Strategic Management Practices as Fundamental to the Achievement of Organizational Performance

Abstract:

Given the increased emphasis on evaluating an organization's effectiveness in relation to strategic management practices, it is now widely recognized that delivering high-quality products and services, utilizing cutting-edge technology, establishing effective plans, and building an efficient resource management system is crucial for gaining a competitive advantage. Therefore, this research investigates the impact of strategic management practices on organizational performance, focusing specifically on the perspectives of personnel in the regional office of UBA in Lagos, Nigeria. To accomplish the study's goals, the researchers utilized the Taro Yamane sampling technique to ascertain an ideal sample size of 171 participants, obtained from a population of 300 randomly selected. Data analysis was performed using the SPSS program, correlation analysis, and scatter plot charts with a predetermined significance level of 0.05. The study's results demonstrate a statistically significant relationship between strategic management practices (strategy formulation, implementation, and evaluation) and organizational performance (profitability, productivity, and operational performance). Hence, the research recommends that management embrace strategic management methodologies to enhance organizational performance by establishing clear objectives, improving decision-making processes, optimizing resource allocation, adapting to environmental shifts, fostering creativity, ensuring organizational coherence, and implementing performance measurement.