Strategy Management and Business Success

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This book examines the practice of strategic management, in indigenous firms and to ascertain the impact of strategic management on corporate success. A sample of forty firms drawn from cottage industries, small scale enterprises, medium scale enterprises and large scale firms were drawn from the population, using stratified sampling. The major findings of the study are that (a) only 17 percent of the firms engaged in deliberate and systematic strategic management, (b) 57 percent were disorganized in their practice of strategic management and 25 percent made no attempt whatsoever (c)The economic and the industry/competitive factors were found to be the most favorable factors for the firms (d) Strategic management was found to be positively related to corporate success. The study concluded that most Entrepreneurship firms are involved in some level of strategic management and that strategic management improves corporate success, and thus recommends that managers need to be more organized in their practice of strategic management in order to facilitate the growth and success of their firms.