UNIVERSITY OF SOUTH AFRICA
College of Economic and Management Sciences
⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄⋄
MNG4801: Strategic Management
Assignment 02 — Semester 1, 2026
⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄⋄
MNG4801
Module Code:
Strategic Management
Module Name:
Assignment 02
Assignment:
Due 28 July 2026
Due Date:
Submitted in partial fulfilment of the requirements for MNG4801 — UNISA 2026
, UNISA | MNG4801 Strategic Management — Assignment 02
Question 2: The VUCA Framework and Flutterwave’s Macro-Environment [17
marks]
2.1 The Macro-Environment and Its Characteristics
The macro-environment comprises all external forces that affect an organisation’s strategic
direction but over which the organisation has no direct control (Louw and Venter, 2024:45).
These forces are broad, systemic, and often operate across national and industry boundaries
simultaneously. Strategic management requires organisations to continuously monitor and in-
terpret the macro-environment because changes within it can create both significant oppor-
tunities and existential threats. The macro-environment is widely characterised through the
VUCA framework, an acronym that captures the dominant qualities of contemporary strate-
gic contexts: Volatility, Uncertainty, Complexity, and Ambiguity (Bennett and Lemoine, 2014,
cited in Cojocaru et al., 2022:2).
2.2 The VUCA Framework and Its Four Elements
Cojocaru et al. (2022:2–3) conducted a systematic review of 833 papers on VUCA and offer a
clarifying conceptual map that makes the four elements analytically distinct. Drawing on their
findings alongside Louw and Venter (2024), each element can be understood as follows.
Volatility refers to the rapid, unpredictable, and high-magnitude nature of change in an envi-
ronment (Louw and Venter, 2024:45). In volatile conditions, triggers may be small but con-
sequences large and sudden, making planning based on historical patterns unreliable. Cur-
rency devaluations across African markets, sudden shifts in central bank policy, and the rapid
adoption of new payment technologies all represent volatile dynamics that financial technology
companies must navigate.
Uncertainty arises when sufficient information is unavailable to understand causal relation-
ships or to predict the direction of events (Cojocaru et al., 2022:2). An organisation may know
that change is coming without being able to forecast what form it will take. Regulatory un-
certainty, for instance, manifests when a government signals intent to reform fintech licensing
without specifying the new framework, leaving companies unable to plan product development
or market entry with confidence.
Complexity describes environments in which numerous interdependent variables interact in
Page 2 of 11
College of Economic and Management Sciences
⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄⋄
MNG4801: Strategic Management
Assignment 02 — Semester 1, 2026
⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄ ⋄⋄
MNG4801
Module Code:
Strategic Management
Module Name:
Assignment 02
Assignment:
Due 28 July 2026
Due Date:
Submitted in partial fulfilment of the requirements for MNG4801 — UNISA 2026
, UNISA | MNG4801 Strategic Management — Assignment 02
Question 2: The VUCA Framework and Flutterwave’s Macro-Environment [17
marks]
2.1 The Macro-Environment and Its Characteristics
The macro-environment comprises all external forces that affect an organisation’s strategic
direction but over which the organisation has no direct control (Louw and Venter, 2024:45).
These forces are broad, systemic, and often operate across national and industry boundaries
simultaneously. Strategic management requires organisations to continuously monitor and in-
terpret the macro-environment because changes within it can create both significant oppor-
tunities and existential threats. The macro-environment is widely characterised through the
VUCA framework, an acronym that captures the dominant qualities of contemporary strate-
gic contexts: Volatility, Uncertainty, Complexity, and Ambiguity (Bennett and Lemoine, 2014,
cited in Cojocaru et al., 2022:2).
2.2 The VUCA Framework and Its Four Elements
Cojocaru et al. (2022:2–3) conducted a systematic review of 833 papers on VUCA and offer a
clarifying conceptual map that makes the four elements analytically distinct. Drawing on their
findings alongside Louw and Venter (2024), each element can be understood as follows.
Volatility refers to the rapid, unpredictable, and high-magnitude nature of change in an envi-
ronment (Louw and Venter, 2024:45). In volatile conditions, triggers may be small but con-
sequences large and sudden, making planning based on historical patterns unreliable. Cur-
rency devaluations across African markets, sudden shifts in central bank policy, and the rapid
adoption of new payment technologies all represent volatile dynamics that financial technology
companies must navigate.
Uncertainty arises when sufficient information is unavailable to understand causal relation-
ships or to predict the direction of events (Cojocaru et al., 2022:2). An organisation may know
that change is coming without being able to forecast what form it will take. Regulatory un-
certainty, for instance, manifests when a government signals intent to reform fintech licensing
without specifying the new framework, leaving companies unable to plan product development
or market entry with confidence.
Complexity describes environments in which numerous interdependent variables interact in
Page 2 of 11
