Strategic Planning as a Tool for Organizational Growth

Strategic Planning as A Tool for Organizational Growth.

ABSTRACT

Every organization has its objectives and goals laid out. Specification of these objectives and goals is a major aspect of planning. Strategic planning is necessary to guide the decision making process in an organization with a view to acquiring superior performance.

For companies to succeed, strategies adopted must fit into circumstances they face, their skills, resources as well as environment in which they operate. This research was designed to determine the impact of strategic planning as a tool for change in the dynamic business environment, a study of UBA group Nigeria Plc and Zenith Bank Nigeria Plc.

The objectives were to ascertain that strategic planning affects business operations, to identify the common purpose of strategic planning process as well as to identify the dynamism of business environment and how managers swiftly respond to this considering the ever demanding and changing nature of the industry.

The Headquarters and branches of UBA group Nigeria Plc as well as Zenith Bank Plc within Lagos, was the scope of study. Branches with four (4) years of existence with at least fifteen staff were specifically considered for the study. In all about one thousand two hundred (1200) staff from both banks served as the research population.

TABLE OF CONTENTS

Title Page i

Certification ii

Dedication iii

Acknowledgement iv

Table of Contents v

List of Tables viii

List of Figures x

Abstract xi

CHAPTER ONE: INTRODUCTION

1.1 Background of The Study 1

1.2 Statement of the Problem 3

1.3 Rationale for the Study 4

1.4 Research Questions 4

1.5 Research Hypothesis 4

1.6 Scope and Limitation of the Study 5

1.7 Significance of the Study 5

1.8 Brief History of Organization under Study; UBA Plc and

Zenith Bank Plc 6

1.9 Strategic Planning in UBA Plc and Zenith Bank Plc 7

1.10 Definition of Terms 10

References 12

CHAPTER TWO: LITERATURE REVIEW

2.1 Introduction 13

2.2 The Concept Of Strategy and Strategic Planning 13

2.3 Strategies and Policies 21

2.4 The Process of Strategic Planning 23

2.5 Forms of Strategies 27

2.6 Factors affecting Strategic Planning 29

2.7 Dichotomy between Strategic Planning and

Organisational Growth 31

2.8 Why Most Strategic Plans Fail 32

References 34

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Preamble 36

3.2 Limitation 36

3.3 Research Design 36

3.4 Area of Study 37

3.5 Population of Study 37

3.6 Sample Size 37

3.7 Description of Research Instrument 38

3.8 Reliability of the Instrument 38

3.9 Validation of Instrument 39

3.10 Administering the Questionnaire 39

3.11 Procedure for Data Analysis 39

References 40

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 Introduction 41

4.2 Analysis of Data Presentation 41

4.3 Analysis of Data 44

4.4 Test of Hypothesis 54

CHAPTER FIVE: SUMMARY OF MAJOR FINDINGS,

CONCLUSION AND RECOMMENDATIONS

5.1 Summary of Major Findings 59

5.2 Recommendations 61

5.3 Conclusions 62

5.4 Suggestion for further studies 63

Bibliography 64

Appendix I 67

INTRODUCTION

Strategy is about winning. The purpose of strategic planning is to guide management decisions towards superior performances in an establishment. Competitive advantage strategy acts as a vehicle for communication and coordination within an organization.

Strategic planning and management has become more of a business word in the 21st century and in the new millennium than it ever was. Organizations have turned on to the strategic planning processes.

For some, it meets stakeholders’ demands, for others, it was used to justify down-sizing and for an even smaller number, it was done because the organization truly understood the need for a strategic blueprint to guide the decision-making process towards superior performance in order to establish competitive edge.

All these are because of the way each of these organizations view and manage their strategic plans. Strategic planning is the key element to organizational success and effectiveness. This is because it is the pattern or theme that gives coherence to the decision of an organization. It helps to achieve consistency in decision-making.

Nowadays, managers are faced with challenges posed by the competitive environment as a result of efficient and effective decision-making which demand a thorough and intelligent understanding of the various dimensions that impinges on corporate performance and success of the organization.

BIBLIOGRAPHY

Aghayere and Ojo (1997), Method in Social Science. Ibadan: Sterling- Holden Ltd.

Anao, A.R. (1980), Survival of Business Firm: Management in Nigeria, July Edition

Ansoff, I. (1984), Corporate Strategy. New York: McGraw-Hill Book Ltd.

Armstrong M. (1996), Personnel and Human Resources Management. New York: Pageon Books.

Asika, N. (2000): Research Methodology on the Behavioural Sciences. Longman Publishers.

Bell, D. (1974), The Coming of Post Industrial Society; A Venture in Social Forecasting: Heinemann Publishers.

StudentsandScholarship Team.