THE EFFECT OF BUSINESS STRATEGY THAT ASSIST FOR THE SUSTAINABILITY OF THE ORGANIZATION IN THE COMPETITIVE WORLD

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THE EFFECT OF BUSINESS STRATEGY THAT ASSIST FOR THE SUSTAINABILITY OF THE ORGANIZATION IN THE COMPETITIVE WORLD

CHAPTER ONE

INTRODUCTION

1.1 Background to the study

The environment of economics all over the world is changing rapidly and this transformation is featured by such phenomena as the globalization, changing customer and investor demands, ever-improving product-market competition. To be complete successfully in this environment, organizations continually need to improve their productivity by cutting cost, innovating products and processes and improving quality, productivity and speed to market.

Achieving a distinguished position and enhancing firm productivity relative to their competitors are the main objectives that business organizations in particular should strive to attain. (Raduan, Jegak, Haslinda and Alimin, 2009).

“Business strategy is an ongoing process that assesses and controls the business and the industries in which the company is involved, assesses its competitors and set goals and strategies to meet all existing and potential competitors, and then reassess each strategy annually or quarterly (ie regularly) to determine how it has been acted upon and whether it has succeeded or needs replacement by a new strategy to meet charged circumstances, new technology, new competitors, a new economic environment, or a new social, financial or political environment” (Lamb, 1984)

Business strategy can depend upon the size of an organization, and the proclivity to transformation of its business environment. Therefore, a global transnational organization may employ a more structured business strategy model, due to its size, scope of operations, and need to encompass stakeholder views and requirement.

The methods they apply to face strategic challenges can affect the overall increase of the organization. It goes without saying that the strategic framework must also address basic challenges such as resource base, infrastructure constrains, necessary level of technology and raw materials input.

1.2 Statement of problem

No research work has targeted to investigate the effect of the broad subject of business strategy on organizational improvement. To this effect, this study attempts to empirically assess how business strategy can be used by microfinance institutions in Nigeria to effectively work out plans for improvement.

Intensive research efforts in recent times have been focused on the productivity of organizations. How well an organization implements its policies and programs and accomplishes its strategic plan in terms of its mission and vision is of paramount concern. Managers in both private and public organizations are becoming improvingly aware that a critical source of distinguished often come from locally sourced product and services, best public relations strategy state-of-the-art technology and having an necessary system of attracting and managing the organizations human resources.

It is evident from recent happenings that the space of transformation in our business environment presents fresh challenges daily. Therefore, a solution must be found for the microfinance institutions, if they must effectively meet their challenges. Various firms, therefore, need to come up with the applications of innovative ideas to create unique brands, customers-friendly products/services that will bring about competitive advantages in terms of brand preference and customer confidence.

1.3 Objectives of the study

The general objective of the study is to investigate the place of business strategy in improving corporative productivitys among the Microfinance Institutions in Kisii town. The specific objectives are to:

1. Determine the extent to which business strategy is practice by Microfinance Institutions in Kisii Town.

2. Determine the relationship between the level of competition and adoption of business strategy.

3. Assessed the relationship adoption of business strategy and organizational productivity.

1.4 Research question

1. Is business strategy practiced by Microfinance Institutions in Kisii town?

2. What is the effect of business strategy on level of competition?

3. What is the effect of business strategy on organizational productivity?

1.5 Significance of the study

The study would enable the microfinance institutions executives and policy makers to be aware of business strategy as a valuable tool in improving productivity with a view of making strategic decisions. The research is equally significant because it would provide answers to factors militating against the action of business strategy in microfinance institutions hence prove the success and growth associated with it.

1.6 Scope of the study

In order to achieve the objectives of the Study, business strategy will be the major focus among other strategy actions. An empirical investigation will be conducted to find out the effects of business strategy in the banking industry and specifically, the nature of business strategy action in microfinance institutions in Kisii town.

In view of the technicalities involved, it would be unrealistic to assume that all necessary facts will be gathered in the process of the study. Information gathered is limited to those accesses made available by the respondents and also gathered from end users. However, the effects of these limitations will be reduced to the minimum.

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