STRATEGIES FOR EFFECTIVE MANAGEMENT OF COOPERATIVE BUSINESS ORGANIZATION

STRATEGIES FOR EFFECTIVE MANAGEMENT OF COOPERATIVE BUSINESS ORGANIZATION

CHAPTER ONE

INTRODUCTION

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 wishes 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:

1.     Strategic planning

2.     Capability planning

3.     Real time response issue management

4.     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. The process is shown in the diagram below.