Strategic Management and Organizational Achievement of Publishing Firms in Port Harcourt, Nigeria

Reference code: MG023

ABSTRACT

This research examined the relationship between strategic management process and organizational achievement of Publishing Firms in Port Harcourt, Nigeria. Strategy formulation, strategy implementation and strategy evaluation were conceptualized and used as empirical referent of the predictor variable while increased profitability and market share were also employed as measures of the criterion variable. With respects to the conceptual and operational framework, the research answered six research questions and six hypotheses in order to ascertain the degree of positive linear correlation between strategic management process and organizational achievement. The Agency Theory (AT) was the sociological baseline theory used as the theoretical foundation for the study. Cross-sectional survey research design was used for the study. A total of forty five (45) existing managerial employees were drawn from a population of forty five (45)existing managerial employees across the fifteen (15) selected Publishing Firms in Port Harcourt, Nigeria using Krejcie & Morgan table for sample size determination. The researcher collected data on a macro level unit of analyses using a five point Likert Scale questionnaire tattled: “Questionnaire on Strategic Management Process and Organizational Achievement in Port Harcourt, Nigeria (QSMPOA)” based on simple random sampling technique. The Questionnaire was validated via face validity, content validity, pilot test (pre-test) and construct validity while Cronbach alpha was used to test for reliability of the research instrument. The data collected was analyzed at different levels. For primary level data, descriptive analytical tools were used and for secondary level data, inferential statistical tool [i.e. Pearson Product Moment Correlation Coefficient (PPMCC)] was used. These analyses were carried out using a computer software package called statistical package for social sciences (SPSS) version 20.0. The result of the findings revealed that strategy formulation, strategy implementation and strategy evaluation brings about increased profitability and market share respectively. Based on empirical findings, the researcher then concluded that strategic management process influences organizational achievement. The researcher then recommend that: Managers of organizations should not be carried away by the flare of strategy formulation as it has slight impact on increased profitability; Managers of organizations though are advised to formulate strategies but they should mindful of the illusion by translating it directly to market shares because no matter how good a formulated strategy is, it would only have meaningful impact when implemented. So managers are generally advised to carry out a pilot survey on the strategy formulated in order to ascertain if such strategies formulated are implementable in real life; Managers of organization should create strategy implementation unit charged with well training resource persons to man them in their organization this is because strategy implementation is the heart of all strategic processes and it was found that it strongly leads to increased profitability which is the major reason why business are existing; Managers should initiate, adopt and implement policies that will foster strategy implementation in their various organizations as it was found that strategy implementation strongly leads to market shares; Managers of organizations should implement policies that aid strategy evaluations. This is necessary because it would aid the organization to access or review their performance over time and also access if they were able to overcome their weakness and threats earlier identified during the process of strategy formulation since it was proved that strategy evaluation significantly leads to increased profitability.

INTRODUCTION

Achievement levels in an organization can be tied to results of the group's efforts to effect change in the community or to the results obtained by a set of customers. For example, a firm that provides private tutoring services might need students to reach various achievements levels to gauge success. Teachers certainly monitor student achievement levels. The head office might expect the branch to reach different achievement levels in saturation of new product line or measure how many current customers upgraded their services. Sales figures and overall firm growth are achievement levels that guide a commercial organization, while non-profits could be more tied to external results.

This method adopted by most of the business organizations in developed countries and developing countries in the way of growth and it has the greatest effect on their superiority and excellence. The current recession in Nigeria economy is changing business dynamics and operational models. Business organizations face many challenges as a result of the scientific changes, rapid and persistent technical developments. In the presence of these hectic challenges, the traditional management operations become incapable of making the publishing firms compete favorably. But the strategic cases in light of the dramatic changes in information and communications technology and in the work of the organizations environment, there is the need for the use of information systems and decision support systems to take strategic dimension affecting the firm’s ability to achieve competitive advantage. Many organizations are using strategic management to make effective decisions.

But strategic management may not always guarantee success; it can be dysfunctional if conducted haphazardly. If well carried out, strategic management allows a business organization to be more proactive than reactive in shaping its own future. The importance of the strategic management to the keenness of both organizations to improve and develop their performance to reach the superior performance, considering the private sectors are the main opening from which the contemporary societies go through the progress in science and technology.

There are many challenges publishing firms are encountering, making it imperious to be operated in accordance with scientific and clear methodology which do not waste time, effort, and money randomly, so as to enable it increase its productivity effectively and efficiently, as reflected in the quality of services provided. It allows an organization to initiate and influence (rather than just respond to) its environment and thus to exert control over its own activities. The principal benefit of strategic management is to enable organizations make better strategies through the use of a more systematic, logical and rational approach to business decisions. Strategic management aids to elicit understanding and commitment from all managers and employees.

When managers and employees understand what the organization is doing and why, they often feel as part of the firm and become committed to improving on it. Nigerian managers and employees can become creative and innovative when they understand and support the firm’s mission, objectives and strategies. Strategic management then provides personal empowerment, which can be defined as the act of strengthening an individual’s sense of effectiveness. Other likely benefits of strategic management to Nigerian firms include enhanced awareness of environmental threats and improved understanding of competitors’ strategies, increased employee productivity, reduced resistance to change and a clearer understanding of the performance reward system.

Strategic management in Nigerian firms can also provide a foundation for recognizing and justifying the need for change to all managers and employees; it helps them view change as an opportunity rather than a threat. The researcher have found their stray in the strategic management approach which represents an approach that is characterized by modernity, leadership, operations, means and the ability to increase the competitiveness of the organization and improve its performance (AL-Dory, 2005). This method adopted by most of the business organizations in developed countries and some emerging countries toe the path of growth and had a significant impact on superiority and excellence.

It is true that some publishing organizations may succeed as a result of chance in the short term without serious practice of strategic management, but in the long term, what remains are the organizations that practiced it seriously (Abu Naem, 1993) . Since the improvement in private sector performance is a global interest in all countries, any society that manages its publishing sector well, not only effectively and efficiently but fairly and innovatively attain its highest level of performance (Al-Khatib, 2001).

TABLE OF CONTENT

Chapter 1: INTRODUCTION
1.1 Background of the Study 1
1.2 Statement of the Problem 4
1.3 Purpose and Objectives of the Study 5
1.4 Study Variables and Conceptual Framework 5
1.5 Research Questions 8
1.6 Research Hypotheses 8
1.7 Significance of Study 9
1.8 Scope of the Study 9
1.9 Limitation of the Study 10
1.10 Definition of Terms 10

Chapter 2: LITERATURE REVIEW
2.1 Theoretical Foundation 12
2.2 The Concept of Strategic Management 13
2.3 Dimensions of Strategic Management 14
2.3.1 Strategy Formulation   14
2.3.2 Strategy Implementation 17
2.3.2.1 Strategy Implementation 18
2.3.3 Strategy Evaluation 21
2.4 Concept of Organizational Achievement 23
2.4.1 Workers Achievement Levels 25
2.5 Measures of Organizational Achievements 26
2.5.1 Increased Profitability 26
2.5.1.1 Return On Equity (ROE) 26
2.5.1.2 Return On Assets (ROA) 27
2.5.1.3 Financial Leverage Percentage 27
2.5.1.4 Earnings Per Share (EPS) 28
2.5.2 Market Share 28
2.6 Relationship between Strategic Management and Organizational Achievement  31

Chapter 3: RESEARCH METHODOLOGY 
3.1 Research Design 32
3.2 Population of the Study 32
3.3 Sample Size and Sample Technique 34
3.4 Method of Data Collection and Instruments 35
3.5 Validity Test 36
3.6 Reliability Test 38
3.7 Method of Data Analyses 40

Chapter 4: DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Data Presentation 41
4.2 Response Rate Analysis 47
4.3 Demographic Analyses  48
4.4 Univariate Data Analysis (Descriptive Statistics) 53
4.5 Determining the Existence of a Positive Association between Strategic
Management Process and Organizational Achievement Using the Scatter Graph 59
4.6 Bivariate Data Analysis (Inferential Statistics) 60
4.6.1 Test of Research Hypothesis One 61
4.6.2 Test of Research Hypothesis Two 62
4.6.3 Test of Research Hypothesis Three 63
4.6.4 Test of Research Hypothesis Four 65
4.6.5 Test of Research Hypothesis Five 66
4.6.6 Test of Research Hypothesis Six 67
4.7 Discussion of Findings 68

Chapter 5: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of the Finding 70
5.2 Conclusion 70
5.3 Recommendations 71
5.4 Contribution to Knowledge 72
References 74
Appendix A
Appendix B
Appendix C
Appendix D


Reference code: MG023
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Reference code: MG023

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