THE EFFECT OF STRATEGIC MANAGEMENT PRACTICES ON ORGANIZATIONAL COMPETITIVENESS

Abstract

The project examined the effects of strategic management practices on bank’s competitiveness (A study of First Bank of Nigeria Ltd & Zenith Bank Plc). The objectives the study sought to achieve are to ascertain the relationship between strategic intent and competiveness, to identify the relationship between strategy formulation and competitiveness, to identify the relationship between strategic control measure and competitiveness and to determine the impact of IT strategy on competitiveness. To accomplish these objectives, the design of the project was descriptive survey research design while the population consists employees of Zenith bank plc and First bank of Nigeria Ltd. The sample size was 231 selected using quantitative method while data were collected using structured questionnaire. The collected data were analyzed using frequency tables, basic percentages, mean, and standard deviation, and the study hypotheses were assessed using Pearson Product Moment Correlation (PPMC) in conjunction with the Statistical Package for Social Sciences (SPSS). The study's findings indicate that the bank offers only products/services that originate from or leverage its technological capabilities; that the bank seeks new applications for its technology; that the bank's desire for specific rates of return drives its product and market decisions; that the bank will alter its market scope in order to meet its return/profit requirements; and that the bank established a primary method for convincing customers to buy its products and determining products, markets, and geographies. The test of hypotheses revealed a relationship between strategic intent and bank competitiveness, a relationship between strategic formulation and bank competitiveness, a relationship between strategic control measures and bank competitiveness, and a relationship between IT strategy practice and bank competitiveness.