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
1. Introduction
2. Review of Relevant Literature and Theoretical Framework
2.1 Conceptual and Empirical Literature
2.2 Theoretical Framework
3. Methodology
4. Data Analysis
5. Discussions
6. Policy Recommendations
Research Objectives and Key Themes
The primary objective of this study is to investigate the relationship between strategic management practices and economic development within the Nigerian oil sector, specifically focusing on how effective planning and implementation influence management efficiency and organizational performance.
- Analysis of the strategic management process and its implementation in the oil sector.
- Assessment of the link between strategic planning compliance and organizational performance.
- Examination of the correlation between strategic management practices and economic development.
- Application of the resource-based theory of the firm to understand competitive advantage in the oil sector.
Excerpt from the Book
2.2 Theoretical Framework
The study adopted the resource-based theory of the firm. This theory combines concepts from oil sector economics and strategic management (Barney, 1991). In this theory, the competitive advantage and superior performance of an oil sector is explained by the distinctiveness of its capabilities (Johnson, Scholes and Whittington, 2008). Traditional sources of competitive advantage such as financial and natural resources, technology and economies of scale can be used to create value. However, the resource-based argument is that these sources are increasingly accessible and easy to imitate. (Jackson & Schuler, 1995; Pfeffer, 1994). Critics of this theory are of the opinion that the core position of this theory which sees resources as strategically valuable, rare, inimitable and oil sectorally embedded as sources of competitive advantage is not scientifically proven (Sanchez, 2008).
Summary of Chapters
1. Introduction: Provides an overview of the role of strategic management in ensuring organizational survival and competitive advantage in the Nigerian oil sector.
2. Review of Relevant Literature and Theoretical Framework: Explores conceptual literature on strategic planning processes and establishes a theoretical foundation using the resource-based theory of the firm.
3. Methodology: Describes the survey design and the use of structured questionnaires to gather primary data from oil sector employees.
4. Data Analysis: Presents the statistical testing of hypotheses using Pearson’s Product Moment Correlation to determine relationships between variables.
5. Discussions: Interprets the research findings, confirming a significant positive correlation between strategic planning compliance and economic development.
6. Policy Recommendations: Suggests strategies for oil companies to entrench strategic planning and calls for a more conducive government environment to support organizational performance.
Keywords
strategy, strategic management, performance, economic development, oil sector, strategic planning, competitive advantage, resource-based theory, organizational efficiency, management, implementation, Nigeria, survey design, correlation, business policy
Frequently Asked Questions
What is the core focus of this research study?
This study examines the impact of strategic management practices on economic development within the oil sector in Nigeria, specifically looking at how planning and implementation affect organizational performance.
What are the central thematic areas covered?
The study covers strategic planning processes, organizational performance measurement, the resource-based theory of the firm, and the correlation between management practices and economic growth.
What is the primary objective of the work?
The primary objective is to determine the relationship between strategic management practices and economic development in the Nigerian oil sector to improve industry performance.
Which scientific methods were employed?
The researcher used a survey design, collecting primary data via structured questionnaires, and analyzed the results using descriptive statistics and the Pearson’s Product Moment Correlation Coefficient.
What topics are discussed in the main body?
The main body covers the theoretical framework, the strategic planning process (including environmental and resource analysis), and an empirical analysis of how strategic compliance affects economic development.
What are the defining keywords for this study?
Key terms include strategy, strategic management, oil sector, economic development, performance, and competitive advantage.
How does the resource-based theory explain competitive advantage in this context?
It explains superior performance through the distinctiveness of an organization's internal capabilities and resources, although it acknowledges that these resources are becoming easier to imitate.
What is the conclusion regarding strategic planning implementation?
The study concludes that planning without effective and measurable implementation is ineffective; therefore, full compliance with strategic plans is essential to increase organizational and economic performance.
- Quote paper
- Newman Enyioko (Author), 2020, Impact of Strategic Management on Economic Development in Nigeria, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/536651
