A Synthesis of Taylor’s and Fayol’s Management Approaches for Managing Marketing Executives in Nigerian Banks

Abstract

An analysis of the schools of management thought indicates that none of them has all of the answers for managing the marketing executives in Nigerian banks. This study was an attempt to synthesize the theories and see what in them can be explored for indentifying an approach for managing marketing executives in Nigerian banks. The study was guided in a kind of synthesis of the theories by Frederick Taylor and Henri Fayol, which states that in a basic management system designed on the traditional management lines of thought, an organization has centralized direction and control with authority drawn from ownership in business enterprises and flows by delegation from the top, through the lines of authority or command, to the various lower layers of the organization. A sample of 303 marketing executives in selected banks in Nigeria was determined using the finite multiplier. The General Linear model was used in testing the study hypothesis. The Boxe’s test of equality of covariance matrices gives an F-value of 5.360 (P<0.05) indicating that the observed covariance matrices of the dependent variables are equal across groups. The multivariate tests result gives high F-values (P<0.05) and the test of Between-Subject Effects present high F-values for the corrected model and intercept. With P-values < 0.05, the results generated are not due to chance, thus are correct and significant. Also with r-square values of at least 0.878, a very strong relationship is established between the research instruments. Having adjusted r-squared values that are at least 0.8676, it is determined that at least 87.6% change is caused by independent variable. Based on this, the null hypothesis is rejected. Hence, delegation of authority demands full and detailed accountability up the line for effective management of marketing executives in Nigerian bank. This follows Taylor’s/Fayol’s prescription of finding and doing things in the identified best way, calling for responsibilities to be carried out in approved ways. At the work level, there should be specific and unconditional orders, but at organizational level, they should be designed to tell the marketing executives how to carry out the ideas, principles, and purposes of top management. Management system should not be more control-oriented than motivation-oriented, and should not be based on the concept of doing something through the marketing executives but with the marketing executives. Marketing executives want rising remunerations, and bank management wants profit, and both depend on improved performance. That the behavior of the marketing executives in Nigerian banks is seriously affected by their organizational environment is beyond doubt. Therefore, for managing marketing executives in Nigerian banks, a clearly structured role authority and accountability, clear-cut institution for the investigation of feelings of injustice and for giving explicit opportunities of helping to form the rules and resolutions governing the working life, will result in much less anxiety, frustration and hostility than ill-defined environment.

Keywords:Management Approaches, Marketing Executives, Nigerian Banks, Synthesis, Fredrick Taylor, Henri Fayol, Scientific Management, Process Management, Behavioral Science Management.