ABSTRACT
It is
no gain saying that Nigerian banking and financial system has undergone
remarkable changes over the years, in terms of the number of institutions,
ownership structure, as well as the scale of operations driven largely by the
deregulation of the financial sector in line with the global trend. The aim of
the study is to analyze impediments, determine and ascertain the causes of
resistance to changes in strategic management practices by bank management as
well as proffer solutions on eliminating such impediments to strategic
management practices in Nigerian banking sector. In this study, descriptive
statistics was used to describe quality and quantity raw data on the
impediments to strategic management in the Nigerian banking industry. It is
important to note that a thorough understanding of descriptive statistics is
essential for effective use of all normative and cause-and-effect statistical
techniques, including hypothesis testing, correlation, and regression analysis.
In conclusion, the result of the analysis 'showed that banks have really
developed new ideas to contend with impediments to strategic management through
new technology, new products and services, competent human resources and
strategic branch locations to enhance performance and profitability.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Strategic
management is a field that deals with the major intended and emergent
initiatives taken by general managers on behalf of owners, involving
utilization of resources, to enhance the performance of firms in their external
environments (Nag et al,2007). It entails specifying the organization's
mission, vision and objectives, developing policies and plans, often in terms
of projects and programs, which are designed to achieve these objectives, and
then allocating resources to implement the policies and plans, projects and programs
(Johnson and Scholes, 2008). A balanced scorecard is often used to evaluate the
overall performance of the business and its progress towards objectives. Recent
studies and leading management theorists have advocated that strategy needs to
start with stakeholders expectations and use a modified balanced score card
which includes all stakeholders. Strategic management is a level of managerial
activity under setting goals and over tactics.
Strategic management provides overall direction to the enterprise and is
closely related to the field of Organization Studies. In the field of business
administration it is useful to talk about "strategic alignment"
between the organization and its environment or "strategic
consistency".
According
to Arieu (2007), "there is strategic consistency when the actions of an
organization are consistent with the expectations of management, and these in
turn are with the market and the context." Strategic management includes
not only the management team but can also include the Board of Directors and
other stakeholders of the organization. It depends on the organizational
structuredified balanced scorecard 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 sets goals and strategies to
meet all existing and potential competitors; and then reassesses each strategy
annually or quarterly to determine how it has been implemented and whether it
has succeeded or needs replacement by a new strategy to meet changed
circumstances, new technology, new competitors, a new economic environment., or
a new social, financial, or political environment (Lamb, 1984) which includes
all stakeholders.
According to Bracker (1980),
“although different definitions of strategic management have been proposed
there appears to be a common focus among scholars about the key aspects or
elements that form the current structure of strategic management”. Thompson,
et. al. (2008), and Dobes and Starkey (2006) propose the elements of strategic
management to include strategic analysis, strategic choice and strategy
implementation.
Dess
and Miller (1993) and Lynch (2000) argued that strategic management involves
environmental and capability analysis, strategy formulation and strategy
implementation and control on an on-going basis. Boyd and Reunning – Elliot
(1998) identify mission statement, trend analysis, competitor analysis,
long-term goals, annual goals, short-term action plans and on-going evaluation
as the key indicators that can be used to measure the strategic planning and
management construct.
Banks
have a strategic role to play in the nation‘s economic development. This is
hinged on their basic function as financial intermediaries, mobilizing vital
savings from surplus economic units and channeling same to deficits units. An
efficient financial system is widely accepted as a necessary condition for an
effective functioning of a nation's economy. The state of development of the
financial market in a country serves as barometer for measuring the stage of
development of the economy. The mix of these financial intermediaries varies
from country to country, reflecting the stage of development and the degree of sophistication
of the country’s economic agents (Abdullahi, 2003). Thus, it is imperative that
the banking system be healthy in order to fulfill its many expectations, chief
among which is the provision of the financial catalyst for the attainment of
economic progress, reduction in poverty and general improvement in the living
standard of the people (Eboreime, 2009).....
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