1.1 GENERAL OVERVIEW OF THE STUDY
The continued existence of any business depends on its ability to formulate strategies.
Strategy means different things to different people. It generally means an integrated plan for accomplishing the objective of any organization. These parameters are of utmost importance to management or directors respectively. Strategies are necessary task for any firm that whishes to grow and survive, and it is the core concern of management leadership.
An organization strategic plan has to be clarified, comprehensive and integrative and designed to assure that the basic objectives of the enterprise are achieved (Glueck, 1976:3).
It is a managerial plan or process of developing and maintaining a fit between an organization and its changing opportunities.
It relies on developing a clear organizations missions, objectives and goals.
To Broke, (1980), an organizational strategy and product portfolio determines a sense of directions, a set of objectives and appropriate routes to achieve the objectives.
This “sense of director” refers to basic organizational missions or purpose while “appropriate routes refer to plans”.
This research study streamlines the strategies for effective management of selected cooperative societies in Owerri West Local Government Area. The cooperative thrift and loan society limited, federal polytechnic Nekede, Owerri.
Management process involves:
- Strategic planning
- Capability planning
- Real time response issue management
- Management of strategic change.
Strategy deals with the relevant and critical issue that affects the organization as a whole. We defined strategy as an integrated plan for accomplishing organizational objectives. We also define strategic management as the translation of strategic plans into result (Hill 1987:3). It involve the examination of the organization internal and external environment to determine its strength and weakness (in its internal environment opportunities and threats in its environment). This gives the acronym: SWOT.
1.2 STATEMENT OF THE PROBLEM
Industry and commerce all over the world know that strategies are the key to growth and survival effective and efficient strategic management is the means of achieving success.
Basically, strategy (the formula for success), is the arrangement for dealing with the over changing and complex outer world. IT is a coherent set of action aimed at getting advantages even in the development of resources.
Successful enterprise grows and when they do, the strategy which worked so in the early days no longer fits the new scheme of operation because of change in the business environment, making the design and adjustment of new strategies imperative. If not properly handled, the organization may fall, this is the cause of the problem.
Some cooperative have been successful while others have failed and the question is “Why”. Our discussion so far makes it apparent that the purpose of strategies management is to enable the cooperative to grow and survive through organizational strategies and management, but the question still remains that are the owner competent? Do they have technical managerial and strategic skills to see the attainment of the society’s objectives? Management competence is not the only factor that influences the organization performance other include market position, the relative to other firms in the industry, production capacity, trained staff and growth potentials.
In the advanced countries, the strategies for effective management of cooperative business organization have been acknowledged for a long time.
In developing countries like Nigeria, strategies is mostly carried out in many cooperative organization simply because they have not realized the best way or strategy for effective management of cooperative business organization and other organization to understand the need for strategies in any cooperative business management.