Strategic Management Practices and the Performance of First Bank Branches in Abuja, Nigeria

Abstract

The study examined the effect of strategic management practices on the performance of First Bank branches in the Abuja Municipal Area Council, FCT, Nigeria. The specific objectives were to assess the effect of strategy formulation, strategy implementation, and strategy evaluation and control on the performance of First Bank branches in Abuja Municipal Area Council. As such, three hypotheses were formulated in line with the objectives of the study. Using a survey research design, data were collected through questionnaires and analysed using Microsoft Excel for data coding, descriptive statistics, correlation, and multiple linear regression techniques. A total of 750 staff constituted the population of the study, while the sample size considered for the study was 239 employees. Findings from the study show that strategy formulation and strategy evaluation and control have a strong positive and significant effect on the organisational performance of First Bank branches in Abuja Municipal Area Council. On the other hand, strategy implementation has a positive but insignificant effect on the growth of First Bank branches in the Abuja Municipal Area Council. The study recommends that there should be a continuous review of an organisation’s strategic intent or plans; every level of management should be carried along in the process of strategic management practices, and the standard of performance measurement should be constantly reviewed without any form of compromise.