Impact of Strategic Planning and Management on Corporate Performance (a Case Study of Gtb Plc)
CHAPTER ONE
Objectives of the Study
The objectives of the study seek to assess the knowledge and understanding of the concept of strategic planning and management as it impacts on corporate performance.Specifically, the objectives include but not limited to;
- To know the extent to which organization carry out strategic planning.
- To determine whether organizations comply with plans to ensure performance.
- To know whether strategic planning and management has significant impact on corporate performance
CHAPTER TWO
REVIEWED OF RELATED LITERATURE
Concept of Planning
Planning is one of the fundamentals of life especially modern life. Planning is one of the management functions which is the process of setting goals and objectives in an organization and determining how to achieve such goals and objectives (Alaka, Tijani & Abass, 2011). Hofer & Schendel (2003) asserts that it is an anticipatory decision making process for effective performance. Planning occupies a central position in management and obviously, it is difficult to talk about management without planning. However, a plan is concrete in nature, does not allow deviation, and is not flexible, but strategic planning is very flexible and open for adaptation and change when needed as a result of real-time strategic issues. Real time management issues translate to surpriseful changes arising from many sources while implementing strategic plan. The function of planning involves evolving mission statement and objectives as well as designing the actions to achieve them (Oyedijo, 2004). Other important management functions include organizing, coordinating, directing, and controlling.
Types of Planning
Long-range planning– Involves identifying those activities to be performed over an extended period of time. Long range plan may extend for several decades. Long range planning is different from strategic planning, which is primarily concerned with how the organization will position itself among competing firms in a market. Long-range planning identifies the activities to be performed that will lead to the accomplishment of official goals. One important feature of a long-range plan is necessarily different from shorter planning horizons in a plan covering 20 years (Oyedijo, 2004).
Intermediate Planning– Identifies activities to be carried out over a period of five years at the middle levels of the organization. Intermediate planning is critical in most cases to the success. Intermediate planning is focused more on the activities that have to be carried out with a planning horizon that contains fewer uncertainties (Oyedijo, 2004).
Short-range Planning: Developing plans for implementation within a planning horizon of less than one year is often referred to as short-range planning. Short-range plans may specify activities to be carried out that will achieve certain production levels each week. While shortrange plans are necessary for most organizations, they can have set backs. Often managers become so focused on short-range plans. Ultimately, this can lead to failure in the accomplishment of organizational goals (Oyedijo, 2004).
Concept of Strategy
Strategy is the direction and scope of the organization over the long term which deliver a competitive edge for the firm amidst an ever changing business environment. Effective strategy configures a firm‟s resources and core competencies so as to adequately meet the firm‟s goals and objectives. Strategy creates a culture in the firm in which the firm only focuses on the value adding priorities in its mission and vision (Johnson, Scholes, and Whittington, 2008). Competitive strategy is aimed at creating a goodness of fit between the firm‟s internal resources capabilities and the environmental challenges faced (Aosa, 2002). At the core ofstrategic management is the concept of strategy (Ansoff and McDonnell, 2007). There is no universally accepted definition of strategy (Mintzberg, Guinn and Ghoshal, 2003). In the military context, strategy has been associated with how war is conducted. In general application, strategy has been taken as a plan for attaining a goal. Mintzberg and Quinn (1991) have defined strategy using five dimensions. This dimensions‟ view strategy as a plan, a ploy, a pattern, a position and a perspective. The most basic definition of strategy regards strategy as the long term direction of an organization (Johnson and Scholes, 2004). Grant (2003) asserts that business managers exhibiting substantial autonomy and flexibility in strategy making reap successful performance. The structure of the planning systems allows corporate management establishes constraints and guidelines in the form of vision and mission statements, corporate initiatives and performance expectations.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain impact of strategic planning and management on corporate performance (a case study of GTB PLC. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing impact of strategic planning and management on corporate performance.
Summary
This study was on impact of strategic planning and management on corporate performance (a case study of GTB PLC). Three objectives were raised which included: To know the extent to which organization carry out strategic planning, to determine whether organizations comply with plans to ensure performance and to know whether strategic planning and management has significant impact on corporate performance. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from GTB Plc in Uyo. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
The study on the impact of strategic planning and management on corporate performance, with GTB PLC as a case study, has provided valuable insights into the correlation between strategic management practices and organizational success. Through comprehensive analysis, it has been established that strategic planning and management significantly influence the performance and competitive advantage of corporations.
The findings reveal that GTB PLC has effectively utilized strategic planning and management frameworks to navigate the dynamic business environment, enhance operational efficiency, and achieve sustainable growth. The alignment of organizational goals with strategic initiatives has enabled GTB PLC to adapt to market changes, capitalize on opportunities, and mitigate risks effectively. Additionally, the integration of strategic management practices across various functional areas has fostered synergy, innovation, and a customer-centric approach within the organization.
Recommendations
Based on the findings of the study, several recommendations are proposed to further enhance the impact of strategic planning and management on corporate performance at GTB PLC:
GTB PLC should reinforce its efforts in conducting regular environmental scanning to identify emerging trends, market shifts, and competitor strategies. This proactive approach will enable the organization to anticipate changes and adjust its strategic plans accordingly.
GTB PLC should prioritize investment in innovation and technology integration to enhance operational efficiency, product/service quality, and customer experience. Embracing digital transformation initiatives will position the organization at the forefront of industry advancements and facilitate sustainable growth.
GTB PLC should focus on nurturing a culture of continuous learning, talent development, and empowerment among its workforce. By providing employees with the necessary training, resources, and autonomy, the organization can leverage their skills and creativity to drive strategic initiatives and achieve corporate objectives.
GTB PLC should strengthen its stakeholder engagement efforts by fostering transparent communication, building trust, and soliciting feedback from key stakeholders, including employees, customers, investors, and communities. Engaging stakeholders in the strategic planning process will ensure alignment of interests and enhance organizational resilience.
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