The Role of Strategic Management in achieving Organizational Objectives

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Abstract

This study attempts to examine enhancement of Organisational performance through strategic management. The performance
of any business organization in the competitive economy is highly dependent
upon the quality of its management vis a vis proper implementation of strategic
management. The dynamism in business environment makes it imperative for
organizations to adopt an anticipating stance towards changes. Cultivating a
proactive management culture that will enable an organization to take advantage
of opportunities that exist in its operating environment. Strategic management
is an important and indispensable tool for the business organization
performance, and for any organisation that wants to gain competitive advantages.
Proper implementation of the strategic management along with other models of
strategic planning in a business organization would provide a fresh approach to
re-emphasizing responsibilities to manager. The study revealed that a genuine
application of strategic management by manager will enhance organisation performance.

There are a variety of challenges facing the energy
industry, from decreased access to sovereign reserves, to declining fields,
innovation challenges, increased regulation and new energy policies. These
challenges pose a threat to the basic industry structure. Oil & gas
companies espouse four common industry-wide strategies of Portfolio Management,
Operational Efficiency, Financial Management and Sustainability-of which the
first three are core operating strategies of oil & gas companies. The companies
have derived their profitability, growth, and shareholder returns based on the
superior execution of these strategies. This study examined the conceptual framework
of strategic management, the process and implementation, how it impacts on organization’s
performance, its advantages and disadvantages, the levels of strategy, the supply
chain strategy of NNPC, and the five year strategic plan of the oil and gas industry.
Hypothesis were formulated and tested in accordance to response to questionnaires
received which validated the research on the impact of strategic management of performance.
However, based on observation, the researcher recommended that Successful strategy formulation does not all guarantee successful
strategy implementation, therefore, once the course of strategy has been
charted the manager’s priorities swing to converting the strategic plan into
actions and good results.
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mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB">TABLE OF
CONTENT





EN-GB">Title Page





EN-GB">Declaration





EN-GB">Certification





EN-GB">Approval Page





EN-GB">Dedication





EN-GB">Acknowledgement





EN-GB">Abstract





EN-GB">Table of Contents





"Times New Roman";mso-fareast-language:EN-GB">Chapter One





EN-GB">Introduction





EN-GB">1.1 Background of the study   -        -        -        -        -        -        1





EN-GB">1.2 Statement Of The Problem          -        -        -        -        -        -        2





EN-GB">1.3 Research Questions -        -        -        -        -        -        -        6





EN-GB">1.4 Objective Of The Study     -        -        -        -        -        -        6





EN-GB">1.5 Research Hypothesis         -        -        -        -        -        -        -        7





EN-GB">1.6 Significance and Limitation Of The Study     -        -        -        7





EN-GB">1.7 Scope and Limitation Of The Study     -        -        -        -        8





EN-GB">1.8 Definition Of Terms -        -        -        -        -        -        -        8





"Times New Roman";mso-fareast-language:EN-GB">Chapter Two





Literature
Review





EN-GB">2.1 Introduction   -        -        -        -        -        -        -        -        11





EN-GB">2.2 Conceptual Framework of Strategic
Management
mso-fareast-language:EN-GB">   -        -        13





EN-GB">2.3 The Strategic Management Process mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB">      -        -        -        -        15





EN-GB">2.4 The Tasks of Strategic Management     -        -        -        -        18





EN-GB">2.5 The Role of Strategic Management       -        -        -        -        23





EN-GB">2.6 Levels of Strategy    -        -        -        -        -        -        -        24





EN-GB">2.7 Strategic Planning Tools   -        -        -        -        -        -        27





EN-GB">2.8 Advantages and Disadvantages of Strategic Management -        36





EN-GB">2.9 Relevance of Strategic Management to Organizational Performance39         





EN-GB">2.10 Strategic Issues in the oil and Gas Industry -        -        -        41





EN-GB">2.11 Supply chain Business Level strategy of NNPC    -        -        42





EN-GB">2.12 Nigeria’s oil and Gas Strategy for the Next Five Years  -        46





"Times New Roman";mso-fareast-language:EN-GB">Chapter Three





EN-GB">Research Methodology





EN-GB">3.1 Introduction   -        -        -        -        -        -        -        -        52





EN-GB">3.2 Research Design      -        -        -        -        -        -        -        52





EN-GB">3.3 Population and Sampling Technique    -        -        -        -        53





EN-GB">3.4 Method Of Data Collection         -        -        -        -        -        -        55





EN-GB">3.5 Procedure for Data Analysis -     -        -        -        -        -        56





EN-GB">3.6 Justification of Method -   -        -        -        -        -        -        57





"Times New Roman";mso-fareast-language:EN-GB">Chapter Four





EN-GB">Data Presentation and Analysis





EN-GB">4.1 Introduction   -        -        -        -        -        -        -        -        59





EN-GB">

 





EN-GB">4.2 Data Presentation and Analysis  -        -        -        -        -        60





EN-GB">4.3 Test of Hypothesis  -        -        -        -        -        -        -        64





EN-GB">4.5 Interpretation of Findings -        -        -        -        -        -        74





"Times New Roman";mso-fareast-language:EN-GB">Chapter Five





EN-GB">Summary, Conclusion and Recommendations





EN-GB">5.1 Summary       -        -        -        -        -        -        -        -        76





EN-GB">5.2 Conclusion     -        -        -        -        -        -        -        -        77





EN-GB">5.3 Recommendations   -        -        -        -        -        -        -        77





EN-GB">Bibliography        -        -        -        -        -        -        -        -        79





EN-GB">Appendix   -        -        -        -        -        -        -        -        -        82

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APA

Abia-Bassey, W. (2018). The Role of Strategic Management in achieving Organizational Objectives. Afribary. Retrieved from https://afribary.com/works/the-role-of-strategic-management-in-achieving-organizational-objectives-2769

MLA 8th

Abia-Bassey, Walter "The Role of Strategic Management in achieving Organizational Objectives" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/the-role-of-strategic-management-in-achieving-organizational-objectives-2769. Accessed 27 Feb. 2024.

MLA7

Abia-Bassey, Walter . "The Role of Strategic Management in achieving Organizational Objectives". Afribary, Afribary, 29 Jan. 2018. Web. 27 Feb. 2024. < https://afribary.com/works/the-role-of-strategic-management-in-achieving-organizational-objectives-2769 >.

Chicago

Abia-Bassey, Walter . "The Role of Strategic Management in achieving Organizational Objectives" Afribary (2018). Accessed February 27, 2024. https://afribary.com/works/the-role-of-strategic-management-in-achieving-organizational-objectives-2769