CORPORATE STRATEGY AS AN EFFECTIVE TOOL FOR ORGANIZATION SURVIVAL: (A STUDY OF MTN NIGERIA OWERRI, IMO STATE
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The study was intended to appraise corporate strategy as an effective tool for organizational survival for this purpose, the two major approaches towards conducting a study namely desk and field studies were adopted. Merging from these studies are the following; summary of finding recommendation and conclusion. Chapter two dealt with the review of relevant literature, ex-ray the effective use of corporate strategy in MTN Nigeria plc. The summary of finding revealed that policy objectives are not too broadly stated and that there is a firm commitment and adherence of stated objectives on corporate strategy. Also of note is the regular reviewing and evaluation of the achievements of corporate strategy toward as the achievement of group goals. Accepting company’s corporate strategy and implementing the same and developing a sense of commitment of both levels to the realization of the compliance objective stated in her policies while recommendations include; Gearing efforts towards implementation of a well articulated corporate strategy and policy decision should not be left on the hands of Layman but professionals in the field of management. Therefore suggestions for future research can be summarized as follows; there is the need to take advantage of experience and insight of company workers in need of identification, planning and implementation of corporate strategy. There should be a joint monitoring and evaluating team consisting of the policy makers and implementers.
1.1 Background of the Study
The ultimate of very corporate entity is to remain in business perpetually. This will only be possible where the entity is able to generate enough returns on investment in the face of constant changes in the ways things are done and high level competition. Competition in the business environment is a battle for superiority and survival (Pumpin 1987, p.6). However, every business that must survive must have a competitive edge, which is a product of corporate strategy . corporate strategy consists of the whole array of competitive moves and business approaches that an organization employs in conducting its operations. In drafting a strategic herse, management is saying that “among all the paths and actions we could have chosen, we have decided to go in this direction and rely upon these particular ways of doing business” (Thompson etal 1998, pp 14-15) and signals organizational commitment to specific markets, competitive approaches and ways of operating.
Corporate strategies are divided because of two very compelling needs, one is the need to proactively shape and how a company’s business will be conducted while the second is that of molding the independent decision and actions initiated by departments, manages and employees across the company into a coordinated, company wide game plan. The absence of this means that manager will have no framework for weaving many different actions into a cohesive whole, no plan for uniting cross department operations into a team effort.
Essentially, the idea of corporate strategy has developed into a useful vehicle by which organizations evaluated and modify the critical elements of their operations. Nevertheless managers don’t deserve a gold star for designing a potentially brilliant strategy, but failing to put the organizational means in place to carry it out in high caliber fashion weal implementations and execution undermines the strategies potentials and pave way for shortfalls in customers’ satisfaction and corporate performance. However, good strategy formulation combined with good strategy execution does not guarantee that companies will avoid periods of sub performance. Sometime it take several years for management’s strategy make/strategy-implementing efforts to show good results. In which case, in spite of the fact that corporate strategy does not absolutely guarantee success at all times, nothing affects a companys’ ultimate success or failure more fundamentally than how well its management team charts the company’s long terms direction, develops effective strategies moves and business approaches and implements what needs to be done internally to produce good day-in day- out strategy execution. Indeed, good strategy and good strategy execution are the most trustworthy signs of good management (Thompson et al 1998 p. 18).
MTN communications Ltd was one of the 3 initial GSM companies licensed by the NCC to provide telecom services to the Nigerian public. It commenced operations in August 2001 and has ever since been the biggest telecoms companies and one of the largest in all of Nigeria. Even since coming on board the Nigerian Telecommunication market in 2011, MTN Nigeria has made appreciable impact on the lives of Nigerians particularly in the area of investments, careers, product and services.
1.2 Statement of the problem
Business history shows that high performing enterprises often initiate and lead, not just react and defend. They launch strategic offensives to out-innovate and out-maneuver rivals and secure sustainable competitive advantage. They use their market edge to achieve superior financial performance; which translates into growth and ultimately survival
However, as good as the foregoing may seem, some organization invest so much resources on the design and implementation of corporate strategy and yet find it difficult if not impossible to survive. One then begins to wonder if corporate strategy actually makes for corporate survival.
1.3 Purpose of the study
The purpose of this research work include among other things.
- To find out the relevance of corporate strategy to organization
- To determine the process of corporate strategy.
- To find out the effect of corporate strategy on the performance of an organization.
- To find out the reasons for failure of corporate strategy in organization.
1.4 Significance of the study
Even though virtually every organization pays lip services to the importance of corporate strategy, not many organization make the best out of what it offers. This study is thus unique, in the at it will not only ex-ray the importance of corporate strategy, it will also highlight the pitfalls of its thereby revealing the reasons thus add to knowledge and also provide a basis for further research.
1.5 Research questions
In order for solution to measure the effectiveness of corporate strategy as a tool for organization survival, the following questions may be relevant.
- What is the relevance of corporate strategy organization?
- What is the process of corporate strategy?
- What is the effect of corporate strategy on the performance of an organization?
- What are the reasons for failure of corporate strategy in organization?
1.6 Scope of the study
This research work intends to focus on the corporate strategy as an effective tool for organizational survival in MTN Nigeria Owerri Imo state.
1.7 Definition of terms
Goals: Determination of what business an organization should engage in that defines it’s mission
Goal setting: Process of establishing what a person or an organization should achieve at some time in future.
Management: A process of getting things done through people and by people.
Survival: The state of continuing to live or exist often in spite of difficulty, problem or danger.
Corporate: Involving or share by all the members of a group corporate responsibility.
Strategy: Means of operationaling schemes, methods which management hopes to develop or move the organization forward.
Control: TO check regulate, restrain, constrain, direct or to exercise authority or power.
Interaction: Any form of personal communication or contact between two or more people in which the attitude or behaviour pattern relates.
Organization: This could be a company or group of people.
Industry: A group of companies that offer similar services.
Economy: System of the management and use of resources
Objective: This is the unifying principle around which human energy clusters in the organization.
Tool: A thin that helps you to do your job or achieve something.
Skill: The ability innate or acquired, which enables someone to perform a task proficiently.
Operation: Intentional action to change the physical or chemical characteristic of something.
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