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IMPACT OF
STRATEGIC MANAGEMENT ON ORGANISATIONAL GROWTH
ABSTRACT
This paper
examined the impact of strategic management on organisational growth with
reference to Lawrenzo Cargo and Logistics Ltd.). The performance of any
business organization in the competitive economy is highly dependent upon the
quality of its management vis a vis proper implementation of strategic
management.
Survey
design was employed with the use of a well structured questionnaire.
Respondents were selected based on simple random sampling technique. Fifty (50)
staff of Lawrenzo Cargo and Logistics
were sampled.
Two
hypotheses were formulated and tested with the use of Chi-Square analysis. The
analysis resulted to rejecting both null hypotheses and hence accepting the two
alternate hypotheses.
Based on
decisions of the tested hypotheses conclusions were reached that there is
significant relationship between Strategic management and organizational
performance. Also that acquiring strategic management ideas/skills is important to the management of an organization.
The study revealed that a genuine application of strategic management by
managers will enhance organisation performance.
TABLE OF
CONTENTS
CHAPTER ONE:
INTRODUCTION
1.1 Background of the Study
1.2 Statement of Problem
1.3 Objective of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Research Methodology
1.7 Significance of the Study
1.8 Scope and Limitation of the Study
1.9 Historical Background of Lawrenzo Cargo and
Logistics
CHAPTER TWO:
LITERATURE REVIEW
2.0 Introduction
2.1 The Concept of Strategy
2.2 Strategies in Functional Areas
2.3 Strategic Management- An Overview
2.4 Corporate Planning Approaches
2.5 How to Develop Strategic Plan
2.6 Strategic Planning Process
2.7 Characteristics of Strategy
2.8 Criteria for Effective Strategy
2.9 Types of Strategies
2.10 Formulation of Strategy
2.11 Objectives and Goals
2.12 Models of Strategic Management
2.13 Theoretical Issues of Strategic Management
2.14 The Place of Strategic Management in Nigeria
Economy
CHAPTER
THREE: RESEARCH METHODOLOGY
3.0 Introduction
3.1 Research Design
3.2 Sources of Data Collection
3.3 Population of the Study
3.4 Sample Size and Sampling Technique
3.5 Restatement of Research Questions
3.6 Restatement of Research Hypotheses
3.7 Data Analysis Method
CHAPTER
FOUR: DATA ANALYSIS AND INTERPRETATION
4.1 Introduction
4.2 Analysis of Respondent Bio-Data
4.3 Analysis of Questions From Problem Area
4.4 Testing of Hypotheses
CHAPTER
FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMEDATIONS
5.0 Summary of Findings
5.1 Conclusion
5.2 Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
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;
i To appraise the value of strategic
management concepts and techniques as applied to organizations.
ii. To examine the impact of strategic
management in organisation’s success.
iii To provide some guidelines with which
organisations can apply the strategic management ideas and skills, in a
time-saving manner,
iv 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:
HYPOTHESIS
ONE
Ho: There is no significant relationship between
Strategic management and organizational performance
H1: There is significant relationship between
Strategic management and organizational performance.
HYPOTHESIS
TWO
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:
1. Structured questionnaire
2. Personal unstructured interview
3. Observation
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.
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