Impact Of Strategic Management On Organisational Growth
The study investigated the impact of strategic management on organizational growth and development of selected firms in Nigeria. 200 respondents selected from firms in Lagos state.A sample of 133 respondents was randomly selected as the sample population of the study. 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 two hypotheses that guided the study. Results from the analysis indicated that strategic management is not common among firms in Lagos 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 firms.
1.1 Background to the Study
Strategic Management is used to describe the decision process. It can also be called strategic planning. Strategic management is that set of direction and actions which leads to the development of an effective strategy to help achieve corporate objectives. It is the careful selection and correct application of tools that determine entrepreneurial success.
It is felt that strategic management, a key pillar for corporate survival, may be adapted and applied to ensure better entrepreneurial performance on a more consistent basis. Strategic management materials appear to be written primarily for larger corporations. It suggests elaborate involvement, high cost and complex architecture as prerequisites. The reaction of Small-Scale Business Enterprise is naturally one of being intimidated; and therefore most small scale entrepreneurial prefer to operate in the usual manner and mindset. Where there is no change, different results cannot be expected. Anthony Robbins (2007), the most famous Neurolinguistic Programming specialist, once remarked: To keep on doing the same thing and expect a different result is a form of insanity.
For reasons stated above, a research on strategic approach to management of Small-Scale Business Enterprises is therefore examined.
1.2 Statement of the Problem
Some Nigerian Business Organizations are without formal plans or where there are formal plans they do operate without adhering to them. Some argued that the market place changes so fast for a plan to be useful. All business organizations are heading somewhere but unfortunately some do not know where they are going, then any road will lead them there. This therefore emphasizes the need for organizations to utilize strategic planning concepts.
Strategic management implementation has been challenging to many organizations. They crunch vast amounts of consumer data, hold planning sessions frequently, and use various techniques to develop strategy. Still, they miss the mark a lot of the times. Some strategic management problems faced by organizations include;
Companies tend to ignore one complication along the way: They can’t develop models of the increasingly complex environment in which they operate. As a result, contemporary strategic-planning processes don’t help enterprises cope with the big problems they face.
Several Chief Executive Officers (CEOs) admit that they are confronted with issues that cannot be resolved merely by gathering additional data, defining issues more clearly, or breaking them down into small problems. Their planning techniques don’t generate fresh ideas, and implementing the solutions those processes come up with is fraught with political peril.
Most Organizations do not progress at all walloping in serious planning problems.
Therefore, there is need to investigate why the above problems persist and examine ways by which strategic planning could assist.
1.3 Objectives of Study
This research aims at examining the impact of strategic management on the organizational performance. The specific objectives of the study include;
- To appraise the value of strategic management concepts and techniques as applied to organizations.
- To examine the impact of strategic management in organisation’s success.
- To provide some guidelines with which organisations can apply the strategic management ideas and skills, in a time-saving manner,
- Suggest methods that may prevent major crisis and business failures.
1.4 Research Questions
The following questions are pertinent to this work;
- To what extent are strategic management concepts and techniques important in an organisation?
- Is there any significant relationship between organization strategic management and organizational performance?
- Has Lawrenzo Cargo and Logistics Ltd been able to put in place effectively plan on how to acquire knowledge on strategic management ideas and skills?
- To what extent is Planning as a managerial function relevant to the existence of Lawrenzo Cargo and Logistics Ltd?
- What are the Strategic Management concepts and techniques organizations need to make it achieve their aims and objectives?
1.5 Research Hypotheses
For the purpose of this study, it is necessary that working hypotheses be established. To this end, the following hypotheses were tested:
- Ho; There is no significant relationship between Strategic management and organizational performance
- H1; There is significant relationship between Strategic management and organizational performance.
- Ho; Acquiring strategic management ideas/skills is not important to the management of an organization.
- H1; Acquiring strategic management ideas/skills is important to the management of an organization.
1.6 Research Methodology
Research methodology deals with the description analysis and interpretation of various methods employed for collecting relevant information necessary for research work.
For the purpose of collecting necessary data for this research work, primary and secondary data collection method are used. The primary data collection method will be through the following:
- Structured questionnaire
- Personal unstructured interview
The secondary data are collected from reports and documents from the company. Also, materials from library and desk research literatures were used.
In this study, descriptive method are used to analyze data and also in testing hypothesis, chi-square (X2) was employed. Findings from this research study will be discussed in the light of the research problem hypothesis, purpose research questions, literatures of the research and other relevant issues conclusions will be drawn and recommendations and suggestions also will be made.
1.7 Significance of the Study
Without doubt, strategic management plays an integral role in the management of business. It is a managerial tool that cannot be overlooked. Hence, the motivating factor of this work is to elucidate information on the need to be more proactive in manager’s planning toward the sustenance of business enterprise.
Strategic management endeavours to achieve effective and efficient programs to accomplish the organization’s mission. As a philosophy, it changes how managers looks at competitors, customers, markets and even the organization itself.
The significance of this research work is to stimulate management’s awareness of the strategic implication of environmental events and internal decision.
Strategy is needed to focus effort and promote coordination of activities. Without strategy an organization becomes bunch of individuals, hence strategy is required to ensure collective actions and concentration of efforts towards achieving organizational plans and objective
1.8 Scope of the Study
This project work examines the Impact of Strategic Management on Organisational Growth, it is designed to capture data and achieve research objectives for Lawrenzo Cargo and Logistic Ltd only. It is however hoped that the result could be applied to other organisations.
Due to the time limit, the research work covers a small cargo and logistic company (Lawrenzo Cargo and Logistic Ltd) located in Lagos.
1.10 Historical Background of Lawrenzo Cargo And Logistics
Lawrenzo Cargo and Logistics Limited commenced its operations in 2004 as a Cargo Company providing freight forwarding services. The Registered Office of the Company is located at Muritala Muhammed International Airport Ikeja, Lagos.
The Company offers specialized logistics services across Multimodal Transport Operations, cargo export/import, Container Freight Station Operations, consolidation and warehousing. Benchmarked quality standards, standardized processes and operation excellence across all the services and facilities, have enabled Lawrenzo Cargo and Logistics Ltd to emerge as leading players in all these segments.
Lawrenzo Cargo and Logistics Ltd currently has about one hundred (100) competent staff.
As a result of milestone achievements in the last three years, she was awarded ‘Best Consolidator’ for the year 2011 by Euro airline.
As a young and fast growing company, Lawrenzo Cargo and Logistics Ltd tends to commence operations at Aminu kano International airport before the end of 2012.
1.8 Organization Of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study.
- Chapter two highlight the theoretical framework on which the study its based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study.
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was to ascertain the impact of strategic management on organizational growth.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenge of strategic management and organizational growth
Organizations are said to be operating in a turbulent and hyper competitive environment, and it is their desire to continue to operate successfully by creating and delivering superior value to their customers while also learning how to adapt to a continuous and dynamic business environment. Strategic management is therefore a sine qua non since as it involves developing and formulating strategies to meet competition and ensure long term survival and growth. This will in turn ensure that competitive advantage is created so that the company will not only outperform competitors but also guide it successfully in all the changes in the environment. This study has been established that indeed strategic management does not only gives a firm competitive advantage which makes it outperform competitors in the industry but also go a long way in enhancing organizational performance
Strategic management is not yet a common business practice among manufacturing firms in Lagos State. Nonetheless, strategic management has been identified has veritable tool for improving the competitiveness, performance levels, and structural development of manufacturing firms in Lagos State in particular and Nigeria in Nigeria
The study recommended that further studies be carried out in Nigeria to investigate the causes of non-adoption of strategic management in Lagos State in particular and Nigeria in general. The causes of this when known and curbed, small and median scale industries in Nigerian might become more competitive in boosting the development of Nigerian economy. The 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 competitiveness of firms in Nigeria
Impact Of Strategic Management On Organisational Growth
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Impact Of Strategic Management On Organisational Growth
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Frequently Asked Questions
Does strategic planning process affect organizational growth?
This study’s main objective was to determine the effects of strategic planning activities on organizational growth. Issues had been raised by employees that the planning process tended to be inflexible and rigid since it operated in changing environment and poor adaptation to changing environment usually affected organization adversely.
What is strategic planning in strategic management?
Strategic planning is defined as the process of diagnosing an organization’s external and internal environments, deciding on a vision and mission, developing overall goals, creating and selecting general strategies to be pursued, and allocating resources to achieve the organization’s goals.
What is organisational performance?
Organizational performance is about creating values for the primary beneficiaries of the organization. There are significant number of researches as well as more practical experiences in business prove that an efficient and effective strategic planning can increase profitability.
What are the challenges of strategic planning?
Fear of business failure due adopting new planning concepts and risk to attempt change the current strategies. Overconfidence of the executive managements, they may depend less on formal planning and assume the strategic planning can bring business termination.
How does strategic planning affect the performance of an organization?
Strategic planning affects the performance of managers. Strategic planning also influences the performance of individual workers in the organization. Strategic planning also influences the attractiveness of the organization to employees and potential investors.
How important is strategic planning when applying for a job?
One of the most important factors that employees usually look at when it comes to applying for certain jobs in large organizations is the strategic planning process in the organization. For instance, employees want to make sure that the strategic planning process considers the needs and concerns of employees.
What is the context of strategic planning?
Such a context of strategic planning emphasizes the ability of managers to maximize the performance of the organization through the strategic planning process.
How do you develop a strategic plan?
To develop a strategic plan, the plan should contain statement of organization mission and goals, strategies for obtaining and utilizing the necessary technological, marketing, and financial and human resources to achieve organization goals.
What does strategic planning stand for?
Strategic planning assumes that certain aspects of the future can be created or influenced by the organization. Strategic planning is ongoing; it is “the process of self-examination, the confrontation of difficult choices, and the establishment of priorities” (Pfeiffer et al., Understanding Applied Strategic Planning: A Manager’s Guide).
What are the best measures of organizational performance?
What Are the Best Measures of Organizational Performance? Valuing your scheme | The Pensions Regulator Valuation: Measuring and Managing the Value of Companies Valuation – RICS
What affects organizational performance?
This study highlights the effect of menopause symptoms on cognitive functioning and demonstrates a link between severe depressive and sexual symptoms, specifically, with cognitive performance. Mood disturbances are common in the menopause transition and can affect memory and sexual functioning.
What does organizational performance mean?
Organizational performance means the actual output or results of an organization as measured against its intended outputs (or goals and objectives). Definition of Organizational Performance According to Richard, the organizational performance includes three specific areas of firm outcomes: