corporate strategy as a survival tool for organizational growth
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
In this day and age when companies are springing up all over Nigeria, companies have to strategize in order to be competitive and relevant as failure to do this will result in their winding up. Corporate strategy as a survival tool for organizational growth is an assertion that is relevant to all companies of all the sectors of the economy.
First Bank of Nigeria Plc, being an old generation bank has stood the test of time, even in the bank re-capitalization process that recently took place. However, the fact that the bank has travailed in the industry does not exclude it from having problems. This research is therefore being carried out to determine whether the corporate strategy adopted by the bank has been responsible for its survival. As organizations of all sizes adopt the corporate strategy process, it is important for all managers to understand the concept in all its ramifications. When used in the context of the organization as a whole, strategy describes the way the organization will pursue or attain goals, given the threats and opportunities that exist in the environment and the resources and capabilities available in the organization.
A fundamental responsibility of the manager is to continuously position the organization to exploit the changing market environment. Management must assess and monitor the market place, competitive activity, economic conditions, laws and regulations, consumers and customers and other significant factors impacting the organizations opportunities and threats.
Three (3) factors that have significant influence according Rue and Holland (2002) on strategy are:
(1) The external environment
(2) The internal resources
(3) The goals that are to be pursued.
In essence, an organizations strategy provides a basic understanding of how the organization will compete with others in its line of business.
As such corporate strategy is about enabling an
INTRODUCTION
1.1 Background of the Study
In this day and age when companies are springing up all over Nigeria, companies have to strategize in order to be competitive and relevant as failure to do this will result in their winding up. Corporate strategy as a survival tool for organizational growth is an assertion that is relevant to all companies of all the sectors of the economy.
First Bank of Nigeria Plc, being an old generation bank has stood the test of time, even in the bank re-capitalization process that recently took place. However, the fact that the bank has travailed in the industry does not exclude it from having problems. This research is therefore being carried out to determine whether the corporate strategy adopted by the bank has been responsible for its survival. As organizations of all sizes adopt the corporate strategy process, it is important for all managers to understand the concept in all its ramifications. When used in the context of the organization as a whole, strategy describes the way the organization will pursue or attain goals, given the threats and opportunities that exist in the environment and the resources and capabilities available in the organization.
A fundamental responsibility of the manager is to continuously position the organization to exploit the changing market environment. Management must assess and monitor the market place, competitive activity, economic conditions, laws and regulations, consumers and customers and other significant factors impacting the organizations opportunities and threats.
Three (3) factors that have significant influence according Rue and Holland (2002) on strategy are:
(1) The external environment
(2) The internal resources
(3) The goals that are to be pursued.
In essence, an organizations strategy provides a basic understanding of how the organization will compete with others in its line of business.
As such corporate strategy is about enabling an
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