EFFECT OF CORPORATE STRATEGIC PLANNING ON THE PERFORMANCE OF FOOD AND BEVERAGE INDUSTRY IN NIGERIA
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EFFECT OF CORPORATE STRATEGIC PLANNING ON THE PERFORMANCE OF FOOD AND BEVERAGE INDUSTRY IN NIGERIA
Chapter one
1.1 Background for the Study
In the twentieth century, the idea of strategic planning was primarily applied to organisations. It is regarded as the science and art of developing, implementing, and evaluating cross-functional decisions that allow an organisation to achieve its goals.
Strategic planning integrates all functional areas in the organisation, including marketing, finance and accounting, operations and production, and management, in order to achieve organisational success.
Strategic planning is an organisational process that tries to redirect both human and other organisational resources towards the profitable fulfilment of the needs of consumers and other key stakeholders. Strategic planning implementation is directed by specified policies, mission statements, and strategic goals and objectives.
The actions of top management and other senior managers within the organisation. Strategic management necessitates the formulation of strategic goals and objectives in light of internal resources and external influences. It identifies the target customers to serve with the appropriate products and services through effective and efficient resource allocation (Cole, 1997).
Lamb (1984) explains that strategic planning is essential for the Nigerian food and beverage industry to be more proactive and protect its future. The research seeks to investigate the effect of corporate strategic planning on the performance of the food and beverage industry in Nigeria.
1.2 Statement of Problem
The expanding significance of the food and beverage industry in Nigeria cannot be overstated, given its contribution to the country’s economic growth through job creation and revenue generation.
However, the industry faces the difficulty of developing and implementing strategic plans. The failure to be proactive and protect the future with success has been the cause of Nigeria’s food and beverage industry’s poor performance and inability to grow swiftly.
As a result, management experts have recommended for the food and beverage industry to implement strategic planning as a means of ensuring the effective and efficient channelling of resources in order to financially meet customers’ expanding needs with innovative products and services.
Many of the growing challenges faced by the industry in the evolution and implementation of strategic planning include management’s inability to support strategy, a lack of adequate resources, no alignment of activities with strategy, an inability to manage change, and a lack of human resources to carry out strategic plans.
As a result, the study problem is to evaluate the effect of corporate strategic planning on the performance of the food and beverage business in Nigeria.
1.3 Objectives of the Study
To assess the nature and impact of strategic planning on the food and beverage industry in Nigeria.
To investigate the effects of strategic planning on the performance of the food and beverage industries in Nigeria.
Strategic planning integrates all functional areas in the organisation, including marketing, finance and accounting, operations and production, and management, in order to achieve organisational success.
Strategic planning is an organisational process that tries to redirect both human and other organisational resources towards the profitable fulfilment of the needs of consumers and other key stakeholders.
Strategic planning implementation is directed by specified policies, mission statements, and strategic goals and objectives. The actions of top management and other senior managers within the organisation.
Strategic management necessitates the formulation of strategic goals and objectives in light of internal resources and external influences.
It identifies the target customers to serve with the appropriate product and services through the effective and efficient allocation of resources. (Cole, 1997)
1.4 Research Questions.
What is strategic planning?
How does strategic planning affect the performance of Nigeria’s food and beverage industry?
What is the Effect of Corporate Strategic Planning on the Performance of the Food and Beverage Industry in Nigeria?
1.5 Significance of the Study
The study enables the food and beverage industry to better comprehend the instruments of strategic planning and strategic management, hence allowing performance improvement.
The expanding importance of the food and beverage industry cannot be overstated, given its contribution to the country’s economic growth through job creation and income generation.
However, the industry faces difficulty in developing and implementing strategic goals. The inability to be proactive and protect the future with success has been the cause of the food and beverage industry’s poor performance, many company closures, and inability to grow quickly.
As a result, management experts have recommended for the food and beverage industry to implement strategic planning as a means of ensuring the effective and efficient channelling of resources in order to financially meet customers’ expanding needs with innovative products and services.
1.6 Research Hypothesis
Ho Corporate strategic planning has a modest impact on the performance of the Nigerian food and beverage industry.
HI Corporate strategic planning has a significant impact on the performance of the Nigerian food and beverage industry.
1.7 Scope of Study
The study focuses on the evaluation of the effect of corporate strategic planning on the performance of the food and beverage industry in Nigeria.
1.8 Limitations of the Study
The study was challenged with some limitations, including logistics and geographical concerns.
1.9 Definition of Terms
Internal Environment
The internal environment of the firm consists of the factors within it.
Composed of its strengths and limitations, resources, culture, and organisation (Beal, 2000).
PERFORMANCE MEASURES
Performance measurement is the informing approach of what to measure and how to measure it.
OBJECTIVE DEFINED.
The firm’s objectives are defined as the end or consequence of its planned actions, which must be consistent with the firm’s mission, targets, and objectives. (Johnson et al. 2007).
Strategic planning is defined.
It is regarded as the science and art of developing, implementing, and evaluating cross-functional decisions that allow an organisation to achieve its goals.
Strategic planning integrates all functional areas in the organisation, including marketing, finance and accounting, operations and production, and management, in order to achieve organisational success.
Strategic management is defined.
Strategic management refers to managerial decisions and actions that direct the firm’s resources towards achieving its long-term goals while taking into account both internal and external factors such as external opportunities and threats, as well as the organization’s strengths and weaknesses. Wheelen and Hungers’ research (2006)
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