Effects of strategic planning on organizational goal attainment (a study of zenith bank plc)

Thesis Overview

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