ABSTRACT
The study examined the effects of
strategic planning on organizational goals attainment. The effectiveness
of strategic planning can be measured in terms of the extent of which
is influences organizational goal, which affects its performance and
long run survival rate.
The main objective of this study is to
examine the effect of strategic planning in achieving organizational
goals and to study the relationship between organization performance and
goal of Zenith Bank Plc used as a study.
Based on the above objectives, relevant
literatures were thoroughly reviewed and two hypotheses were formulated
and tested in this study. A survey technique was used with the
administration of questionnaire to 100 respondents (of which 89 was
retrieved) comprising Zenith Bank departments in Head office, regression
analysis method was used to analyses the data.
The finding revealed that strategic
planning helps organization members to understand what is unique about
the organization, increased profit and turnover, customers patronage,
market leadership and strong brand identity. Strategic planning set good
corporate mission and objective.
The study recommended that strategic
planning should be well planned, implemented, and communicated to all
staff. Strategic planning should ensure corporate governance and quality
personnel to ensure the attainment of the organization mission and
objective.
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
Companies now operate in vastly competitive and non linear
environment, the value of business lies increasingly in its ability to
capture information and generate new idea. According to (Kotler 2009),
“an idea that is no dangerous is hardly worth calling an idea”. The same
can be said of strategic plan. A great plan provokes. It takes chances.
This eventually attracts customers and the market to ones brand.
Therefore there is a need for effective strategy planning in an
organization. In today’s competitive environment, every company has a
plan, but firstly, we need to understand the concept of strategic
planning.
Strategy is an overall approach and plan so strategy planning is an
overall planning that facilitates the good management of a process.
Strategy planning takes you outsides the day-to-day activities of your
organization or project. It provides you with the big picture of what
you are doing and where you are going.
Strategy gives you clarity about what you actually want to achieve
and how to go achieving it, rather than a plan of action for day-to day
operations.
Strategic planning consists of a set of underlying processes that are
intended to create or manipulate a situation to create a more favorable
outcome for a company. In business, strategic planning provides overall
direction for specific unit such as financial focuses, projects, human
resources and marketing.
Strategic planning can be defined as a broad managerial process of
developing a vision, mission statement, goals and objectives with which
to serve an influential guide to employees using the top bottom
management approach (Warmer 2000).
Berry (2001) strategic planning is a tool for finding the best future
for your organization and the best path to reach that destination.
Strategic planning can be defined as a process of using systematic
criteria and rigorous investigation to formulate, implement and control
strategy and formally document organizational expectations.
Strategic planning is an off-short of strategic management and is nowadays referred to as corporate planning.
Strategy management refers to the formulation and implementation of
plans and the carrying out of activities. In short, it implies a set of
activities relation to the formulation and implementation of strategies
to achieve organizational objective.
According to Owolabi (2001), “Strategic management is the management
process by which policies are formulated and strategies are selected to
achieve the goals and objective of an organization”.
Strategy management is a disciplined approach utilizing the principal
and process of management to identify the objective or mission of any
business.
Strategic management process as the way in which strategists
determine objective and make strategic decision. Strategic management’s
main focus is the achievement of organizational goals taking into
consideration the internal and external environment factors.
Planning is the process of establishing goals and objective and
courses of action to attain them. Thy effective successful strategy is
departed in structure, thus to effective economic performance the
organization needs to alter it structure.
1.1 STATEMENT OF PROBLEM
Many organizations spend many of their time realizing and reacting to
unexpected changes and problem instead of anticipating and preparing
for them.
Research have made it clear that there is an increased internal and
external uncertainty due to emerging opportunities and threats, lack of
awareness of needs and of it facilities related issues and environment
and lack of direction. This research study is to assess the effect of
strategic planning or organizational performance, which at long run
enhances organizational goal attainment.
Strategic planning is not only to bank but all other organizations
for performance and goal from this scenario several issues rises in
respect of strategic planning among which are stated below:
How do we identify factors which are core guide to strategic planning?
What is the effect of strategic planning in achieving organization goal?
What are the factors that led to insufficient attention given to strategic planning in an organization?
1.2 OBJECTIVE OF THE STUDY
The objective of the study is to examine the effect of strategic planning in achieving organization goal attainment.
The objective is as follow:
1. To examine the effect of strategic planning in achieving organizational goals.
2. To examine the relationship between organization performance and goals.
3. To see how strategic planning influence performance of the business organization.
4. To examine the potency of strategic planning in the achievement corporate goals and objective.
1.3 SIGNIFICANCE OF THE STUDY
The importance of strategic planning towards achieving organization
goal cannot be over emphasized and it reflects the justification of this
study.
The finding and conclusion of the research will serve as basis for
organization decision on strategic planning. This may also be
significant for further research work in strategic planning in achieving
organization goals.
1.4. RESEARCH QUESTIONS
1. Does strategic planning enhanced the organization performance?
2. Are the management or workers ready to achieve the organization goal?
3. Is strategic planning a tool for organization efficiency and effectiveness?
1.5 RESEARCH HYPOTHESES
Ho: Strategic planning does not enhance better organizational performance and goal.
H1: Strategic planning enhances better organizational performance and goal.
Ho: Strategic planning is not a tool that enhance efficiency and effectiveness in an organization
H1: Strategic planning is a tool that enhance efficiency and effectiveness in an organization
1.6 SCOPE OF THE STUDY
The scope of the study is to fill the gap by developing and
demonstrating the use of an evaluation instrument measuring the effect
of strategic planning on organizational effectiveness and culture.
1.7 DEFINITIONS OF TERMS
Management: Management in all business and human
organization activity is the act of getting people together to
accomplish desired goals and objectives. Management comprises of
planning, staffing, leading or directing and controlling an organization
for the purpose of accomplishing a goal.
Organization: An organization is a social
arrangement which pursues collective goals, controls its own
performance. Organization is understood as planned, coordinated and
purposeful action of human beings to construct or compile tangible or
intangible product.
Planning: Planning in organization and public policy
is both organization process of creating and maintaining a plan and the
psychological process of thinking about the activities required to
create a desired goal on some scale. It combines forecasting of
developments with the preparation of scenarios of how to react to them.
Performance: Performance management includes
activities to ensure that goals are consistently being met in an
effective and efficient manner. Performance management can focus on
performance of organization, a department process to build a product or
service, employees etc.
Strategy: Strategy is a plan of action designed to
achieve a particular goal. The word ‘Strategy’ has military connotation
because it derive from the Greek word for general. Strategy is district
from tactics. In military terms, tactics is concerned with the conduct
of an engagement are linked.