EXAMINATION OF STRATEGIC PLANNING AND ITS IMPACT ON THE ACHIEVEMENT OF ORGANIZATIONAL GOALS
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EXAMINATION OF STRATEGIC PLANNING AND ITS IMPACT ON THE ACHIEVEMENT OF ORGANIZATIONAL GOALS
Chapter one
INTRODUCTION
1.1 Background of the Study
Every firm wants to survive and thrive in an ever-changing, competitive market. To accomplish this, it must adapt to and respond to changes in the social, economic, and political surroundings.
According to Bryson (2004), the environments of public organisations have become not only more unpredictable but also more intimately linked in recent years; as a result, changes anywhere in the system bounce unexpectedly, and sometimes chaotically and dangerously, across the environment.
Government agencies must respond to the increasing unpredictability and interconnectedness with a five-pronged approach. First and foremost, these businesses must think strategically like they’ve never done before.
Second, individuals must use their gained understanding to devise effective strategies for dealing with their changing circumstances. Third, they must develop the rationale necessary to lay the framework for their strategy’s adoption and execution.
Fourth, they must establish broad and powerful coalitions in order to implement preferred strategies and defend themselves during execution. Finally, they must build capacity for ongoing strategic change management.
Bryson (2004) suggests that strategic planning can help public-sector leaders and managers think, learn, and act strategically. Strategic planning arose from the desire for firms to have a plan in place to maximise their profits. Motivation today is different and varies according on the type of firm.
The need for a company to respond proactively to environmental challenges has grown crucial, as it provides a competitive advantage in today’s business world. As a result, all businesses, regardless of size, must have a strategic plan.
The public sector is increasingly getting attention from various development strategies, particularly in emerging economies, as a vital sector for African countries’ socioeconomic independence.
The role of the state and its institutions in carrying out the development plan has been highlighted as a vital partner for the private sector. Indeed, the public sector has been urged to adopt the private sector’s approaches to economic growth and development across the board.
The public sector in developing countries can no longer address developmental difficulties in the same way it once did, especially given worldwide breakthroughs in corporate management and the predicted high growth required for speedier economic transformation.
As a result, a number of development experts have set out to persuade governments to create and implement a coordinated and comprehensive strategy to maximise their commercial potential as a source of growth.
In recent years, the Nigerian government has begun to implement public sector management reforms with the aim of improving and adding value to its operations.
As a result, the Ministry of Public Sector Reforms was established to drive this agenda and work closely with the National Development Planning Commission (NDPC), which is in charge of coordinating the country’s development framework.
1.2 Statement of the Problem
Given the multiple challenges that businesses confront, it is vital for enterprises, both for-profit and non-profit, to foresee hurdles, identify strengths to deal with those issues, and seize available chances to achieve maximum productivity.
Unfortunately, most businesses, particularly those in the public sector, fail to carry out and implement strategic plans effectively. Some government agencies place little significance on strategic planning
Hence their organisations lack strategic plans. This could be attributed to a lack of awareness and respect for the value of strategic planning in accomplishing company objectives.
To reverse this regretful trend, it is vital to objectively assess the influence of strategic planning on organisational success in both the public and commercial sectors, allowing management to recognise its importance in gaining a competitive advantage in the marketplace.
1.3 PURPOSE OF THE STUDY
The basic aim of this study is to assess the impact of strategic planning on the achievement of organisational goals, hence the following are the particular objectives:
To determine how strategic planning affects the achievement of organisational goals.
Determine the extent to which organisations incorporate strategic planning into their company operations.
To determine the effects of organisations failing to employ and implement strategic planning.
1.4 RESEARCH QUESTIONS
The following questions lead this study:
How does strategic planning affect the achievement of organisational goals?
To what extent do organisations incorporate strategic planning into their day-to-day operations?
What are the repercussions of organisations not using and implementing strategic planning?
1.5 Significance of the Study
This study will be noteworthy because the findings will be of considerable benefit to the management and staff of Nigerian organisations in both the private and public sectors
As they will assess the relevance of strategic planning on organisational growth, define the issues, and provide solutions to them. Student researchers in relevant fields will find the study’s literature useful for reference.
The study will contribute to encouraging managers in the public sector to use strategic planning in the management of their organisations in order to get a competitive advantage in their industry.
1.6 SCOPE OF THE STUDY
This study will solely discuss the significance of strategic planning and its impact on achieving organisational goals. The repercussions of organisations disregarding strategic planning will also be examined.
1.7 Limitations of the Study
This study will only include two companies, one from the commercial sector and one from the public sector. During this investigation, the researcher was unable to cover more than two organisations due to a lack of time.
1.8 Definition of Terms
STRATEGIC PLANNING: Strategic planning is a management method that allows firms to adapt competitively to anticipated or future changes in the environment.
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