Impact of Strategic Planning on Organizational Productivity; Eastern Region
CHAPTER ONE
OBJECTIVES OF THE STUDY
Strategic planning is important on financial performance of an enterprises.
The purpose of these study are as follows:
- To examine the extent in which strategic planning intensity determined managerial and environmental factors.
- To determine whether there is a link between strategic planning and organizational survival.
- To ascertain whether strategic planning implementation enhance organization return on investment.
- To determine whether strategic planning enhance better organizational probability.
CHAPTER TWO
LITERATURE REVIEW
Introduction
The theoretical literature study will be separated into three sections: concept of strategy, levels of strategy, Dimensions of strategy, strategy implementation, Concept of planning, theories and techniques of strategic planning. Furthermore, the Basic Steps, Importance, and Methods of Strategic Planning are discussed. Finally, the chapter addressed the efficacy of the organization. The empirical literature review will also address the impact of strategic planning on organizational performance in light of the independent variables that will be examined, as well as the literature’s conceptual framework.
Conceptual Framework
Strategy
The word strategy comes from the Greek word strategos, which means “universal art.” Historically, the term “strategic” has been connected with military activities. Military science and art for the overall planning and conduct of large-scale military operations, according to the definition. 2018 (Berzins)
A strategy is a coherent, comprehensive, and integrated plan that links the firm’s strategic advantages to environmental problems and is meant to guarantee that the enterprise’s core objectives are met via proper execution by the organization.
A strategy is a plan of action for achieving goals that includes a mission and objectives. An organization’s mission is its primary goal. It is the very purpose for an organization’s existence. It can’t be defined in terms of a short period of time, whereas objectives and goals are more time-bound and concrete. Rao and Jain (2013)
The defining of an organization’s long-term core objectives and areas of activity, as well as the allocation of the resources necessary to achieve them, is known as strategy. A strategy is a set of decisions that are rational, integrated, and well-balanced.
It may also be described as a group of actions that can be identified. Which includes:
- establishing and periodically confirming the organization‘s mission and its corporate strategy (what has been termed ―the context for managing‖)
- setting strategic or enterprise-level financial and non-financial goals and objectives developing broad plans of action necessary to attain these goals and objectives
- allocating resources on a basis consistent with strategic directions and goals and objectives, and managing the various lines of business as an investment ―portfolio‖
- deploying the mission and strategy, that is, articulating and communicating it, as well as developing action plans at lower levels that are supportive of those at the enterprise level (one very specific method of policy or strategy deployment is known as Hoshin Kanri, a technique developed by the Japanese and subsequently used successfully by some American businesses, most notably Hewlett Packard)
- monitoring results, measuring progress, and making such adjustments as are required to achieve the strategic intent specified in the strategic goals and objectives
- Reassessing mission, strategy, strategic goals and objectives, and plans at all levels and, if required, revising any or all of them. (Berzins, nd)
CHAPTER THREE
RESEARCH METHODOLOGY
Introduction
This chapter goes through the methodologies utilized, the procedures done, and the instruments used in the data gathering and analysis needed to solve the study questions in depth.
The theoretical and philosophical assumptions on which research is founded, as well as the consequences of these assumptions for the technique or methodologies used, are all covered under methodology. The strategies and procedures used to acquire and analyze data are referred to as methods.
Research Design
Both secondary and primary data may be collected in a variety of ways. Questionnaires, interviews (semi-structured, in-depth, and group), and observation are listed as approaches that can be used by Saunders et al, (2017). The methodologies used in this study were a survey and interviews. A questionnaire was utilized to obtain pertinent data for the study, as well as a semi-structured interview method.
Area of Study
Nigerian Bottling Company Ltd (NBC) is incorporated in November 1951, as a subsidiary of the A.G. Leventis Group with the franchise to bottle and sell products of The Coca Cola Company in Nigeria.
CHAPTER FOUR
FINDINGS, DISCUSSION AND PRESENTATION
The Response Rate
90 respondents out of possible 100 (90%) was acquired from the study. According to Babbie (2021) that questionnaire response rates of 50% are adequate to investigate and publish, 60% is deemed to be good to publish and 70% is deemed to be very good for publishing. According to the standards defined by Babbie (2021) the study return rate was very good. The study findings are presented in Table 4.1.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
Introduction
The chapter presents the summary focusing the main results in line with the study variables. A conclusion on the relationship between the study variables was deduced in line with the variables. Suggestions for policy recommendations relative to various stakeholders and areas for further studies were then drawn.
Summary
The first variable of the study was mission and objectives and its impact on financial performance in Nigerian firms. Results indicated that mission and objectives had an impact on financial performance as indicated by most study participants who affirmed that the firm had a clear mission indicating its direction and mandate, objectives of the firm were specific without ambiguity, the firm objectives were measurable in nature, the objectives of the company were achievable and time bound and that set objectives were related to the planning process and were achievable and realistic. Correlation results also indicated that mission and objectives was positively associated with financial performance. Regression findings indicated that mission and objectives was a statistically significant predictor of financial performance.
Conclusions
From the research findings, these conclusions can be made:
- Missionand objectives did have an impact on financial performance and that mission and objectives was a vital predictor of financial performance in firms in Furthermore, mission and objectives as a variable was positively linked to financial performance.
- Environmental scanning did have an impact on financial performance and that environmental scanning was a vital predictor of financial performance in firms in Nigeria. Furthermore, environmental scanning as a variable was positively linked to financial
- Strategy formulation did have an impact on financial performance and that strategyformulation was a vital predictor of financial performance in firms in Nigeria. Furthermore, strategy formulation as a variable was positively linked to financial
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