering tool was two semi-structured interviews with cluster leaders in both countries, because the approach is based on data collection methods that are not completely standardized or predetermined. And finally, the results of the comparison of the Mexican Bajío automotive cluster with the German cluster located in Baden-Württemberg are presented.
This research aims at identifying the impact of excellence in drawing up the following four marketing mix strategies (Product, Pricing, Promotion and Distribution) of the small and medium enterprises in Jordan, in terms of their marketing performance in its dimensions (Sales Growth, Profit Growth, Customer Attraction and Customer Retention).In order to reach the results of this study, A total of (187) valid questionnaire surveys were collected from companies belong to the SME Association in Jordan. The Statistical Package for the Social Sciences (SPSS) approach was used to analyze the collected data. The empirical results indicated there is a significant relationship between the building of marketing strategies of the marketing mix elements in the Jordanian SME and their marketing performance, by (sales growth, profit growth, customer attraction, and customer retention) dimensions. Consequently, decision makers in small and medium organizations need to choose strategies based on their target market to the positive impact on the mind of the consumer, which in turn could improve modern scientific methods in SME to divide their markets into sub-market sectors.
The study investigates the impact of team building on organisational productivity. The objective of this study is to evaluate the impact of team building among the members of the selected case study and to assess the effect of training and retraining of team members on organisational productivity. The study also x-rayed the absence of team building in a workplace which led to low levels of turnover and productivity. the total population of the study was 750 while researcher employed Yaro Yamane sampling technique to select sample size of 261 because of the large population and hypothesis were tested using Pearson correlation. The finding revealed that if members of the team can work in synergy without considering the differences in the likes of level of educational background and others, the expected productivity will be very high. It was also observed that capabilities of team leader in carrying out the assigned task determined its output especially if the team leader understands the technical knowhow of job and he is friendly with co-team members with a lot of motivation, that this would definitely enhance employees’ efficiencies and productivities. The study recommends that team members should trust, support and respect one another individual differences in order to accomplish group common goals and tasks.
Compared with general commercial reverse logistics operators, the recovery and treatment of expired drugs and medical waste is a complex and highly technically difficult project. The qualifications required by the relevant service providers are also more stringent. For medical institutions, the selection of reverse logistics operators is always a critical issue. On the perspective of sustainability, this paper aims to investigate and explore the critical factors of selecting a medical reverse logistics service provider. Through the process of the Delphi method, the experts’ assessments were collected, and 24 factors affecting the selection of medical reverse logistics service provider were screened and summarized. Then, Decision-Making Trial and Evaluation Laboratory (DEMATEL) was employed to calculate the total influence values and net influence values between factors that could be used to draw the visual causal map. Referring the causal map, “Green process operation level” and “Recycling process greening degree” are significantly higher than other factors in terms of total influence value and net influence value. Therefore, they can be regarded as crucial factors. This finding implies that medical reverse logistics providers must have the ability to improve the greening of facilities, as well as equipment, integrating existing processes to make it greener and environmentally friendly.
The major objective of any firm is to maximize the shareholders wealth. This is evidence through dividend yield and payout ratio and this encapsulate into the dividend policy of a company. The research purpose aimed at examining the influence that dividend policy has on the volatility of share prices among the listed insurance corporations in Kenya. Research design, approach and method: Data was collected from listed insurance corporations over a 10-year period with a total of 49 data points. The Pearson correlation and ordinary regression analysis were employed. The results reveal the existence of a positive link among the study variables. The correlations were found to be substantial at ninety-five percent confidence level. It is worth noting that the model summary shows forty-three-point one percent of changes in the volatility of stock price are explicated by dividend yield and payout ratio. ANOVA statistics which examines whether the analytical model as set out in the study explains variations in the dependent variable concluded that the model is analytically substantial. The outcome revealed a statistically significant positive link between stock price variations and the ratio of dividend payout. Research also established a statistically substantial negative interrelation between volatility of stock prices and dividend return. Results therefore recommend that companies should have dividend policies which are mapped to shareholders wealth maximization objective. The study suggests further studies be undertaken to determine whether there exists an analytically substantial difference between the dividend policies of various sectors in the economy.
This study is about the impact of selected macroeconomic variables on economic growth of Bangladesh. Economic growth of Bangladesh is measured in terms of annual nominal GDP growth rate. Least squared regression model has been employed considering exchange rate, export, import and inflation rate as independent variables and gross domestic product as the dependent variable in this study. The results reveal that export and import have significant positive impact on GDP growth rate. The other variables (exchange rate and inflation) are not significant, indicating that there exists no significant relationship among the variables. The findings will help the policy makers to make policies concerning the country’s economic growth to remain robust in the near future.
The Research aims on Human Resource Management and innovation has to date relied on a theoretical assumption that there exists an identifiable set of HR practices which organizations seeking to be innovative should adopt. However, analysis of the various prescriptions of HR practices for innovation reveals a high level of internal inconsistency, leading to conflicting advice for practitioners. Furthermore, a review of empirical research on the topic indicates that HR practices within innovative organizations are remarkably similar to those found in the best practice literature This raises questions about the link between strategy and HRM, and about the theoretical foundations of research on HRM and innovation. Drawing on recent research on HRM and firm performance, I suggest that research on HRM and innovation can benefit from incorporating elements from both contingency theory and best practice approaches into the existing configuration theory approach. A change in direction for both theoretical and empirical research on HRM and innovation is proposed. This paper is laid out as follows. In part one, I ask what a strategy of innovation is, and consider what employee behaviors are believed to be consistent with such a strategy. The second section compares and contrasts different authors’ prescriptions of HR practices for innovation, and also compares the findings of research on HRM and innovation with the findings of the best practice approach. In the final part I consider the implications of MY review for future research on this topic. I propose a broadening of the theoretical base on which research on HRM and innovation is founded, and discuss the particular challenges involved in conducting empirical research on HR systems for innovation.
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Strategic Management and Business Success in Nigeria
1. Business, Management and Economics
Research
ISSN(e): 2412-1770, ISSN(p): 2413-855X
Vol. 3, No. 3, pp: 26-33, 2017
URL: http://arpgweb.com/?ic=journal&journal=8&info=aims
26
Academic Research Publishing Group
Strategic Management and Business Success in Nigeria
John N. N. Ugoani Co-ordinator, Senior Lecturer, College of Management and Social Sciences, Rhema University, 153-155
Aba Owerri Road, Aba, Nigeria
1. Introduction
To a high degree, business success depends on strategy development as often operationalized by strategic
management. Strategic management (SM) encompasses such critical functions as the identification and full
description of the relevant strategies needed by management to achieve superior organizational results and to win
competitive advantage. An organization is described as successful when it is profitable and has above average
competitive advantage in terms of profitability and productivity within its domain of operations. Through strategy
development, strategic management provides wider impetus required by the workforce that enables them to have
better appreciation of the methods to carry out their duties in accordance with the strategic plans of the organization.
SM reinforces the capacity of management to maximize the strategic imperatives of the organization through
effective and efficient management of resources. Traditionally, the strategic process is based on strategic
environmental analysis, strategy formulation, strategy implementation as well as strategy evaluation. This process
seeks to critically appraise the business, industry and the economy in which the organization operates so as to
achieve necessary strategic results and success. The essence of strategy development is to cope with competition and
other environmental challenges of the business. Accordingly, the basis for developing a management strategy is an
understanding of the relative competitive forces, their underlying causes, and the crucial strengths and weaknesses of
a business relative to such underlying causes (McNaughton, 1997). Strategy development is often based on the
business strategy. According to Hill and Jones (1995) strategy is the determination of the basic long term goals and
objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for
carrying out these goals. These implicitly lead to strategic management. According to Gomez-Mejia and Balkin
(2002) strategic management involves the major decisions, business choices, and actions that chart the course of the
entire enterprise. It consists of analysis of the internal and external environments of the business, definition of the
business mission, and formulation and implementation of strategies to provide a competitive advantage. These
efforts and processes often direct the business in a certain way, and require huge resource commitments in terms of
financial, human and material. Strategic management is traditionally the responsibility of top management. Hill and
Jones (1995) insist that a central objective of strategic management is to find out why some organizations succeed
while others fail. They believe that successful businesses are those that have comparative competitive advantage that
emerge and explore the implications for the success or failure of individual enterprises. They posit that a company’s
resources, capabilities, and strategies form the strongest determinant of success or failure. Thus, strategic
management is the crucial process that brings together a company’s resources, capabilities, and strategies to enable it
achieve a low-cost position and build customer loyalty. Business success is frequently a reflection of enterprise
profitability, productivity, growth, stability and ability to satisfy stakeholder’s interests. Hill and Jones (1995)
emphasize that the understanding of the roots of success and failure is not an empty academic exercise, rather such
understanding brings a better appreciation of the strategies that can increase the probability of success and also
reduce the possibility of failure. Basically, much of these strategies to enhance the chances of business success and
reduce the probability of failure are generic, in which case, they apply to all types of organizations, whether large or
Abstract: Business success is highly dependent on competent managerial and strategic leadership. Strategic
processes of managing and leading are people oriented and require strategic skills to ensure that there is proper
motivation in the work environment so as to achieve increased stakeholders value. In the present global
environment the need to cope with competition and other critical environmental challenges of business and
management underscores the essence of strategic management and business success. The exploratory research
design was employed for the study to assess the effect of strategic management on business success in Nigeria.
Data generated were analyzed through the regression statistical technique, and it was found that with 1 percent
increase in strategic management business success increases by 7.31 percent.
Keywords: Managerial and strategic leadership; Business success; Global environment; Formal decision-making;
Managing across culture.
2. Business, Management and Economics Research, 2017, 3(3): 26-33
27
small, manufacturing or service, and profit-seeking or not-for-profit organizations, such as a local club or church, has
to make decisions about how best to generate revenues or surpluses, based on the particular environment in which it
operates, and the organization’s own strengths and weaknesses. Generally, these strategic management decisions
relate to such actions as analyzing the competition, which involves the external and internal environments so as to
know how to succeed. Through the application of effective strategic management processes, businesses succeed, and
able better to satisfy stakeholders interests (Certo and Peter, 1995; Donaldson and Preston, 1995; Glueck, 1980).
1.1. Statement of the Problem
According to Mintzberg (1978) Planning based definition of strategy assumes that an organization’s strategy
assumes that every organization strategy is always the outcome of rational planning. He opines that definitions of
strategy that stress the role of planning ignore the fact that strategies can emerge from within an organization without
any formal plan. He posits that even in the absence of intent, strategies can emerge from the grassroots of an
organization. He strongly believes that strategies are often the emergent response to unforeseen circumstances.
Mintzberg (1978) point is that strategy is more than what a company intends or plans to do; it is also what it actually
does. Based on this point, Mintzberg (1978) defines strategy as a pattern in a stream of decisions or actions; the
pattern being a product of what ever intended strategies (Planned) are actually realized and of any emergent
(unplanned) strategies. These strong views of Mintzberg (1978) have implication for the criticism against ivory
tower planning. According to Hill and Jones (1995) a serious mistake made by many businesses in their initial
enthusiasm for strategic management or planning has been to treat planning as an exclusively top management
function. This ivory tower approach, according to them, results in strategic plans formulated in a vacuum by strategic
executives who have little understanding or appreciation of operating realities. As consequence, such less than
knowledgeable strategic executives formulate strategies that do more harm than good for their businesses. It is
believed that the ivory tower strategic planning concept can also lead to tensions between the planners and the
operating executives, because they may feel that the corporate executives do not deem them capable enough to think
through strategic problems for themselves. This versus them state of mind, which often escalate into hostility, may
again undermine business success. Hill and Jones (1995) insist that correcting the problem of the ivory tower
approach to strategic planning involves recognition that, to succeed, strategic planning must comprise managers at
all levels of the business. They suggest that it is very important to understand that a great deal of the best strategic
plans can and should be done by operating executives. This is so because they are the ones closest to the facts. The
major role of the cooperate level strategic executives should be that of facilitators, who help the operating executives
in the strategic management planning process (Janiazewsky, 1996a;1996b; Mcleod, 1997; O’Connor, 1999).
1.2. Objective of the Study
The study was designed to explore the effect of strategic management on business success in Nigeria.
1.3. Scope of the Study
The study was delimited to the South-East geopolitical zone of Nigeria, composed of 5 states out of the 36 states
in Nigeria. It is believed that the result of the study based in the zone will be a correct representative of the result
from Nigeria.
1.4. Significance of the Study
The study will help students in the areas of management and social science, researchers, academics and many
significant others to have an insight over the important relationship of strategic management and business success in
Nigeria.
1.5. Limitation of the Study
The study was constrained by lack of research grant and current literature in the areas of investigation. However,
these constraints did not dilute the academic potency of the study.
1.6. Hypothesis
To guide the course of the study, two hypotheses were formulated and tested at 0.05 level of significance.
H1: There is no effect between SM and business success in society.
H2: There is an effect between SM and business success in society.
2. Literature Review
Management scholars state that management is the generality of tasks involved in making an organic whole out
of diverse resources: enmity men, money, machines, materials, technology, and systems, and channeling them
effectively towards the achievement of the business or organization’s goals in the most efficient manner and within
the expected time, while respecting the laws and ethical standards of the society and being conscious of the rapidly
changing business environmenst. Muo (1999) and Drucker (1998) who refers to management as the economic organ
of the industrial society, insists that the key management task is economic performance which is the sole justification
for its existence and authority. He posits that any management should be considered a failure, unless it produces
3. Business, Management and Economics Research, 2017, 3(3): 26-33
28
economic results, goods and services desired by customers at prices they are willing to pay; and also improves, or at
least maintains the wealth producing capacity of the resources at its care. While the principles of leading, planning,
organizing, and controlling are the foundation of successful management, strategic management involves the skills to
formulate and implement these principles within the organization. A good understanding of how to effectively
manage people is also crucial to successful strategic management because employees, teams, and employee
empowerment are all essential part of contemporary business environment. According to Gomez-Mejia and Balkin
(2002) analyzing the external and internal business environments helps in the designing of the strategic mission, the
formulation of business strategies and the implementation of such strategies. The strategic outcomes of
implementations testify to the success or failure of the strategic management process (Schoemaker, 1995; Westley
and Mintzberg, 1989).
2.1. Concept of Strategic Description
Consequent upon analysis of the external and internal environments, the business then formally describes its
strategic intent and mission. According to Gomez-Mejia and Balkin (2002) strategic intent is internally focused,
indicating how the enterprise intends to use its resources, capabilities and core competencies to win competitive
advantage. This also guides its future actions and focuses employees’ attention on using their talents to win over
competitors in the industry. On the other hand, a company’s strategic mission flows from its strategic intent, defining
its external focus in terms of what the enterprise plans to produce and markets, utilizing its internally based core
competencies. Achieving these goals requires strategic leadership.
2.2. Strategic Leadership
Gomez-Mejia and Balkin (2002) state that effective strategic managerial leadership plays a fundamental role in
the relative success or failure of a business. This is particularly true for top corporate strategic executives who are
usually responsible for charting general formulation and implementation plans, making key resource allocation
decisions, and delegating day-to-day operations. It is generally thought that effective strategic leaders meaningfully
influence the behaviours, thoughts, and feelings of those with whom they work. Hill and Jones (1995) note that one
of the key strategic roles of managers, whether they are general or functional managers, is to provide strategic
leadership for their subordinates. In this context, strategic leadership refers to the ability to articulate a strategic
vision for the company and to motivate others to follow that vision. A few characteristics of strategic managerial
leader’s would include, but never limited to vision, eloquence and consistency, commitment, being well informed
and knowledgeable, a willingness to delegate authority and empower subordinates, and astuteness in organizational
politics. Eloquence is needed for effective overall communication, leaders should be well informed to have good
information base and not to operate in vacuum. They must be willing to delegate in order not to be overloaded with
routine responsibilities. Top strategic executives need political astuteness so as to play organizational power game
with skill, so as to build consensus for their ideas rather than using their authority to force their ideas through the
organization. To protect stakeholder’s interests’ strategic managerial leaders should demonstrate commitment to the
vision of the organization. This may be demonstrated through relentlessly focusing on cost minimization that must
start with the leaders as role models (Finkelstein and Hembrick, 1996).
2.3. Formulation of Strategy
Formulation of strategy refers to the design of a specific approach to achieve organizational mission. A well and
effectively formulated strategy incorporates, integrates, marshals, and allocates the company’s internal resources,
and makes appropriate use of external environmental information. At this level, the intention is to foster a mission –
consistent and relevant strategy that will pave the way for sustained superior performance. Gomez-Mejia and Balkin
(2002) reveal that strategy formulation basically takes place at the corporate and business-unit levels, and that poor
strategy formulation can result in costly business failures. They hypothesize that corporate-level strategy
encompasses the number of businesses the organization holds, the variety of markets or industries it serves, and the
distribution of resources among them. Business-level strategy is related to the process on how the company will
compete in each business area or market segment. This may involve the provision of products and services that are
less expensive than those of competitors, and this is also referred to as cost – leadership strategy (Petrick et al.,
1999; Pfeffer, 1994; Quinn, 1980).
2.4. Implementation of Strategy
Strategy implementation leads to value addition to the strategic management process. Gomez-Mejia and Balkin
(2002) think that even the best conceived strategies are of little or no value if they are not implemented effectively.
They elucidate further that in theory, the formulated strategy should guide the implementation, and in reality strategy
formulation and implementation are two sides of the same coin. It is believed that a strategy may not be feasible or
may be too risky if the organization does not have the resources or the technical know-how to put it into practice. To
implement formulated strategies, successful enterprises need to consider organizational structure and controls,
cooperative strategies, functional strategies, strategic leadership, and corporate entrepreneurship and innovation.
Among these elements, strategic leadership or strategic managerial leadership holds the touch for effective and
efficient strategy implementation (Preble, 1992).
4. Business, Management and Economics Research, 2017, 3(3): 26-33
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2.5. Strategic Results
The bottom line of the strategic management process is an analysis of the strategic outcomes or the result of the
entire process. A successful strategic outcome is desirable to satisfy the expectation of the stakeholders in the
business. Stakeholders are the individuals and institutions who have a vested interest in the performance, success or
failure of the organization. In a typical business thought, the main stakeholders are the people who own stock and
shares in the company and who are the major suppliers of the enterprise capital. These stakeholders expect to earn at
least an average return on their investment, even though they would want it to be maximized. Also, employees
would like a greater share of the company’s profits. The community would like the company to invest in projects of
social interest, and politicians and pressure groups may take advantage of popular support for special projects. The
underlying essence of strategic management is to endeavour and ensure that the business is conducted successfully to
the extent of growth, profitability, productivity, sustainability, and the ability to satisfy the expectations of the
significant stakeholders (Gomez, 1998).
3. Methodology
3.1. Research Design
The exploratory research design was used for the study. This method is historical in nature and it rarely involves
the employment of large samples or use of structured questionnaire (Miles and Huberman, 1994).
3.2. Source of Data
Data were generated from primary and secondary sources such as interviews, books, journals, newspapers,
periodicals, etc.
3.3. Method of Data Collection
Data were collected by the investigator with the help of two research assistants. Data collected were verified,
journalized, organized and coded, and found useful for analysis.
3.4. Methods of Data Analysis
Data were analyzed through regression statistical methods using the Statistical Package for the Social Sciences
(SPSS) and the results presented in tables. The regression equation used was: Y = a + bx
Where Y = Strategic Management (SM)
X = Business Success (BS)
a = A constant term
b = The regression slope coefficient
5. Business, Management and Economics Research, 2017, 3(3): 26-33
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4. Presentation of Data
Chart-1. A Model of Strategic Management and Business Success.
Source: Ugoani (2016)
The psychometric model in chart 1 was used to demonstrate the pattern and efficacy of SM on BS. A Model
represents reality, and this supports the statistical result that SM explains BS.
Table-1. Model Summaryb
MODEL R R SQUARE ADJUSTED R.
SQUARE
STD. ERROR OF THE
ESTIMATE
1 .548a .301 .259 11.47814
a. Predictors: (Constant), Strategic Management
b. Dependent Variable Business Success
Table-2. Anovab
MODEL SUM OF
SQUARES
DF MEAN
SQUARE
f SIG.
3. Regression
Residual
Total
962.480
2239.711
3202.192
1
17
18
962.480
131.748
7.305 0.15b
a. Predictors: (Constant), Strategic Management
b. Dependent Variable Business Success
6. Business, Management and Economics Research, 2017, 3(3): 26-33
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Table-3. Coefficientsa
Model
Unstandardized
Coefficients
Standardized
Coefficients
t Sign.
B Std. Error Beta
3. (Constant)
SM Factor Score
7.633
7.312
2.633
2.705 .548
2.932
2.703
.009
.015
c. Dependent Variable Business Success
4.1. Interpretation
In table 1, R2 = 0.301, from the discussion above, this value was adequate.
Table 2, the regression was significant. In other words, strategic management explains business success.
Table 3, the regression coefficients was shown here.
Y – 7.721 + 7.312X
All the coefficient were significant at 5% level. The value of b = 7.312 meant that if strategic management
increased by 1% , then business success will increase by, 7.31%. So, we reject H1 and concluded that strategic
management has positive effect on business success.
4.2. Discussion
From the interpretation of the results of the study it was found that if strategic management increased by 1
percent, business success will increase by about 7.31 percent. This technically means that strategic management has
strong positive relationship with business success. This supports the findings of earlier researchers like Hill and
Jones (1995) that strategic management is essential for the satisfaction of stakeholders’ interests. Business success is
a reflection of the growth, stability, productivity and profitability of the business enterprise. Business success is
highly dependent on competent managerial and strategic leadership in organizations. The twin processes of
managing and leading successfully is a people oriented exercise, and the level of success achieved in the process has
a correlation with the level of motivation of the workforce. Not all managers are leaders, and not all leaders are
managers, but the two processes are complementary to each other. Strategic management is the engine that
reinforces effective managerial leadership so as to satisfy stakeholder’s interests among other things. Effective
managerial leadership encompasses: managing self, managing communication, managing diversity, managing ethics,
managing across cultures, managing teams, and managing change. Self-knowledge and self- management lie at the
heart of effective strategic management. Effective business communication is important to see that the strategic
intents, vision and mission of the organization are clearly spread and understood by those who would need and use
them. It also reinforces commitment critical for profitable performance. Stakeholders who have put their investment
in the business usually want benefit for their investment. Employees want higher pay and benefit, others like
stockholders want higher dividends and customers want better services. Even the government and community want
contributions in terms of corporate social responsibility (CSR). Suppliers want dependable off-takers and the
governments equally want compliance with rules, regulations and laws that promote healthy competition and
economic growth. Fair competition and cordial labour-management relationship are among the planks of strategic
management that enhance business success. Strategic managerial leadership builds on the traditional functions of
management to bring about business success. Management is about coping with tasks. Good management brings
about order and consistency by drawing up formal plans, designing sound organizational structures, providing good
leadership and monitoring results against plans. This leadership aspect of management betrays the reality that
management and leadership are interrelated concepts that bring about business success. While leaders exercise
influence in a more informal and unstructured manner, managers occupy formal decision-making positions in the
organization. This may be exemplified by the roles played by union leaders and managers in managing
organizations. In such cases, union leaders influence the behavior of employees, and by implication, performance,
without any formal authority by management for it to do so, while on the other hand, the manager has the formal
authority of the management to enforce discipline, order and ensure the success of the business. Management jobs
can provide the opportunity for leadership, and managers are more likely to be effective by combining formal
authority to make decisions and allocate resources with the ability to motivate subordinates. Motivating subordinates
depends on good leadership, and the goal of organization leadership is to get things done through, and with other
people, making it one of the main activities that can enhance business success. At times when the interests of
stakeholders conflict with those of other shareholders, strategic management, through strategic leadership helps to
produce strategic outcomes that ensure a win-win position for both stakeholders and other shareholders, thus placing
the business on the path of stability, growth and success.
4.3. Recommendations
i) Management should accord business communication high priority to ensure that its intensions are promptly
dispersed, understood and correctly implemented, for business success.
7. Business, Management and Economics Research, 2017, 3(3): 26-33
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ii) Encouraging informal leadership is healthy for effective strategic management. The inputs and outcomes
from such a process help in building strategic alliance that may help in placing the business on the path of
success.
iii) Top management need to carry other levels of management along during policy formulation so as to
achieve easy implementation for the success of the organization.
iv) Compliance with rules, regulations, laws, and business ethics is important for business success. This is true
because customers and other off-takers want to deal always with a credible entity.
v) Stakeholders and other shareholders influence on business need to be strategically managed to ensure
overzealous interference that may jeopardize the success of the business. In some cases, like what happened
in the Nigerian banking industry in the 1990s, bank promoters and other top shareholders succeeded in
killing the banks they were expected to drive to profitability and success through undue interference and
manipulation of accounts.
4.4. Scope for Further Studies
Further study may examine the relationship between managerial leadership and enterprise success. This may
help in finding a solution to the lingering culture of enterprise failures in Nigeria.
5. Conclusion
Strategic management is critical to successful leadership and strategy implementation. These lead to strategic
outcomes that seek to satisfy the aspiration of stakeholders and other shareholders. Business success is frequently
measured by the ability of the business to meet these targets in terms of pay, dividends payments, productivity and
profitability as well as being able to discharge corporate social responsibilities in society. The study was designed to
explore the effect of strategic management on business success in Nigeria and it was found that a 1 percent
improvement in strategic management meant a 7.31 percent increase in business success. This is the crux of the
study. The result supports the earlier researchers like Hill and Jones (1995). Pearce and Robinson (2003) among
others that strategic management leads to profitability and business success.
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Author’s Biography
Dr. Ugoani is a Senior lecturer and Coordinator, College of Management and Social Sciences,
Rhema University, Aba, Nigeria. His research interest focuses on business, management,
production bank management, organisational behavioural, public sector management, diversity
and conflict management, strategic management, emotional intelligence, entrepreneurship,
governance, leadership, corruption management, and family business among others. John is
recognized for presenting the first best PhD Dissertation in Management at the Faculty of
Business Administration, Imo State University, Owerri, Nigeria. He has over 50 scholarly
publications with full paper readership downloads and abstract views of over 3500 and 12000
respectively and listed among Ten Top Authors by SSRN. Before entering academia, he was a senior manager at
First Bank of Nigeria Plc in 2009.