Organizations formulate and implement their business strategy through the

Organizations formulate and implement their business

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Organizations formulate and implement their business strategy through the strategic management process. With regard to the strategic management process, organizations need to develop and implement effective business strategy based on their capabilities and competitive advantage. Despite the importance of strategic management to organizations and the increase knowledge in this area of management, there is still one segment of the business community that has been neglected. Surprisingly, little research exists that investigate business strategy in MFIs. In particular, research on business strategy in MFIs from the Nigeria perspective has been ignored. As a whole, the review of the past studies indicates previous research mainly focused on examining business strategy in large firms that operated in selected industries such as manufacturing and retailing. Although MFIs are considered important in the financial industry in Nigeria, little is known about the business strategy adopted by these institutions. In particular, the literature indicates not much research has examined the business strategy adopted by MFIs. The little research has resulted not in limited information but also knowledge on the type of business strategy developed by MFIs. This limitation suggests more empirical investigation is needed in this area. Of the research conducted on business strategy, many studies have focused on examining the linkage between business strategy and organizational performance. Organizations achieve their objectives by creating and executing effective business strategies. The earlier study by Giglierano (1987) found that organizations accomplished superior
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performance by developing and implementing effective business strategy that aligned with their business environment as well as based on their competitive advantage
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