BACKGROUND OF THE STUDY
The economic environment is rapidly changing, with phenomena such as globalization, shifting customer and investor expectations, and ever-increasing product-market rivalry driving this transformation. "Strategic management is an ongoing process that evaluates and controls the company's business and industries, assesses its competitors, and sets goals and strategies to meet all existing and potential competitors, and then reassesses each strategy annually or quarterly (i.e. on a regular basis) to determine how well it has been implemented and whether it needs to be replaced (Lamb, 1984). The major goals that business organizations should strive for are gaining a competitive advantage position and improving firm performance in comparison to their competitors. (2009) (Raduan, Jegak, Haslinda, and Alimin).
The size of a company and the inclination for change in its business environment might affect strategic management. As a result of its scale, scope of activities, and need to include stakeholder opinions and requirements, a worldwide transnational organization may use a more formal strategic management approach.
Major management theories, such as Chandler's (1962) and Child's (1972), both referenced in Meier, O'Toole, Boyne, and Walker (2012), stress the ability of private firms to exercise strategic choice despite external limitations. The way they approach strategic problems can have an impact on the organization's overall growth and development. Fundamental concerns such as resource base, infrastructural constraints, acceptable degree of technology, and raw materials input must all be addressed in the strategic framework.
1.2 STATEMENT OF THE PROBLEM
In recent years, organizations' performance has been the subject of much investigation. The extent to which an organization's policies and programs are implemented and its strategic aim in terms of goals and vision is a major problem. Managers in both private and public organizations are increasingly aware that having an appropriate system for attracting and managing the organization's human resources is a critical source of competitive advantage. Indigenous products and services, best public relations strategy, state-of-the-art technology, and having an appropriate system for attracting and managing the organization's human resources are all important sources of competitive advantage.
Based on the above and current trends, it is clear that the space of change in our corporate environment brings new problems on a daily basis. As a result, if the industrial industry is to effectively handle its difficulties, a cure must be discovered. As a result, many businesses must come up with creative concepts in order to establish distinctive brands, consumer-friendly products/services, and competitive advantages in terms of brand preference and client confidence.
Despite this, no research has been done in Nigeria to look at the influence of strategic management as a whole on organizational growth and development. In Nigeria, there is a number of research targeted at improving human resource development (eg Oladipo and Abdulkadir, 2010; Oladipo and Abdulkadir, 2011; Abdulkadir, 2012). Strategic planning (a subset of strategic management) was research that was related to this one (see Ilesanmi, 2011 and Akinyele & Fasogbo, 2007). None of the research in Nigeria looked at the influence of strategic planning management on the industrial sector. To that end, the purpose of this study is to investigate how manufacturing businesses in Anambra State may employ strategic management to build successful growth and development strategies.
1.3 OBJECTIVE OF THE STUDY OBJECTIVE
The overall goal of the research is to:
1.4 RESEARCH QUESTIONS
The following research questions guide the objective of the study.
1.5 SIGNIFICANCE OF THE STUDY
This research will also add to the current body of literature on this subject and will also act as a resource for academics, researchers, and students interested in conducting future research on this or a similar topic.
ABSTRACT
This research was carried out to analyse the effects of instructional materia...
ABSTRACT
This study was carried out to examine impact of staff welfare on the productivity of work...
Background of the study
Moral education is an issue that is currently being widely discussed as a resul...
EXCERPT FROM THE STUDY
Nigeria is now experiencing a very high rate of unemployment, which is increasing in a geometric trend. As th...
ABSTRACT
Value Added Tax (VAT) is a consumption tax on the value added to a product in the process of production. Like all other indirect...
This study aimed to investigate the effect of laboratories in secondary schools on students&...
ABSTRACT
This study was carried out to assess the impact of social media on the acceptance of the covid...
ABSTRACT:
This research explores the application of lean accounting principles in modern organizations...
Abstract
This study examines the impact of human resource management on organizational performance. Generally, this stu...
ABSTRACT: This research explores the benefits of early childhood education in fostering clean air initiatives among young children. Teaching c...