CHAPTER ONE
1.0 INTRODUCTION
Strategic
management is a watch word of the public administration in the 1990s. Over the
past decades public administrations haw been encouraged to be effective Strategies
if their Organizations are to fulfill their mission and satisfy their
constituents.
At
the same time public administration have been given the change of emphasizing the
totality of the organization as well as the fact to improve government
performance through strategic and relevant management.
Despite
the importance of those developments, strategic management is a comprehensive
approach to managing organization that has evolved over a number of years and
draws on many different areas of organization and management theory.
Broadly
viewed, the management task of strategy implementation is one of scrutinizing
the whole internal organization to diagnose what strategy approaches are needed
and what actions to take in order to accomplish them. In addition, there is the
need for the different pieces of the implementation plan to be arranged into a
pattern of action that will produce an orderly change from the old practice to
the new strategy rather than creating disruption and dissatisfaction with the
way things are being handled.
Strategic
management is the focal point of any business organization and both the
sequence of actions and the speed of the implementation process are important
aspects of uniting the entire organization behind strategy accomplishment.
A
good strategy is one that is right for the organization considering all the
relevant specifics of its situation. The entrepreneurial task of formulating
strategy is always requiring heavy doses of situational analysis and judgment
with the aim being to achieve goodness of fit between strategy and all the
relevant aspects of the organization’s internal situation and external
environment. Indeed, one of the special values and contributions of managers is
the ability to develop customized solutions that fit the unique features of an
organization’s situation.
Business
organizations are constantly making decisions which contribute a great deal to
the survival of the industry and play a major role in the destiny of the firm
on the long-run and it takes superior entrepreneurship and competent strategy
implementation over a long period of time.
The
future belongs to the aggressive and the ambitious who can apply strategy as a
process of stretching resources and seeing opportunities for innovation. The
chances are excellent that when an organization has a well-conceived, well
executed strategy, it will be a high performer.
1.1 BACKGROUND OF STUDY
Banking institution occupy central role and
position in the economic
Financial
market and it is the process of intermediating between the surplus and deficit
spending units, bank increases the level of national savings and investments felicitate
and output by granting credits, creating money and thus influencing the level
of money supply as it determine the level of economist activities in any nation.
Generally,
banking activities involve various activities like lending, housing, project
financing, retailing, Short and medium term finance etc. For banks to be able
to function effectively, contribute and help in the growth of the nation,
“STRATEGIC MANAGEMENT” is the answer because the process of competition and the
need to improve business services have generated a need for better strategic
information so as to manage operating at tactical and high strategic level so
as to make the effective use of information to improve the quality of the
decision and policy making process within the competitive banking environment.
However,
strategic management is concerned primarily with responses to external issues
such as, understanding customer needs, responding to competitive forces etc.
Also, the need to consider information about what is happening within the bank
being in a competitive environment is essential this looking at sales against marketing
information, cash flows against interest rate projections etc. So as to provide
quality banking services to their customer and to formulate longer term strategies.
"
1.2 STATEMENT OF THE PROBLEM
The
sophistication of business decision making require strategic management, numerous
internal activities is a modem part of the executive responsibility. The immediate
external environment posses a second challenge factor which include competition
when or wherever profit is seen possible, supplies of increasingly scarce resources,
government agencies monitoring adherence to an ever sharing number of the
result and customer who often in explicable preference must be anticipated.
A
remote external environment also contribute to the general pervasive climate in
Which business exists, the environment consist of economic condition, social Challenges,
political priorities and technological development of which must be anticipated
monitored, assessed and incorporated in top level decision.
However,
these influences are often subordinated to the forth major consideration in executive
decision making.
1.3
SIGNIFICANCE OF THE STUDY
This
research will examine how bank carryout and analyze the effectiveness of strategic
management with special reference. The Union Bank Nigeria Plc; also, the research
will examine the extent to which Union Bank engage in strategic management and
the opportunities, threat faced by the bank.
1.4
OBJECTIVE OF THE STUDY
The
study seeks to advice the following objectives.
1. To examine the role
of strategic management in the financial and human resource planning and
management in the bank
2. To determine the
problems faced by the bank in the application of strategic management
1.5 SCOPE OF THE STUDY
Basically,
there are three levels in the decision making hierarchy of business firm. These
are: corporate level, business level and financial level. This research study shall
be limited Strategic management at the corporate level of the union bank plc only.
This is due to time constraints and more so, Union Bank Plc is the chosen case
of study.
1.6
RESEARCH QUESTIONS
This
research work will attempt to answer the following questions.
1.
Does strategic planning assist banking
industry in applying some measure of banks in a depressed economy?
2.
Does strategic management ensure the effective use of organizational resources?
1.7
RESEARCH HYPOTHESIS
The
following hypothesis relate to variable that will be tested for acceptance,
decision being the result of the problem solving which were as follows.
Ho
- strategic management does not have significant impact on high profit of a firm
Hi
- strategic management have significant impact on high profit of a firm
Ho
- It does not assist banking industry to apply some measure of bank’s
regulation in a depressed economy.
Hi
- It assist banking industry to apply some measure to bank’s regulation in a
depressed economy.
1.8 LIMITATION TO THE STUDY
Limitation
encountered include: -
1.
Time Constraint: - An elaborate project of the nature of research could be carried
out within the time set, in other words, the deadlines set for the submission of
each stages of research was too short.
2.
Data Constraints: - There is scarcity of reliable data for this type of project
work especially in consulting the Union Bank Plc which is a case study, will
take a long time to have reliable information’s about their strategies.
3.
Financial constraint: - This research requires a lot of fund for going up and
down, consulting the cyber cafe etc. For these reasons, as it may be, I hereby
gave
assurance
that I will make use of realistic data to the findings of my result.
1.9
DEFINITIONS OF TERMS
Strategic
Management: - analyzes the major initiatives taken by a company’s top management
on behalf of the owner’s involving resources and performances in internal and
external environment.
Strategic
Plan: - A carefully chosen plan of
action in which organization defines its strategy of direction and decision
making on allocating it resources to pursue its goals.
Luxury:
- An economic service which demands increases more than proportionality as
income rises.
Competitive
Environment: - A business area whereby there are numerous competitors of the
same business line.
Commercial
Bank: - Financial institution that accept from customer and grant Short term
loans. It also engages in international financing, leasing, brokerages services
etc.
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