RELATIONSHIP BETWEEN MANAGEMENT STRATEGY AND PRODUCTIVITY Business Adm…
The greatest problem facing managers in a firm or organisation is on low to make useful management strategies or decision make in order to improve the productivity in the organisation. After establishing a company, the manager should evaluate the management strategies that will suit the establishment (organisation) in order to increase the productivity that will be accomplished the organisation goals.
According to Bartol and Martin (1993) management strategies is a process through which managers formulate and implement strategic goal achievement, given available managerial and internal conditions. The definition recognize that strategic management is oriented toward reaching long-term goals, weight important environmental elements, consider major internal characteristics of the organisation, and involves developing specific strategies. It is impossible for an organisation, be it services, merchandizing or manufacturing to succeed without a major using its management strategies.
It is true fact that management strategies helps the managers to meet the goals of the organisation because strategy management helps the managers to analyze, identify and develop a competitive advantage which is a significant edge over the competition in dealing with competitive forces. It promotes a scene of direction so that organisation members know where to expand their effort.
1.2 BACKGROUND OF THE STUDY
Intercontinental Bank Plc was first established as a merchant bank in February 1989 under the name Nigeria Intercontinental merchant Bank Limited. It commenced business with paid up Ordinary Share Capital of N12 millions. In five years it became the most profitable merchant bank in Nigeria. in 1st September, 1989, an Investment Company was set up. In 1993 the bank acquired substantial equity stake in Associated Discount Hause Limited (ADHL), the longest discount firm in Nigeria. In 1996, the bank required majority equity state in equity bank of Nigeria Limited, a nimble and dynamic commercial bank, to enhance commercial operation of the group. In 1999, the bank became commercial bank. In 2000, it converted into Universal banking. In 2002, it became a publicly quoted Company listed on the Nigeria Stock exchange. In 2004, it exceeds the new N25 billions shares holders founds as prescribed by the CBN. In 2005, it emerge with three other banks: equity Gate way and Global in October 2005. It is the 4th largest bank in Nigeria, by all financial indices. In 2006, it executed another public offer that guessed about N100 billion with subscription level hitting an unprecedented 77.4%. in 2007, a consortium of five foreign financial Institutions invested were spread all over the country. in 2008, it emerge to be the number one bank among all the banks in Nigiera. In 2009, the bank celebrated it 21st year Anniversary of Operation in Nigeria.
1.3 STATEMENT OF THE PROBLEM
The study intend to find out the relationship between management strategy and productivity of bank in Akwa Ibom State and Nigeria as a whole with a case study of selected banks as Intercontinental Bank Plc located at Wellington Bassey Way Road Uyo, Akwa Ibom State. During this research work I have come across some hindrances which can be said to be the problem that hindering the growth and development of banks especially Intercontinental Bank Plc in Akwa Ibom State and Nigeria at large such as financial problem, inadequate infrastructure, economic or financial, environmental problem such as insecurity of live and property, fiscal and monetary policies, taxation, corruption etc.
Some of the managers in an organisation fail as a result of lack of adopting the management strategies in their company. Some as a result of not applying the components of strategies management that they should start with identifying the organisation missions and strategic goals. some developed strategic but to implement strategy is impossible.
As a matter of fact, the purpose of this study was to find out:
- How important is strategic management and productivity to Intercontinental Bank Plc
- Was to investigate and identified the various system used in the bank
- To make recommendation on how to improve management strategic and productivity in the Bank.
1.5 THE OBJECTIVE OF THE STUDY
The major aim and objectives of the study is to find out.
- The relationship between management strategies and productivity in Intercontinental Bank Plc.
- To find out the extended to which management strategies increase productivity in Intercontinental Bank Plc.
- To examine the impediment associated with relationship between management strategies and productivity in Intercontinental Bank Plc.
- To find out management strategies in Intercontinental Bank Plc.
- To recommend measure for successfully management strategies and productivity for improve banks performances.
1.6 RESEARCH QUESTION
The following research questions were formulated.
- Does strategy management and organisation aid in decision making.
- Does Intercontinental Bank makes use of management of strategies
- Is there any appraisal of the effectiveness of management strategies
- What are the importance of management strategy.
- Does management strategy of any significant importance
- What measures would you recommend for successful management strategies and productivity.
- Does management strategies influence productivity
- SIGNIFICANCE OF THE STUDY
This study is going to be of enormous helps to government banks in Akwa Ibom State.
- It will save as a reference point to other researchers on similar topic
- It would help to make bank more effective and promote their long-run survival in complex and dynamic environment.
- It would help individuals, bankers and potential businessmen of any kind to know and make use of management strategies and productivity for its effectiveness.
- It would be helpful in presenting guideline on how Intercontinental Bank Plc and other banks to be consumer oriented.
1.8 DELIMITATION OR SCOPE OF THE STUDY
This study was delimited to Intercontinental Bank Plc, Uyo, Akwa Ibom State. A wider range of study could not be undertaking by the researcher due to some financial problem, time constraints and inadequate research materials.
Also, the study was delimited to the relationship between management strategies and productivity in Intercontinental Bank Plc. It was deemed expedient to employ only deductive information from respondents in the bank.
1.9 LIMITATION OF THE STUDY
The major impediment against the study were
- Data collection and other necessary information will therefore be limited to the Intercontinental Bank Plc, Akwa Ibom State.
- Incomplete Information certainly, other obvious impediment against the research was inadequacy encountered in the course of acquiring vital information.
- Attitude of respondent the poor attitude of respondents also hindered the study.
Management: Bernet R. (1995) define management as the process of achieving organizational goals by engaging in the four major function of planning, organizing, leading and controlling.
Organisation: Alday and Brief (1981) define organisation as two or m ore person engaged in a systematic effort to produce goods and services.
Organising: According to Bartol and Martin (1993) define business as a means of allocating and arranging human and non human resources so that plans can be carried out successfully
Planning: According to Ibekwe (1984) is a process of setting goals and deciding how best to achieve them
Business: According to Ibekwe (1984) define business as a means of satisfying human wants
Business Environment: This is the internal factor that surround potentially influence and affect the activities of business organisation example economic environment etc.
Policy: This are plans, they are general statement which guide or channel, thinking and action in decision making.