A Study of Strategic Planning and Its Effect on Organizational Objectives
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In an ever-evolving, competitive market, every business seeks to survive and prosper. To do this, the organization must adapt to and accommodate changes in the social, economic, and political surroundings.
In recent years, according to (Bryson, 2004), not only have the environments of public organizations become more unpredictable, but they have also become more interconnected; as a result, changes anywhere in the system ricochet unexpectedly, and sometimes in a chaotic and dangerous manner, across the environment. Government institutions must respond in five ways to the increased unpredictability and interconnection. These organizations must first and foremost think strategically as they never have before. Second, individuals must employ their newly acquired information to establish effective strategies for coping with their changing circumstances. Thirdly, they must develop the rationale necessary to lay the foundation for the adoption and execution of their strategy. Fourth, they must establish expansive and potent coalitions to adopt desired strategies and defend themselves throughout execution. Lastly, they must build the skills necessary for ongoing strategic change management.
Strategic planning can support public-sector leaders and managers in their strategic thinking, learning, and action (Bryson, 2004). The urge for firms to have a plan in place to maximize their profitability gave rise to strategic planning. Modern motivation is broad and changes based on the type of organization.
It is now essential for a company to respond proactively to environmental challenges, as doing so provides a competitive advantage in today’s business world. Therefore, regardless of size, every business must have a strategic plan.
As a crucial sector for the socioeconomic emancipation of African countries, the public sector is fast receiving the attention of various development programs, especially in emerging nations. The importance of the state and its institutions in implementing the development plan as a crucial partner for the private sector has been emphasised. Indeed, the public sector has been pressured to adopt the private sector’s growth and development strategies in all economic sectors.
The public sector in developing nations can no longer address developmental difficulties in the same manner as in the past, particularly in light of worldwide advancements in corporate management and the anticipated rapid growth necessary for a quicker economic transformation. Consequently, a lot of development specialists have resolved to persuade governments to establish and implement a coordinated and comprehensive growth strategy to maximize their commercial potential.
The Nigerian government has initiated public sector management reforms in recent years with the aim of increasing and adding value to its operations. In response, a Ministry of Public Sector Reforms was established to lead this initiative and work closely with the National Development Planning Commission (NDPC), which is responsible for managing the country’s development framework.
1.2 STATEMENT OF THE PROBLEM
It is essential for businesses, both for-profit and not-for-profit, to anticipate hurdles, identify their strengths to address these challenges, and seize available chances to achieve maximum productivity, given the variety of problems firms encounter.
Sadly, the majority of businesses, particularly those in the public sector, do not execute and implement strategic plans effectively. Some government agencies do not respect strategic planning, and as a result, their organizations lack strategic plans. This may be due to a lack of comprehension and appreciation for the significance of strategic planning in accomplishing company objectives.
In order to reverse this unfortunate trend, it is vital to objectively examine the effect of strategic planning on organizational success in the public and private sectors so that management may realize its importance in attaining a competitive advantage in the marketplace.
1.3 OBJECTIVE OF THE STUDY
This study’s major objective is to assess the impact of strategic planning on the achievement of organizational goals. The particular objectives are as follows:
Determine how strategic planning impacts the achievement of organizational objectives.
Determine how firms use strategic planning in their company operations.
To determine the repercussions of organizations neglecting strategic planning and its implementation.
1.4 RESEARCH QUESTIONS
The following questions serve as a guide for this study:
What impact does strategic planning have on the achievement of corporate objectives?
How extensively do firms use strategic planning in their day-to-day operations?
What are the repercussions of organizations neglecting strategic planning and its implementation?
1.5 SIGNIFICANCE OF THE STUDY
This study will be significant because the findings will be of great value to the management and staff of Nigerian organizations in both the private and public sectors, as it will assess the importance of strategic planning on organizational growth, identify the obstacles and the means to overcome them, and provide solutions. Students conducting research in similar fields will also find the paper useful as a reference source.
Contributions will be made in this regard to encourage public sector managers to use strategic planning in the management of their organizations in order to gain competitive advantages in their respective industries.
1.6 SCOPE OF THE STUDY
This study will focus solely on the significance of strategic planning and its influence on the accomplishment of organizational objectives. In addition, the effects of organizations forgoing strategic planning will be examined.
1.7 LIMITATION OF THE STUDY
This study will be limited to two organizations, one from the public sector and one from the commercial sector. Insufficient time prevented the researcher from covering more than two organizations during the course of this study.
1.8 DEFINITION OF TERMS
Strategic planning is a management method that enables businesses to adapt competitively to anticipated or impending environmental changes.
A Study of Strategic Planning and Its Effect on Organizational Objectives
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