The Role of Strategic Management in an Organisation’s Growth (A Study of Selected Manufacturing Firms in Nasarawa State)
The Role of Strategic Management in an Organisation’s Growth
(A Study of Selected Manufacturing Firms in Nasarawa State)
Abstract:
The study investigated the role of strategic management in an organization’s growth. The study used descriptive statistics (frequencies, mean, and percentages) to answer the four research questions posed for the study.
The Chi-Square was used to test the three hypotheses that guided the study. Results from the analysis indicated that strategic management is not common among the manufacturing firms in Nasarawa State; that the
adoption of strategic management has significant effect on competitiveness and also influences manufacturing
firms; that strategic management has effect on employee’s performance and that its adoption has significantly increased organizational productivity of manufacturing firms; also, it enhances structural development of manufacturing firms.
The study thus concluded that though strategic management is not yet a common business practice among manufacturing firms in Nasarawa State, it has been identified as veritable tool for improving the
competitiveness, performance levels, and structural development of manufacturing firms in Nasarawa State in particular and Nigeria in general.
The researcher recommended that entrepreneurial centre and business
schools in Nigeria should incorporate strategic management principles into their curricula. This will engender sound managerial know-how and boost the performance and competiveness of firms in Nigeria. Also, further studies should be carried out in Nigeria to investigate the causes of non-adoption of strategic management in Nasarawa State in particular and Nigeria in general. The causes of this when known and curbed, will enable small and medium scale industries in Nigerian to become more competitive in boosting the development of Nigerian economy.
I. Introduction
Background to the study
Economic environment is changing rapidly and this change is characterized by such phenomena as the globalization, changing customer and investor demands, ever-increasing product-market competition. To compete successfully in this environment, organizations continually need to improve their performance by reducing cost, innovating products and processes and improving quality, productivity and speed to market.
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved, assesses its competitors and set goals and strategies to meet all existing and potential competitors, and then reassess each strategy annually or quarterly (ie regularly) to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet charged circumstances, new technology, new competitors, a new economic environment, or a new social, financial or political environment” (Lamb, 1984).
Achieving a competitive advantage position and enhancing firm
performance relative to their competitors are the main objectives that business organizations in particular should strive to attain. (Raduan, Jegak, Haslinda and Alimin, 2009).
Strategic management can depend upon the size of an organization, and the proclivity to change of its business environment. Therefore, a global trans-national organization may employ a more structured strategic
management model, due to its size, scope of operations, and need to encompass stakeholder views and requirement.
Major management theories such as those of Chandler (1962) and Child (1972), both cited in Meier, O’Toole, Boyne and Walker (2012) emphasized that private firm can exercise strategic choice, even in the face of external constraints. The way and manner they face strategic issues can affect the overall growth and development of the organization. It goes without saying that the strategic framework must also address fundamental issues such as resource base, infrastructure constrains, appropriate level of technology and raw materials input.
1.1 Statement of problem
The performance of organizations has been the focus of intensive research efforts in recent times. How well an organization implements its policies and programs and accomplishes its strategic intent in terms of its mission and vision is of paramount concern. Managers in both private and public organizations are becoming increasingly aware that a critical source of competitive advantage often come from indigenous product and services, best public relations strategy state-of-the-art technology and having an appropriate system of attracting
and managing the organizations human resources.
From the foregoing, and looking at today’s trend, it is evident that the space of change in our business environment presents fresh challenges daily. Therefore, a panacea must be found for the manufacturing subsector, if it must adequately meet its challenges. Various firms, therefore, need to come up with the applications of innovative ideas to create unique brands, customers-friendly products/services that will bring about competitive advantages in terms of brand preference and customer confidence. Despite these, no research work has targeted to investigate the impact of the broad subject of strategic management on organizational growth and development in Nigeria. Existing studies in Nigeria, aimed at human resource development (eg Oladipo and Abdulkadir, 2010; Oladipo and Abdulkadir, 2011; Abdulkadir, 2012).
Related studies on this study were on strategic planning (an off shoot of strategic management) (see Ilesanmi, 2011 and Akinyele & Fasogbo, 2007).
Of these studies in Nigeria, none accessed the role of strategic
management in an organization’s growth. To this effect, this study attempts to empirically analyze how strategic management can be used by manufacturing firms in Nasarawa State to effectively derive plans for growth and development.
1.2 Objectives of the study
The general objective of the study is to investigate the place of strategic management in improving corporative performances among the manufacturing firms in Nasarawa State of Nigeria. The specific objectives are to:
1. Determine the extent to which strategic management is practice by manufacturing firms in Nasarawa State of Nigeria.
2. Determine the relationship between the level of competition and adoption of strategic management.
3. Assessed the relationship adoption of strategic management and organizational performance.
1.3 Research question
1. Is strategic management practiced by manufacturing firms in Nasarawa State of Nigeria?
2. What is the effect of strategic management on level of competition?
3. What is the effect of strategic management on organizational performance?
1.4 Hypothesis
The following null hypotheses guided the study:
1. Adoption of strategic management does not have effect on the level of competition of manufacturing firms.
2. Adoption of strategic management does not have significant effect on organizational performance.
3. Adoption of strategic management does not have significant effect on structural development of an organization.
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