The study examined the impact of strategic management on economic development in Nigeria: a study of the oil sector. It further probed into how this has impacted on the management efficiency and effectiveness as strategic planning is essential in corporate organisations. Primary and secondary data were used for the study. The study made use of questionnaire to elicit information from employees in the oil sector. Data collected were analysed using descriptive and inferential statistics. The hypotheses were tested using the Pearson’s Product Moment Correlation Coefficient to establish the significance of relationship between the various variables used in measuring performance. The results of the hypotheses revealed that there is a significant and positive correlation between strategic management and economic development in Nigeria. The study therefore, concludes that strategic planning is beneficial to organisations in achieving set goals and recommends that oil companies and other corporate organisations alike, should engage in strategic management in order to enhance economic development in Nigeria.
Table of Contents
- Introduction
- Review of Relevant Literature and Theoretical Framework
- Conceptual and Empirical Literature
Objectives and Key Themes
This study examines the impact of strategic management on economic development in Nigeria's oil sector. It investigates the relationship between strategic planning, its implementation, and its effect on management efficiency and overall economic growth. The research utilizes both primary and secondary data to analyze this relationship.
- The impact of strategic management on economic development in Nigeria.
- The relationship between strategic planning and management efficiency in the oil sector.
- The role of strategic planning implementation in achieving organizational goals.
- The correlation between strategic planning compliance and economic development.
- The challenges of implementing strategic plans in the Nigerian oil sector.
Chapter Summaries
Introduction: This introductory chapter sets the stage for the research by defining strategic management and its importance in navigating the volatile environment of the oil sector. It highlights the frequent disconnect between strategic plan formulation and effective implementation, emphasizing that a robust plan without effective implementation yields no results. The chapter underscores the existing research focusing primarily on profitability and market share as performance indicators, proposing that this study aims to bridge this gap by analyzing the relationship between strategic planning and overall economic development in Nigeria's oil sector. The chapter introduces the guiding research questions and hypotheses that will be explored.
Review of Relevant Literature and Theoretical Framework: This chapter provides a comprehensive overview of the existing literature on strategic management. It delves into the conceptual and empirical literature, discussing various perspectives on strategy formulation and implementation. The chapter presents established frameworks of strategic planning, including the stages of plan design, formulation, implementation, and control. It also highlights the crucial role of environmental and resource analysis in developing effective strategies and managing the challenges of implementing those strategies. Key thinkers and models in strategic management are cited and discussed, providing a robust foundation for the research's methodology and findings.
Keywords
strategy, strategic management, performance, economic development, oil sector, Nigeria, implementation, planning, competitive advantage.
Frequently Asked Questions: Comprehensive Language Preview
What is the main focus of this research?
This research examines the impact of strategic management on economic development within Nigeria's oil sector. It specifically investigates the link between strategic planning, its implementation, and its effects on management efficiency and overall economic growth.
What methodology does the research employ?
The research utilizes a mixed-methods approach, incorporating both primary and secondary data to analyze the relationship between strategic planning and economic development in the Nigerian oil sector.
What are the key themes explored in this study?
Key themes include: the impact of strategic management on Nigerian economic development; the relationship between strategic planning and management efficiency in the oil sector; the role of strategic plan implementation in achieving organizational goals; the correlation between strategic planning compliance and economic development; and the challenges of implementing strategic plans within the Nigerian oil sector.
What is covered in the "Introduction" chapter?
The introduction defines strategic management and its importance in the volatile oil sector. It highlights the frequent disconnect between plan formulation and implementation, emphasizing that effective implementation is crucial for success. The chapter also introduces the research questions and hypotheses.
What does the "Review of Relevant Literature and Theoretical Framework" chapter cover?
This chapter provides a comprehensive overview of existing literature on strategic management, exploring both conceptual and empirical perspectives on strategy formulation and implementation. It presents established frameworks of strategic planning, including the stages of plan design, formulation, implementation, and control, and discusses the role of environmental and resource analysis. Key thinkers and models in strategic management are also reviewed.
What are the key words associated with this research?
Key words include: strategy, strategic management, performance, economic development, oil sector, Nigeria, implementation, planning, and competitive advantage.
What is the overall goal of this study?
The study aims to bridge the gap in existing research by analyzing the relationship between strategic planning and overall economic development in Nigeria's oil sector, moving beyond traditional performance indicators like profitability and market share.
What are the chapter summaries included in the preview?
The preview includes summaries for the Introduction and the Review of Relevant Literature and Theoretical Framework chapters. These summaries provide a concise overview of the content and purpose of each chapter.
- Quote paper
- Newman Enyioko (Author), 2020, Impact of Strategic Management on Economic Development in Nigeria, Munich, GRIN Verlag, https://www.grin.com/document/536651
