“SURVIVAL STRATEGY” FOR THE ORIGINAL PRODUCT MANUFACTURER IN DEALING WITH CONTRACT MANUFACTURERS

Contract manufacturing has become a popular strategy by which the Original Product Manufacturer (OPM) is able to fill excess orders which are beyond his normal factory capacity. This strategy is very useful to enable the (OPM) to satisfy and retain his customers. However, engaging a Contract Manufacturer (CM) to provide the best of services to the original product manufacturer can be a hazardous business. This kind of contract engagement has recorded good measure of successes as well as numerous failures and betrayals. The breach ranges from inability of the contract manufacturer to perform adequately to wholesale take-over of the product brand by the contract manufacturer. It is therefore advisable that the original product manufacturer should be cautious in revealing his top business secrets, core competencies and intellectual property to the contract manufacturer. As much as possible, the production contract should be in writing and must be made to cover all possible eventualities. Under thoroughlyframed contract agreement, contract manufacturers have been found to stay on course if they realize that a breach or betrayal will tell adversely on them

THE ROLE OF MICRO-FINANCE BANKS IN ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA AND SOME SELECTED COUNTRIES

This article investigated the role of micro-finance banks in entrepreneurship development in Nigeria and some selected countries. Micro-finance banks in Nigeria and other parts of the world are recognized to be the key players in the urban-rural financial intermediation system. Their functions are positively affecting the live of individuals, small business organizations, artisans and market women in both the rural and urban centres. The core functions of microfinance institutions include; the provision of credit to small businesses, giving financial advice and assistance to petty traders, market women and artisans engaged in various trades in both the rural and urban centres. The distinctive characteristic of micro-finance banks is that they are customer-friendly and in close touch with local dwellers. The major objective of this article is to weigh and measure the role of micro-finance banking as a tool for achieving both entrepreneurship development and rural economic advancement in Nigeria. The result of the study revealed that micro-finance banking is making great impact in rural economic development and raising the standard of living of the people. Descriptive research method was adopted in this article. 20 questionnaires were administered to each of the 10 chosen micro-finance banks operating in Lagos State. Interviews sessions were also held with the chief executive officers and some key members of staff in each micro-finance bank with a view to identifying their areas of success, problems and future prospects. Literature review on micro-finance banking in some foreign countries was carried out to compare operations and activities in those countries with current realities in the Nigerian micro-financing environment

ESSENTIAL ISSUES FOR SUCCESSFUL EXECUTIVE DECISION-MAKING IN THE 21ST CENTURY

The job of a manager is, above all, to make decisions. At any moment in any day, most executives are engaged in some aspects of decision-making; exchanging information, reviewing data, coming up with ideas, evaluating alternatives and implementing directives. This article examines how managers make decisions and focuses on various ways of improving executive decision-making. Executives are exposed to ways of making effective decisions through various decision-making strategies dealing with both complex and routine problems. Analysis of challenges facing decision makers was discussed with advice on how to navigate difficult decision-making terrains. Descriptive research method was adopted in the study. Instrument used to gather data was questionnaire designed on 5-point Likert scale of 1-5 ranging from strongly agree to strongly disagree. Tables and percentages were used to analyze the data provided in the completed questionnaires. Chi-square inferential statistical tool was used to test the hypothesis of the study stated in null terms thus: “cutting-edge knowledge of information technology, intelligence and experience are not the key metrics that drive successful executive decision-making in the 21st century.” The result of the hypothesis tested showed the calculated value of chi-square (X2 cal 36.5) exceeded the table value of the chi-square (X2 tab 9.49). The result led to the rejection of the null hypothesis (Ho) and the acceptance of the Alternative hypothesis (Hi) thereby lending credence to the fact that executives with cutting-edge knowledge of modern information technology, intelligence and experience can make successful decisions. While managers at all levels must play the role of decision makers, the way a successful manager approaches the decision-making process changes as he or she moves up the position hierarchy in the organization. The article also explored different types of decision which an executive can make through the review of literature on types of decisions. Decision-making has become increasingly challenging to executives especially with the explosion in information and communication technology under the 21st century business environment The article emphasizes that effective decision-making compels the executive to seek broad spectrum of input from inside and outside sources. Information from customers, suppliers, employees and stakeholders are also instrumental to successful decision-making

CORPORATE SOCIAL RESPONSIBILITY: HOW SOCIALLY RESPONSIBLE ARE BUSINESS ORGANIZATIONS TODAY?

“The movement on Corporate Social Responsibility has won the battle of ideas.” This was the opening line of a 20-page supplement on Corporate Social Responsibility (CSR) in ‘The Economist’ published in the early 2005 (Crook, 2005). In fact, for managers in today’s global business environment, CSR is a practice that can scarcely be avoided. Basically, all of the world’s top multinational and national corporations engage in CSR projects and programmes in one way or another. There is almost no country in which businesses have not taken up the challenge of CSR in some way. In Nigeria, Mobil Oil Company, the United Bank for Africa and Zain/Celtel Company, among others, have undertaken one CSR project or another in the society. Nigerian firms now have CSR language, such as, charity, philanthropy, benevolence to humanity, constantly featuring in their business vocabulary. They understand the need to give back to society a portion of the profits they have generated from the same society. A firm that is socially responsible has many advantages in the society and prominent among them is the fact that the public image of such firm will continue to shines and glitters thereby attracting more patronage to the organizatio

RELATIONSHIP MARKETING AND CUSTOMER PATRONAGE: MODERATING ROLE OF ORGANIZATIONAL POLICIES : A Study of May and Baker Pharmaceutical Company, Ota, Ogun State

This article critically examined Relationship Marketing and Customer patronage deploying organizational policies as the moderating variable. The paper used May and Baker pharmaceutical company as the focus of the study.  So far, it has not been clear whether or not relationship marketing is a potent factor driving successful marketing programme in an organization. The objectives of the study were to ascertain the extent to which customer service influences customer satisfaction and to find out the degree to which organizational policies moderate customer purchase decision-making. The instrument used for gathering data for the study was copies of questionnaire administered to respondents that were customers of May and Baker. A total of 200 copies of questionnaire were administered and 174 were correctly completed and returned for analysis. Descriptive research method was adopted. Two hypotheses were formulated and tested in the study using Statistical Package for Social Sciences (SPSS) and regression analysis.  The results of the hypotheses tested validated the point that effective relationship marketing serves as a potent factor for achieving superior customer patronage and boosting business bottom-line. Nevertheless, organizational policies are to be streamlined in such a way that they do not adversely affect customer patronage. Based on the findings of this study, it was recommended that modern organizations should devote more time and attention to training employees to equip them with both hard and soft skills to deliver excellent relationship marketing in order to enhance business performance

Entrepreneurship Education and Orientation as Performance Driver in Small and Medium-Scale Enterprises

Entrepreneurship education and orientation exposes students to the fundamental knowledge required for running a business successfully. Entrepreneurship education was introduced into Nigerian educational curriculum by the Federal Government of Nigeria in 2006 to enable youths acquire basic skills and knowledge for opening up their own small businesses. It finds expression in developing the foresight of the entrepreneur and his ability to take advantage of business opportunities unfolding in the business environment to create competitive value. Entrepreneurship education is one of the intervention strategies in line with global trend to refocus education towards solving the unemployment problem facing the world today.   Descriptive research design was adopted in this article. Structured questionnaire was used to gather primary data for the study.  A total of 60 questionnaires were administered to employees of Astral Water Limited, Surulere, Lagos.  However, only 53 questionnaires were correctly completed and returned to the researcher. Data collected through the questionnaires were analyzed with regression and ANOVA test statistics using the Statistical Package for Social Sciences (SPSS) version 16. Two (2) hypotheses were formulated and tested in the study. The test showed that the null hypotheses of the two formulated hypotheses were rejected. The test of the two hypotheses provided resounding evidence to prove that entrepreneurship education and orientation serve as performance driver in small and medium-scale enterprises operating in Nigeria.  The study recommended that entrepreneurs should re-double their effort on the acquisition of entrepreneurship education and skills to make superior performance sustainable

STAFF TRAINING AND MANAGEMENT DEVELOPMENT AS THE PREDICTOR OF CORPORATE PERFORMANCE

This study was aimed at establishing the position of staff training and management development as the predictor of corporate performance using Diamond Bank Plc and PZ Cussons Nigeria Plc. as the focus of the research effort. Modern business organizations are beginning to realize that staff training and management development of the workforce is the key factor for achieving organizational effectiveness and it is largely the predictor of corporate performance. For this reason, many enterprises are increasing their annual budget devoted to training and development of employees. Training and development should be a continuous effort in an organization due to its role in the improvement of productivity and enhancement of corporate profitability. Descriptive survey research design was adopted in this study. Instrument used to gather data was questionnaire designed on 5-point Likert scale of 1-5 ranging from strongly agree to strongly disagree. Tables and percentages were used to analyze the data provided in the completed questionnaires. Chi-square inferential statistical tool was used to test the hypothesis of the study stated in null terms as follows: “staff training and management development is not a veritable predictor of corporate performance.” The result of the tested hypothesis showed that chi-square calculated value (X2 cal 26.74) exceeded the table value of chi-square (X2 tab 9.49). The result led to the rejection of the null hypothesis (Ho) and the acceptance of the Alternative hypothesis (Hi). The result strongly buttressed the point that Staff Training and Management Development of the workforce of an organization serves as the predictor of corporate performance. Training and development of employees in Diamond Bank Plc. and PZ Cussons Nigeria Plc. is a strong factor that is enhancing performance of the two organizations. Training and development enriches employees’ skills and knowledge which they bring to bear on their job and this leads to improved productivity, enhanced organizational effectiveness and increased profitability. Organizations operating in today’s ever-competitive Business environment are therefore advised to uphold training and development of the workforce as an essential factor of organizational success and survival

EFFECTIVE HUMAN RESOURCES MANAGEMENT PRACTICES AS THE KEY TO ORGANIZATIONAL PERFORMANCE

Human resources are the most important and most dynamic assets in any organization. That is a familiar song constantly on the lips of human resources scholars. Yet, when bad times set in, these most important assets will be the first to be dispensed with by way of retrenchment, redundancy or termination of appointment. That is the paradox of human assets. Certainly, the importance of human beings working in an organization cannot be over emphasized. Human resources serve as the driving force that keeps the corporate wheels of progress rolling. Effective management of human resources is the key to high productivity and profitability in every organization. Effective management will include, motivation of the workforce, competitive remuneration, adequate staff training and management development programmes to constantly up-date the skills and knowledge of the entire employees. Provision of medical facilities and good working conditions are paramount because a healthy worker is a productive worker. The methodology adopted in this article was the use of primary data collected through questionnaires, interviews observations and discussions with scholars and practitioners in the field of human resources management. Secondary data comprising current academic texts and publications in the field of human resources management were also used to consummate the research study

THE MAKING OF AN EXPERT MANAGER/LEADER: ISSUES FOR MANAGEMET AND LEADERSHIP IN THE 21ST CENTURY

Current research that focused on expertise and superior performance came out with the revelation that expertise and superior performance are skills that come with many years of deliberate and vigorous training. Thus, it is a fallacy to attribute expertise and stellar performance to innate attribute or what people call “natural gift.”This article advises Chief Executive Officers (CEOs) and leaders who may not possess superior knowledge and skills to hire young stars and talents who can bring new ideas and new perspectives to the table. This is the only way they (the CEOs) can become stars and experts themselves. In real life, especially in developing countries, bosses at the helm of affairs prefer to hire half-baked and mediocre subordinates to work under them. They are generally reluctant when it comes to hiring stars and talented people for fear that the young stars would out-shine them into losing their authority or position. This is a wrong notion for a boss that wants to bring genuine progress to his organization. Stars and talents will bring new ideas and new perspectives into the work of the organization. By so doing, they will usher in superior performance into your organization. With the shining performance of your organization, the CEO of the organization has become a performing star himself