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Abstract
The study is titled “business policy formulation and implementation: problem and prospect in managing small/medium scale enterprises in rivers state”. The study adopted the survey research design. the population of the study comprises twenty four (24) senior and junior staff of Radial Circle Group and Thompson & Grace Investments Limited, Rivers State. The Taro yemen’s formula was used to determine the sample size of 22. Stratified sampling technique was used to select the sample. In this study both the primary and secondary data were used. Data collection was done using a structured questionnaire. A well designed questionnaire on problem and prospect of policy formulation and implementation of small and medium scale enterprises in Rivers State. The method used to analyze the data was simple descriptive method stated in tables and expressed in percentage. The hypotheses were tested electronically with SPSS Version 22. The study revealed that there is prospect of policy formulation and implementation of small and medium scale enterprises in Rivers State. Based on the finding of the study, we recommended that policy implementation should be encouraged at small scale business level (in form of contractual arrangement with the agency) to boost and form the base for diversity in economic growth and management requires a more integrated, systematic and well engineered social instrument to synchronize it with the economic development of the society.
Table of Content
TITLE PAGE i
Cover Page ii
Dedication iii
Certification iv
Abstract vii
List of Tables x
List of Figures xi
CHAPTER 1 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of problem 3
1.3 Objectives of the Study 4
1.5 Research Questions 4
1.6 Research Hypothesis 5
1.7 Scope and Limitations of the Study 5
1.8 Definition of Terms 6
CHAPTER TWO 7
REVIEW OF RELATED LITERATURE 7
2.1 Conceptual Framework 7
2.1.1 Concept of Business Policy 7
2.1.2 Evolution of Business Policy 9
2.1.3 Features of Business Policy 9
2.1.4 Implementation of Policy 10
2.1.5 Dimensions of Business Policy 11
2.2 Theoritical Framework 17
2.2.1 Strategic Planning Models 17
2.2.2 Basic Strategic Planning Model 18
2.2.3 Issue – Based (Or Goal – Based) Planning Model 18
2.3 Emperical Framework 19
CHAPTER 3 21
RESEARCH METHODOLOGY 21
3.1 Research Design 21
3.2 Population of the Study 22
3.3 Sample Size Determination 22
3.4 Sampling Techniques 23
3.5 Source and Method of Data Collection 24
3.6 Methods of Data Collection 24
3.6 Questionnaire Design 25
3.7 Data Analytical Techniques 25
3.8 Reliability and Validity 26
CHAPTER 4 27
DATA PRESENTATION AND ANALYSIS 27
4.1 Data Collection and Presentation 27
4.2 Data Analysis 28
4.3 Hypotheses Testing 31
4.4 Discussion of Findings 32
CHAPTER FIVR 33
SUMMARY CONCLUSION AND RECOMMENDATIONS 33
5.1 Summary 33
5.2 Conclusion 33
5.3 Recommendations 34
References 35
Appendix I 38
Appendix II 39
List of Tables
Table 4.1: Questionnaire Administration and Retrieval 27
List of Figures
Fig 2.1: Conceptual Framework showing the relationship between business policy formulation and implementation 9
CHAPTER 1
INTRODUCTION
1.1 Background of the Study
The formulation and implementation of business policies are induced by certain environmental factors. Thus, the government is not the only factor defining the processes of business policies but other pertinent factors. Business policy cannot be adequately considered outside the environment in which it takes place. This is because; the demand for policy actions are generated in the environment, transmitted within it while it also places constraints on what can be done by policy makers. The essence of any meaningful public initiative is to focus on productive aspiration in a way to bring out concise responsibility, coordination and control.
Every organisation has a purpose for which it was established either for profit making or non-profit making, and closely allied to the purpose of an organisation are the principles on which it is to be conducted. These principles in business parlance are commonly called “Policy”. Policy, according to Kalejaye (1998), denotes a future course of action of intent towards the activities of an organisation. He opined that there is more to the meaning of policy than an expression of intent. To him, there is usually the connotation that policies should express the beliefs of the organisation, the things that are right to do and the courses of action which it ought to take in the organisation. This explains why policies on the same subject can be so different from one organisation to another. Every business requires guidelines which are to be embedded in policy. Policy is a decision rule, not a decision (Ackoff 1993). Principles in business parlance are commonly known as policy. Policy denotes a future course of action of intent towards the activities of an organization. In this unit, you will be introduced to the meaning of business policy in order to prepare you for all the associated ideas about the concept in business management.
Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization (Wikipedia, 2012). It permits the lower level management to deal with the problems and issues without consulting top level management every time for decisions. Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved. Business policy is the study of the roles and responsibilities of top level management, the significant issues affecting organizational success and the decisions affecting organization in long-run.
Policy implementation has been plenty and has, to a large extent tried to explain policy implementation gaps. Though the issue of policy failure has been of great interest to social scientists, it has not been so to policymakers who often equate proposing a policy to its effective disposal (Dunsire, 1978). ‘Down-top’ versus ‘up-bottom’ perspectives on policy and action are at the heart of discourses on policy implementation. Barrett and Fudge (1981) note that policy implementation challenge, failure or gaps in implementation can occur when policy is imposed from the centre with no thought given to how it might be perceived or received at the local level. They argue that it is not a case of bottom-up approach to policy and action being preferred to top down but that balance between the two is necessary
Policy failure can occur as a result of bad execution or as a result of the policy being bad. Ineffective implementation or barriers that make it difficult for a policy to be implemented are seen by policy makers as bad execution. The other reason that is commonly advanced to explain policy implementation failure is when the policy itself is defective in the sense of its being based on inadequate information, poor reasoning or unrealistic assumptions (Pfeffer, 1992). It is more likely that what happens at implementation stage will influence the actual policy outcome in a way that might not have been anticipated or foreseen. Conversely, the likelihood of a successful outcome (as desired by policy initiator) will be increased if thought is given at the policy design stage to the potential problem of implementation. There is need for policy audit to identify possible implementation problems or challenges and success (Dunsire,1978). Challenges of policy implementation at times arise due to inability to look at the outcomes and analysis of strength and weaknesses of different system. Such ability points out at what works and what policies can actually deliver results. It also interrogates whether policies are consistent with the country’s objectives and priorities taking into account the institutional settings and arrangements, systems internal coherence while checking that policies are not pulling in opposite direction and canceling each other out (Deborah, 2008).
1.2 Statement of problem
The Policies in the culture sector on the other hand spells out the government commitment to the development of the cultures of the people of Nigeria through program support, human resources development and infrastructure development within a given time. Through these policies, the government also makes financial commitment for the support of the growth of the sector (GOK2010,KIPPRA, 2012; NPCH, 2009). Despite the commitment and support of the government towards the sector, the study conducted in the sector reveal that the implementation of policies in the culture sector continues to face major challenges. There are also duplication of policies in various government ministries and parastatals which appear to have development of culture as their objective. This has created challenges in the implementation of policies where all and sundry seem to be playing an implementation role without proper coordination (KIPPRA, 2012).
1.3 OBJECTIVES OF THE STUDY
The object of the study is to determine the effect and role of business policy formulation on implementation in Nigeria. Thus the objectives study is aimed at the following;
1. To examine the role of strategic intent on the implementation of small and medium scale enterprises in Rivers State
2. To examine the role of policy formulation on implementation of small and medium scale enterprises in Rivers State
3. To examine the role of decision making on implementation of small and medium scale enterprises in Rivers State
1.4 RESEARCH QUESTIONS
This above objective was formulated to guide the following research questions;
1. To what extent does strategic intent on the implementation of small and medium scale enterprises in Rivers State?
2. To what extent does policy formulation on implementation of small and medium scale enterprises in Rivers State?
3. To what extent does decision making on implementation of small and medium scale enterprises in Rivers State?
1.5 RESEARCH HYPOTHESIS
The hypotheses below were formulated as follows
HO: There is no significant relationship between policy formulation and implementation of small and medium scale enterprises in Rivers State.
HA: There is a significant relationship between policy formulation and implementation of small and medium scale enterprises in Rivers State.
1.6 RESEARCH HYPOTHESIS
The outcome of this study will be of immense benefit to a wide range of people. First, to the government and public policy makers, this study will help them appreciate the strategic importance of making and implementing a policy of inclusiveness that can fast-track environmental stability for business to serve, hence, promote friendly investment climate which is an impetus for increased foreign direct investment. The study will reveal to stakeholders and manager to promote workplace ethics in the organization in order for the organization to be effective and face their competitors. The study will add to the knowledge in industrial relations in specificity and management sciences.
Employees also would be better enlightened on the issues of reward in oil industry so that they are properly guided on what they should expect from their employers to reduce tendency for conflict between them and their employers.
High productivity and output demand that work environment be harmonious.
The students and researcher will also benefit from the study because it will serve as a base data for those who might want to carry out further studies in the area.
1.7 SCOPE AND LIMITATIONS OF THE STUDY
This study examines the strategic contributions of stress management and employee performance of telecommunication firms in Rivers State. The specific areas of productivity the study investigated include; effectiveness, efficiency and productivity. In carrying out an investigation of this nature the researcher must of necessity be faced the following constraint.
The time constraint’s the time frame provision for this study was short.
Financial constraints usually, a study of this nature involved some level of expenditure therefore, finance was also a limiting factor.
Poor response from the respondents and inability to access the entire population freely.
1.8 DEFINITION OF TERMS
STRATEGIC INTENT: Organizations usually and generally develop a consistent set of narrow intentions that guide and move activities of the organization towards broader intentions.
POLICY FORMULATION: The nature of business of an organization determines the desirability of policy formulation in various functional areas of business.
DECISION MAKING: Decision making is a daily activity for any human being. There is no exception
BUSINESS POLICY: It refers to set of ideas or a plan of what to do in particular solutions that has been agreed to officially by a group of people, a business organization, a government or a political party. This definition confirms that policy gives the opining for industrial organization actions.
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