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IMPACT OF STRATEGIC MANAGEMENT ON ORGANIZATIONAL GROWTH
1.1 Background to the study
Economic environment is changing rapidly and this change is characterized by such phenomena as the globalization, changing customer and investor demands, ever-increasing product-market competition. To complete successfully in this environment, organizations continually need to improve their performance by reducing cost, innovating products and processes and improving quality, productivity and speed to market.
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved, assesses its competitors and set goals and strategies to meet all existing and potential competitors, and then reassess each strategy annually or quarterly (ie regularly) to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet charged circumstances, new technology, new competitors, a new economic environment, or a new social, financial or political environment” (Lamb, 1984). Achieving a competitive advantage position and enhancing firmperformance relative to their competitors are the main objectives that business organizations in particular should strive to attain. (Raduan, Jegak, Haslinda and Alimin, 2009).
Strategic management can depend upon the size of an organization, and the proclivity to change of its business environment. Therefore, a global transnational organization may employ a more structured strategic management model, due to its size, scope of operations, and need to encompass stakeholder views and requirement.
The way and manner they face strategic issues can affect the overall growth and development of the organization. It goes without saying that the strategic framework must also address fundamental issues such as resource base, infrastructure constrains, appropriate level of technology and raw materials input.
1.2 Statement of problem
The performance of organizations has been the focus of intensive research efforts in recent times. How well an organization implements its policies and programs and accomplishes its strategic intent in terms of its mission and vision is of paramount concern. Managers in both private and public organizations are becoming increasingly aware that a critical source of competitive advantage often come from indigenous product and services, best public relations strategy state-of-the-art technology and having an appropriate system of attracting and managing the organizations human resources.
From the foregoing, and looking at today’s trend, it is evident that the space of change in our business environment presents fresh challenges daily. Therefore, a solution must be found for the microfinance institutions, if they must adequately meet their challenges. Various firms, therefore, need to come up with the applications of innovative ideas to create unique brands, customers-friendly products/services that will bring about competitive advantages in terms of brand preference and customer confidence.
Despite these, no research work has targeted to investigate the impact of the broad subject of strategic management on organizational growth and development. To this effect, this study attempts to empirically analyze how strategic management can be used by microfinance institutions in Kisii town to effectively derive plans for growth and development.
1.3 Objectives of the study
The general objective of the study is to investigate the place of strategic management in improving corporative performances among the Microfinance Institutions in Kisii town. The specific objectives are to:
1. Determine the extent to which strategic management is practice by Microfinance Institutions in Kisii Town.
2. Determine the relationship between the level of competition and adoption of strategic management.
3. Assessed the relationship adoption of strategic management and organizational performance.
1.4 Research question
1. Is strategic management practiced by Microfinance Institutions in Kisii town?
2. What is the effect of strategic management on level of competition?
3. What is the effect of strategic management on organizational performance?
1.5 Significance of the study
The study would enable the microfinance institutions executives and policy makers to be aware of strategic management as a valuable tool in increasing performance with a view of making strategic decisions. The research is equally significant because it would provide answers to factors militating against the implementation of strategic management in microfinance institutions hence prove the success and growth associated with it.
1.6 Scope of the study
In order to achieve the objectives of the Study, strategic management will be the major focus among other strategy implementations. An empirical investigation will be conducted to find out the effects of strategic management in the banking industry and specifically, the nature of strategic management implementation in microfinance institutions in Kisii town.
In view of the technicalities involved, it would be unrealistic to assume that all necessary facts will be gathered in the process of the study. Information gathered is limited to those accesses made available by the respondents and also gathered from end users. However, the impacts of these limitations will be reduced to the minimum.
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