RELATIONSHIP BETWEEN MANAGEMENT STRATEGY AND PRODUCTIVITY
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RELATIONSHIP BETWEEN MANAGEMENT STRATEGY AND PRODUCTIVITY
INTRODUCTION
An overview
The greatest challenge that managers face in a corporation or organisation is making useful management strategies or decisions to boost organisational productivity.
After creating a corporation, the manager should assess the management practices that would best suit the establishment (organisation) in order to boost productivity and achieve the organisation’s goals.
According to Bartol and Martin (1993), management strategies are the processes by which managers develop and implement strategic goals based on available managerial and internal conditions.
The concept acknowledges that strategic management is directed towards achieving long-term goals, weighs essential environmental aspects, considers major internal characteristics of the organisation, and entails formulating specific plans.
An organisation, whether in services, merchandising, or manufacturing, cannot prosper unless its management methods are used to their full potential.
It is true that management strategies assist managers in meeting organisational goals by assisting managers in analysing, identifying, and developing a competitive advantage
which is a major advantage over the competition when dealing with competitive pressures. It fosters a sense of direction so that organisation members know where to focus their efforts.
1.2 Background of the Study
Intercontinental Bank Plc was founded as a merchant bank in February 1989 under the name Nigeria Intercontinental Merchant Bank Limited. It began operations with a paid-up ordinary share capital of N12 million. In five years, it became Nigeria’s most profitable merchant bank. On September 1, 1989, an investment company was established.
In 1993, the bank bought a significant equity share in Associated Discount Hause Limited (ADHL), Nigeria’s longest-running discount enterprise. In 1996, the bank required a majority equity stake in Equity Bank of Nigeria Limited, a quick and innovative commercial bank, to improve the group’s commercial operations.
In 1999, the bank became a commercial bank. In 2000, it became Universal banking. It debuted as a publicly traded company on the Nigerian Stock Exchange in 2002. In 2004, it exceeded the CBN’s new N25 billion shareholder threshold.
In October 2005, it emerged alongside three other banks: Equity Gateway and Global. It is the fourth largest bank in Nigeria, according to all financial indices. In 2006, it conducted another public offering of approximately N100 billion, with subscription levels reaching an unprecedented 77.4%.
In 2007, a consortium of five foreign financial institutions made investments around the country. In 2008, it became the number one bank in Nigiera. In 2009, the bank marked its 21st anniversary of operations in Nigeria.
1.3 Statement of the Problem
The study is to investigate the relationship between management strategy and bank productivity in Akwa Ibom State and Nigeria as a whole, using a case study of Intercontinental Bank Plc, which is located at Wellington Bassey Way Road Uyo, Akwa Ibom State.
During this research, I discovered some impediments to the growth and development of banks, particularly Intercontinental Bank Plc in Akwa Ibom State and Nigeria as a whole, such as financial problems
inadequate infrastructure, economic or financial, environmental issues such as insecurity of life and property, fiscal and monetary policies, taxation, corruption, and so on.
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