RELATIONSHIP BETWEEN MANAGEMENT STRATEGY AND PRODUCTIVITY
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RELATIONSHIP BETWEEN MANAGEMENT STRATEGY AND PRODUCTIVITY
Chapter one
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.
Some managers fail because their companies do not implement management strategies. Some as a result of not implementing the components of strategy management, which should begin with determining the organization’s missions and strategic goals. Some have created strategies, but implementing them is impossible.
PURPOSE OF THE STUDY.
In fact, the goal of this investigation was to determine:
How essential is strategic management and productivity for Intercontinental Bank Plc?
Was to study and identify the various systems employed by the bank.
To give recommendations on how to improve the Bank’s strategic management and productivity.
1.5 The Objective of the Study
The primary goal and objectives of the study are to find out.
The link between management techniques and productivity at Intercontinental Bank Plc.
To determine the extent to which management methods boost productivity at Intercontinental Bank Plc.
To investigate the impediment related with the relationship between management strategies and productivity at Intercontinental Bank plc.
Find all about Intercontinental Bank Plc’s management strategies.
To offer measures for successful management strategies and productivity that will increase bank performance.
1.6 RESEARCH QUESTION.
The following research questions were generated.
Does strategy management and organisation help in decision making.
Does Intercontinental Bank use management of strategies?
Is there an appraisal of the success of management strategies?
What is the importance of management strategy?
Does management strategy have any important importance?
What methods do you advocate for effective management and productivity?
Does management techniques impact productivity?
Significance of the Study
This study will be extremely beneficial to government banks in Akwa Ibom State.
It will serve as a reference point for other scholars on related topics.
It would help banks become more effective and ensure their long-term survival in a complicated and dynamic environment.
Individuals, bankers, and potential businessmen of all types would benefit from learning about and implementing management methods and productivity for maximum effectiveness.
It would be good to offer guidelines on how Intercontinental Bank Plc and other banks might be more consumer-friendly.
1.8 Limitations or Scope of the Study
This study was limited to Intercontinental Bank Plc in Uyo, Akwa Ibom State. Due to funding constraints, time constraints, and insufficient research resources, the researcher was unable to conduct a more extensive investigation.
Furthermore, the study was limited to the relationship between management practices and productivity at Intercontinental Bank Plc. It was judged practical to rely solely on deductive information from bank responses.
1.9 Limitations of the Study
The main impediments to the study were
Data collection and other necessary information would be confined to Intercontinental Bank Plc in Akwa Ibom State.
Incomplete Information Certainly, another clear hindrance to the investigation was the inadequacy encountered throughout the process of gathering crucial information.
The poor attitude of responders also hampered the study.
Definition of Terms
Management: Bernet R. (1995) defines management as the process of accomplishing organisational goals through four key functions: planning, organising, leading, and controlling.
Alday and Brief (1981) describe organisation as two or more people working together in a systematic effort to generate commodities and services.
According to Bartol and Martin (1993), business is the technique of assigning and arranging human and non-human resources so that plans can be carried out successfully.
Ibekwe (1984) defines planning as the process of identifying goals and determining the best way to attain them.
Business: Ibekwe (1984) defines business as a means of meeting human demands.
Business Environment: This refers to the internal factors that might impact and affect the actions of a business organisation, such as the economic environment.
Policy: These are plans; they are general statements that direct or channel thought and behaviour in decision making.
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