Effect Of Strategic Management On Organizational Performance
This study examined the effect of strategic management on organizational performance in Dangote Cement Plc., Ibeshe Plant. The study objective is to examine the effect of environmental scanning, strategy formulation, strategy implementation and strategy evaluation on organizational performance. Convenience sampling technique was used to arrive at the sample size. Descriptive research design was used for the study and data were collected through structured questionnaire. The data collected were arranged, analyzed through the adoption of STATA version 21. The findings of the study revealed that environmental scanning, strategy formulation and strategy implementation has no significant relationship with organizational performance. However, strategy evaluation has significant influence on organizational performance. The study concluded that there is no significant relationship between strategic management and organizational performance. The study therefore recommends that the management should embrace and improve on strategy evaluation so as to increase the overall organizational performance; management should be selective in using strategy implementation in order not to affect the organizational performance.
The broad objective of this study is to investigate the effect of strategic management on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria while the specific objectives are to:
- Investigate the effect of environmental scanning on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
- Examine the effect of strategy formulation on organizational performance in Dangote, Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
- Determine the effect of strategy implementation on organizational performance in Dangote Cement, Plc, Ibese, Ilaro, Ogun State, Nigeria.
- Ascertain the effect of strategy evaluation and control on organizational performance in Dangote, Cement Plc, Ibese, Ilaro, Ogun State Nigeria.
- What is the effect of environmental scanning on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria?
- What is the effect of strategy formulation on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria?
- What is the effect of strategy implementation on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria?
- What is the effect of strategy evaluation and control on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria?
Ho1: Environmental scanning has no significant effect on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
Ho2: Strategy formulation has no significant effect on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
Ho3: Strategy implementation has no significant effect on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
Ho4: Strategy evaluation and control has no significant effect on organizational performance in Dangote Cement Plc, Ibese, Ilaro, Ogun State, Nigeria.
1.0 INTRODUCTION
1.1 Background Information to the Study
It is now universally accepted that strategic thinking is necessary and that management practices have a favorable impact on an organization’s performance. Researchers are interested in studying strategic management since it is a crucial component of management. This is explained by the fact that this part of management discipline is applied everywhere. (Onyekwelu, 2020).
Strategic management, according to Abulkdir (as stated in Ibrahim & Musa, 2020), is the identification and description of the strategies that managers might employ in order to improve performance and provide their firm a competitive advantage. According to Ahmed and Kising’u (2019), the strategic management process entails formulating a strategy’s mission, establishing objectives, analyzing the current circumstances, producing a plan formulation, putting the strategy into practice, and evaluating the process.
Various authors have defined environmental scanning as a strategic management technique. (Environmental scanning, according to Ibrahim and Musa (2020), is the process of gathering, examining, and delivering information for tactical objectives.
The creation of long-term plans for the efficient management of environmental opportunities and dangers in light of business strengths and weaknesses is known as strategy formation. It include defining the corporate mission, outlining realistic goals, creating strategies, and establishing policy guidelines (Adegboyega, Oluwole, Oluyemi, Raheem & Akintayo, 2021). Organization of the company’s resources and employee inspiration to attain goals are essential components of strategic implementation. The environment in which many businesses operate is always changing (Adegboyega, Oluwole, Oluyemi, Raheem & Akintayo, 2021). Implementing a strategy, according to Anyieni (as referenced in Mohammed & Mohammed, 2021), is the process of providing resources to support the selected strategies. The process is made up of several management tasks that are required to implement the strategy, strategic control that can track the development, and final organizational goals.
The last step in the strategy management process is called strategy evaluation and control (Ibrahim & Musa, 2020). Its objectives include revealing any obstacles to plan implementation and/or recognizing opportunities (Adegboyega et al, 2021).
The idea that an organization is the voluntary association of production assets, including human, physical, and capital resources, for the goal of achieving a shared objective is the foundation of the concept of organizational performance (Mohamed & Mohamed, 2021). Organizational performance, according to Richard (as mentioned in Onyekwelu, 2020), includes three distinct areas of corporate outcomes: financial performance (profits, return on assets, return on investment, etc.), market performance, and operational performance (sales, shareholder, return and economic value added).
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