Abstract
Strategy is considered to be a detailed plan for a business in achieving success. Managers employ strategy toachieve result. Strategic management practices and organization performance in small business enterprises{SBEs} goes together, but most Small business enterprises place less emphasis on making effective strategy forimproved performance. This paper examines the influence of strategic management on corporate performance inselected small scale enterprises in Lagos, Nigeria. The paper also provides how strategy could be used forimproved performance of small scale enterprise in Nigeria. Two hypotheses were tested. They are to determinewhether: {i} there is a significant relationship between strategic management and organizational profitability; {ii}there is a significant relationship between strategic management and company market share. Cross sectionalsurvey research method was adopted for the study and 140 participants were randomly selected among SSEs inLagos metropolis. Pearson product moment coefficient of correlation and descriptive statistics were used for dataanalysis. Findings revealed that strategic management practices enhance both organizational profitability andcompany market share. The study recommends that investors and managers should make use of strategicmanagement to improve their organizations actual performance at all times.
Highlights
Small scale business constitutes the real fabric of a nation’s economic development
There is a significant relationship between strategic management and company market share
Based on the evidence from this research, it seems reasonable to conclude that substantial emphases have been placed on aspect of strategic management practice by small business enterprises (SBEs) in Lagos metropolis
Summary
Small scale business constitutes the real fabric of a nation’s economic development. Globalization has made business system to have undergone a number of changes in recent years. To cope with these changes, modern management techniques are used in contemporary business environment One of such techniques is strategic management. Strategic management refers to the managerial decisions taken by organization to cope with the changing environment for improved short and long-term performance (Stahl & Grigsby, 1997). The need to adapt to change leads the organization to key questions such as: what kind of business should the firm engage in? Following the findings of previous studies already outlined, the researcher’s expectation was that strategy formulation and implementation would contribute to organizational performance, the major hypotheses tested in this study were: This study attempted to test this alternative hypotheses based on whether; There is a significant relationship between strategic management and organizational profitability. There is a significant relationship between strategic management and company market share
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
