Strategic Management, an Organisational Risk Management Framework: Case Study of Guaranty Trust Bank Plc
Journal Title: International Journal of Academic Research in Accounting, Finance and Management Sciences - Year 2014, Vol 4, Issue 2
Abstract
Well formulated and implemented strategies are critical to firms’ performance. Strategic management is beneficial to a business as it operates in a dynamic and uncertain business environment. The study views strategic management as organisational risk management framework that promotes identification and evaluation of organisational risks and opportunities to enhance a firm’s performance. The study examines components of strategic management process, using Guaranty Trust Bank Plc (GTBank) as case study. It highlights background of study; undertakes internal analysis - SWOT; considers external environment, using PESTLE analytical tool; highlights strategic analysis and choice; appraises long-term objectives, generic and grand strategies; explains short-term objectives; and explores strategic control and continuous improvement. The findings indicate that GTBank has built its strategy around its brand image and its major competitors have not been able to displace her in the banking sector. This suggests that strategic management is beneficial to a firm, as it operates in a dynamic and uncertain business environment. The implication for practice is that effective strategic management - evaluation, formulation and implementation of organisational objectives - is critical for survival and relevance of a firm in the global business environment.
Authors and Affiliations
Olajide Solomon Fadun
Keywords
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- EP ID EP110400
- DOI 10.6007/IJARAFMS/v4-i2/775
- Views 92
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