organizational performance as well (Homaid, Zain, Al-matari, Minai & Ahmad, 2017; Nkundabanyanga, Akankunda, Nalukenge & Tusiime, 2017; Oyewobi, Windapo & Rotimi, 2016; Soltanizadeh, Rasid, Golshan & Ismail, 2016). There is therefore a need for more empirical studies that investigate strategic management in the context of MFIs, especially in Nigeria, where these firms are considered as important financial institutions to the lower income people. Empirical studies in this area of research would not only provide more empirical evidence on the impact of strategic management on the performance of MFIs in Nigeria, but would also be of great benefit to these firms attempting to cope with their business environment in order to become more competitive and successful. 1.1 The Research Problem Like other business organizations, important strategic decisions for a microfinance institution involve learning as well as understanding its business and the nature of its relationships to the business environment. The business environment within which a MFI functions is constantly changing. Changes in the forms of threats and opportunities in the business environment can affect not only the products and services of a MFI but also its organizational performance. By detecting the changes through the strategic management approach, a MFI can avoid the threats and exploit the opportunities. The literature emphasizes not only on the need for organizations to adopt strategic management but also its importance to the success of organizations (Homaid et al., 2017; Leinwand, Mainardi & Kleiner, 2016; Linton & Kask, 2017; Oyewobi et al., 2016; Reeves,
Haanaes & Sinha, 2015; Rumelt, 2013; Yuliansyah, Gurd & Mohamed, 2017). Interestingly,
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- Summer '17
- Financial services