32 research outputs found
“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